RAKBANK is the first traditional bank in UAE to offer crypto trading capabilities to regular (retail) customers. This is a very promising step for financial digitalization in the UAE, opening the door for everyday citizens to access and trade cryptocurrencies more easily and safely. It allows customers to have fun trading crypto right from their phone.
RAKBANK is offering a fully crypto trading option within the bank’s mobile banking app, so customers are not forced to use separate exchanges or apps for cryptocurrencies. Users can now buy, sell, and swap cryptocurrency easily through this platform. Moreover, they do not have to deal with transferring money to other platforms. RAKBANK is providing the service by partnering with Bitpanda, a reputable crypto and digital assets platform.
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Partnering with Bitpanda for Safety and Regulation
Bitpanda is a reputable digital asset infrastructure provider that has all licenses and regulations from the Virtual Assets Regulatory Authority (VARA), located in Dubai, and is also registered with the majority of continental financial authorities in Europe. With this partnership, the UAE will have a fully regulated crypto service that offers safety and peace of mind to users while they are trading.
All Transactions In AED – No FX Problems
One of the unique aspects of this service is that all trades are executed in UAE dirhams (AED).
This means:
- No foreign exchange fees
- No currency conversion losses
- No dealing with international transfers
- Customers trade directly from their RAKBANK current or savings account, which is fast and easy.
Available Now by Invitation Only
At present, the crypto trading function is available to selected customers by invitation only. RAKBANK provided that it was their intention to give access to additional users in the near future.
CEO’s statement: Making Crypto Simple & Safe
RAKBANK’s CEO Raheel Ahmed said that this service is designed to provide customers in the UAE with a safe, simple & regulated way to invest in crypto. Our aim is to deliver the service in a smooth way and 100% in AED.
Also Read: UAE Certificate of Incorporation: A Complete Guide for Businesses
