In a groundbreaking move, RAKBANK has become the UAE’s first conventional bank to enable AED crypto trading directly through its mobile app. This revolutionary service, powered by Bitpanda, eliminates foreign exchange fees and simplifies digital asset trading for retail investors. Here’s what you need to know.
Why RAKBANK’s UAE Crypto Trading Service is a Game-Changer
RAKBANK’s new offering addresses three major pain points for UAE crypto enthusiasts:
- No more foreign exchange fees when trading cryptocurrencies
- Direct access from existing bank accounts without transferring funds to external exchanges
- Regulated environment through Bitpanda Broker MENA DMCC under VARA oversight
How Bitpanda Powers RAKBANK’s AED Crypto Platform
The partnership with Bitpanda brings several advantages:
| Feature | Benefit |
|---|---|
| Existing infrastructure | Faster deployment than in-house development |
| European licensing | Proven regulatory compliance |
| Institutional connections | Access to Deutsche Bank’s network |
What This Means for Retail Crypto Investors in the UAE
The service currently operates on invitation-only basis, with wider rollout expected soon. Key features include:
- “Lowest buy fees” as a competitive advantage
- Streamlined onboarding process for new users
- Educational resources to navigate market volatility
The Bigger Picture: UAE’s Crypto Regulatory Landscape
RAKBANK’s move aligns with Dubai’s strategy to attract crypto businesses, with over 600 already operating under VARA and DMCC frameworks. This development follows recent approvals like Ripple’s RLUSD stablecoin.
FAQs About RAKBANK’s Crypto Trading Service
1. When will the service be available to all RAKBANK customers?
The bank plans a wider rollout in coming months after the current invitation-only phase.
2. What cryptocurrencies can I trade through the RAKBANK app?
While exact listings aren’t specified, the Bitpanda integration suggests access to major digital assets.
3. Are there any foreign exchange fees for AED crypto trades?
No – one of the key benefits is avoiding FX fees when trading in UAE dirhams.
4. How does this compare to using independent crypto exchanges?
The main advantage is direct access from your bank account with regulatory oversight, though independent exchanges may offer more coin options.
