How to buy crypto at First Abu Dhabi Bank (FAB)?
In this guide, I will explain how to buy Bitcoin & other crypto using your bank account at FAB. Despite what the bank says, it is 100% possible to invest in crypto at First Abu Dhabi Bank.
How to buy crypto with FAB
Step 1: open an account with a crypto exchange
FAB does not offer crypto services, that is why you need to open an account with a reliable crypto exchange. In the overview below, you can immediately see which brokers you can open an account with:
|Trade against low fees in Bitcoin & other cryptos! Try for free with a demo & deposit money with FAB after. Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.|
|Try crypto trading without using a crypto exchange or a bank to deposit: speculate on both increasing and decreasing prices with the CFD provider Plus500 using a demo account. 82% of retail CFD accounts lose money.|
|Invest in hundreds of altcoins against low fees. Receive 20% permanent discount over all transactions!|
It takes little time to link your crypto exchange account to your bank account with FAB. In the rest of this guide, I will show you how to do this.
Step 2: deposit money with FAB
Before you can deposit money to the crypto exchange using your bank account with FAB, you must first verify your account. To do this, upload a copy of your passport & proof address within the platform. The crypto exchange uses this data to verify that you are not using the platform for illegal purposes.
Step 3: buy crypto with FAB
Select the crypto you want to buy within the trading platform: this could be Bitcoin or Ethereum, for example. Within the order screen, enter the amount you want to invest and by pressing buy, you send the order directly to the exchange. Keep in mind that it can take a few seconds to minutes for the order to be processed.
When the market is very volatile, it can take a while to find a seller. With a limit order you can avoid paying too much for your crypto. This is because with a limit order, you set a maximum price you are willing to pay for the crypto in question.
Evaluate your investments regularly. Remember that you can sell the crypto again at any time. You can then deposit the money back into your bank account with FAB in the same way.
What is FAB’s stance on crypto?
FAB does not just block users’ transactions for no reason. If you send money to a reliable crypto exchange, you shouldn’t have any problems. The is crypto policy of FAB is therefore quite positive.
How does the Abu Dhabi government feel about crypto?
The Abu Dhabi government divides crypto into three different categories:
- Security tokens
- Ultility tokens
- Payment tokens
Each type of token has different rules and requirements depending on how they are used. The ADGM (Abu Dhabi Global Market) has also set out clear rules for fintech startups that make it easy for crypto companies to start offering services.
This positive policy of the government has ensured that there is plenty of room for innovation and investment, including from foreign sources.
About First Abu Dhabi Bank
First Abu Dhabi Bank, also known as FAB, is the largest of within the Emirati States. The bank was created by merging First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). The bank offers financial products for both consumers and businesses.
FAB operates in five continents: Asia, Europe, North America, South America and Africa. The bank has since built a good reputation and is hailed as the safest bank in the Middle East.
Can you buy Bitcoin at FAB?
It is not possible to buy Bitcoin & other crypto at FAB. However, by using a clever workaround, you can still invest in Bitcoin using your bank account with FAB without any problem. This is because you can connect your bank account to a crypto exchange and exchange your fiat for crypto. Always keep in mind the risks, though; crypto is very volatile, after all.