How to Buy Crypto with First Abu Dhabi Bank

Can I Buy Bitcoin with FAB?

Yes, First Abu Dhabi Bank account holders can purchase Bitcoin and other cryptocurrencies. Although FAB doesn’t process crypto transactions directly, you can transfer funds from your bank account to a crypto exchange in the UAE regulated by the Abu Dhabi Global Market (ADGM). Emirati investors can easily deposit AED through direct transfers and debit cards.

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How to Buy Crypto with First Abu Dhabi Bank

FAB customers can use licensed exchanges to invest in Bitcoin and other digital assets. A trusted choice is Rain, regulated by the ADGM under registration number 6561104. Rain provides access to over 70 cryptocurrencies for trading. FAB users can deposit AED via bank transfers, debit cards, credit cards, Fawri or Fawri+.

Follow this guide to invest in digital assets with FAB:

1. Create an Account: Sign up on Rain and complete the verification process by submitting the required identification documents.
2. Deposit Funds: Navigate to the deposit section, select AED as your preferred currency, and initiate a transfer from your FAB account or card to fund your Rain wallet.
3. Choose a Cryptocurrency: Once your funds are available, browse the platform’s cryptocurrency options and select the one you want to purchase, like Bitcoin or Solana.
4. Make the Purchase: Enter the amount in AED that you want to invest and confirm the transaction to complete your purchase.

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What are the Fees?

FAB users considering cryptocurrency investments through Rain should be aware of the associated fees. Here's a detailed breakdown of the costs of using the Rain exchange:

• Deposits: Transferring AED from your FAB account to Rain through bank transfer incurs no fees; the full amount you send is credited to your Rain account.
• Withdrawals: Withdrawing AED back to your FAB account through local transfers within the UAE is also free of charge.
• Trading Fees: When you buy, sell, or swap cryptocurrencies, the quoted price includes the source price and an internal margin determined by Rain. This margin varies based on market conditions but is built into the quoted price for transparency.

Compared to other platforms like Coinbase, which may charge trading fees exceeding 2%, Rain provides an affordable solution for trading digital assets.

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FAB Cryptocurrency Policy

First Abu Dhabi Bank supports its customers in accessing the crypto market by enabling AED transfers to exchanges regulated by the Abu Dhabi Global Market (ADGM). The bank has also taken significant steps in exploring blockchain technology, as demonstrated by its successful pilot of programmable payments through Onyx by JP Morgan.

By working with ADGM-regulated crypto platforms, FAB provides its customers with a secure environment to trade cryptocurrencies.

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About First Abu Dhabi Bank (FAB)

‍First Abu Dhabi Bank (FAB), established in 2017 through the merger of First Gulf Bank and National Bank of Abu Dhabi, is the largest bank in the United Arab Emirates, serving over 3 million customers. 

FAB offers a comprehensive suite of financial products, including personal and corporate banking services, investment solutions, and Islamic banking options. The bank's product lineup features accounts, credit cards, loans, mortgages, and insurance services. 

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Bottom Line

First Abu Dhabi Bank enables AED transfers to regulated digital asset exchanges like Rain, which operates under the oversight of the Abu Dhabi Global Market (ADGM).

With a straightforward process for funding accounts, trading, and withdrawing funds, FAB customers can confidently navigate the world of cryptocurrency investments while adhering to local regulatory standards.