How to Send Money to Palestine from UAE Using Cryptocurrency?
What is Cryptocurrency:
A cryptocurrency also known as crypto is a digital currency used as a medium of exchange and it is not reliant on any central authority, such as a government or bank. Hundreds of thousands of Palestinians use cryptocurrency to receive payments instantly and securely.
As cryptocurrency payments are decentralized, financial issues such as account suspension, blocking, restrictions, and security problems that are often encountered by Palestinians with traditional payment methods are prevented.
The accounts in which cryptocurrency payments are transferred or received are termed as Crypto Wallets.
There are different kinds of cryptocurrencies. Majority of people living in Gaza, Palestine use USDT (TRC 20) cryptocurrency which is a stable coin and is equivalent to one US Dollar (1 USDT = $1)
Currency in Palestine: Palestine mainly use Israeli shekels (ILS) currency. (1 ILS = 0.99 AED)
How are the Palestinians in Gaza withdrawing money Since Oct 7, 2023?
A significant percentage of Palestinians in Gaza rely on digital payments because of limited physical cash availability in Gaza. Residents of Gaza withdraw money via:
- A considerable number of cash agents and money-exchanges present in majority areas of Gaza.
- 3+ ATM’S present across Gaza.
- Western Union exchanges (agents) present in some areas of Gaza Strip including Khan Younis, Deir el Balah, Rafah, and North Gaza.
The First Step:
Ask the Palestinian to whom you want to send a donation to share his cryptocurrency wallet address (cryptocurrency account).
Crypto wallet address is something like “TXB8PX5cDAZ4Syvhswvzyu6LASOUy6YgFv”
Buy & Transfer Cryptocurrency Using OKX Exchange
OKX is a global cryptocurrency exchange that enables the purchase of cryptocurrencies through a wide range of payment methods. It has been operational since 2017 and is available in over 160 countries. The platform holds multiple licenses in various countries, allowing it to operate legally.
Supported Payment Methods
You can buy cryptocurrency on OKX exchange via wide range of payment methods including:
- Credit / Debit Card
- Bank Transfer
- Careem Pay
- Etisalat Wallet
- Revolut
- Wise
- Moneygram
- Zen
STEP BY STEP INSTRUCTIONS
1) Create an Account:
➤ Go to the OKX website or download the OKX app.
➤ Click on Sign Up and fill in the required information.
➤ Complete your account identity verification by providing the required details and necessary identification document (e.g., Government-issued ID Card). This step is required to comply with regulatory requirements.
2) Purchase Cryptocurrency:
Method: 01 – Deposit funds via Credit / Debit Card
➤ Log in to your OKX account.
➤ Click on “Buy Crypto” and select “Express Buy.”
➤ Select the cryptocurrency you wish to purchase from the list of available options. For example, if the Palestinian has shared his ‘USDT (Tether)’ crypto wallet address with you, select ‘USDT’ option.
➤ Specify cryptocurrency amount you want to purchase.
➤ Select credit or debit card as the payment method.
➤ Follow the on-screen instructions to complete the payment.
➤ Specified amount will be automatically deducted from your card and added to your OKX account.
Method: 02 – Deposit funds via OKX P2P Service
To deposit funds using any payment method other than a credit or debit card, OKX provides a P2P (Peer-to-Peer) service. This service enables you to buy cryptocurrency from registered sellers using a wide range of local and international payment methods. When you place an order for any cryptocurrency, OKX holds the selected cryptocurrency from the seller and releases it to you once you successfully make the payment to the payment account provided by the seller.
➤ Log in to your OKX account.
➤ Go to the “P2P Market” / “P2P Trading” section.
➤ Choose the cryptocurrency you want to buy (e.g. USDT).
➤ Select your preferred payment method (e.g. Bank transfer, Revolut, Wise, etc).
➤ You will see a list of cryptocurrency sellers along with their details. Make sure to select a seller who has completed a considerable number of successful transactions and has a good order completion percentage. ‘Unit Price’ mentions the price of ‘one unit’ of selected cryptocurrency coin.
For example, the cryptocurrency seller highlighted in the above image:
– Accepts payment deposit via any Bank transfer and Al Maryah Community Bank.
– He has successfully completed 4631 transactions and has 95.93% order completion rate.
– The cost to purchase 1 USDT is 3.700 AED
– Minimum amount of cryptocurrency you can purchase from this seller is 500 AED and maximum 17,572 AED. Different cryptocurrency sellers listed have different offer details. You can easily find sellers who accept as low as 10 AED minimum deposit amount.
➤ Click on green ‘Buy Button’ on the listing of cryptocurrency seller you have chosen.
➤ Specify how much amount of cryptocurrency (e.g USDT) you want to buy, select your preferred payment method and proceed.
➤ Click on ‘Get Payment Details’ to see the payment account details of cryptocurrency seller. You can also chat with the seller via live chat option.
➤ Make specified payment to the seller manually.
➤ After successfully making the payment to the seller, click ‘I have paid’ button and upload the payment receipt image.
➤ Once the seller confirms receipt of payment, your cryptocurrency will be credited to your OKX account automatically.
3) Now you need to transfer the purchased cryptocurrency to the cryptocurrency wallet of the Palestinian.
➤ In your OKX account, Go to ‘Assets’ and select ‘Withdraw’.
➤ Select the cryptocurrency you want to transfer (e.g, USDT).
➤ Select the crypto network that corresponds to the recipient’s wallet address. For example, USDT TRC-20 can be chosen as the network if you have selected USDT as the cryptocurrency. You can ask the recipient about the network of their crypto wallet address.
➤ Enter / Paste the recipient’s cryptocurrency wallet address.
➤ Click Submit / Proceed. Your cryptocurrency will be instantly transferred to the Palestinian.
Helpful Resources
Video Tutorial – How to buy cryptocurrency via P2P option on OKX?
Video Tutorial – How to buy cryptocurrency via credit / debit card on OKX?