Bitcoin (BTC) is a popular cryptocurrency, with a market cap of $1.1 trillion. The Saudi Arabian government did not ban Bitcoin, but there was concern about it in the beginning. It also does not regulate crypto trading, even though Bitcoin does not follow Sharia law. Saudi Arabian traders buy, sell, and hold Bitcoin with leading exchanges. You have to take four steps to start trading Bitcoin:
- Create a trading account;
- Deposit funds;
- Buy BTC;
- Deposit BTC in a digital wallet;
This article discusses how to legally buy Bitcoin in Saudi Arabia through an exchange or broker.
Best Saudi Arabian Bitcoin Exchanges:
- Bitcoin Era: Best Overall Broker To Buy Bitcoin In Saudi Arabia
- Rain: Best Beginner-Friendly Broker For Saudi Arabian Citizens
- BitOasis: Best Broker To Buy Cryptocurrency For Traders At All Levels
- PayBis: Best Crypto Trading Fees
- Binance: Best Broker With Access To A Versatile Portfolio
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||Bitcoin Era||Its online security system is one of the best||5 / 5||Best Overall Broker To Buy Bitcoin In Saudi Arabia||Official website|
|#2||Rain||Excellent crypto services, and it has top-tier licenses||3.4 / 5||Best Beginner-Friendly Broker For Saudi Arabian Citizens||Official website|
|#3||BitOasis||20+ digital assets and a competitive fee structure||3.4 / 5||Best Broker To Buy Cryptocurrency For Traders At All Levels||Official website|
|#4||PayBis||Fast registration process & 14 different payment options||4.5 / 5||Best Crypto Trading Fees||Official website|
|#5||Binance||For traders who want to invest in less popular altcoins.||4.3 / 5||Best Broker With Access To A Versatile Portfolio||Official website|
Bitcoin Exchanges In Overview:
01. Bitcoin Era: Best Overall Broker To Buy Bitcoin In Saudi Arabia
Bitcoin Era is a well-established exchange with secure platforms for Saudi Arabian traders. It offers a trustworthy AI algorithm for all transactions. Bitcoin Era has a demo account as an excellent learning tool.
Bitcoin Era has a simple KYC process and user-friendly platforms. It charges no registration fees and no Bitcoin trading commissions.
02. Rain: Best Beginner-Friendly Broker For Saudi Arabian Citizens
Rain is a popular Middle Eastern cryptocurrency provider for inexperienced traders. It offers leading crypto services, and it has top-tier licenses. Rain stands out because of its premium security features. Up to 98% of its cryptocurrency is in cold storage.
Rain is a reliable platform for cryptocurrency trading. It offers a competitive fee structure for traders in the Middle East. The standard fee for buying cryptocurrency with bank transfers is 1.5%.
03. BitOasis: Best Broker To Buy Crypto For Traders At All Levels
BitOasis is a top crypto broker in Saudi Arabia. It has access to 20+ digital coins and has one of the best fee structures. Saudi Arabian traders receive from low-cost Bitcoin trades. BitOasis is a secure digital exchange in the Middle East.
This low-cost platform offers low BTC taker and maker fees. BitOasis offers bank transfers for all Saudi Arabian traders. It charges no commission for bank wires.
04. Paybis: Best Crypto Trading Fees In 2021
PayBis is a top choice for traders at all levels looking for the lowest Bitcoin trading fees. It offers a simple-to-use interface and a low minimum deposit. PayBis has a simple registration process that takes up to 10 minutes.
PayBis is a trustworthy crypto exchange in the Middle East. It offers 14 different payment methods and fast transaction times. PayBis is an excellent choice for traders at all levels because of its impressive learning tools.
05. Binance: Best Broker With Access To A Versatile Portfolio
Binance is a top choice for asset diversity. It is a popular crypto provider with many digital coins available. It offers 50+ cryptocurrencies, including Bitcoin, Litecoin, and Ethereum.
Binance is a good fit for traders who want to invest in less popular altcoins. It has 100 different trading pairs, including fiat-crypto pairs.
How To Buy Bitcoin In Saudi Arabia
Buying Bitcoin in Saudi Arabia is legal and straightforward. Traders have to choose the right broker or cryptocurrency exchange.
1. Create A Trading Account With A Broker Or Cryptocurrency Exchange
The first step is to create a trading account with one of the brokers offering Bitcoin trading or on a Crypto Exchange. The most secure way to buy Bitcoin is through Bitcoin Era. It provides safe storage and access to leading crypto coins, including Bitcoin.
2. Upload Your ID
A copy of your ID and proof of address are necessary to verify your identity. This procedure falls under the KYC (Know Your Customer) requirements.
3. Deposit Funds To Your Trading Account Or Crypto Wallet
Next, you have to choose a payment method and deposit money into your account. It is best to avoid depositing funds with a credit card, as crypto is volatile. BTC is legal in Saudi Arabia, but some banks don’t allow deposits to crypto exchanges or sites. We recommend you check at your local bank whether they have cryptocurrency restrictions.
4. Buy Bitcoin
Placing an order for BTC is possible after funding your account. Exchanges provide distinct order types and investing opportunities. Traders might buy BTC through an exchange and get ownership of the underlying asset (BTC).
5. Use A Digital Wallet To Store Bitcoin
The best way to store digital assets is in a digital wallet. Make sure that you are the only one with access and control over your funds with a private key. Most exchanges provide e-wallets for their customers.
Are Bitcoin And Cryptocurrencies Legal In Saudi Arabia?
BTC and other cryptocurrencies are legal in Saudi Arabia. Banks need approval from the Saudi Arabia Central Bank (SAMA) to trade cryptocurrencies. We recommend you choose a secure exchange or broker to trade digital coins.
Keep in mind that each investment has its risks. Bitcoin is a reliable coin to trade, but it remains a volatile digital asset. We recommend you read more about crypto trading and risks in our in-depth reviews.
Which Is The Safest Way To Buy Bitcoin In Saudi Arabia?
Saudi Arabian traders have different ways to buy BTC. The safest methods to buy crypto are below.
Bitcoin ATMs let traders buy cryptocurrencies with credit/debit cards or cash deposits. Most Bitcoin ATMs allow traders to buy Bitcoin. Some Bitcoin ATMs allow traders to sell Bitcoin for cash as well. Cash withdrawals come with high deposit fees.
A popular way to buy BTC in Saudi Arabia is with credit/debit cards. It is a secure way to invest in cryptocurrencies. Most exchanges like Bitcoin Era offer low fees for a minimum deposit. Fees might vary between 0.5% and 3%.
Bitcoin Era, Rain, BitOasis, PayBis, and Binance are the best providers for buying Bitcoin in Saudi Arabia. Bitcoin Era is our top choice, as it offers some of the most secure services in the Middle East. Rain is a good fit for inexperienced investors. We recommend Binance for traders looking for access to a versatile crypto portfolio.
We review the best ways to invest in BTC in Saudi Arabia with 105 criteria. We use real money and accounts for reliable results. Read about our system in our Methodology section.
As of 21st September 2021, the price of 1BTC is 162,477 SAR. The price of Bitcoin changes every second, so check the most current price on a trusted exchange. Our in-depth reviews offer more information on Bitcoin trading, fees, and market caps.
If you trade Bitcoin with a secure exchange, it is a safe investment option. Bitcoin Era is a top choice for Bitcoin trading in Saudi Arabia.
Bitcoin is a popular digital coin with traders at all levels. Before buying a digital asset, you should learn about cryptocurrency trading. Our in-depth reviews offer valuable insights into cryptocurrency trading.
Bitcoin is a volatile asset that might rise or drop depending on the market. It is best to invest in digital coins only if you have the necessary funds. Read about Bitcoin trading and risks in our in-depth reviews.
As for today, there are 2 BTC ATMs in Saudi Arabia.
The simplest steps to follow to set up a wallet are to:
1. Select an exchange account to buy/sell crypto;
2. Choose a hot wallet if you want to hold small to medium amounts of crypto assets;
3. Choose a cold wallet for larger holdings and long-term purposes.
Buying BTC with a credit card is like using a debit card or an ACH transfer. You’ll have to submit your card details to the online trading broker or exchange. Authorize the transaction, and the purchase will be complete.
No, but they might be helpful. To buy Bitcoin in Saudi Arabia, you need a crypto wallet. An online broker with top-tier licenses offers a secure wallet and helps you keep your BTC secure. They will help speed up your Bitcoin trades.
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels.
Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized.
- 1 Best Saudi Arabian Bitcoin Exchanges:
- 2 Bitcoin Exchanges In Overview:
- 2.1 01. Bitcoin Era: Best Overall Broker To Buy Bitcoin In Saudi Arabia
- 2.2 02. Rain: Best Beginner-Friendly Broker For Saudi Arabian Citizens
- 2.3 03. BitOasis: Best Broker To Buy Crypto For Traders At All Levels
- 2.4 04. Paybis: Best Crypto Trading Fees In 2021
- 2.5 05. Binance: Best Broker With Access To A Versatile Portfolio
- 2.6 How To Buy Bitcoin In Saudi Arabia
- 2.7 Are Bitcoin And Cryptocurrencies Legal In Saudi Arabia?
- 2.8 Which Is The Safest Way To Buy Bitcoin In Saudi Arabia?
- 2.9 Final Verdict
- 2.10 FAQ