How to Buy Bitcoin in Saudi Arabia

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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:  

how-to-buy-bitcoin-in-saudi-arabia
  • 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: 

  1. Bitcoin Era: Best Overall Broker To Buy Bitcoin In Saudi Arabia 
  1. Rain: Best Beginner-Friendly Broker For Saudi Arabian Citizens 
  1. BitOasis: Best Broker To Buy Cryptocurrency For Traders At All Levels 
  1. PayBis: Best Crypto Trading Fees
  1. Binance: Best Broker With Access To A Versatile Portfolio 
RANKBROKERGENERALPLATFORM SCOREBEST FORWEBSITE
#1Bitcoin EraIts online security system is one of the best5 / 5Best Overall Broker To Buy Bitcoin In Saudi ArabiaOfficial website
#2RainExcellent crypto services, and it has top-tier licenses3.4 / 5Best Beginner-Friendly Broker For Saudi Arabian CitizensOfficial website
#3BitOasis20+ digital assets and a competitive fee structure3.4 / 5Best Broker To Buy Cryptocurrency For Traders At All LevelsOfficial website
#4PayBisFast registration process & 14 different payment options4.5 / 5Best Crypto Trading FeesOfficial website
#5BinanceFor traders who want to invest in less popular altcoins.4.3 / 5Best Broker With Access To A Versatile PortfolioOfficial website

Bitcoin Exchanges In Overview: 

01. Bitcoin Era: Best Overall Broker To Buy Bitcoin In Saudi Arabia

bitcoin-era-logo

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-logo

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

bit-oasis-logo

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

pay-bis-logo

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-logo

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. 

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 ATM 
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. 

Credit/Debit Cards 
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%. 

Final Verdict 

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. 

FAQ 

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. 

What Is The Price Of Bitcoin In Saudi Arabia? 

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.

Is It Safe To Invest In Bitcoin? 

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.

Should You Invest In Bitcoin? 

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.

Will Bitcoin Guarantee Me Returns? 

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.

Are There Any Bitcoin ATMs In Saudi Arabia? 

As for today, there are 2 BTC ATMs in Saudi Arabia.

Which Is The Simplest Way To Create A BTC Wallet? 

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. 

How To Buy Bitcoin With A Credit Card? 

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.

Do I Need A Broker To Buy Bitcoin? 

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.


If you liked this article then also read:
How to buy Bitcoin in UAE and Dubai
How to buy Bitcoin in Oman
How to buy Bitcoin in Jordan
How to buy Bitcoin In Pakistan
How to buy Bitcoin in Saudi Arabia
How to buy Bitcoin in Israel
How to buy Bitcoin in Morocco

Methodology
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. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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