Buy Bitcoin in Saudi Arabia

The world of crypto has gained a lot of eyes in the past few years. With many celebrities and influencers promoting the worldwide use of cryptocurrencies, it’s still a pretty vulnerable market, and a beginner can easily fall for crypto scams. Moreover, many governments are starting to interfere in this market, as they challenge their financial systems. So, is it possible to buy bitcoin in Saudi Arabia?

Buy Bitcoin in Saudi Arabia

10 Best Exchanges to Buy Bitcoin in Saudi Arabia

You can still buy bitcoin in Saudi Arabia using a Credit Card or P2P network. There is a banking ban, but it’s still legal to buy crypto in the country. It’s important to be safe while dealing with crypto as you won’t get any protection or support from the government if you get scammed. In this article, we’ll be mentioning some of the most trusted marketplaces and exchanges you can use to buy bitcoin in Saudi Arabia without worrying about scams or other risks.

1. Binance

Binance.com
as of October 18, 2021 7:23 pm

Binance is a leading crypto marketplace that was found in China. It moved out of China in 2018 and is currently one of those platforms that process most crypto transactions in the country. You can buy more than 160 cryptocurrencies paired with major coins like Bitcoin, Ethereum, or Tether. You can use their service in various languages and currencies, including Arabic and SAR.

It has one of the most secure management and provides 24/7 support to the customers. The company only charges a 0.1% trading fee with a discount of 25% if you trade with their token named BNB. It’s effortless to create an account on the platform, and an optimized mobile app makes it a lot more convenient to use.

It’s a crypto-to-crypto trade platform, so you can’t use your debit or credit cards to deposit funds on Binance. You can only get started by depositing through cryptocurrencies. If you want to buy bitcoin with your bank funds, the company also has a P2P platform that you can use to buy with other crypto traders directly.

Overall, Binance is a reliable platform with a lower fee suitable for both beginners and advanced traders. If you’re someone who’d like to find more opportunities in altcoins along with BTC, Binance is the best marketplace to do it.

Pros

  • Better user interface and chart representations
  • Account security features like two-factor authentication
  • A trading fee of only 0.1%
  • Binance offers more than 160 cryptocurrencies
  • No document verification required for most countries

Cons

  • No option to deposit funds with credit or debit cards

2. Rain

Rain.bh
as of October 18, 2021 7:23 pm

Rain is a platform found in Bahrain and is one of those few exchanges that provides its services in the middle east. It’s the first and the only exchange licensed by the Central Bank of Bahrain. You can use Rain to buy major coins like Bitcoin, Ethereum, Litecoin, and Ripple if you’re a Saudi Resident. Unfortunately, other altcoins are not available on the platform.

The exchange supports major middle eastern currencies like SAR, AED, BHD, and more along with USD. You can link your bank account and use debit and credit cards to make transactions. The purchasing limit is pretty high, and it charges a 1.5% fee on buy/sell transactions from bank deposits. If you use a card, you may have to pay a higher fee of 4%. Also, it charges a 50 SAR fee on withdrawals.

It’s a great platform if you’re looking to invest in bitcoin or other coins for a long time; the charges can be a little high for regular traders. The customer support is very responsive, and you can report any issue through the live chat feature available on the website.

The exchange only supports fiat transactions which means you won’t be able to trade between multiple cryptocurrencies. Overall, Rain’s a great trusted exchange that offers some additional features for middle eastern crypto investors.

Pros

  • Available in all major middle eastern countries
  • Supports Saudi Riyal and many other currencies
  • Allows users to link bank accounts and debit/credit cards
  • Live chat support with a fast response time

Cons

  • Deposit and withdrawal fee is comparatively higher
  • It supports only four major cryptocurrencies

3. CoinDirect

Coindirect.com
as of October 18, 2021 7:23 pm

CoinDirect is a relatively new crypto exchange platform found on the island of the Isle of Man. It’s pretty easy, fast to use, and provides six other altcoins options in Saudi Arabia other than Bitcoin. The user interface is impressive, and a simplified trading view makes it better for beginners. CoinDirect also provides a mobile app for both iOS and Android users.

You’ll have to verify your identity on CoinDirect before you can start trading. Once you’re fully verified, you can purchase crypto up to 2200 SAR daily. It provides crypto-to-crypto or crypto-to-fiat converting options.

There is no fee for buying, transferring, or receiving coins. CoinDirect charges a 0.5% trading fee on selling transactions. You may have to pay up to a 3% fee if you want to use a credit card.

The company also features a P2P trading facility, but there are a limited number of sellers available. The sellers and buyers have to verify their identity so that you can be assured of safety. You can also deposit funds on Coindirect via wire transfers at no extra fee.

You can find mixed reactions when it comes to the customer support of CoinDirect. But with such a low withdrawal and trading fee and a couple of other impressive options, you can trust this platform to buy bitcoin in Saudi Arabia.

Pros

  • One of the lowest transactions and withdrawals fee
  • Fast and easy to buy major cryptocurrencies
  • Marketplace for buying and selling from local traders
  • A responsive and impressive mobile app

Cons

  • Identity verification required to use the platform
  • Average customer support

4. BitOasis

Bitoasis.net
as of October 18, 2021 7:23 pm

BitOasis is a UAE-based crypto exchange company found in 2015. It’s one of the largest exchanges in the middle east and processes crypto transactions worth millions. It focuses on six middle eastern countries that include Saudi Arabia. It provides some convenient features to these countries, which you may not find in other international exchanges.

The company offers fiat deposits for many middle eastern countries, including Saudi Arabia. You can deposit funds through your bank or cards. However, the SAR to AED conversion rate is not impressive. BitOasis also charges a high fee of 5% when you deposit through credit or debit cards. It has a list of around 15 cryptocurrencies you can buy or sell on the exchange.

You can also access BitOasis with its mobile app available for both iOS and Android. You need to verify your identity to trade regularly. The withdrawal fee is 250 AED or 255 SAR for Saudi residents. And you cannot withdraw the AED balance to your Saudi bank account.

One thing to keep in mind while working with BitOasis is that it’s self-regulated, so there’s always a question about the company’s legitimacy. A live chat customer support can be beneficial, but the company only allows a ticketing option to contact them.

Pros

  • Allows Saudi residents to deposit through bank or cards
  • It offers more cryptocurrencies than many other middle eastern exchanges
  • No charges on bank deposits
  • Functional mobile app for better convenience

Cons

  • The withdrawal fee is pretty high
  • Requires users to verify their identity for higher trading limits
  • No live chat or customer support

5. SpectroCoin

Spectrocoin.com
as of October 18, 2021 7:23 pm

SpectroCoin is a European crypto exchange that has been around in the market for more than seven years. It is now supported in more than 150 countries that also includes Saudi Arabia. You can buy bitcoin and more than ten other altcoins on the platform in Saudi Arabia. The exchange focuses on crypto transactions with fiat money.

You can buy bitcoin or other coins with a wire transfer, Skrill, credit/debit cards, Neteller, amazon gift card, and few other options. You can also withdraw your money in any of the options listed above.

There is a 3-5% deposit fee depending on the type of payment you choose. Also, you’ll be charged a 20-Pound fee for international bank withdrawal. To avoid that, you can withdraw the funds through other options like an Amazon gift card.

SpectroCoin offers a list of 12 major cryptocurrencies you can buy or sell on the platform. An impressive thing about the company is their responsive customer support, and they also offer a live chat desk. You’ll need to complete the document verification before getting started.

The company stores most of the assets offline, adding an extra layer of security when it comes to hacking or other risks. Overall, it’s a reliable platform to trade multiple cryptocurrencies in Saudi Arabia that provides various deposit and withdrawal options to the users.

Pros

  • SpectroCoin is supported in more than 150 countries
  • A lot of options to deposit and withdraw through fiat money
  • Responsive customer support with a live chat feature
  • Stores the user’s assets in cold wallets for security

Cons

  • High withdrawal fee for international banks
  • Less number of altcoins available

6. LocalBitcoins

Localbitcoins.com
as of October 18, 2021 7:23 pm

As the name suggests, LocalBitcoins is a platform where you can find local bitcoin sellers. It’s a P2P platform that allows you to buy or sell bitcoins in most countries, including Saudi Arabia. You can directly communicate and filter between lots of sellers listed on the website. However, this also means that there’s room for a scam.

To assure your safety, we recommend checking the seller’s reputation and order completion rate. Do not fall for new sellers offering bitcoins for a lower price. You also need to complete an identity verification before you can buy or sell on LocalBitcoins.

Since the sellers are locals, they accept a wider variety of local payment options. Another great thing about LocalBitcoins is that they don’t charge any fee on trades. Make sure you do not deal with sellers in cash or outside the LocalBitcoins website, as you won’t get any support from the company if anything goes wrong.

We’ll also recommend you transfer your bitcoins to other secure wallets after you purchase them. You cannot buy or sell altcoins on the platform. Also, the prices of bitcoins are a little higher than other exchanges. But it’s still a great platform to buy bitcoins in Saudi Arabia locally.

Pros

  • A huge variety of local payment options available (depends on the seller)
  • Escrow support for the safety of both buyers and sellers
  • Responsive custom support to solve user disputes
  • No trading fees

Cons

  • No other altcoins are available on the platform
  • Generally safe if you deal with the right people, you still need to be careful of scams.

7. Changelly

Changelly.com
as of October 18, 2021 7:23 pm

Changelly is one of the fastest-growing crypto exchanges in the world. It provides an easy and fast means to convert over 150 cryptocurrencies. You can also use Changelly to buy or sell crypto. You don’t have to verify your identity if you’re looking to exchange crypto on the platform. All you have to do is sign up with your email and provide the receiving address, and you’ll receive the crypto in your wallet within minutes.

They only charge 0.5% on every transaction. But if you’re looking to buy bitcoin with fiat money, you’ll have to pay a higher fee which entirely depends on the country and payment method. The company also features a mobile app making it easier to access and trade.

The customer support of Changelly is very responsive, which is why they’ve got such a high Trustpilot rating. Overall, it’s a great way of anonymously exchanging cryptocurrencies, but the higher maker fee on buying bitcoins can be an issue for many users.

Pros

  • Changelly doesn’t require any identity verification
  • You can exchange more than 150 cryptocurrencies
  • A transaction fee of only 0.5%
  • Reliable and fast customer support

Cons

  • High fee on buying through credit or debit card
  • Does not support Saudi Riyal

8. Coinmama

Coinmama.com
as of October 18, 2021 7:23 pm

Coinmama is yet another platform to consider if you’re looking to buy crypto in Saudi Arabia. The company was found in Israel about eight years ago. It provides its services in many parts of the world and has more than 2 million regular crypto users. The company offers a brokerage system that means you directly buy from the company, making it safer and easier as you don’t have to look for a trusted seller.

The company offers about ten major altcoins other than bitcoin. It’s a great beginner-friendly platform that allows users to buy through credit or debit cards, bank account, or even Apple pay. Not to forget that you’ll have to pay an extra 5% fee on deposits through credit/debit cards.

Like most other exchanges, Coinmama also has a tier-based verification system. Each tier requires different documents and unlocks higher buying and selling limits. You can buy up to 15000$ worth of bitcoins per month once your identity is verified.

Although it doesn’t have a customer care number, you can contact them through live chat during working hours. You can also contact them via email. They usually reply within 24 hours. So, Coinmama is another great website you should check if you’re looking to invest in crypto for the long run.

Pros

  • Safer and beginner-friendly means to buy bitcoin
  • Options to deposit money with bank account and cards
  • Easy to understand crypto graphs and charts

Cons

  • Sells only ten major cryptocurrencies
  • High transaction and card deposit fee

9. CoinBene

Coinbene.com
as of October 18, 2021 7:23 pm

CoinBene is a Chinese firm currently operating in Singapore. It’s popular among experienced crypto traders because of its low fee structure. If you’re a beginner looking to invest in bitcoin, this is not the right platform for it. The company only allows you to add funds through crypto, so if you want to buy crypto from CoinBene, make sure you already have another wallet that you can use for deposits.

Users from most countries, including Saudi Arabia, can trade on the platform. It has a mobile app, but it looks a little complicated to use. The company charges a flat trading fee of only 0.10%. It also has its crypto coin, which you can hold to get a discount on the trading fee. Another thing we appreciate about the platform is that it doesn’t charge you any withdrawal fee.

You can find a huge number of cryptocurrencies paired with BTC, ETH, and USDT, which you may not find on many other exchanges. You don’t have to verify your identity to start trading. It’s indeed a great exchange for professionals, but I’d recommend new investors to check out other exchanges that offer a lot more convenience.

Pros

  • CoinBene has one of the lowest trading fees in the market
  • No withdrawal fees
  • Wide variety of crypto pairing with BTC, ETH, and USDT
  • No identity verification required

Cons

  • You can withdraw and deposit only through cryptocurrencies
  • A comparatively newer platform with less transparency

10. KuCoin

Kucoin.com
as of October 18, 2021 7:23 pm

KuCoin is also a pretty new crypto exchange established in 2017, but it’s been one of the fastest-growing websites in the field. It’s a great choice for all types of new and experienced investors. The company offers more than 200 cryptocurrencies at very competitive rates.

It also has one of the lowest trading fees in the market, which is about 0.10%. You cannot deposit money through your bank on KuCoin, but you can use a credit or debit card. It also features a P2P platform that allows you to buy from other local crypto sellers.

Another thing that may bother you is that it doesn’t support the Arabic language or Saudi Riyal. The company also has its token called KCS. You don’t have to verify identity for a limited trading amount. However, if you’re looking to trade in volume and unlock a few other features, you can complete the KYC verification.

It may not offer a lot to Saudi Residents, but if you’re okay to trade in USD, KuCoin can still be a great platform to buy bitcoins in Saudi Arabia because of its low fee and great support.

Pros

  • Offers more than 200 cryptocurrencies for trade
  • No KYC verification required for basic transactions
  • A low trading charge of 0.10%
  • Deposits through cards are allowed
  • Helpful customer support

Cons

  • No Arabic language and currency support
  • KuCoin doesn’t allow bank deposits

Buying Guide for Bitcoin in Saudi Arabia

You don’t want to invest in a crypto exchange that’s unreliable and fishy, especially if you’re a beginner. And in a country like Saudi, where the government doesn’t support cryptocurrencies, it becomes a lot more challenging to find the country’s best crypto marketplace. But there are a few things you can check to find the right crypto platform, and we’ve listed some of them below: –

Company’s Location and Country Support

There are thousands of crypto exchanges available worldwide, but not all of them support every country. The first thing an investor should check out when buying bitcoin is whether the company provides its services in Saudi Arabia or not. You can also find some middle-east based companies that offer currency and language support in Saudi too. It’s better to deal with a local company as a beginner.

Document Verification

A wide percentage of traders like to keep their identity hidden when investing in bitcoins. This is because a lot of countries still consider cryptocurrencies illegal. And if you’re one of them who don’t want to verify their documents, you can always find some international crypto exchanges that don’t want any documents for limited transactions.

P2P Facility

Peer to Peer or P2P network means you can trade bitcoins directly with local people. This also doesn’t require you to confirm your identity as a buyer. You can pay the seller and get your funds in any wallet you want. Platforms like LocalBitcoins are solely based on the P2P network. However, it’s better to be careful because it’s easier to get scammed when dealing with local sellers.

Fees

The fee is not a problem for one-time investors. But if you want to trade bitcoins regularly, a higher fee can hurt your overall profit. There is a fee on deposit, trade, and withdrawals too. But it’s still pretty easy to find an exchange that charges zero or a low fee on your crypto transactions. The fees may vary from a low of 0.1% to 7%, depending on several factors.

Altcoins Availability

If you’re looking for opportunities in other smaller coins, excluding Bitcoin or Ethereum, it’s a little challenging to find the right platform. Generally, the platforms that offer a wide variety of coins do not accept wire transfers and charge a hefty fee on withdrawals. It’s recommended to check the Altcoins list on the official website before signing up.

Fiat Payments

Not a lot of websites offer fiat money options when it comes to Saudi Arabia. The companies that offer these payment options charge as high as 5-10% on credit or debit card deposits. If you can’t afford to pay a high fee on deposits, you can check out some international platforms that accept secondary payment options like apple pay, PayPal, or even Amazon gift cards.

Customer Support

A company that cares about its users strives to respond to their problems and queries fast. Nowadays, many cryptocurrency exchanges offer live chat, some even in multiple languages. A reliable company must solve user’s problems within 24 hours to gain trust, and you must check out user reviews on platforms like Trustpilot to get a better idea of the company’s customer support.

Security

Any online business or investment comes with a lot of risks. The Internet is filled with scammers and hackers trying to steal your bitcoins. A crypto exchange must provide a 2FA authentication to keep your account secure from unauthorized access. Many companies now store users’ assets in cold wallets (offline) for better security and minimum chances of a breach.

Additional Safety Tips for Beginners

As we mentioned earlier, cryptocurrency is a vulnerable asset, and you must be cautious about it. Here are some safety tips you can follow to be safe from bitcoin scams.

  • You may know that most bitcoin wallets require you to set up a private key that you can use to access the wallet. It’s recommended to keep your private key on an offline note rather than saving it on your computer to prevent hackers from finding it.
  • An additional layer of account security like google authentication or 2FA can also prevent hackers from accessing your account. Most of the exchanges provide you a 2FA, and you should always avoid using those platforms that don’t care about user’s safety.
  • When dealing with local bitcoin sellers on P2P platforms, it’s always recommended to use escrow. An escrow acts as a middleman for your crypto transaction and ensures both buyer and seller’s safety.
  • If you don’t want to use escrow, always look for a seller with at least a 90-95% order completion rate and buyer ratings. It’s always risky to buy from non-reputed sellers.
  • Do not enter any details related to your crypto account to websites or webpages offering free cryptocurrencies or prizes. Phishing scams are widespread when it comes to bitcoin.
  • Try to use a VPN if possible. It adds extra security and prevents others from accessing your IP address.

FAQs to Buy Bitcoin in Saudi Arabia

Does CoinBase work in Saudi Arabia?

No, unfortunately, CoinBase doesn’t offer its services in Saudi Arabia. However, you can trade on similar platforms like Binance or KuCoin in Saudi.

Is bitcoin legal in Saudi Arabia?

As of March 2021, bitcoin is legal in Saudi Arabia. But you must keep in mind that Saudi Government has imposed a banking ban on cryptocurrencies and has warned Saudi users that it doesn’t support the use of cryptocurrencies.

Which are the top 5 BTC exchanges in Saudi Arabia?

According to our research, some of the top BTC exchanges in Saudi Arabia are Binance, Rain, BitOasis, LocalBitcoins, and Coinmama. You can also check some of the other platforms that we’ve listed, as they may offer you some different features.

How to anonymously purchase bitcoin as a Saudi resident?

You can always find trusted local Saudi Bitcoin dealers on P2P platforms like LocalBitcoins or Binance. They don’t require any identity proof from you. Some exchanges like CoinBene or KuCoin also allow you to buy a limited amount of bitcoin by just signing up by email. It’s not recommended to deal bitcoin with cash as the government won’t provide you any protection in fraud.

Are there bitcoin ATMs located in Saudi Arabia?

No, it’s almost impossible to find any bitcoin ATMs in Saudi Arabia. You can find a couple of rare Bitcoin ATMs in the country if you’re lucky enough.

Conclusion

Bitcoin has taken the internet by storm in the last couple of years. Everyone’s trying to jump into the market and is willing to take the risk. But it’s not possible for residents of every country to buy bitcoin. Fortunately, bitcoin is still legal in Saudi Arabia. And, if you’re a beginner trying to test your luck, you may be confused about finding the right crypto exchange that works in Saudi Arabia.

We’ve shortlisted and compared some of the best crypto exchanges you can use to buy bitcoin in Saudi Arabia. You can also invest in a lot of other altcoins on the mentioned platforms. Make sure you follow all the safety guidelines and don’t fall for the scams. Thanks for stopping by.