How to Buy Bitcoin in Saudi Arabia; Are you a Saudi Arabian resident? Are you curious about the unique world of cryptocurrency trading? Do you want to find out how to buy Bitcoin in Saudi Arabia? If you check all the boxes, this article is curated for you.
Cryptocurrencies are gaining popularity all around the world, including Saudi Arabia. In recent years, more Saudis have turned to Bitcoin and other digital currencies as an investment option, alongside equities and bonds.
However, purchasing Bitcoin in Saudi Arabia can be difficult due to the limited number of exchanges that accept Saudi Arabian Riyals (SAR). Furthermore, bitcoin legislation in Saudi Arabia is still new and needs to be clarified.
How to buy Bitcoin in Saudi Arabia
Cryptocurrency exchanges are one of the simplest ways to buy Bitcoin in Saudi Arabia. There are various Bitcoin exchanges in Saudi Arabia, and you may choose one based on your needs and preferences from the list above. Exchanges have varied transaction fees, payment methods, and verification processes, all of which must be examined before choosing one.
Also, Bitcoin buyers should be aware that some platforms may need you to obtain your wallet before purchasing the digital currency. Even if it is not required, it is advised that you have your wallet (ideally a hardware wallet) for security reasons.
Where to buy Bitcoin in Saudi Arabia
The following are some of the most popular exchange platforms in Saudi Arabia:
Binance
Binance is one of the most popular exchange platforms in Saudi Arabia. Here are its pros and cons.
Pros of Binance
- Multiple ways to earn passive income
- Access to advanced trading tools
- Low trading fees structure
- Access to a wide range of cryptocurrencies
- Seamless fiat-to-crypto and crypto-to-crypto trading
- Flexible ways to deposit your money
Cons of Binance
- The user interface might be too complicated for beginners
Fees
- ACH transfers are free.
- Wire transfer: 15%
- Buying and selling crypto: 0.50%
- Trades: 0.1% or nothing
Rain
Rain is another good crypto exchange in Saudi Arabia. Here are its pros and cons.
Pros
- Middle East Exchange based in Bahrain
- Low fees
- 24/7 responsive customer support
- Government-regulated by the Central Bank of Bahrain
Cons
- Only brokerage.
Fees: 1.5%
BitOasis
BitOasis is another good crypto exchange in Saudi Arabia. Here are its pros and cons.
Pros
- Licensed, trusted, and regulated company in MENA since 2015.
- Local bank deposit option with zero fees.
- User-friendly interface on Android and iOS.
Cons
- Only available to MENA residents.
Fees: nil
How to buy Bitcoin in Saudi Arabia
Saudi Arabia is growing more open to digital assets like Bitcoin. The most recommended method of obtainin Bitcoin is through a cryptocurrency exchange licensed in Saudi Arabia and regulated by the Saudi Arabian Monetary Authority (SAMA). This level of regulatory control ensures that your cryptocurrency transactions are safe and secure.
Is Bitcoin legal in Saudi Arabia?
Yes, bitcoin is legalized in Saudi Arabia. However, you are unable to purchase goods with Bitcoin in the country. Banks in Saudi are banned from trading cryptocurrency.
How to buy Dogecoin in Saudi Arabia?
Dogecoin is less popular than Bitcoin, Ethereum, or USDT. This means that not all exchange platforms list Dogecoin. Binance, Kucoin, and Coinbase list Dogecoin, but the fees might be staggering.
Is Binance Legal in Saudi Arabia?
Like every other cryptocurrency, Binance is legal. It is the most popular cryptocurrency in Saudi Arabia and is listed on all exchange platforms.
How to buy Crypto in Saudi Arabia
To buy crypto in Saudi Arabia, you need a reliable and trustworthy exchange platform like we have listed above. We have already done the work for you. The only thing that is left is for you to choose a platform with fees that you can afford.
Is cryptocurrency legal in Saudi Arabia?
Yes, Cryptocurrency is very legal in Saudi Arabia. Many Saudi Arabian companies have adopted cryptocurrency as an alternative means of payment for goods and services.
Bitcoin ATM locations in Saudi Arabia?
Bitcoin ATMs were created to be a quick and reliable way to buy Bitcoin. They are like ATMs, only that you don’t need an ATM or Bitcoin card to access them. Instead, you insert cash, and your Bitcoin is sent to the wallet you provided. It is very easy to use, and some Bitcoin machines also let you sell Bitcoin for cash. The process might attract a fee, but the prices are worth the convenience.
In Saudi Arabia, there is only one Bitcoin ATM, and it is located in Jeddah.
How to buy Bitcoin in Nigeria
To buy Bitcoin in Nigeria, you need an exchange platform like Astro Africa. Astro Africa is a digital exchange platform that allows you to sell Bitcoin and other cryptocurrencies for Nigerian money. The platform is easy to use, sells bitcoin at the best rates, is swift, and has fantastic customer service. To use Astro Africa, you must create an Account. To create an account, visit the Astro Africa website or download the mobile app from the Google Play Store or App Store.
