Best Crypto Exchange Saudi Arabia 2021 – Top 5 Platforms Reviewed
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Buying Bitcoin in Saudi Arabia can be a challenge if you haven’t signed up with the right exchanges. You need to find a top-rated exchange that not only offers you low fees per transaction but also allows you to use your preferred payment option. That’s why this article is looking to list the top 5 exchanges to buy Bitcoin in Saudi Arabia. Not only will we review the best exchanges in Saudi Arabia, but also navigate you through the process of getting started with an account in 5 minutes.
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If you’re looking for the best crypto exchange in Saudi Arabia, below is a list of the top five recommended bitcoin exchanges.
It is really crucial for you to choose the best crypto exchange available in the country. You have to analyse all the safety measures the exchanges have in place and ensure that the exchanges are regulated. You need to also look out for important trading metrics such as viable payment options, customer service, fees rates etc. to properly evaluate the best possible option for yourself.
To save you the trouble, we have conducted an in-depth analysis to list the Top 5 Best Bitcoin exchanges in Saudi Arabia.
While looking for the best Bitcoin exchange, users expect a safe and secure platform that is easy to use and has a lower fees rate. This is why we believe that Bitcoin Era is the best Bitcoin exchange available in Saudi Arabia. Being a user-friendly platform that uses sophisticated AI software and algorithms to process profitable trades, Bitcoin Era is a great Bitcoin exchange for people to make profits with minimum effort. Developed by a group of Fintech companies back in 2019, Bitcoin Era uses High-Frequency Trading (HFT) to scan the cryptocurrency market to search for the best trading entries on the digital assets.
While people may initially have their doubts about the exchange, Bitcoin Era has been built by leading software engineers and cryptocurrency specialists, piling on great results and positive feedback in the short period it has been active. To ensure safety, it also supports military-grade encryption and complies with data protection regulations.
After completing a simple KYC process, you have the option to either start investing or go through a demo process. This is a great option for new investors to familiarise themselves with the platform, before putting in any real money. The platform also is excellent in providing 24/7 customer support which has been reported to be helpful and very responsive.
To minimise risk, you can tell the AI algorithms exactly how to execute your trades and set your risk appetite accordingly. This makes your trading position somewhat in your control despite the AI robots placing the trades on their own. With a variety of payment options such as credit/debit and wire transfers among many more to choose from, you can start trading on Bitcoin Era with an initial deposit of $250 or 937 SAR.
Licensed by the Central Bank of Bahrain, Rain is a local cryptocurrency exchange that is beneficial to beginners. This is the case due to the educational resources the exchange offers its users along with 24/7 customer support and competitive fees to attract more first-time investors.
Beginners want the surety that their money is secure. To ensure the safety of the funds, Rain offers cold storage to store the majority of the crypto funds offline. They also use bank-grade security and comply with CryptoCurrency Security Standard (CCSS) requirements.
Beginners have the added benefit of paying extremely low fees for top Cryptocurrency transactions. A fee of just 1.5% is paid while buying or selling BTC, Ethereum or XRP. This is supported through local deposits which can be made with the Saudi Riyal (SAR) since it is one of the 6 supported Fiat currencies. Bank transfers and the use of MasterCard and Visa are other viable options for making deposits.
But most importantly, Rain provides a lot of educational resources for beginners to use. Hundreds of support articles along with weekly newsletters and in-person meet-ups have been arranged to keep users up to date with the industry. If users have further queries, the 24/7 customer support team provides help and communication in the local language as well as English.
With over 20+ digital assets to trade and very competitive fees pricing for its cryptocurrencies, we believe that BitOasis is the best low-cost Bitcoin exchange available in Saudi Arabia. The exchange is also the largest and most secure digital asset exchange in the Middle East and North Africa region (MENA), making it a sensible choice for the locals.
Being a local UAE exchange, BitOasis allows the use of the UAE Dirham as its one and only fiat currency in a select few countries including Saudi Arabia. AED can further be withdrawn to any local Saudi Arabian bank account, saving the cost of a currency conversion fee. The low trading fees of just 0.5% for taker orders and 0.25% for maker orders against AED makes it an extremely competitive low-cost exchange.
But, investing with BitOasis has even more benefits if you are looking to trade Bitcoin specifically. The fees for both ETH and BTC are the lowest out of the available cryptocurrencies – 0.1% for maker orders and 0.15% for taker orders. BitOasis also charges a moderate fee of just 0.0005 BTC per withdrawal, which equates to $21 USD or 79 SAR.
After completing a simple verification process, you can choose to deposit funds through your Credit/Debit cards or wire transfers. Credit Cards offer a low-fees with a minimum deposit of 300 AED or 306 SAR. Wire transfers require no deposit fees in a select few countries, Saudi Arabia expecting to be a part of the list in the coming months.
By downloading BitOasis Pro, you can further access different trading charts and complex tools, which can help you while investing into the wide range of digital assets the exchange offers.
Located in over 100 countries including Saudi Arabia, Binance is one of the most popular digital asset exchanges in the world. Since this particular platform allows for users to trade in over 500 cryptocurrencies, Binance is the best available exchange for asset diversity.
Beneficial for the more experienced traders looking to diversify their portfolios, Binance features a massive alt-coin list including popular coins such as VeChain, Cosmos, Litecoin and many more. Users are more likely to be attracted to this platform since there are low trading and purchase fees – between 0.02% to 0.10%. Binance also has its own token, BNB which can be traded exclusively on the platform.
The platform has tight security measures put in place to ensure the secure transaction of hundreds of coins – including 2FA verification and cold storage. Binance supports 19 different fiat currencies such as USD, EUR and gives countries like Saudi Arabia the added benefit of accessing customer support services in the local language.
Bitcoin can be purchased with a debit/credit card, with a minimum deposit of just 68 SAR on Visa and MasterCard, although the fees will be between 3-4.5%. The Binance P2P platform is another viable option, allowing customers to trade with other customers directly using bank funds which is free for all users outside the U.S.
Binance is highly suitable for more experienced traders looking to access advanced analytics and trading options to access hundreds of different digital assets under one single platform.
Having a very easy-to-use and simple interface and allowing users to start trading with a very low minimum deposit, Paybis is the best trading platform available for small investments. Since users looking to deposit a small sum of money may not want to go through the pain of a long-verification and KYC procedure, Paybis’ registration process takes 5-10 minutes.
It is highly beneficial to buy BTC from this exchange, given that there is a 0% fee on your first transaction. Apart from being available in over 180 countries, Paybis allows users to exchange cryptocurrencies with 14 different payment methods, including several digital wallets and bank transfers. The minimum deposit is just $50 for all these payment methods except credit and debit cards, for which it is a mere $60. This makes the platform much more attractive over exchanges such as BitOasis or Bitcoin Era, both of which have a much higher minimum deposit.
Paybis also saves your time by storing your funds directly on the indicated wallet, saving you the trouble of going through the long withdrawal phase. Other than investing a small sum initially, Paybis also limits your monthly limits to $50,000. The exchange is also credited with having a strong 24/7 customer support system, which works around the clock to solve user complaints.
An oasis for small-time investors, Paybis fastens the process by completing transactions in just 5-15 minutes and allows beginners to build their knowledge by providing educational resources and video tutorials on the site.
Since Saudi Arabia may not have as many exchanges available as other countries, it is important for you to evaluate the available options on a basis of several key metrics. That way you can choose the best available exchange based on your personal requirements.
Here are some of the key metrics you can use to choose your preferred Crypto exchange in Saudi Arabia.
Assuring that your funds are in a safe and secure exchange is a necessity. Most reputable exchanges are regulated by the Financial Conduct Authority (FCA) or ASIC. All the above 5 mentioned exchanges are regulated by one institution or the other, but it’s best to do your own research before depositing your hard-earned money. Paybis for example is regulated by the UK FCA and is also EU and U.S compliant.
This metric is beneficial in minimising the amount of funds you give away to the chosen exchange. Some exchanges may charge you high deposit fees for using credit/debit cards, so it is important to navigate through to choose the cheapest option.
BitOasis is one such option since it only charges you between 0.25% – 0.5% in trading fees. BTC is available for an even lower rate of 0.1% – 0.15%. Rain also allows you to buy and sell BTC for a mere 1.5% fee.
Depending on your preferred payment options, you should ensure that your chosen exchange offers at least a few payment options. Paybis offers 14 different payment options while even Bitcoin Era gives users access to Credit/Debit options as well as wire transfers.
If you are a beginner, you may prefer trading in an exchange that has a straightforward interface. Paybis may be of interest to you since it is designed for beginners and rushes through the verification process in 5-10 minutes.
Bitcoin Era also provides an easy-to-use interface where you can specify the commands for the AI algorithm to follow.
Trading Analytics and Tools
If you are a long-time investor, you may want access to different analytics and trading patterns to analyse the markets better. Bitcoin Era uses an AI algorithm to analyse all the latest market data which is provided to the users as well.
BitOasis Pro also gives you access to more detailed trading tools and patterns to help you with your investments.
It is important for you to invest with an exchange that provides good customer service options. Binance provides full-time customer support in Arabic to make it easier for the locals, while Bitcoin Era has a reputable 24/7 customer support team that works around the clock to respond to customer queries.
By now you have probably understood the features of the top available exchanges and are ready to set up your account which can also be used for a variety of purposes, such as online casinos that accept bitcoin as a form of payment on their websites. To help you out, we are going to quickly take you through the process of placing your first order within the next few minutes.
To start the process, you can simply visit the Bitcoin Era site to create your trading account. After clicking on ‘Join Now’ you need to give your contact details before you can select a username and password.
Before you can deposit any money, you need to complete a quick verification process to confirm your identity. You will need to provide the following documents :
After choosing your preferred payment method, you need to deposit a minimum of $200 or 750 SAR as a first-time deposit. From then, you can start buying Bitcoin from just $25.
Now, you can start investing in a variety of cryptocurrencies and available stock options after navigating the user interface. You can also access the ‘Copyportfolio’ options to invest in a bundle of stocks or cryptocurrencies.
We hoped to have provided you with an in-depth learning experience on the best available exchanges for buying Bitcoin in Saudi Arabia. While all the above exchanges have their own advantages, we think that Bitcoin Era is the best exchange available in Saudi Arabia. This is due to the exchange’s simple to use interface and diversified asset portfolio which allows you to trade in a variety of digital assets for very competitive and minimum fees.
You can open your Bitcoin Era account in just a few minutes to start investing in Bitcoin right now!