How to Buy Bitcoin in Saudi Arabia

We found 8 trusted online cryptocurrency exchanges operating in Saudi Arabia including Rain, Binance, and Kraken.

Alon Shvartsman
Last updated: October 21, 2021
Alon Shvartsman
Last updated: October 21, 2021
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Most Popular Bitcoin Exchanges in Saudi Arabia

Popular

Rain is the most popular Bitcoin exchange in Saudi Arabia with 10,000 users

Visit Rain

User-friendly

Binance allows buying and selling Bitcoin with 4 forms of payment

Visit Binance

All Around

Kraken accepts users and payments from 192 countries

Visit Kraken
Rain

Ease of Use

Easy

Fees

Average

Verification

1-2 Days

Reputation

Trusted

Rain is the first cryptocurrency exchange to earn a regulatory license in the Middle East and joins an elite group of exchanges internationally.

Binance

Ease of Use

Medium

Fees

Low

Verification

1 Day

Reputation

Trusted

Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.

Kraken

Ease of Use

Easy

Fees

Average

Verification

2-3 Days

Reputation

Trusted

With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.

Best Bitcoin Wallets for Saudi Arabia

After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.

Mobile

ZenGo Logo

ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes 20 seconds.

Visit ZenGo

Desktop

Electrum Wallet Logo

Electrum is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux

Visit Electrum Wallet

Hardware

Ledger Nano S Logo

Ledger Nano S is a secure hardware wallet that connects to your computer via USB

Visit Ledger Nano S
CEX.io

Ease of Use

Easy

Fees

High

Verification

1 Day

Reputation

Trusted

Cex.io started in 2013 as a Bitcoin exchange and cloud mining provider which has since become a multi-functional exchange, trusted by over half a million users.

Coinmama

Ease of Use

Easy

Fees

High

Verification

1 Day

Reputation

Trusted

Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.

Bitstamp

Ease of Use

Easy

Fees

Average

Verification

3 Days

Reputation

Trusted

Bitstamp is a well-established and respected cryptocurrency exchange that has become one of the most popular choices with cryptocurrency traders around the world.

BitOasis

Ease of Use

Medium

Fees

Average

Verification

1-2 Days

Reputation

Trusted

BitOasis is the Middle East & North Africa’s (MENA) largest digital asset trading exchange, platform, and wallet service.

Changelly

Ease of Use

Easy

Fees

Average

Verification

1 Day

Reputation

Trusted

Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.

History of Bitcoin in Saudi Arabia

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The Kingdom of Saudi Arabia's (المملكة العربية السعودية) stance on Bitcoin and cryptocurrencies, stated through its monetary authority, the Saudi Arabian Monetary Authority (SAMA), is that cryptocurrencies are not supported within the Kingdom, and dealing with it is risky.

In October of 2017, Saudi billionaire investor Prince Alwaleed bin Talal, a member of the extended Saudi Arabian royal family, stated that he agreed with JPMorgan CEO Jamie Dimon, who famously called bitcoin a “fraud” that is “worth nothing”. Expressing further skepticism, Prince Alwaleed argued that the lack of regulation governing Bitcoin will lead it to inevitably implode.

Recently, Saudi Arabia has had a more welcoming stance on cryptocurrencies unveiling in January of 2019 a landmark agreement between UAE and Saudi Arabia that will see the two countries co-operate in the development of a joint cryptocurrency.

Is Bitcoin Legal in Saudi Arabia

Bitcoin is legal in Saudi Arabia. However, in 2017, the Saudi Arabian Monetary Agency (SAMA) issued a warning against bitcoin trading saying it is high-risk, not being monitored or supported by any legitimate financial authority, and mentioned that investors of the cryptocurrency will not have any protection from losses.

Frequently Asked Questions

There are 8 trusted exchanges operating in Saudi Arabia with the most popular being Rain, Binance, and Kraken.

You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Saudi Arabia based on fees, users, and security while giving placement preference to exchanges located in Saudi Arabia or specifically catering to users in Saudi Arabia.

Yes, you can buy bitcoin safely and anonymously by using P2P (Peer to peer) exchanges like Bisq, Paxful, LocalSwap and LocalBitcoins.

Yes, popular Bitcoin futures exchanges like Bitmex, Deribit, and FTX enable users to long or short BTC with up to 100x leverage.

Most of the exchanges operating in Saudi Arabia have debit/credit card payment options available. Remember that this requires completing KYC.

No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.

Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.

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