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How to Buy Bitcoin in Saudi Arabia

We found 11 trusted online cryptocurrency exchanges operating in Saudi Arabia including Rain, eToro, and Binance.

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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

eToro allows buying and selling Bitcoin with 9 forms of payment

Investing in crypto assets is unregulated. Non deliverable. No consumer protection. You risk losing all of your investment.

Visit eToro

All Around

Binance accepts users and payments from 186 countries

Visit Binance
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.

eToro

Investing in crypto assets is unregulated. Non deliverable. No consumer protection. You risk losing all of your investment.

Ease of Use

Easy

Fees

Average

Verification

1-2 Days

Reputation

Trusted

eToro is an innovative and versatile trading platform where you can trade stocks, ETFs, currencies, cryptocurrencies, incides, and commodities.

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.

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.

Kraken

Ease of Use

Medium

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.

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.

Paxful

Ease of Use

Medium

Fees

Low

Verification

1-2 Days

Reputation

Trusted

Paxful works as a peer-to-peer Bitcoin trading platform.

LocalBitcoins

Ease of Use

Medium

Fees

Low

Verification

1 Day

Reputation

Trusted

LocalBitcoins works as a decentralized exchange, facilitating P2P (peer-to-peer) Bitcoin sales by allowing users to list their own buy/sell advertisements.

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.

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