The popularity of cryptocurrency is increasing in Saudi Arabia as investors seek to diversify their portfolios and protect themselves from inflation. Despite warnings from the Saudi Arabian Monetary Authority (SAMA), investors continue to invest in cryptocurrency.
There are several ways to buy cryptocurrency in Saudi Arabia. The most popular way is through major online exchanges such as Binance, Paxful, and Kraken. These exchanges allow investors to buy cryptocurrency with the local fiat currency: Saudi Riyals (SAR).
Cryptocurrency is still a young industry, and it is growing rapidly. This makes it an enticing investment for many people. However, it is important to remember that cryptocurrency is a volatile market, and prices can go up and down very quickly. It’s best not to invest money you can’t afford to lose.
Investors need to be aware of the risks associated with cryptocurrency investment, including volatility, fraud, and hacking. Cryptocurrency investments can, however, be a wise way to diversify your portfolio if done carefully. In this article, we will review the best ways and platforms to trade cryptocurrency in Saudi Arabia.
Ways To Invest In Cryptocurrency In Saudi Arabia
There are many ways to invest in cryptocurrency in Saudi Arabia. You can purchase Bitcoin and other cryptocurrencies at online exchanges or trade them on other online platforms. You can also find Bitcoin ATMs in some major cities in Saudi Arabia.
Cryptocurrency exchanges, in particular, are a viable way to invest in cryptocurrency. These platforms allow users to purchase, sell, and trade digital assets using SAR. Other features include a variety of payment methods, tracking prices and market trends, and offering customer support.
Cryptocurrency exchanges operate by allowing customers to buy and store cryptocurrencies, providing a platform for trading between different types of cryptocurrency, and setting prices based on market demand. Additionally, these platforms typically earn money by charging customers a fee for each transaction, collecting interest on the cryptocurrencies they hold, or selling advertising space.
If you’re a beginner, it’s best to dip your toes into cryptocurrency through trusted exchanges. This way, you can learn about the market and how it works in a secure platform.
Some platforms even offer a demo account where you can trade with virtual money before moving on to the real deal. It can help you understand market movements and become familiar with using the platform without risking your hard-earned cash. You can also spend time researching the fees charged by different exchanges.
Why Invest In Cryptocurrency In Saudi Arabia?
With the world’s leading oil reserves, Saudi Arabia is an important player in both the energy market and the global economy. However, recent years have seen the country face significant challenges, including a decrease in oil prices and political instability.
In response to these challenges, the Saudi Arabian government has been pursuing a number of initiatives to diversify the country’s economy and reduce its reliance on oil. One such initiative is the Saudi Vision 2030, which includes a plan to develop the country’s non-oil sector and attract foreign investment.
One area with potential for growth is the cryptocurrency industry. The popularity of cryptocurrencies has grown rapidly in recent years, with more than 1,500 different types now in existence. Their total market value was estimated to be over 800 billion USD in December 2017, and this figure is expected to rise further later on.
There are several reasons Saudi Arabia is an attractive destination for cryptocurrency investment. Firstly, the country has a young population with a high proportion of Internet users. This provides a large potential market for cryptocurrency adoption.
Secondly, the Saudi Arabian government is supportive of new technologies and has been working to create a regulatory framework for the cryptocurrency industry. In 2018, the Saudi Arabian Monetary Authority (SAMA) announced that it was considering launching its own cryptocurrency.
Thirdly, Saudi Arabia has a large and growing economy, with a GDP of US$646 billion in 2017. This makes it the 19th largest economy in the world and provides a stable investment environment for businesses.
Finally, the country is strategically located at the crossroads of East and West, making it a hub for international trade. This provides opportunities for businesses to use cryptocurrency to facilitate cross-border payments.
Cryptocurrency investment in Saudi Arabia is still in its early stages, but there is significant potential for growth. The country’s large population, supportive government policies, and growing economy make it an attractive destination for businesses and investors.
Payment Methods For Investing In Cryptocurrency In Saudi Arabia
With the recent surge in the popularity of cryptocurrency, more and more people are looking into investing in digital assets. However, due to the decentralized nature of most cryptocurrencies, there is a lack of clarity on how to go about investing in them.
In Saudi Arabia, there are a few different payment methods that can be used to invest in cryptocurrency, such as:
- Credit/Debit Cards: One of the most popular payment methods for investing in cryptocurrency is through credit or debit cards. This is because it is a fast and convenient way to make purchases and also allows investors to track their spending easily. In addition, many online exchanges accept credit and debit cards as a form of payment.
- Bank Transfers: Another popular method of payment for investing in cryptocurrency is through bank transfers. This is a more traditional method of payment and is often used by those who are new to the world of digital assets. Bank transfers can be made from most major banks in Saudi Arabia.
- Cash: For those who are looking for a more anonymous way to invest in cryptocurrency, cash is an excellent option. There are a few different ways to buy cryptocurrency with cash, such as using a peer-to-peer exchange or a Bitcoin ATM. However, it is important to note that cash transactions are riskier, as they are often not reversible.
- Prepaid Cards: Prepaid cards are another popular payment method for investing in cryptocurrency. These cards can be purchased with cash or using a credit/debit card and can be used to make purchases on most major exchanges.
- Paypal: Paypal is one of the most popular online payment platforms and is accepted by many major exchanges. However, it is important to note that Paypal does not support all cryptocurrencies. In addition, there are often fees associated with using Paypal to buy cryptocurrency.
How To Invest in Cryptocurrency – Step By Step
It’s no secret that cryptocurrency is one of the hottest investments right now. Cryptocurrency has experienced a substantial surge in popularity over the past few years, and it doesn’t show any signs of slowing down. With the price of Bitcoin hitting an all-time high, and other cryptos like Ethereum not far behind, it’s no wonder why people are interested in investing in cryptocurrency.
To invest in cryptocurrency using most exchanges, you just have to follow these simple steps:
- Choose the cryptocurrency you plan on investing in. There are many different cryptocurrencies available, so it’s important to choose one that you’re confident in. Do your research and make sure you understand the technology behind your chosen crypto asset.
- Find a good cryptocurrency exchange. An exchange is where you buy and sell cryptocurrencies. The best cryptocurrency exchange platform should have the features, tools, and resources to help you succeed in your investing or trading journey. Make sure to check its credibility and security features before creating an account and depositing money. A good way to do this is by looking up reviews online or asking in forums.
- Create an account on the exchange. The process is as simple as signing in on the platform using your email address. Make sure to create a strong password to protect your money and digital assets.
- Deposit funds into your account. You can do this by transferring money from your bank account to the exchange’s account. The process may differ depending on the platform you’re using.
- Start trading. Look for the pairs you want to trade and place an order. Once your order is fulfilled, the cryptocurrency you bought will be deposited into your account.
- Keep learning. Study the market and understand as much as you can. There are a lot of risks when it comes to investing in cryptocurrency. You need to understand what you’re getting into and be prepared for the worst. If ever you make mistakes, don’t let them discourage you. Instead, learn from them so that you keep on growing as an investor.
Where To Invest In Cryptocurrency In Saudi Arabia
Binance
Binance is one of the leading global exchanges for trading cryptocurrency and is a perfect place to start when it comes to investing in digital assets in the country. Binance Saudi Arabia offers a variety of different coins and tokens, including the major ones such as Bitcoin, Ethereum, Litecoin, and more. You can easily buy, sell, or trade cryptocurrencies on Binance using their user-friendly interface.
One of the great things about Binance is that they offer a mobile app that makes trading on the go very convenient. They also have a very active community with a helpful support team should you need any assistance.
The platform also offers accurate analyses of the cryptocurrency market, allowing you to make informed decisions when it comes to trading. It also has helpful tools for beginners to succeed in their crypto investing journey. Overall, Binance is a viable option for those looking to capitalize on digital assets. click here to read the Binance review.
Key Features:
- Minimal Fees: Binance charges a mere 0.1% on trades, one of the lowest in the market. This is further reduced if you use Binance’s own token, BNB, to pay your fees. At present, this knocks another 25% off your fee, making it just 0.075%. If you’re a high-volume trader, you can even pay your fees in BNB and get a further discount – up to 0.5%!
- Multiple Cryptocurrencies: Binance offers over 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Binance also offers a variety of altcoins such as Bitcoin Cash (BCH), Ethereum Classic (ETC), NEO (NEO), and Dash (DASH).
- Leverage Trading: Binance offers leverage up to 125x on Bitcoin futures and 50x on Ethereum and other altcoin futures. This means that you can control a much larger position size with a smaller amount of money. You can also short sell cryptocurrency on Binance if you think the price is going down.
Fees:
- Trading Fees: 0.1% or lower, depending on volume
- Withdrawal Fees: Different rates for different cryptocurrencies
- Minimum Deposit: 1 SAR
Bitcoin Era
Bitcoin Era is considered one of the top Bitcoin exchanges in Saudi Arabia. It offers Saudi Arabians the ability to buy, sell, and trade Bitcoin and other cryptocurrencies. The company is based in Riyadh and was founded in 2019.
Bitcoin Era has a user-friendly platform that makes it easy for anyone to invest in its selection of 14 cryptocurrencies. The company also offers 24/7 customer support and provides a mobile app for trading on the go.
The platform maximizes AI software and algorithms to automate the trading process and has been reported to generate a return on investment (ROI) of up to 99%. Read The Full Bitcoin Era Review.
Investors can choose to invest as little or as much money as they want and can withdraw their profits at any time. Bitcoin Era is a great option for those looking to get started in the world of cryptocurrency investing.
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Key Features:
- Accurate AI Algorithm: Bitcoin Era’s algorithm makes accurate predictions about cryptocurrency prices based on AI and machine learning. It is said to have a success rate of 99.4%.
- User-Friendly Platform: The platform’s interface is designed to be intuitive and easy to use, even for those unfamiliar with trading.
- Educational Resources: Users can trade cryptocurrency using the platform’s advanced trading tools. Bitcoin Era also provides first-time users with a demo account so that they can practice trading before they start investing with real money.
Fees:
- Trading Fees: None
- Withdrawal Fees: None
- Minimum Deposit: 250 USD / approximately 938 SAR
Kraken
Kraken was established in 2011 by Jesse Powell, who is now the CEO. The company originally started as a Bitcoin exchange but has since added other cryptocurrencies to its platform, including Ethereum, Ripple, Litecoin, and more.
Kraken allows users to buy, sell, and trade over 110 cryptocurrencies. The platform is known for its security and has been used by major corporations, including Microsoft and Samsung.
It was launched in Saudi Arabia in 2019. Recently, the platform became the first crypto exchange to get a full financial license in Dubai, which may be an indicator of their plans to get licenses from other countries in the MENA region. click here to read the Kraken review.
Key Features:
- Trade Futures: Crypto futures allow users to hedge their spot trades and gain the most returns with up to 50x leverage.
- Broad Funding Options: You can fund your account with US dollars, Canadian dollars, Japanese yen, and SAR. Kraken also offers crypto-to-fiat pairs, meaning you can buy cryptos using fiat currencies.
- Low Fees: Kraken’s fees are very low compared to other exchanges and trading platforms. There is no fee for deposits, and withdrawals can be made for free as well.
Fees:
- Trading Fees: 0% to 0.26% of the total order value
- Withdrawal Fees: Different rates for different cryptocurrencies
- Minimum Deposit: Different minimums for different cryptocurrencies
Rain
Rain is considered the most popular cryptocurrency exchange in Saudi Arabia. It has been operational in the country since early 2019 and has a mobile app for Android and iOS devices.
It’s the first exchange to earn a regulatory license in the Middle East. So if you’re looking to invest in cryptocurrency in Saudi Arabia, then Rain is a great option. It’s a regulated exchange, so you can be sure that your funds are safe. Plus, it offers a wide range of trading pairs, including fiat-to-crypto pairs.
Currently, it has over 50 digital assets listed on its platform, and it plans to add more in the future. It also has a referral program that gives you a commission for every friend or family member that you refer to the platform.
Key Features:
- Bank-Grade Security: The platform employs top security measures to manage digital assets through its proprietary offline Cold Storage system.
- Quick Verification: New Rain users can start trading after three hours, which is the time it takes to verify their account.
- Easy Portfolio Management: The exchange offers a detailed view of users’ portfolio performance to make informed investment decisions.
Fees:
- Trading Fees: None
- Withdrawal Fees: Depends on bank charges
- Minimum Deposit: 250 USD / approximately 937 SAR
BitOasis
BitOasis is a MENA-native digital currency wallet and exchange service founded in Dubai in 2015. The company allows users to buy, sell, and store Bitcoin and Ethereum. BitOasis is one of the largest cryptocurrency exchanges in the Middle East and North Africa.
In February 2018, BitOasis raised 3 million USD from investors, including Sequoia Capital and Arbor Ventures. In September 2018, the company announced plans to expand into Europe and the United States. There are currently over 2 million BitOasis users in the MENA region.
One of the major advantages of BitOasis is that it allows you to buy, hold and trade more than 40 cryptocurrencies and over 90 trading pairs in a secure and insured environment. The company also offers a wallet service with multi-signature support, which is ideal for storing large amounts of cryptocurrency.
The platform also offers two advanced account options: BitOasis Core and BitOasis Pro. BitOasis Core allows users to trade, send, and receive digital assets with zero commission fees. BitOasis Pro, on the other hand, is a subscription-based service that gives users access to advanced features, such as margin trading, OTC trading, and more.
If you’re looking for a platform to invest in cryptocurrency, BitOasis is a great option. The exchange is easy to use and offers a variety of features that will appeal to both novice and experienced investors.
Key Features:
- Local Currency Trading: Users can deposit and trade using SAR.
- Cold Storage: Digital assets are stored in cold storage, which holds crypto tokens offline to avoid hacking.
- Advanced Accounts Options: BitOasis Core and BitOasis Pro allow users to enjoy additional benefits and features.
Fees:
- Trading Fees: Depends on trade volume
- Withdrawal Fees: Different rates for different cryptocurrencies
- Minimum Deposit: 300 AED / approximately 305 SAR
FAQs
Does Coinbase work in Saudi Arabia?
No, Saudi Arabia isn’t one of the countries supported by Coinbase. However, you can convert cryptocurrencies, such as BTC, ETH, and BNB, into SAR.
Is cryptocurrency regulated in Saudi Arabia?
Cryptocurrency is still a relatively new and untested technology. As such, it is not yet regulated in Saudi Arabia. This means that there are no specific laws or regulations governing cryptocurrency trading.
Is cryptocurrency legal in Saudi Arabia?
In Saudi Arabia, Bitcoin is legal, and there are no restrictions for individuals on purchasing or spending the digital currency. In contrast, banks are prohibited from dealing with cryptocurrencies.
What are the risks associated with investing in cryptocurrency in Saudi Arabia?
This lack of regulation creates several risks for investors. For example, exchanges are not currently required to hold customer funds in segregated accounts. If an exchange were to become insolvent, customers could lose all of their money. Additionally, if you experience fraud or theft, you will have no legal recourse.
What are the best cryptocurrencies to invest in?
The best cryptocurrencies for beginners are generally the ones with the lowest market capitalization. These include altcoins such as Cardano (ADA), Stellar (XLM), and IOTA (MIOTA). You can still invest in major coins but be aware that they are much more volatile than smaller coins.