Summary: Saudi Arabia's increasing interest in digital currencies, such as Bitcoin, reflects its commitment to financial innovation, which is aligned with the Vision 2030 reform plan. The country has seen the rise of platforms that comply with the Saudi Arabian Monetary Authority's (SAMA) stringent standards, facilitating secure user registrations and varied investment opportunities within a regulated framework.
Our comprehensive review highlights the top 5 cryptocurrency exchanges in Saudi Arabia, each recognized for their rigorous security measures, compliance with local financial laws, support for a wide range of tokens, clear fee policies, outstanding customer assistance, and unique offerings.
- Buy and sell over 1000 cryptocurrencies with industry-leading fees (0.07%).
- Free and instant Saudi Riyals (SAR) deposits via bank transfer, credit cards and more.
- Regulated and available to residents of Saudi Arabia.
Best Crypto Exchanges in Saudi Arabia
Our diligent evaluation methodology has identified the best cryptocurrency exchanges serving the Saudi market. This assessment considers factors such as compliance with the regulatory framework established by the Saudi Arabian Monetary Authority, advanced security measures, transparent assets, fee schedules, platform features, and the range of supported tokens. After an extensive review, we have highlighted the top 5 exchanges in Saudi Arabia.
1. Bybit
Bybit sets itself apart with a staggering daily turnover exceeding $70 billion and an expansive portfolio of over 1000 crypto assets to buy, sell, stake, and trade. Offering highly competitive fees of 0.01% for taker orders and 0.06% for maker orders, Bybit is a diverse platform that caters to more than 25 million retail and institutional investors worldwide. Its comprehensive suite of services, including staking, an IDO Launchpad, and a vibrant NFT marketplace, makes it a one-stop shop for all your investment needs. Specifically tailored for Saudi users, Bybit facilitates instant SAR deposits through local bank transfers and the popular SADAD payment system, streamlining the trading experience.
- Minimum Deposit: 30 SAR for first-time deposit.
- Supported Assets: 1000+ Cryptocurrency.
- Regulation: Registered in Saudi Arabia.
- Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals in SAR are completely free of charge.
2. Binance
Binance is highly esteemed in the cryptocurrency world and the second-best option for Saudi investors. Known for its robust security measures and regulatory compliance, Binance offers over 350 crypto assets to trade, invest, and stake. The platform provides a range of services beyond spot and futures trading, such as crypto staking, lending, and borrowing, making it a versatile choice for both newcomers and seasoned investors. For institutional investors requiring large-volume liquidity, Binance also features an OTC desk. Though it provides a comprehensive and secure trading experience, it sits in the second spot primarily because of its slightly more limited asset offerings compared to Bybit.
- Minimum Deposit: 50 SAR for first-time deposit.
- Supported Assets: 350+ Cryptocurrency.
- Regulation: Registered in Saudi Arabia.
- Fees: Costs include a 0.1% fee for spot markets, 0.02% for maker orders, and 0.06% fee for taker orders on futures markets. Deposit and withdrawal fees in SAR vary depending on the method.
3. Rain
Rain is a Bahrain-based exchange that caters specifically to Middle Eastern investors. With an impressive catalog of over 100 crypto assets available for trading, Rain captivates traders by charging zero fees, a compelling proposition in the competitive Middle Eastern crypto market. Rain has been particularly attuned to the needs of Saudi users, offering a wide array of local payment methods. The platform supports transactions via Saudi bank transfers, local credit cards, and various other methods tailored for seamless Saudi-based transactions. Rain's customer-centric approach, combined with its robust platform, offers a holistic trading experience.
- Minimum Deposit: 300 SAR for first-time deposit.
- Supported Assets: 100 Cryptocurrency.
- Regulation: Registered with the ADGM.
- Fees: Costs include a 2% fee for spot trading. Deposits and withdrawals vary depending on the payment method.
4. OKX
OKX boasts a substantial daily volume across its spot and derivatives markets. Tailored to meet the needs of Saudi traders, it presents a comprehensive suite of more than 150 crypto derivatives contracts and 400 spot markets. This allows a smooth buying, selling, and trading experience, all with competitive fees starting at 0.1% for maker and taker orders. OKX sets itself apart with diverse services, including staking, futures trading, an NFT marketplace, a native cryptocurrency wallet, copy trading services, a lending and borrowing feature, and its own blockchain called OKC Chain. As a global exchange, it can be used in English and Arabic.
- Minimum Deposit: 100 SAR for first-time deposit.
- Supported Assets: 400+ Cryptocurrency.
- Regulation: Registered in Saudi Arabia.
- Fees: Costs include a 0.3% fee for spot trading, 0.02% fee for maker orders, and 0.05% for taker orders on futures markets. Deposits and withdrawals in SAR vary depending on the payment method.
5. Gate.io
Gate.io is recognized as having the best cryptocurrency selection in Saudi Arabia. This platform appeals to users who value privacy, facilitating crypto transactions without requiring disclosure of personal information. This means Saudi investors can deposit and trade funds without undergoing identity verification. Gate.io showcases a broad selection of over 1700 cryptocurrencies for trading. It ensures competitive fees and a secure trading environment fortified with safety features such as cold storage and two-factor authentication. With its extensive lineup of cryptocurrencies and no requirement for KYC, it serves as an ideal trading platform for users throughout Saudi Arabia.
- Minimum Deposit: 30 SAR or equivalent for first-time deposit.
- Supported Assets: 1700+ Cryptocurrency.
- Regulation: Not regulated in Saudi Arabia
- Fees: Costs include a 0.1% fee for spot trading, and deposits and withdrawals in SAR are completely free of charge.
Is Cryptocurrency Regulated in Saudi Arabia?
Saudi Arabia's stance on cryptocurrency regulation reflects a cautious yet forward-looking approach, differentiating it from countries with less defined policies. The Saudi Arabian Monetary Authority (SAMA) plays a pivotal role in supervising the crypto landscape, ensuring compliance with the kingdom's financial norms. Although the kingdom recognizes the potential of blockchain and digital assets, it prioritizes understanding the risks and opportunities they entail.
Saudi regulatory bodies are actively engaging with blockchain technologies and considering their integration into the financial sector, positioning Saudi Arabia as a proactive player in the Middle Eastern crypto regulatory environment. The perception of cryptocurrencies in Saudi Arabia is evolving positively, in line with their increasing global acceptance.
How to Buy Bitcoin in Saudi Arabia
In Saudi Arabia, enthusiasts eager to explore the world of digital currencies often choose Bybit for its intuitive and multilingual interface. This platform supports deposits in Saudi Riyals through various means, including bank transfers and cards. Bybit stands out for its wide array of digital currencies, offering over 1000 options including Bitcoin, which is available for both trading and staking.
To buy Bitcoin in Saudi Arabia via Bybit, here are the steps:
- Start Registration: Register for a Bybit account and complete the required verification steps.
- Choose Deposit Method: Visit the 'Buy Crypto' section and select a suitable deposit method.
- Select Bitcoin: Opt for 'SAR' as your deposit currency and Bitcoin as your cryptocurrency.
- Complete Purchase: Enter the desired investment amount and click 'Buy' to conclude your transaction.
Saudi Arabian Tax Requirements
In Saudi Arabia, the General Authority of Zakat and Tax oversees the regulation of cryptocurrencies, setting precise guidelines for both individuals and businesses. Saudi nationals holding digital currencies are required to report these assets, affecting their zakat and tax evaluations. Unlike some regions, Saudi Arabia enforces a zakat and income tax on the gains derived from cryptocurrency dealings.
For Saudi enterprises and freelancers, digital currencies are treated as business assets, subjecting them to zakat and income tax obligations. Income from mining, staking, or lending digital assets falls under business income and is taxed accordingly. Additionally, certain transactions involving digital currencies may be subject to value-added tax.
Final Thoughts
In summary, our in-depth analysis reveals the top 5 cryptocurrency exchanges in Saudi Arabia, taking into account their compliance with Saudi Arabian Monetary Authority (SAMA) rules, ease of SAR deposits, and range of crypto assets. Bybit emerges as the best digital currency investing platform, followed closely by Binance, Rain, OKX and Gate.io.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
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