Summary: Buying cryptocurrencies is completely legal in Bahrain as outlined by the Central Bank of Bahrain (CBB). However, not all Crypto exchanges are licensed and regulated to operate in Bahrain, it's important to ensure you use a secure platform that is registered with the Central Bank of Bahrain.
The only way secure way to buy Bitcoin and other Cryptocurrencies in Bahrain is by going through the regulated Crypto exchange, Rain. It is the largest cryptocurrency exchange in Bahrain and the Middle East and has obtained a Crypto-Asset Module (CRA) license from the Central Bank of Bahrain. On Rain, users can buy and sell over a hundred tokens with zero fees.
Best Crypto Exchange for Bahraini Residents
Platform Highlights
- Free and Instant Bahraini Dinar (BHD) deposits to buy and sell 100+ tokens.
- Crypto-Asset Module (CRA) license acquired from the Central Bank of Bahrain (CBB).
- The only crypto exchange in the Bahrain to offer 0% deposit and trading fees.
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Is Crypto investing legal in Bahrain?
In 2019 the Central Bank of Bahrain (CBB) announced a new legislative directive that enabled regulated Crypto-asset services, which ultimately legalized Bitcoin and Crypto investing in Bahrain. This means that residents of Bahrain can buy Bitcoin and other digital assets without fear of local financial authorities.
The main factor that Bahrain-based Crypto investors must consider when buying Bitcoin and other digital assets is whether the exchange they use is licensed in their country. This is why we recommend Rain as a secure, trusted, and licensed trading platform in Bahrain. It is the only Cryptocurrency exchange that is registered with the Central Bank of Bahrain.
How to buy Bitcoin in Bahrain
The easiest and most secure way to buy Bitcoin in Bahrain is through Rain. Rain accepts Bahraini Dinar (BHD) deposits via Bank Transfer, Credit Card, Debit Card, Fawri, Fawri+ and, Easy Deposit. Follow the below guide to buy Bitcoin in Bahrain.
- Open a free account on Rain with your e-mail address and complete the signup process.
- Deposit funds via one of the supported payment methods by selecting BHD as your fiat currency.
- Select the Crypto you wish to purchase, input the amount of BHD you want to invest, and tap 'Buy'.
Is Bitcoin popular in Bahrain?
Yes, Bitcoin is popular in Bahrain. In fact, Bitcoin is one of the most popular investments in Bahrain. Bitcoin is seen as a good investment because it has the potential to appreciate in value. Additionally, Bitcoin is seen as a safe-haven asset, which means that it is seen as a good investment during times of economic turmoil.
What are the fees to purchase Cryptocurrencies?
Rain offers the lowest trading fees in Bahrain and globally as it does not charge any fees whatsoever to buy or sell tokens. Additionally, the exchange charges zero fees to deposit funds to their platform. This means there are absolutely no fees to invest in Cryptocurrencies on Rain. The only fee to consider on the exchange is the withdrawal fee, which is capped at $15 per transaction.
Do I need a Crypto Wallet in Bahrain?
No, you do not need a Crypto wallet to buy cryptocurrencies in Bahrain. When you purchase digital assets on Rain, the tokens are stored within your account on the exchange. Rain is a highly secure platform that has institutional-grade security measures implemented to prevent cyber attacks. It is widely regarded to be the most secure digital asset exchange in Bahrain.
Final Thoughts
Buying cryptocurrencies in Bahrain is entirely legal, and users have the assurance that Rain is a secure exchange to purchase digital assets. Rain offers fast and reliable Cryptocurrency services for residents of Bahrain. It's important to note that users must complete KYC/AML verification before they can start trading on Rain.
The exchange also has an extensive range of products and services which include fiat-to-crypto pairs, crypto-only pairs, margin trading as well as an OTC desk for high-net-worth individuals or institutional investors. All these features are accessible within the platform making it one of the most comprehensive and secure exchanges in Bahrain.
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Author
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
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