Summary: In Saudi Arabia, the go-to method for buying USDT is through a reputable crypto exchange that allows Saudi Riyal (SAR) deposits. This enables residents to use local bank accounts or debit and credit cards for deposits, facilitating the purchase of USDT and other stablecoins like USDC.
After careful analysis, Bybit emerges as the recommended platform for acquiring Tether in Saudi Arabia. It offers quick, fee-free SAR deposits and a wide array of over 770 other cryptocurrencies. Notably, Bybit has low transaction fees and is recognized as a trustworthy platform, making it a top choice for Saudis looking to buy USDT.
- Instant Saudi Riyal (SAR) deposits from any Saudi bank or alternative payment method.
- Buy, sell and trade 770+ Cryptocurrencies for low fees via Spot and Futures trading.
- Regulated and trusted exchange with over 15 million users.
Can You Buy Tether (USDT) in Saudi Arabia?
Yes, Saudi Arabian residents can acquire Tether (USDT) through authorized cryptocurrency exchanges in Saudi Arabia that function within the country and throughout the Middle East, overseen by the Saudi Arabian Monetary Authority (SAMA). Buyers are required to utilize a regulatory-compliant cryptocurrency trading platform, preferably with a robust presence in Saudi Arabia, to execute their USDT transactions.
How to Buy USDT in Saudi Arabia
If you're a resident of Saudi Arabia and have been contemplating the purchase of Tether (USDT), a stablecoin anchored to the US dollar, you're in the right place. We highly recommend using Bybit for your transactions. This platform is trustworthy and offers a broad array of over 770 different cryptocurrencies, including stablecoins, that are available for trading and staking.
Here's a tailored, step-by-step guide for buying USDT in Saudi Arabia:
- Account Creation: Start by creating an account on Bybit and completing verification.
- Deposit Funds: Once your account is active, go to the 'Buy Crypto' section in the Bybit interface. Look for the 'Fiat Deposit' option and choose Saudi Riyal (SAR) as your preferred currency.
- Funding Methods: You'll be given the choice of deposit methods for SAR. Bybit allows you to deposit funds from a Saudi-based bank account or through a debit/credit card that's linked to your account.
- Purchase USDT: After your account is funded with SAR, browse through the list of cryptocurrencies. Find USDT and proceed to finalize your purchase.
Is USDT Legal in Saudi Arabia?
Saudi Arabia's legal perspective on cryptocurrencies like USDT remains somewhat nebulous. The Saudi Arabian Monetary Authority (SAMA) has warned about cryptocurrencies, stating they're not recognized as legal tender and don't fall under SAMA's regulatory scope. No further clarification has been issued since, leaving the legal treatment of cryptocurrencies undefined under Saudi Arabian law. Despite this, residents are permitted to register with regulated exchanges to buy digital assets like USDT. This suggests a level of tolerance towards cryptocurrency transactions, and investors are urged to stay updated with policy shifts regarding crypto regulation.
SAR to USDT Fees
The cost of buying Tether (USDT) with Saudi Riyal (SAR) can differ based on the crypto exchange you select. Bybit stands out as a competitive choice for the Saudi market, particularly with its advantageous fee schedule. Specifically, Bybit charges no fees for SAR deposits and levies only a 0.1% transaction fee when purchasing USDT or other cryptocurrencies.
Given this cost-effective fee structure, Bybit proves to be an economical option, especially when compared to other Saudi exchanges that may charge up to 0.5% for USDT transactions.
Final Thoughts
In conclusion, for those in Saudi Arabia seeking to buy Tether (USDT), Bybit comes out as the top recommendation. It offers an easy, fee-free deposit system for Saudi Riyal (SAR) and low transaction fees. With over 770 cryptocurrencies available for trade, its expansive offerings, combined with its reputation for trustworthiness, make it an optimal choice for Saudis.
Although the legal landscape for cryptocurrencies remains undefined in Saudi Arabia, residents are still permitted to use regulated exchanges like Bybit to safely and economically engage in cryptocurrency transactions. Keep abreast of changes in Saudi crypto regulations to ensure you're always in compliance.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
