Summary: Saudi Arabian residents can purchase Tether (USDT) through authorized, regulatory-compliant cryptocurrency exchanges like Rain, overseen by the Central Bank of Bahrain. Despite cryptocurrencies not being recognized as legal tender by the Saudi Arabian Monetary Authority, the buying and trading of USDT are permissible. Notably, Rain offers zero-fee trading, making it a cost-effective choice for such transactions, although bank charges may apply for fund transfers.
Best Crypto Platform in Saudi Arabia for USDT
- Fast and cheap Saudi Riyal (SAR) deposits to buy Tether (USDT) with 0% fees.
- Trusted and Regulated trading platform in the Middle East and North Africa.
- Trade over 70 other cryptocurrencies including other stablecoins.
Can You Buy Tether (USDT) in Saudi Arabia?
Yes, Saudi Arabian residents can acquire Tether (USDT) through authorized cryptocurrency exchanges in Saudi 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
Buying USDT in Saudi Arabia is a streamlined process, thanks to the proliferation of regulated cryptocurrency exchanges. The most recommended platform for investors in the region is Rain. Licensed and overseen by the Central Bank of Bahrain, Rain provides a robust and legally compliant environment for crypto transactions, which extends to users in Saudi Arabia.
To facilitate your purchase of USDT on their platform, we have assembled a detailed step-by-step guide:
- Sign up to the Rain.com platform and verify your personal or company details.
- Deposit Saudi Riyal (SAR) from any Turkish Bank via Bank Transfer, Debit Card or Credit Card.
- Find 'USDT' on their platform to make a purchase.
- Input the SAR amount of USDT you want to buy and execute your trade.
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.
Deposit and Trading Fees
Rain's zero-commission policy on all trades positions it as a highly cost-effective choice for crypto investors in Saudi Arabia and beyond. Fast, low-cost deposits are possible via Bank Transfers, Debit Cards, or Credit Cards with Saudi Riyal, underscoring Rain's commitment to affordability for its users.
Please note, while Rain doesn't charge extra for deposits or trades, users could incur charges from their banks when transferring funds via Debit or Credit cards. Nevertheless, Rain's zero-fee approach for trades sets it apart as one of the most affordable options in the region for buying and trading cryptocurrencies like USDT.
In conclusion, Saudi Arabian residents are able to buy Tether (USDT) through regulatory-compliant cryptocurrency exchanges, such as Rain, that are licensed in the Middle East region. Though cryptocurrencies are not recognized as legal tender by the Saudi Arabian Monetary Authority, transactions in USDT are permissible, indicating some degree of tolerance towards digital asset transactions. Rain is particularly recommended due to its no-fee trading policy, which, despite potential banking charges for transfers, makes it one of the most cost-effective platforms for cryptocurrency purchases in the region.
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.