Summary: The preferred method for purchasing Tether in Saudi Arabia is through reputable cryptocurrency exchanges that accept deposits in Saudi Riyal (SAR). This method offers a straightforward way for Saudi residents to use local banking services or debit and credit cards for acquiring USDT and similar stablecoins such as USDC.
Our comprehensive review identified Bybit as the top choice for Tether transactions in Saudi Arabia. Bybit excels in providing fast and efficient transaction processing, without imposing fees for SAR deposits. It also boasts a diverse range of over 1000 cryptocurrencies. Besides trading, it also provides access to staking services, allowing users to earn a yield on their USDT.
- Instant Saudi Riyal (SAR) deposits from any Saudi bank or alternative payment method.
- Buy, sell and trade 1000+ Cryptocurrencies for low fees via Spot and Futures trading.
- Regulated and trusted exchange with over 18 million users.
Can I Buy Tether in Saudi Arabia?
Certainly, acquiring and trading Tether in Saudi Arabia is feasible through reputable crypto trading platforms. These Saudi Arabian exchanges adhere to national financial regulations and security protocols. Utilizing these authorized platforms guarantees secure transactions, easing the trading process in Saudi Riyal (SAR). After depositing your funds, a variety of assets, including USDT, become available for purchasing and trading.
How to Buy USDT in Saudi Arabia
In Saudi Arabia, acquiring Tether is a streamlined process that can be quickly completed. A key platform for this is Bybit, renowned for its efficient and user-friendly trading interface. It facilitates transactions for Saudi users using Saudi Riyal (SAR) through various local payment options. Bybit provides a platform for Saudi residents to buy, sell, trade, and even earn returns on USDT through staking.
Start your Tether investment journey by following this easy guide on Bybit:
- Account Creation: Start by creating an account on Bybit and completing the necessary verification steps.
- Wallet Funding: Go to the 'Buy Crypto' section, select 'Fiat Deposit', and choose SAR as your currency.
- Select Payment Method: Choose a preferred payment method, such as a local bank transfer or a Saudi debit or credit card.
- Complete Acquisition: Once your wallet is funded, select Tether (USDT) to finalize your purchase.
Is USDT Legal in Saudi Arabia?
Saudi Arabia's legal perspective on digital currencies like USDT remains somewhat uncertain. The Saudi Arabian Monetary Authority (SAMA) has warned about crypto, 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 with Saudi Riyal can differ based on the exchange you select. Bybit stands out as a competitive choice for the Saudi market, particularly with its advantageous fee schedule. It charges no fees for SAR deposits and levies only a 0.1% transaction fee when purchasing USDT or other cryptocurrencies. Given this affordable fee structure, Bybit proves to be an economical option, especially when compared to other Saudi exchanges that may charge up to 4% for trading.
Final Thoughts
In conclusion, for those in Saudi Arabia seeking to buy Tether, Bybit comes out as the top recommendation. It offers an quick and free SAR deposits and low transaction fees. With over 1000 cryptocurrencies available for trading and staking, its expansive offerings, combined with its reputation for trustworthiness, make it an optimal choice for Saudi investors interested in purchasing USDT.
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.
