How to safely buy Bitcoin in (2021)
A guide to buying Bitcoin and other cryptocurrencies in Saudia Arabia. Compare the best Bitcoin exchanges as a resident of Saudi Arabia to get started.
How to buy Bitcoin in Saudi Arabia
Buying Bitcoin in Saudi Arabia is much easier than many think. It is as simple as picking an exchange, creating an account, depositing money and clicking "buy Bitcoin".
Where to buy Bitcoin
Review and compare the best cryptocurrency exchanges below to find the fastest and most secure way to make your first Bitcoin purchase in Saudi Arabia. Buy Bitcoin Finder gives order placement preference to exchanges located in Saudi Arabia, or exchanges that enable the smoothest verification for citizens of Saudi Arabia.
The Premier Middle Eastern Exchange
Rain is one of the first Bitcoin and cryptocurrency exchanges in the Middle East that earned a regulatory license to legally operate out of UAE, Saudi Arabia and many other countries in the region.
Rain's platform is simple to use and enables its users to buy, sell and trade cryptocurrencies securely through the website or mobile application.
Pros
- The first cryptocurrency exchange in the Middle East
- Regulated and secure
- Low fees and great user experience
Cons
- Could offer more cryptocurrencies
Bitcoin and Crypto Exchange in the UAE
BitOasis is a Bitcoin exchange based in the Middle East that enables users in the UAE, Saudi Arabia and other countries to buy Bitcoin with a bank transfer or cash deposit.
They are a good local option for users looking to buy Bitcoin on a local exchange.
Pros
- 0.5% fee on all orders
- Good option to buy Bitcoin in the Middle East
- High multi-signature security protocols
Cons
- Not the most reputable exchange worldwide
Invest in Bitcoin with a Debit Card or Credit Card Instantly
Coinmama allows users from any country around the world to buy Bitcoin, Ethereum and Chainlink using their exchange. They are one of the few exchanges that allow Credit Card and Debit Card purchased for Bitcoin and crypto using Visa and Mastercard.
If you are a customer in Europe, you can also buy Bitcoin with a SEPA transfer for a lower fee. Coinmama is an extremely private and secure option to invest in Bitcoin as they will send it to your personal Bitcoin wallet, as opposed to having the Bitcoin or cryptocurrency on a managed and less secure wallet on their platform.
Pros
- Purchase crypto with a Debit Card and Credit Card
- Highest limit to invest in Bitcoin using a Credit Card
- Reliable and trustworthy exchange
Cons
- Relatively high fees when using a Debit Card or Credit Card
Peer to peer (P2P) Bitcoin exchange
Local Bitcoins is a decentralized exchange that acts as an escrow service to facilitate peer to peer buys and sells of Bitcoin by allowing users to list their own Bitcoin advertisements or trades.
Users can choose to meet and pay in person or online, making Local Bitcoins the most private way to buy Bitcoin. Local Bitcoins facilitates transactions in Australia, New Zealand, United Kingdom, United States, South Africa and virtually every other country around the world.
Pros
- The best choice for privacy
- Requires no personal information
- Instant purchases available with cash
Cons
- Users must be careful of scams
- Slightly higher Bitcoin price than exchanges
Trade a range of assets in one platform
eToro is a world renown multi-asset brokerage company that allows users to invest in Bitcoin as well as buy and trade other cryptocurrencies, stocks, ETFs, currencies, indices and commodities.
eToro is a well respected business that is best in class in terms of security and regulation from a global standpoint. eToro is available in most countries around the world including Australia, Canada, United States, United Kingdom, New Zealand and more.
Pros
- Gold standard in terms of regulation and security
- Simple user interface for new traders
- Social trading allows you to copy trade famous traders
Cons
- It isnt a pure Bitcoin exchange, which results in high fees
Purchase Bitcoins from over 30 different countries
Coindirect is a Bitcoin exchange based in the Isle of Man that allows you to buy and sell over 30 different cryptocurrencies. They offer an easy to use platform that allows you to join and buy Bitcoin 24/7.
Coindirect are available in countries like Australia, United Kingdom, Canada, Lebanon, United States and many more.
Pros
- Available in 142 countries
- Relatively low fees
Cons
- Not the most well known exchange
- Required verification so not very private
Industry Leading Bitcoin Futures Trading Platform
Binance has created an industry leading Futures trading platform that allows users to trade Bitcoin, Ethereum, Chainlink and more against Tether (USDT) with up to 125x leverage. You can open a Binance Bitcoin Futures account anywhere around the world in minutes and gain access to deep liquidity, fast execution and an array of different features.
Click this link for an in depth Binance Futures Review.
Binance have the lowest fees for Bitcoin Futures trading and if you sign up through this link, you will get 10% taken off your trading fees.
Pros
- Very low trading fees at 0.1%
- Deep liquidity on Bitcoin and other cryptos
- Up to 125x leverage for futures trading
Cons
- You can only trade against Tether (USDT)
The Regulatory Landscape of Crypto in Saudi Arabia
In the early days, The Kingdom of Saudi Arabia (لمملكة العربية السعودية) and the Saudi Arabian Monetary Authority (SAMA) have issued statements with respect to Bitcoin and cryptocurrencies outlining that they are not explicitly supported within the kingdom and they believe that they are inherently risky.
However more recently, The Kingdom of Saudi Arabia have developed a more welcoming regulatory framework for Bitcoin and cryptocurrencies that has resulted in immense growth of digital assets in the country. Most notably, The Kingdom of Saudi Arabia and the UAE signed a landmark agreement to co-develop a national joint cryptocurrency.
Is it legal to own Bitcoin in Saudi Arabia?
The short answer is yet, Bitcoin is legal in Saudi Arabia. As mentioned above, SAMA have previously issued warnings against Bitcoin and cryptocurrencies due to them being high-risk assets. This ultimately means that investors in Bitcoin and cryptocurrencies do not have any regulatory protections if they lose their assets - however this is the case in most countries.