Bitcoin and the rise of blockchain technology in the last decade has been nothing short of a technological revolution. A decentralised digital asset that was introduced in 2009 to tackle the Stock market crash has now become one of the most popular financial instruments in the world. The popularity of Bitcoin has not only inspired other valuable digital currencies such as Ethereum but also inspired new forms of digital trading via NFTs (Non-Fungible Tokens). This meteoric rise of digital currency has sparked debates worldwide about its safety and volatility, especially in some Middle-East countries like Saudi Arabia.
Although Cryptocurrencies are not banned in Saudi Arabia, there was an initial hesitance in adopting digital currencies. Though Bitcoin – as a decentralised asset that lacks central supervision and doesn’t precisely abide by sharia principles – there was some debate on the implementation of the financial asset. But as it stands currently, all citizens are allowed to freely trade with all cryptocurrencies; except banks, who need permission from the SAMA (Saudi Arabian Monetary Agency).
#1 Broker to Buy Bitcoin in Saudi Arabia – Bitcoin Era
How To Buy Bitcoin New Saudi Arabia – Choose a Broker
Below you will find an overview of the best brokers that allow you to buy Bitcoin in New Zealand safely, quickly, and in a cost-effective manner..
- Bitcoin Era – Overall Best Broker to Buy Bitcoin Saudi Arabia
- Rain – Best Broker to Buy Bitcoin for Beginners
- BitOasis – Largest Broker to Buy Bitcoin Saudi Arabia
- Paybis – Great Low-Fee Broker to Buy Bitcoin Saudi Arabia
- Binance – Top Broker to Buy Bitcoin for Asset Variety
We review each of the above Bitcoin brokers further down in this guide.
How to buy Bitcoin in Saudi Arabia – The Quick Four-Step Strategy 2021
To buy Bitcoin in Saudi Arabia, all you have to do is follow these simple steps :
Step 1: Sign up to Bitcoin Era – Bitcoin Era is one of the most secure exchanges that offers a mixture of low fees, easy-to-use navigation and high-quality security.
Step 2: Verification Process – After completing a simple verification process and providing basic account information including your name, email etc. you can deposit your funds.
Step 3: Deposit funds into your Bitcoin Era account – With just a $250 minimum payment, you can deposit funds in the local currency of Saudi Riyal with your credit/debits cards or via wire transfer
Step 4: Let the AI do the work – All your work is done, so you just relax while the AI algorithm read the charts, analyse the data and make the best possible investments for you.
Where to Buy Bitcoin in Saudi Arabia
Bitcoin can be accessible through multiple exchanges in Saudi Arabia, some originating out of the Middle East itself, while others being worldwide exchanges.
As of now, many exchanges allow investors to buy and sell Cryptocurrencies in Saudi Arabia, but here is a list of the top 5 exchanges that easily allow you to buy Bitcoin.
1. Bitcoin Era – Overall Best Broker to Buy Bitcoin Saudi Arabia
As mentioned before, one of the most popular platforms to trade Bitcoin in Saudi Arabia is Bitcoin Era. The unique aspect of Bitcoin Era is that it is an auto trading platform that uses trade signals to make trading decisions with the support of computer algorithms, which scan the crypto markets and make sensible investment decisions based on valuable market information.
Just like any trading app, the automated systems provide users with valuable fundamental and technical analysis after collecting data points.
AI Trading – After depositing the money, the AI robots take over and analyse the current markets to detect the best investment opportunities. All normal features you would find on any trading account such as Stop/loss can be set up before the algorithm makes the best trade possible.
While some may be a little sceptical of the investing process, the algorithm that supports this exchange is highly sophisticated and delivers good results. This platform was created by a group of cryptocurrency specialists and software engineers who sought to create the AI algorithm to secure better results to tackle the volatility of the crypto market.
Other than having the ability to pick up on related global news and integrate this to evaluate profitable trades, the AI algorithm can also access financial trends and signals from the crypto market. From a variety of user reviews, Bitcoin Era is believed to be one of the most secure ways of entering the crypto space, especially for initial investors who have yet to familiarize themselves with the required trading knowledge.
- Customer support – The exchange allows for a 24/7 live customer chat, put in place to assist customers with any queries and concerns
- Prices and Fees – The Bitcoin Era exchange requires no registration fees and it is free to trade with Bitcoin.
- Highly sophisticated AI algorithm
- No registration fees
- Simple verification process
- No hidden fees
- A low minimum deposit
- It may not be the best choice for long-term investors
2. Rain – Best Broker to Buy Bitcoin for Beginners
Rain is another popular Cryptocurrency trading platform that is accessible in Saudi Arabia. Rain is a local Middle-Eastern crypto exchange, based out of Bahrain. Currently, it is only accessible in Middle-Eastern countries such as Bahrain, Kuwait, UAE, Oman and of course Saudi Arabia. Rain also supports multiple fiat currencies, including the U.S Dollar (USD), Saudi Riyal (SAR), Emirati dirhams (AED) among many others.
An aspect that makes Rain a competitive exchange in Saudi Arabia is the fact that it is the first licensed Cryptocurrency exchange in the Middle East. This means that the exchange has the opportunity to take the first-mover advantage and tap into the ever-growing popularity of Cryptocurrencies from around the world.
- Withdrawals – While withdrawals inside Bahrain are free with any fiat currency, bank transfers and withdrawals in Saudi Arabia will incur a fee of 50 SAR per transaction.
- First local exchange in Middle-East
- Low fees for bank transfers
- Government trusted exchange
- Proper security and verification systems
- High withdrawal fees of fiat currency in Saudi Arabia (in comparison to Bitcoin Era)
- Complicated verification process
3. BitOasis – Largest Broker to Buy Bitcoin Saudi Arabia
BitOasis is the largest and most secure digital Cryptocurrency exchange available in the Middle East and North Africa region (MENA). Being the biggest exchange in the region, BitOasis is available in the UAE, Saudi Arabia, Egypt, Morocco and a few other countries.
Being a UAE local exchange, locals have the benefit of depositing funds via exchange houses for low rates. Otherwise, customers can buy Bitcoin via credit/debit cards or even wire transfers, with competitive deposit fees. This makes it a preferred method of trading Cryptocurrencies.
The exchange has 2 main interfaces, Core and Pro. Core is a basic interface, which easily allows investors to buy and sell the likes of Bitcoin and any of the other 20+ available digital assets. BitOasis Pro is a more technologically sound interface that gives users access to different trading charts and tools and more order options.
- 20+ digital assets to trade
- Straight-forward withdrawal process
- Pro version for more advanced trading tools
- Higher deposit fees compared to some exchanges like Bitcoin Era
- The advanced verification process and long confirmation times
4. Paybis – Great Low-Fee Broker to Buy Bitcoin Saudi Arabia
Unlike the aforementioned exchanges which have mainly originated within the Middle-Eat region, Paybis is a popular Cryptocurrency exchange that serves in 180 countries around the world. Registered with FinCEN (Financial Crimes Enforcement Network), Paybis is one of the most trusted and secure exchanges in the world.
Not only does this particular exchange offer very high limits to its investors, but the verification process also takes a mere 5 minutes to complete. As an exchange that’s based in the UK, they have several fiat currency options such as USD, GBP, EUR among other options.
- Bitcoin Limits – As mentioned, Paybis provides investors with the luxury of spending a high weekly cap on Bitcoin. The limit on Visa and MasterCard is $20,000 and $50,000 respectively which tallies to 75,000 SAR and 187,000 SAR respectively
- 24/7 customer support
- Extremely high limits
- Fast verification process (5 minutes)
- No advanced benefits for long-time users
5. Binance – Top Broker to Buy Bitcoin for Asset Variety
Arguably the most popular Cryptocurrency exchange in the world, Binance is one of the platforms which processes the most crypto transactions in the world. It is available in over 100 countries, Saudi Arabia included. This exchange is very valuable because it allows you to trade in over 160 Cryptocurrencies. It is also very beneficial in Saudi Arabia as the customer care and services can be accessed in different languages and currencies including Arabic and SAR.
Binance also stands out as it has its own token, BNB. Being a crypto-to-crypto trade platform, investors actually cannot make deposits via credit or debit cards. But, via the P2P platform, customers can use their bank funds and buy with other crypto traders directly.
Binance is a highly profitable exchange for investors due to the low trading fee, only 0.1% trading fee on all coins including Bitcoin.
- Good-user interface
- Extremely low trading fee (0.1%)
- More than 160 cryptocurrencies to trade
- 2FA to heighten security
- Not permitted to deposit funds via Debit/Credit cards
How to Get Started with the Best Bitcoin Exchange in Saudi Arabia
Bitcoin Era is arguably the easiest-to-use exchange with comparatively low fees. This is why we consider it to be the best Bitcoin exchange to use in Saudi Arabia. Let’s take a look at how to get started with Bitcoin Era, so you can start buying, selling and trading Bitcoins right now!
Step 1: Account Registration
A simple verification process on the Bitcoin Era app or online platform needs to be processed before you can start trading. Basic information such as your account name, email address and phone details will help you speed through this process.
Step 2: Deposit
After the account is set up, you need to make a deposit into the Bitcoin Era account. The minimum deposit is $250 which comes to a total of 938 Saudi Riyal. The Bitcoin Era exchange allows you to pay via MasterCard, wire transfer, Maestro and many more options, giving you several payment options.
Step 3: Trading via AI algorithm
After depositing the money, you can simply sit back and relax and allow the AI algorithm to do all the hard work. By having direct access to the market trends and graph patterns, the algorithm makes the best possible trading and investment opportunities. You are also given access to a demo option, for you to practice trades by using virtual money. The Demo account is highly recommended for first-time investors since it can help in providing experience in real-time markets before your first proper investment.
Why Buy Bitcoin Today?
After being considered nothing more than a short-term farce when it emerged in 2009, Bitcoin has proved to be one of the most successful investments for long-time holders. After being worth just $5,151 in April of 2019, the coin has reached new highs in the last 6 months. Just in April, Bitcoin reached an All-Time high of $63,000 thanks to events involving Tesla and Coinbase.
Since then, the coin has corrected and stands at a little over $47,000 as of September 17th, 2021. Despite concerns of environmental damage and notable threats such as Ethereum gaining momentum in the market, BTC has the highest market cap and valuation out of any digital asset. The rise in popularity can also be noted to people preferring BTC as a better solution for keeping liquid assets over banks.
Furthermore, Bitcoin was once again grabbed all the headlines earlier this month, once news broke out of El Salvador. The Central American country announced that Bitcoin would be accepted as a legal tender, the first-ever country to do so for any digital currency.
Safest Ways to Buy Bitcoin Today
To buy BTC in Saudi Arabia, there are multiple options available. The options we have mentioned below are some of the safest methods which have been used by investors for a long-time period. Most of these methods are available in the above-mentioned exchanges, some being local to Saudi Arabia, while others being worldwide exchanges.
A new trend, which can be used for deposits as well as withdrawals, are Bitcoin ATMs. Set-up like any other ATM, a Bitcoin allows you to purchase cryptocurrencies by using. Credit/debit card as well as cash. While some of these ATMs only allow you to purchase Bitcoin, a few allow you to sell Bitcoin for cash as well. But, with cash withdrawals, users are normally levied high deposit charges anywhere from 5%-10%. You can find the Bitcoin ATM in Jeddah Saudi Arabia.
Credit/Debit cards transactions via online exchanges are one of the most popular methods of depositing money for BTC in Saudi Arabia. Most exchanges such as Bitcoin Era offer low deposit and withdrawal rates for a minimum deposit, making it a very lucrative method of payment. Fees can be anywhere from 0.5%- 3%.
Risks of Buying Bitcoin today
Even a digital asset as big as BTC has its fair share of problems. There’s risk involved in every investment and Bitcoin is no different.
After the announcement of BTC becoming a legal tender in El Salvador, BTC instantly plummeted by 11% and fell to $46,000 from $52,000. This shows that the asset is still very volatile, hedge funds and whales are still able to monopolise the market by huge dumps.
From Tesla CEO Elon Musk cashing out on $1.5 billion worth of Bitcoin amidst environmental fears to the rising technological advancements which are making other alt-coins more valuable, the digital currency is still a risk in today’s market.
Consider every investment sensibly before investing, since past performance is not an indicator of future results.
After reading this article, you would have ascertained more knowledge on how to invest and buy Bitcoin in Saudi Arabia. Selecting the right exchange makes a key difference not only in the rates levied but also provide vital security when it comes to trading with such volatile assets. After an in-depth analysis of the available exchanges, we believe Bitcoin Era would provide investors with an all-around advantage, especially with the low fees rates and the ease of use.
Bitcoin Era – Best Crypto Exchange Saudi Arabia
What is the current price of Bitcoin in Saudi Arabia?
1 BTC = 162,477 SAR (As of 21st September, 2021)
Is Bitcoin safe to purchase in Saudi Arabia?
With the above-mentioned exchanges such as Bitcoin Era, you should have no problems in trading with BTC.
Is Bitcoin legal in Saudi Arabia?
BTC and other cryptocurrencies are completely legal to purchase in Saudi Arabia. The only restriction is with banks that need approval from the Saudi Arabia Central Bank (SAMA) to trade in cryptocurrencies.
Will Bitcoin guarantee me returns?
Although BTC has been rising at an exponential rate, it is a highly volatile asset that can rise or drop at any particular given moment. Make sure to invest only what you can afford to lose.
How many Bitcoin ATMs are there in Saudi Arabia?
So far, there are only 2 BTC ATMs in Saudi Arabia.