Buy Crypto & Bitcoin in Saudi Arabia

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Cryptocurrencies are growing fast, but it is not too late to get on board the crypto train. I've done all the research and compiled everything you need to know about buying crypto in Saudi Arabia.

Best Overall Exchange
eToro
5.0
etoro logo

Whether you’re a crypto beginner or a seasoned coiner, accessing a world of crypto services has never been easier using a platform like eToro.

Best Crypto Exchanges in Saudi Arabia

  • eToro - Best Overall
  • Rain - Best Exchange in Middle East
  • BitOasis - Most Crypto Options

Summary of Best Crypto Exchanges in Saudi Arabia

Best Overall

Fees
None
trading fees
Account Minimum
$200
Promotion
Earn $10 when you signup and deposit money into your account

Best Exchange in Middle East

Fees
1.5%
trading fees
Account Minimum
None
Promotion
Earn $30 when you signup and deposit money into your account
BitOasis
Bitoasis logo

Most Crypto Options

Fees
0.5% - .50%
trading fees
Account Minimum
300 AED
Promotion
Earn 150 AED when you signup and deposit money into your account

Buy Bitcoin in Saudi Arabia

Cryptocurrency has become a force to be reckoned with in the global financial system in the last several years, and Saudi Arabia is not an exception. Currently, Saudi Arabians rank third in cryptocurrency ownership in the Arab world.

However, cryptocurrency in Saudi Arabia is in a legal gray area: while the government keeps stating that crypto transactions are illegal, there are no penalties for individuals trading these currencies.

In this article, I will explore the legislation, laws, and regulations relevant to Saudi Arabia's crypto exchanges. I will also include some investing advice and answer some commonly asked questions about how to buy Bitcoin in Saudi Arabia.

Best Crypto Exchanges in the USA

Saudi Arabia has a booming crypto market facilitated by safe, legal exchanges.

eToro - Best Overall

eToro is a global investment platform that allows users to invest in Stock & ETFs, Cryptocurrencies, and C.F.D. Trading.  Fees vary depending on if you're funding your account with fiat or cryptocurrencies. 

Customers in the Saudi Arabia pay a spread of 0.75 percent to 5.0 percent on assets.  Conversions from fiat to crypto will cost a 5% fee.  There are zero fees charged on withdrawals, but the drawback is you have to withdraw at least $30.

eToro supports the trading of more than 40 crypto assets.

Rain - Best Exchange in the Middle East

Rain is a licensed cryptocurrency exchange that meets all Cryptocurrency Security Standard requirements. Rain operates throughout the middle east, including in the UAE.

Founded in 2016, Rain was licensed by the Central Bank of Bahrain in 2019.  Rain currently offers 0% trading fees on crypto buys, sells, and swaps. The app offers trading of popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

These currencies can be easily swapped with little to no fees.  With a 3-hour verification setup, it is easy to quickly begin trading crypto in Rain. You can add funds with either a credit card or directly from your bank account.

They also provide 24/7 customer support, should you need any assistance.  Buying and selling cryptocurrencies is easy in Rain. The app has clearly labeled buy and sell menus that show the current prices of top crypto coins.

You can even withdraw your funds immediately when you are ready to sell your crypto. 

BitOasis - Most Crypto Options

BitOasis is a trusted crypto exchange and wallet service that operates throughout North Africa and the Middle East, including in Saudi Arabia. Founded in 2015, BitOasis is currently pursuing a regulatory license from the Dubai Virtual Assets Regulatory Authority

Like Rain, BitOasis also offers 0% fees for buying, selling, and trading crypto. Their trading inventory includes 40 types of cryptocurrencies, including Bitcoin and Ethereum.

Additionally, with BitOasis, you can invest in NFTs, Metaverse tokens, and Altcoins.  A straightforward verification process usually allows you to begin trading in 1 to 2 days.

Then, like Rain, you can deposit and withdraw funds to and from your wallet using either your bank account or a credit card. Customer service for rain is offered Sunday through Thursday from 9 AM to 5 PM.

To contact customer service, simply submit a support ticket with your email and why you need assistance.  Buying, selling, or trading in BitOasis is straightforward.

The app shows the current prices of each coin available for trading. You can quickly buy and sell crypto using your designated payment method.

BitOasis relatively long history compared to other crypto exchanges makes them one of the most trusted options in Saudi Arabia.

Best Crypto Wallets in Saudi Arabia

Crypto wallets are like bank accounts, except they don't hold your currency. They store your private key, giving you access to the blockchain corresponding with the wallet.

Ledger Nano X

The Ledger Nano X is a multi-currency, Bluetooth-enabled hardware wallet that allows you to store Bitcoin securely, Ethereum, and many other supported coins. The device also supports Lightning Network payments for instant transactions between devices or friends without miner confirmation.

The Ledger Nano X costs $149 before tax, and you can buy it directly from the official website here.  Supported Currencies: BTC, ETH, ETC, Dash DOGE, Zcash (ZEC), Ripple (XRP), and more.

Trezor Model T

The Trezor Wallet is a hardware cryptocurrency wallet designed to keep your currencies safe.  The device also supports the technology of smart contracts, which allows you to create transactions on the Ethereum blockchain that are self-executing, self-enforcing, and impossible to rescind.

You can buy the Trezor Wallet for $215 directly from here.  Supported Currencies: BTC, ETH, Litecoin (L.T.C.), E.T.C., B.C.H. (and all ERC20 tokens).

Crypto Laws & Rules in Saudi Arabia

Cryptocurrencies are currently in a state of flux in Saudi Arabia. The Saudi Arabian government banned banks from completing transactions with cryptocurrencies in 2018.

Additionally, the government has stated that trading in Cryptocurrencies is illegal, and you will receive no protection in the case of fraud if you buy Bitcoin in Saudi Arabia.

However, individuals face no penalties or punishments for trading in cryptocurrencies and other assets. This means that there is no penalty if you want to buy Bitcoin in Saudi Arabia.

The Saudi Arabian government is currently in the process of drafting legislation to regulate the cryptocurrency industry.  The Saudi Arabian Monetary Authority (SAMA) has teamed up with the country's Capital Market Authority to establish rules for cryptocurrency trading.

The SAMA has also stated that they will be working with the Saudi Arabian Interbank Payment System to develop a framework for cryptocurrency transactions. However, the legislation has been in the works since 2017, and no additional information has been released.

This reality does put investors in a difficult situation. There are a lot of opportunities to be had in the crypto market, but there may be future legal repercussions for doing so. If you buy Bitcoin in Saudi Arabia, the current situation is high risk and high reward.

Crypto Tax Laws in Saudi Arabia

There are currently no tax laws regarding cryptocurrencies in Saudi Arabia at this time. It is one of the few developed countries globally that has not passed some type of tax legislation regarding cryptocurrencies.

The lack of tax laws in Saudi Arabia provides a massive opportunity if you want to buy Bitcoin in Saudi Arabia. Any profits will be tax-free. However, I recommend that you stay aware of the situation.

It could change at any time. The Saudi Arabian government could pass tax laws retroactively, so it is vital to follow the news closely for the latest news and developments.

Should You Invest in Bitcoin or Crypto in Saudi Arabia?

The decision to invest in cryptocurrency is a personal one. I cannot give you a definitive answer, and I recommend doing extensive research if you want to buy Bitcoin in Saudi Arabia.

However, I will say that the current situation in Saudi Arabia presents a high risk and high reward opportunity for investors. The lack of tax legislation also means that investors will take home all of the profits and all of the losses.

In other countries with crypto tax legislation, you are allowed to declare your losses in the crypto market.  The cryptocurrency market is volatile, and investments can go up or down quickly.

If you do choose to invest in cryptocurrencies, I recommend that you only invest what you are willing to lose.

Saudi Arabia Crypto FAQ's

Here, I will answer some common questions about buying crypto in Arabia.

Is it easy to buy crypto in Saudi Arabia?

Yes! You can buy Bitcoin in Saudi Arabia with the help of a trusted exchange. Many exchanges allow you to safely and securely purchase crypto there.

There are also some crypto ATMs beginning to pop up in Saudia Arabia as well.  If you buy Bitcoin in Saudi Arabia, choose a reputable and secure exchange.

Some of the most popular exchanges in Saudia Arabia include eToro, and Rain. These exchanges all have robust security measures to protect your funds, and they offer a variety of payment methods.

Keeping your Bitcoin safe is vital. The most convenient way to do this is with a cryptocurrency wallet.

Can you buy crypto in Saudi Arabia with a debit or credit card?

Yes, you can buy Bitcoin in Saudi Arabia with a debit or credit card. Saudia Arabia crypto exchanges make it easy for you to purchase crypto with fiat currency.

A few different exchanges offer this service, so you will need to compare and find the best one for you. Some things to look for include fees, limits, and reviews.

Once you have found an exchange you like, you will need to create an account and add your card information. Once the exchange has verified your card and identity, you can start buying crypto!

The process of verifying your card and identity may take several days.

Can you buy Bitcoin anonymously in Saudi Arabia?

If you want to buy Bitcoin in Saudi Arabia anonymously, your options are limited. Saudia Arabia crypto exchanges require you to verify your identity and complete a “know your customer” (KYC) process before buying any cryptocurrencies.

However, if you want to buy bitcoin without leaving your personal information, there are a few options. LocalBitcoins is one option that allows you to buy and sell bitcoin without revealing your identity.

Alternatively, you can anonymously purchase Bitcoin using a peer-to-peer exchange like Paxful to buy Bitcoin with PayPal or even with a gift card.

However, it is crucial to weigh the risk of using these methods.  They tend to be less secure and may be more expensive than buying through a Saudia Arabia crypto exchange.

These peer-to-peer exchanges are also more vulnerable to fraud.

Can I sell my Bitcoin whenever I want in Saudi Arabia?

Yes, you can sell your Bitcoin whenever you want in Saudi Arabia. However, it is essential to note that the value of Bitcoin can fluctuate greatly, so you should always check the current value before selling.

The best way to do this is by using a Bitcoin price tracker.

Best Crypto Exchanges in Saudi Arabia Recap
  • eToro - Best Social Platform
  • Rain - Best Exchange in Middle East
  • BitOasis - Most Crypto Options
Best Crypto Wallets in Saudi Arabia Recap