Best Crypto Exchanges in Saudi Arabia 🇸🇦

Thinking about buying and selling Bitcoin or other cryptocurrencies in Saudi Arabia? You’re not alone. But with so many exchanges out there, it’s hard to know where to start. Don’t worry – we’ve got you covered.

There are a few good options now that provide us access while following local laws.

I did a bunch of research to find the top most secure, easy-to-use, and cost-effective crypto exchanges available to Saudi Arabians. They are:

• Binance
• Bybit
• Bitget
• OKX
• KuCoin
• BitStamp

This guide will also walk you through the top three local crypto platforms:

1. Rain – the first licensed Saudi crypto exchange, ideal for convenient local trading
2. BitOasis – long running exchange out of UAE, beginner-friendly
3. CoinMENA – licensed Bahrain-based exchange with Arabic support

First, let me break down the key factors behind my top recommendations.

Factors to Consider When Choosing a Crypto Exchange

When picking an exchange, the main things you need to evaluate are:

• Regulation and compliance – Any exchange operating here needs approval from SAMA and CMA. Only use exchanges that are licensed so you stay on the right side of the law!
• Security – You want robust security protections like cold storage of funds, 2FA, and insurance on deposits. Watch out for hacks or breaches.
• Fees and payment options – Cheaper is better! Look for low trading fees and free deposits/withdrawals to Saudi bank accounts.
• Available cryptocurrencies – Make sure the exchange has the coins you want to trade, like Bitcoin, Ethereum, etc.
• Ease of use – Pick a platform with an intuitive interface and mobile app to make your life easier.
• Customer support – Having access to timely support in Arabic is a huge plus.

Related! How to Buy Bitcoin in Saudi Arabia

Best Crypto Exchanges in Saudi Arabia

Binance

Now let’s talk about the largest crypto exchange in the world – Binance. They recently expanded into Saudi Arabia, bringing their extensive trading platform to users here.

Let’s see what makes Binance tick for most Saudi Arabian traders.

• Available Crypto: Binance offers over 350 cryptocurrencies and 1,200+ trading pairs. For Saudi traders, this means unparalleled access to both major coins and exciting altcoins.
• Fee: Binance keeps your wallet happy with some of the lowest fees in the industry. Spot trading fees start at a mere 0.1%, and you can slash that further by using BNB for fees or boosting your trading volume.
• Regulation: While Binance has faced regulatory hurdles globally, it’s made strides in compliance. For Saudi traders, it’s important to stay updated on local regulations when using the platform.
• Security: Binance uses multi-tier and multi-cluster system architecture, SAFU (Secure Asset Fund for Users), and cold storage for most user funds.
• Deposit Methods: You can use bank transfers, credit/debit cards, and P2P trading to fund their accounts. Crypto deposits are always an option too.
• Withdrawal Methods: Options include bank transfers, crypto withdrawals to external wallets, and P2P trading.
• Customer Support: Binance offers 24/7 support via chat, email, and an extensive help center. Response times can vary, but they’ve improved significantly over the years.

Pros and Cons

• ✅ Massive selection of cryptocurrencies
• ✅ Low fees
• ✅ High liquidity
• ✅ Advanced trading features
• ❌ Regulatory concerns in some regions

For an in-depth look at how Binance caters specifically to Saudi Arabian traders, I recommend reading our full Binance review for Saudi Arabia.

Bybit

Bybit has quickly risen through the ranks to be among the top crypto exchange for traders. Here’s why it made it to this list.

• Available Cryptos: Bybit offers a solid selection of over 150 cryptocurrencies and numerous trading pairs. While not as extensive as Binance, it covers all the major bases and then some.
• Fee: Bybit keeps it competitive with maker fees as low as 0.01% and taker fees starting at 0.06% for spot trading. Derivatives have their own fee structure, which is equally attractive.
• Regulation: Bybit has made significant strides in regulatory compliance, especially with its move to Dubai. This bodes well for Saudi traders looking for a more regionally aligned exchange.
• Security: Your funds are well-guarded with Bybit’s multi-signature cold wallet system, regular security audits, and two-factor authentication (2FA) for all accounts.
• Deposit Methods: Traders can use bank transfers, credit/debit cards, and various crypto options to fund their accounts.
• Withdrawal Methods: Options include bank transfers and crypto withdrawals to external wallets.
• Customer Support: Bybit offers 24/7 multi-language support via live chat, email, and a comprehensive help center. They’re known for their quick response times.

Pros and Cons

• ✅ User-friendly interface
• ✅ Strong focus on derivatives trading
• ✅ Competitive fees
• ✅ Dubai-based, potentially more favorable for Saudi traders
• ❌ Regulatory issues

To get a fuller picture of how Bybit serves Saudi Arabian traders, I suggest checking out our comprehensive Bybit review for Saudi Arabia.

Bitget

Bitget is also a popular choice for crypto traders. Let’s see what it offers for Saudi Arabian users.

• Available Cryptos: Bitget provides access to over 180 cryptocurrencies and 400+ trading pairs. This gives Saudi traders a good mix of popular coins and newer, promising projects.
• Fee: Bitget keeps costs low with spot trading fees starting at 0.1% for makers and takers. Fees can be reduced further by using the platform’s native token, BGB, or increasing your trading volume.
• Regulation: Bitget has made efforts to secure proper licensing. It holds a US Money Services Business (MSB) license and is registered with FinCEN. However, it’s important to note that they don’t have specific Saudi Arabian licensing yet.
• Security: Your funds are protected by a mix of cold and hot wallet storage. Bitget also uses two-factor authentication (2FA) and has a protection fund to cover potential losses.
• Deposit Methods: Saudi users can deposit via bank transfer, credit/debit cards, and various cryptocurrencies.
• Withdrawal Methods: You can withdraw through bank transfers or to external crypto wallets.
• Customer Support: Bitget offers 24/7 support through live chat, email, and a help center. They aim to respond quickly, though response times can vary during busy periods.

Pros and Cons

• ✅ User-friendly platform
• ✅ Strong focus on copy trading
• ✅ Low fees
• ✅ No minimum deposit
• ❌ Fewer cryptocurrencies compared to larger exchanges
• ❌ Regulatory status not as clear in some regions

For a deeper look at how Bitget serves Saudi Arabian traders, check out our full Bitget review for Saudi Arabia.

OKX

OKX has grown from a simple exchange to a comprehensive crypto platform. Here’s what it offers Saudi Arabian crypto enthusiasts.

• Available Cryptos: OKX boasts over 350 cryptocurrencies and 600+ trading pairs. This wide selection caters to both beginners and experienced Saudi traders looking for variety.
• Fee: OKX offers competitive fees, with spot trading starting at 0.1% for both makers and takers. Fees can be lowered by increasing trading volume or holding OKB, the platform’s token.
• Regulation: OKX has made strides in regulation, obtaining a Virtual Asset Service Provider (VASP) license in Dubai. This is particularly relevant for Saudi traders due to regional proximity. They’re also registered as a Money Services Business with FinCEN in the US.
• Security: Your assets are safeguarded through a combination of cold storage for the majority of funds, regular security audits, and strong encryption. OKX also offers account security features like 2FA and anti-phishing codes.
• Deposit Methods: Saudi users can fund their accounts through bank transfers, credit/debit cards, and cryptocurrency deposits.
• Withdrawal Methods: Withdrawals can be made to bank accounts or external crypto wallets.
• Customer Support: OKX provides 24/7 support via live chat, email, and a comprehensive help center. They aim for quick response times, though this can fluctuate during peak periods.

Pros and Cons

• ✅ Wide range of cryptocurrencies and services
• ✅ Competitive fees
• ✅ Strong security measures
• ✅ Dubai VASP license adds regional credibility
• ❌ Interface can be complex for beginners
• ❌ Some advanced features might be overwhelming for new traders

To get a complete picture of how OKX caters to Saudi Arabian traders, I recommend reading our detailed OKX review for Saudi Arabia.

KuCoin

KuCoin has earned a reputation as the “People’s Exchange.” Let’s explore what it offers Saudi Arabian crypto traders.

• Available Cryptos: KuCoin impresses with over 700 cryptocurrencies and 1,200+ trading pairs. This vast selection is particularly appealing for Saudi traders interested in newer or less common coins.
• Fee: KuCoin keeps costs low with spot trading fees starting at 0.1% for both makers and takers. Fees can be reduced by using KCS, the platform’s token, or by increasing trading volume.
• Regulation: KuCoin’s regulatory status is less clear than some competitors. While it operates globally, it doesn’t hold specific licenses in many jurisdictions. Saudi traders should be aware of this when using the platform.
• Security: Your funds are protected through a combination of cold storage for most assets, regular security audits, and features like two-factor authentication (2FA). KuCoin also has an insurance fund to cover potential losses.
• Deposit Methods: Saudi users can deposit via bank transfer, credit/debit cards, and various cryptocurrencies.
• Withdrawal Methods: You can withdraw to bank accounts or external crypto wallets.
• Customer Support: KuCoin offers 24/7 support through live chat, email, and a detailed help center. Response times can vary, especially during busy periods.

Pros and Cons:

• ✅ Huge selection of cryptocurrencies
• ✅ Low fees
• ✅ Advanced trading features
• ✅ User-friendly mobile app
• ❌ Can be overwhelming for beginners due to many features

For a more detailed look at how KuCoin serves Saudi Arabian traders, check out our complete KuCoin review for Saudi Arabia.

Bitstamp

Bitstamp is one of the oldest crypto exchanges still in operation. Here’s what it offers to Saudi Arabian crypto enthusiasts.

• Available Cryptos: Bitstamp offers a more focused selection of about 75 cryptocurrencies and 300+ trading pairs. While smaller than some competitors, it covers all major coins and many popular altcoins.
• Fees: Bitstamp’s fees start at 0.5% for both makers and takers, which is higher than some competitors. However, fees decrease significantly with higher trading volumes.
• Regulation: Bitstamp has a strong regulatory standing. It’s registered as a Virtual Asset Service Provider (VASP) in multiple EU countries and holds a BitLicense from the New York State Department of Financial Services. This solid regulatory foundation can be reassuring for Saudi traders.
• Security: Your assets are well-protected with Bitstamp. They store 98% of cryptocurrencies in cold storage, use multi-signature technology, and offer features like withdrawal address whitelisting and 2FA.
• Deposit Methods: Saudi users can deposit via bank transfer, credit card, and cryptocurrency deposits.
• Withdrawal Methods: Withdrawals can be made to bank accounts or external crypto wallets.
• Customer Support: Bitstamp provides 24/7 support through email and a help center. They also offer phone support during business hours. Response times are generally quick, especially for urgent matters.

Pros and Cons

• ✅ Long-standing reputation for reliability
• ✅ Strong regulatory compliance
• ✅ High security standards
• ✅ Simple, user-friendly interface
• ❌ Higher fees compared to some competitors
• ❌ Smaller selection of cryptocurrencies

To get a full picture of how Bitstamp caters to Saudi Arabian traders, I recommend reading our detailed Bitstamp review for Saudi Arabia.

Comparing Binance vs Bybit vs Bitget vs OKX vs KuCoin vs Bitstamp

We believe the following comparisons would help you decide which exchange might best suit their needs based on these key factors.

Available Cryptocurrencies

The number and variety of cryptocurrencies offered by an exchange can significantly impact your trading options. Here’s how our six exchanges compare in terms of cryptocurrency availability:

Opinion: KuCoin stands out with the widest selection, which is great for traders interested in newer or less common coins. Binance and OKX also offer an extensive range. While Bitstamp has the smallest selection, it focuses on established cryptocurrencies, which might suit more conservative traders.

Fees

Trading fees can significantly impact your profits, especially for frequent traders. Here’s how the exchanges compare in terms of fee structures:

Opinion: Bybit offers the lowest fees, particularly for makers. Binance, Bitget, OKX, and KuCoin are all competitive with their 0.1% base rate. Bitstamp’s fees are higher, but they do decrease with higher trading volumes.

Regulation

Regulatory compliance can provide peace of mind and added protection for traders. Here’s how the exchanges compare in terms of regulation:

My take: Bitstamp leads in regulatory compliance with licenses in multiple jurisdictions. Binance, Bybit, and OKX have made significant strides, particularly with their Dubai VASP licenses, which is relevant for Saudi traders. KuCoin’s regulatory status is less clear, which might be a concern for some users.

Security/Safety

The security measures implemented by an exchange are crucial for protecting your assets. Here’s how the exchanges compare:

My opinion: All exchanges prioritize security, but Binance and Bitstamp stand out with their comprehensive measures. Binance’s SAFU fund and Bitstamp’s 98% cold storage policy are particularly noteworthy. However, all listed exchanges offer strong security features that should satisfy most traders.

Customer Service

Quality customer support can be crucial, especially when dealing with issues related to your funds. Here’s how the exchanges compare:

My take: All exchanges offer 24/7 support, which is crucial in the fast-paced crypto market. Bybit is noted for quick response times and multi-language support. Bitstamp’s phone support during business hours is a unique offering. While all provide adequate support, response times can vary, especially during high-volume periods.

Top Three Local Crypto Exchanges in Saudi Arabia

While international exchanges offer a wide range of options, some traders in Saudi Arabia might prefer platforms with a more local touch. Let’s now turn our attention to exchanges that were born right here in the Middle East. These regional platforms understand the unique needs of Saudi traders and often provide services tailored to the local market.

Here are three exchanges that I recommend for traders and investors in Saudi Arabia and the surrounding region:

Rain

Let’s take a closer look at Rain – which is my personal pick for the best crypto exchange in Saudi Arabia right now.

Rain is a licensed exchange operating under SAMA’s regulations. This is a huge deal! They worked directly with our financial regulators to create a compliant exchange specifically for the Saudi market. No other exchanges here have that level of official approval.

Some key facts about Rain:

• First licensed crypto exchange in Saudi Arabia – Launched in 2017 in partnership with CMA to develop a regulated platform. This gives me great trust in them.
• Comprehensive AML and KYC policies – They adhere to strict anti-money laundering and know-your-customer identity checks. This helps prevent financial crime. You’ll need to provide your national ID and other personal details.
• Supports major cryptos like Bitcoin, Ethereum, etc. – You’ll find all the most popular coins on Rain, so you can diversify your portfolio. No obscure coins though if you’re into those.
• Low trading fees – Their fees are competitive at 0.05% per trade or less. This keeps costs low, especially for high-volume traders. Much better than overseas exchanges!
• Localized platform – The site and app are translated into Arabic providing a familiar user experience. Their customer support team is also Arabic-speaking.
• Convenient SAR integration – You can deposit/withdraw SAR directly from Saudi banks for easy on-ramping and off-ramping.

So in summary, Rain checks all the boxes for me. The fact that they operate with SAMA’s oversight gives me confidence in their security and seriousness. If you want to safely buy, sell, or trade top cryptocurrencies in Saudi Arabia, I highly recommend checking out Rain!

BitOasis

The next crypto exchange I recommend looking into is BitOasis. They’ve been around since 2015, making them one of the longest running exchanges in the Middle East region.

Some key things to know about BitOasis:

• Arabic language site and support – Their platform and customer service is available in Arabic, which is super helpful for many users here.
• Beginner-friendly interface – BitOasis has a simple and easy-to-use website and mobile app. This makes it really suitable for those just starting out with crypto trading.
• Supports UAE Dirham (AED) and Saudi Riyal (SAR) payments – You can fund your account and withdraw directly using AED or SAR from Gulf bank accounts. Very convenient!
• Wide selection of coins – They support trading of around 50 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Stellar and more. Decent variety.
• Strong security – BitOasis implements mandatory KYC, two-factor authentication, and cold storage wallet backups to keep your funds ultra-secure.

The main downside is that BitOasis is based out of the UAE rather than Saudi. There were also some complaints in the past about account suspensions. However, they’ve improved a lot since then.

Overall, BitOasis is a solid exchange choice for residents of Saudi, UAE, and neighboring countries. The Arabic UI and focus on beginners makes it really easy for people in the region to start exploring the crypto markets.

CoinMENA

We bring you yet another option for buying and selling Bitcoin – CoinMENA- a solid crypto exchange option for there in Saudi Arabia. Let me give you the scoop on how it works.

Some key details on CoinMENA:

• Licensed exchange based in Bahrain – CoinMENA is officially licensed by the Central Bank of Bahrain, which oversees their operations.
• Focus on security and compliance – They emphasize regulatory standards and security protections for users. Gives peace of mind they take it seriously.
• Arabic language interface and support – Their platform and support is available in Arabic for ease of use.
• Growing selection of coins – They currently support around 15 major cryptos including Bitcoin, Ethereum, Litecoin, etc. Not as many as Binance but still decent.
• Easy fiat on-ramp – You can easily deposit USD, BHD, SAR, and other regional currencies directly to purchase crypto.
• Insured custody – They insure crypto assets held in cold storage for additional protection against losses.

The drawbacks are somewhat limited coin selection and a smaller user base due to being newer.

However, CoinMENA is a solid option for those seeking a compliant, Arabic-first exchange to access the growing crypto economy. For users in Saudi, the ability to deposit SAR directly is convenient. Overall, a promising exchange as the crypto landscape evolves in the Middle East.

Related! Best Bitcoin Wallets for Saudi Arabia

How to Open an Account with a Cryptocurrency Exchange in Saudi Arabia

Opening an account with a crypto exchange in Saudi Arabia is straightforward. Here’s a step-by-step guide:

1. Choose your preferred exchange from the ones we’ve discussed.
2. Visit the exchange’s website and click on the “Sign Up” or “Register” button.
3. Enter your email address and create a strong password.
4. Verify your email by clicking the link sent to your inbox.
5. Complete the Know Your Customer (KYC) process. This usually involves:
   • Providing your full name, date of birth, and address
   • Uploading a clear photo of your government-issued ID (like a passport or national ID card)
   • Taking a selfie for facial verification
6. Wait for your account to be approved. This can take anywhere from a few minutes to a few days.
7. Once approved, set up two-factor authentication (2FA) for added security.
8. Fund your account using one of the available deposit methods (bank transfer, credit card, or cryptocurrency transfer).
9. Start trading!

Remember, the exact process might vary slightly between exchanges, but these steps generally apply to most platforms.

Is Cryptocurrency Trading Haram?

The question of whether cryptocurrency trading is halal (permissible) or haram (forbidden) in Islam is complex and doesn’t have a simple yes or no answer.

Islamic scholars have varying opinions on this matter. Some argue that cryptocurrency is permissible because it has real-world value and can be used as a medium of exchange, similar to traditional currencies. They view it as a form of wealth that can be traded, as long as it’s done ethically and without excessive speculation or gambling.

Others consider it haram due to its volatile nature, lack of intrinsic value, and potential for speculation, which they argue goes against Islamic principles of fair and transparent financial transactions. Some scholars also express concerns about the lack of central authority and regulation in the crypto market.

For a more detailed exploration of this topic, including various scholarly opinions and Islamic finance principles applied to cryptocurrency, I recommend reading our comprehensive article “Is Cryptocurrency Trading Halal or Haram in Islam?” This article dives deeper into the religious and ethical considerations surrounding crypto trading from an Islamic perspective.

Conclusion

Alright my friends, we’ve learned today about the top crypto exchanges available to us here in Saudi Arabia.

Which exchange is best for you depends on your needs as an investor. My advice is to take your time evaluating multiple exchanges to find the right fit based on the criteria we discussed.

I hope this overview gives you a much better understanding of the best crypto exchanges available to investors here in the Kingdom. Please let me know if you have any other questions – I’m always happy to help!