5 Best Crypto Exchanges in Saudi Arabia [2024] Regulated, Safest

Hey Xploras! Choosing the right cryptocurrency exchange is super important if you want to safely buy and sell Bitcoin and other cryptos here in Saudi Arabia. There are a few good options now that provide us access while following local laws.

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

Rain
BitOasis
Binance
CoinMENA
Kraken

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.

Five Best Crypto Exchanges in Saudi Arabia

Alright, now let’s get into the 5 best crypto exchanges I recommend here in Saudi Arabia:

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.

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.

Some key facts on Binance:

World’s biggest exchange by trading volume – Binance has grown massively since it launched in 2017. Over 100 million users globally trade on Binance, making it the premier exchange.
Hundreds of trading pairs and altcoins available – Binance offers an overwhelming number of coins and pairs to trade – over 500! Ideal for altcoin lovers who want variety.
Advanced trading features and options – In addition to basic trading, Binance provides options for margin trading, futures contracts, staking, savings accounts and more. Great for sophisticated traders.
High liquidity for popular coins – With so much volume, Binance has super high liquidity on major coins like Bitcoin and Ethereum. This helps you easily enter and exit positions.
Strong security measures – Binance has robust security protections in place and covers losses from hacks. Very reassuring although not perfect.

The major downsides are the complexity if you’re a beginner, and lack of Arabic support. But for serious traders who want loads of coins and features, Binance is hard to beat.

Read Also! Binance Review

With Binance’s entrance into Saudi Arabia, it’s great that we now have access to the premier global crypto trading venue right from home. Check them out if you want a deeper trading experience.

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.

Kraken

Finally, let’s discuss Kraken – It has made our list of top crypto exchanges available to Saudi Arabians!

Founded in 2011, Kraken is one of the oldest and most reputable centralized crypto exchanges globally.

Here are some key facts about their platform:

Wide selection of coins – Kraken offers trading pairs for over 50 different cryptocurrencies including Bitcoin, Ethereum, Litecoin, and more obscure altcoins.
Advanced trading features – In addition to basic trading, Kraken has options for margin trading up to 5x leverage, futures contracts, staking, and OTC desk services. Great for sophisticated traders.
Strong security – Kraken stores most assets in air-gapped cold wallets. Only 2% of funds are kept online for trading liquidity. They also offer support for hardware wallets.
Verification required – To trade fiat currencies like Saudi Riyal, you’ll need to provide full KYC documentation to verify your identity and connect bank accounts.
Reasonable fees – Kraken has a competitive fee schedule starting at 0.16% for basic trades and going down based on trading volume. Deposits and withdrawals are free.
Good customer support – They offer 24/7 live chat and email support in multiple languages including English and Arabic.

The main downside of Kraken is that the platform can be complex for beginner traders. But for seasoned investors looking for advanced trading capabilities, Kraken is one of the top exchanges worldwide.

Conclusion

Alright my friends, let’s recap what we learned today about the top crypto exchanges available to us here in Saudi Arabia:

We covered the major factors to evaluate when choosing an exchange – things like security, fees, supported coins, ease of use, Arabic support, and so on.

I recommended five leading exchanges that checked a lot of boxes:

Rain – the first licensed Saudi crypto exchange, ideal for convenient local trading
BitOasis – long running exchange out of UAE, beginner-friendly
Binance – global heavyweight with advanced trading options
CoinMENA – licensed Bahrain-based exchange with Arabic support
Kraken – most reputable centralized crypto exchange globally

The most important criteria in my opinion are:

Making sure the exchange follows local laws and regulations
Strong security protections for your funds and info
Reasonable fees that don’t eat up your portfolio
Easy-to-use platform and customer service

Which exchange is best for you depends on your needs as an investor. If you’re brand new, something like Rain or BitOasis may be preferable to start. Avid traders may appreciate all the bells and whistles of Binance.

My advice is to take your time evaluating multiple exchanges to find the right fit based on the criteria we discussed.

Opening accounts with a few exchanges can give you flexibility in the evolving Saudi crypto landscape. But only deposit what you feel comfortable with on each platform.

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

Best Crypto Exchanges in Saudi Arabia 🇸🇦