RAIN Exchange Review 2022: Fees, Platform, App, Safety & More

Here’s a full RAIN Review. It will cover the exchange's features, regulation, supported deposit and withdrawal methods, fees, available mobile app, customer support level, as well as step-by-step instructions for opening an account and buying crypto coins at RAIN.

Author: Edith Reads   -   Last updated: 03/08/2022
Rain Logo

Summary

Rain is one of the most trusted cryptocurrency exchanges based in Bahrain. The company commenced business in 2017. Rain’s platform is user-friendly and serves well to beginners. While the exchange offers budgeted trading solutions to crypto enthusiasts, hassle-free account registration along with multiple deposit options make it pretty convenient for traders to get started. Since the crypto exchange keeps more than 98% of funds in a multi-signature cold storage place, it appears more secure than most other crypto exchanges available around.  In this piece, we’ll review the crypto exchange in detail.

Pros & Cons

Advantages of RAIN Exchange

  • Easy trading interface
  • Multiple deposit methods
  • Shariah-compliant
  • Good liquidity
  • Custodian services
  • Customer support

Disadvantages of RAIN Exchange

  • Limited product portfolio
  • Supports fewer countries
  • Slow verification process

Pros

  • Easy trading interface:  RAIN allows traders to access almost all features from the home screen, making it pretty easy for both newbies and skilled professionals to trade effectively.
  • Multiple deposit methods: Clients can deposit funds using different methods like Debit cards, Credit Cards, and Wire transfers.
  • Shariah-compliant: The crypto exchange complies with the Islamic rules and regulations concerning interest charges. Therefore, shariah practicing traders might find it well suited for their trading preferences.
  • Liquidity: RAIN is among the few most liquid exchanges across the Middle East that enable clients to fulfill their orders at desired prices instantly.
  • Custodian services: Rain keeps most of its cryptocurrency funds offline in a proprietary Cold Storage system besides committing to CCSS compliance.
  • Customer support: Rain offers multilingual customer services round the clock, seven days a week.

Cons

  • Limited product portfolio: Unlike most crypto exchanges, Rain offers a limited selection of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Tether (USDT), Chainlink (LINK), and Ripple (XRP).
  • Support fewer countries: RAIN is relatively a new crypto exchange hence currently available in limited countries only, such as Saudi Arabia, Bahrain, Oman, Turkey, Kuwait, and the United Arab Emirates.
  • Slow verification process: RAIN takes more time to complete the KYC process than most other crypto exchanges available around.

Regulations, Offices & Supported Countries:

Regulations

RAIN works under the control of the Central Bank of Bahrain (CBB). Moreover, the platform adheres to anti-money laundering policies, requiring identification before allowing clients to get started.

Offices

RAIN has its head office located in the Kingdom of Bahrain. It currently has only one office but anticipates expanding its global presence soon.

United Tower, 42nd Floor, Manama – Bahrain Bay

Kingdom of Bahrain

PO Box 11716, Diplomatic Area post office

Supported Countries

RAIN currently serves clients in the Middle East and Turkey. However, it anticipates launching its operations worldwide soon. Supported countries include;

1) Bahrain

2) Saudi Arabia

3) Oman

4) Kuwait

5) The United Arab Emirates

6) Turkey

Supported Coins at RAIN Exchange:

Supported cryptocurrencies

RAIN currently supports 5+ cryptocurrencies while looking forward to adding more coins to its list of offerings shortly. The supported crypto coins include;

1) Bitcoin (BTC)

2) Litecoin (LTC)

3) Ethereum (ETH)

4) Ripple (XRP)

5) Tether (USDT)

6) Chainlink (LINK)

Supported fiat currencies

RAIN allows its clients to deposit funds using the following supported fiat currencies in addition to the US Dollar (USD).

1) United Arab Emirates Dirham (AED)

2) Bahraini Dinar (BHD)

3) Kuwaiti Dinar (KWD)

4) Saudi Riyal (SAR)

5) Omani Rial (OMR)

Supported Crosses (Coin-Wise)

Bitcoin (BTC) Litecoin (LTC) Ethereum (ETH) Ripple (XRP)
BHD/BTC BHD/LTC BHD/ETH BHD/XRP
SAR/BTC SAR/LTC SAR/ETH SAR/XRP
KWD/BTC KWD/LTC AED/ETH AED/XRP
USD/BTC USD/LTC KWD/ETH KWD/XRP
OMR/BTC OMR/LTC OMR/ETH OMR/XRP
AED/BTC AED/LTC USD/ETH USD/XRP

Trading fees

Rain claims to provide the best services at competitive prices. While the minimum fee at RAIN is BHD 0.500, it charges a 1.5% fee of the transaction amount for bank transfers and a 4% fee for card purchases.

Transaction Fees
Buy cryptos using Cards 4 %
Buy cryptos via bank transfers 1.5 %
Sell cryptos 1.5%

For example:

Buying bitcoins via bank transfer costs USD 1.5 for every USD 100 spent ($100 x 1.5%).

Buying bitcoin for USD 100 with a debit or credit card costs USD 4. ($100 x 4%).

The fee for selling bitcoin is USD 3 for selling USD 200 worth of bitcoin ($200 x 1.5%).

Trading Platforms, Account Opening, and How to Buy Crypto:

RAIN does not offer a proprietary trading platform. However, clients can still buy, sell, and exchange-listed cryptocurrencies against fiat currencies and other supported coins using the company’s intuitive user interface.

After signing in to your account, a sleekly designed dashboard welcomes you. The top navigation panel has four buttons captioned as accounts, buy, sell, and transfer funds on the home page.

Rain Dashboard

While the account button shows you an account overview, you can use the buy button to purchase digital currencies. Similarly, the sell button enables you to dispose of your position. The fund’s transfer button takes you to the payment page, where you can see all payment options, such as card payments and wire transfers.

Undoubtedly, the crypto exchange’s user interface is pretty straightforward that even a newbie can navigate around conveniently.

How To Open An Account With RAIN Exchange On A Desktop?

Opening an account with Rain on a desktop is pretty straightforward. Please follow the steps listed below;

1) Visit www.rain.bh.com or click the link.

2) On the homepage, click on the open a personal account button.

Personal Account Button

3) Enter your details on the sign-up page, such as your first and last name, password, and email ID, and click on create an account.

Create Account at RAIN

4) Open your inbox and click the link received from RAIN to verify your email address.

Verify Email at Rain

5) Provide your mobile phone number and enter the verification code after receiving it.

6) You need to complete the KYC process before moving further. Provide a copy of your identity card/passport/driver’s license. The exchange also asks you to provide a photocopy of your utility bill or bank statement for address verification.

Complete KYC information in Rain

7) Once done with submitting the required documents, wait for the confirmation email. After having your application approved, you can start buying your favorite crypto asset from the exchange.

How To Buy Cryptos On Desktop At RAIN Exchane

1) Sign in to your account using your login credentials. Please note that you must first fund your account to buy and sell cryptocurrency with Rain.

2) On the dashboard, hover your cursor on the transfer funds button available in the last of the top navigation bar and click on deposits from the bank.

Rain Dashboard

3) Select your base currency account (i-e, USD, BHD, SAR) and add a payment method, such as debit/credit card or bank account for wire transfers.

Select Currency

4) After adding your payment source successfully, enter the amount you wish to deposit and click continue.

5) Authenticate transaction details to complete funds transfers.

6) Click on the buy button, select your desired crypto asset, and click continue.

Enter Amount to Buy

7) Review the transaction details and click confirm to finish the purchase.

8) Wait for the confirmation email containing details of your transaction.

 RAIN Exchange Mobile Trading App (Android & IOS)

Rain offers a smartphone application that allows users to trade cryptocurrencies safely and quickly. The app is available to download from the Apple App Store and the Google Play Store. Rain clients using iPhone and Android smartphones can use the Rain mobile app to buy, sell, and store bitcoin and other cryptocurrencies.

RAIN mobile trading app is pretty easy to use. The trading interface has three sections, including prices, accounts, and settings.

Price

Under the price tab, clients can see the current market prices of the listed coins, such as BTC, LTC, ETH, XRP, LINK, and USDT. Traders can also tap their desired crypto asset to review the price history on a price chart in more detail.

Account

The account section takes clients to the trading panel, where you can place a buy or sell order. This section also allows you to select your preferred account you wish to use while buying cryptocurrencies.

Settings

Finally, the setting tab allows you to do multiple activities. For instance, you can add/remove payment methods, enable/disable email and push notifications or reset your login credentials. Clients can also access reports, including the transaction history of deposits and withdrawals. Getting connected with customer support is also available under the help tab in the setting menu.

Overall, the mobile trading app is way easier to navigate around. Both newbies and professional traders can buy their preferred cryptocurrencies without any inconvenience.

How To Open An Account With RAIN Exchange On Mobile?

Account registration with RAIN using a mobile phone is simple. All you need is to follow the steps listed below.

1) Open the RAIN mobile app on your phone.

Rain Home Mobile App

2) Fill up the registration form by entering your details (i-e, Name, password, email ID) and click on create an account.

Registration at RAIN mobile App

3) Check your inbox and click the link to verify your email ID

 

Verify Email at RAIN App

4) Select your country of residence, enter your mobile phone number and insert the SMS verification code received from RAIN.

Verify phone at RAIN App

5) Access the dashboard and start buying your desired cryptocurrencies.

 How To Buy Cryptos With The RAIN Mobile App?

  1. Open the Rain app on your mobile phone.
  2. Select Buy from the drop-down menu.
    Buy Cryptos With The RAIN Mobile App
  3. Choose a bank account (i-e, USD, AED, BHD).
  4. Choose a Crypto wallet (i-e, BTC, ETH, LTC).
    Choose a Crypto wallet
  5. Click Continue after entering the amount you want to buy.

You can enter the value in either USD (for example, 1000 USD) or BTC (for example, 1000 BTC) (e.g. BTC 0.5). To switch between USD and BTC, you can use the right-hand arrow.

Payments Methods – Deposit & Withdrawal:

RAIN accepts a variety of deposit and withdrawal methods. The available options may differ from country to country. The table below contains information on the payment methods and services accessible in each country listed.

Deposits

Payment methods for Bahrain

Clients can use bank transfers to deposit Bahraini Dinars (BHD) from their BHD bank account into their Rain account.

Fawri or Fawri+ transfers is another method to add funds to your Rain account for local accounts in Bahrain. These transactions are part of the Electronic Funds Transfer System (EFTS), the Kingdom of Bahrain’s core system for controlling and managing fund transfers between banks.

You can buy cryptocurrencies directly with a credit card in addition to financing your account with bank transfers. RAIN supports the following payment gateways:

  •  Visa \ MasterCard
  • K-Net – It is an acronym for Knowledge Network (Kuwait)
  • American Express

Note: You should open a bank account in your name. You’ll need to add your personal bank account information to your Rain account before you can make a transfer.

Please double-check that the name on your Rain account matches the name on your bank account. Rain only accepts transfers from bank accounts with the same name as you used to register.

Also, the crypto exchange does not charge any fees on deposits either. However, the source might charge a fee on international wire transfers. Not to mention, local withdrawals at RAIN are free of cost. However, the company employs a flat rate of SAR 50 or equal on international wire transfers withdrawals. Notably, clients can store their crypto assets with the platform for free, though not recommended.

Payment methods for other supported countries (Saudi Arabia, Oman, Kuwait, UAE, and Turkey)

While the payment method is the same for all the countries, clients can select their local currencies i-e Bahraini Dinar, Saudi Riyal, Emirati Dirham, Kuwaiti Dinar, Omani Rial, besides funding their account in the US Dollar.

Available options include the following.

  • Wire transfers
  • Visa \ MasterCard
  • K-Net
  • American Express

 Limits

Rain employs a tiered-based weekly restriction approach. Limits define how much of a particular activity you can do in a given period. The exchange determines weekly limitations on a rolling basis. Therefore the sum of the previous seven days is calculated every day. There is no set start or finish date.

The total weekly limit for trading (buying and selling): This is the full value of buying and selling you do each week via bank transfers.

Total weekly card buying limit: This is the total amount of money you spend on a debit or credit card in a given week.

Weekly limit for deposits: The amount of fiat currency (BHD, SAR, KWD, AED, OMR, or USD) you can deposit into your account each week is called the weekly deposit limit.

Weekly Tier – 1

Currency Deposit Limits Withdrawal Limits Trading Limits Card Buying Limits
Bahrain Dinar (BHD) BHD 65,000 BHD 65,000 BHD 37,000,000 BHD 1,900
Kuwait Dinar (KWD) KWD 53,000 KWD 53,000 KWD 30,000,000 KWD 1,500
Saudi Riyal (SAR) SAR 650,000 SAR 650,000 SAR 370,000,000 SAR 18000
Omani Riyal OMR 67,000 OMR 67,000 OMR 40,000,000 OMR 1.900
UAE Dirham (AED) AED 650,000 AED 650,000 AED 370,000,000 AED 19,000
US Dollar (USD) USD 175,000 USD 175,000 USD 100,000,000 USD 5000

Weekly Tier – 2

Currency Deposit Limits Withdrawal Limits Trading Limits Card Buying Limits
Bahrain Dinar (BHD) BHD 110,000 BHD 110,000 BHD 37,000,000 BHD 3,800
Kuwait Dinar (KWD) KWD 90,000 KWD 90,000 KWD 30,000,000 KWD 3,000
Saudi Riyal (SAR) SAR 1,100,000 SAR 1,100,000 SAR 370,000,000 SAR 36000
Omani Riyal OMR 1,20,000 OMR 1,20,000 OMR 40,000,000 OMR 3.800
UAE Dirham (AED) AED 1,100,000 AED 1,100,000 AED 370,000,000 AED 38,000
US Dollar (USD) USD 300,000 USD 300,000 USD 100,000,000 USD 10,000

Weekly Tier – 3

Currency Deposit Limits Withdrawal Limits Trading Limits Card Buying Limits
Bahrain Dinar (BHD) BHD 370,000 BHD 370,000 BHD 37,000,000 BHD 3,800
Kuwait Dinar (KWD) KWD 300,000 KWD 300,000 KWD 30,000,000 KWD 3,000
Saudi Riyal (SAR) SAR 3,700,000 SAR 3,700,000 SAR 370,000,000 SAR 36000
Omani Riyal OMR 4,00,000 OMR 4,00,000 OMR 40,000,000 OMR 3.800
UAE Dirham (AED) AED 3,700,000 AED 3,700,000 AED 370,000,000 AED 38,000
US Dollar (USD) USD 1,000,000 USD 1,000,000 USD 100,000,000 USD 10,000

Workings:

You begin with BHD 1,000.

Day 1: You buy for BHD 500. (Transaction A). BHD 500 is now the cap

Day 3: You decide to buy BHD 500 more (Transaction B). Now your limit is 0 BHD and will remain the same until Day 8.

Day 8: 7 days since Transaction A. BHD 500 is the limit now.

7 days have passed since Transaction B. Your limit now resumes to BHD 1000.

Withdrawals

Clients receive the amount sent from their bank account, minus any wire transfer costs when you make an international transfer from their Rain account to the bank account. The transferred amount and what you get might not be the same since different banks charge varying fees.

Make sure to use the same currency as your account’s base currency to avoid extra charges on transferring funds in other currencies. Your bank may be receiving your transfer from RAIN’s bank account through a comparable bank account. As the intermediate bank(s) deduct their fees from the amount, the transfer may lose some of its value.

The weekly limit for withdrawals: This is the maximum amount of fiat currency (BHD, SAR, KWD, AED, OMR, or USD) you can withdraw every week from your account.

Fees:

Rain employs the following fees on withdrawals to cover wire transfer fees. The relevant withdrawal fee for each currency is listed below.

Bahraini Dinar: No withdrawal fees for local transfers

US Dollar: USD 15

Kuwaiti Dinar: KWD 5

Omani Rial: OMR 5

Saudi Riyal: SAR 50

UAE Dirham: AED 50

Education

Because the crypto exchange does not offer any meaningful trading instructions except updating blog posts and a handful of crypto-related articles, learning to trade here is not an option. The company should have a strong educational section for novice and experienced traders.

Beginners should be aware that the comments expressed in various research and education sections are merely expert opinions and do not guarantee trading success. Clients must understand why they are taking a trade and what trading tools they use for trading decisions. For proper commercial judgments, sufficient education is essential.

Customer Support

RAIN features a dedicated FAQs section to assist clients in looking for answers to their problems. Clients type their questions into the provided field, and the bot responds with the most appropriate replies. On the other hand, the corporation also offers round-the-clock customer services via live chat seven days a week. Clients can also follow the company news on social media sites such as Telegram, Twitter, LinkedIn, Facebook, Instagram. However, there is no email address or phone number listed on the company’s website. Therefore, clients must rely on the mediums mentioned above.

RAIN Exchange Reviews online:

What Do Reddit Users Say About Rain?

RAIN is relatively new in the crypto space. Hence, there isn’t much information on Reddit about it. However, we came across a few threads discussing the exchange’s usability. We observed people had a mix of opinions on the productivity of the crypto exchange. While some crypto enthusiasts seemed to appraise the exchange’s simple user interface, others were curious concerning its regulatory status.

Screenshot 17

We also read some negative feedback where people complain that the exchange starts blocking user accounts for no reason, especially when prices of cryptocurrencies surge. In short, people liked the crypto exchange for its simplicity but disliked it for lacking versatility.

What Do Quora Users Say About Rain?

Unfortunately, we couldn’t find anything relevant to the crypto exchange on Quora. Therefore, it is not possible to share the stance of the RAIN.bh stakeholders on Quora.

 Is RAIN Exchange Safe?

RAIN is a secure cryptocurrency exchange since it is a regulated exchange with world-class security protocols. The exchange keeps customers’ cryptocurrency deposits in multi-signature cold storage wallets, with private keys split up and locked in bank safe deposit boxes. The company employs safe SSL web encryption models with a two-step authentication factor to prevent unidentified access to the company’s database. However, the company does not offer funds insurance. Therefore, clients can’t seek compensation for their losses if the crypto exchange goes into liquidation.

RAIN VS eToro

Comparing two equally trusted platforms side by side can be a difficult task to do. However, it is essential to know the key differences to select the best out of them. Below is a quick comparison of two well-reputed crypto platforms, RAIN, and eToro.

 RAIN Exchange

Rain is one of the pioneer crypto exchanges in the Middle East to receive regulatory approval to operate legally in the UAE, Saudi Arabia, and other Middle Eastern nations. Rain’s platform is easy to use and allows users to securely purchase, sell, and trade cryptocurrencies via the website or mobile app.

 eToro

eToro is a well-known multi-asset brokerage firm that lets users buy and sell Bitcoin and other cryptocurrencies, equities, currencies, indices, ETFs, and commodities. The company holds a world-class reputation in terms of security and regulation. eToro is available in nearly every country, including Australia, the United Kingdom, New Zealand, Canada, and the United States.

 Trading fees (RAIN VS eToro):

Rain imposes a fee to buy and sell cryptocurrencies. The company charges 1.5% on the amount transferred via wire transfers and a 4% fee on the transaction amount for card purchases. Notably, BTC and ETH transactions do have dynamic network fees as well.

Although eToro does not charge any fee on trading cryptocurrencies, it employs wide spreads. Wide spreads are equally as harmful as excessive fees for poor trade execution. Not to mention, trading stocks and ETFs on eToro has no commissions, management, or brokerage fees either.

Trading Platforms (RAIN VS eToro):

RAIN doesn’t offer any customizable trading platform. Instead, clients can use the web-based user interface to buy and sell available cryptocurrencies. It also has a mobile application to assist on-the-go clients in trading their favorite crypto assets anywhere, anytime.

eToro is a simple trading interface with intuitive features. The eToro platform is user-friendly, allowing both newbies and experienced traders to explore the available alternatives conveniently. eToro makes it easy to open an account, fund it, and trade. Clients can trade equities, commodities, indices, and other assets alongside cryptocurrencies. Not to mention, the social trading facility is another benefit of signing up with eToro.

Payment Methods (RAIN VS eToro):

RAIN accepts numerous payment methods and allows customers to fund their accounts using multiple currencies (i-e SAR, BHD, USA, etc.). The exchange accepts bank transfers, K-Net, American Express, and credit card payments. The offered payment options may vary depending upon the selected fiat currency. While the crypto exchange doesn’t charge any fees on deposits, it does impose withdrawal charges, as discussed in the Payment Section.

On the other hand, eToro accepts payments via debit cards, credit cards, bank transfers, and electronic wallets (PayPal, Neteller, and Webmoney). While the minimum deposit amount is $200, the minimum amount you can withdraw at eToro is $30.

While it’s critical to compare the two exchanges in all aspects, fees hold significant importance. In this RAIN vs eToro comparison, eToro has the lowest trading charge percentage, while RAIN comes at number second with a fee structure of up to 4%. eToro allows clients to buy their favorite crypto assets up to a specific limit without ID verification. In short, competitive trading fees, intuitive trading platforms, rich product portfolio, and copy trading services make eToro a preferable choice for most traders worldwide.

Other Products

Because the exchange is relatively new, it does not have other products. RAIN only offers a Dashboard on the web and a mobile app at the moment of writing this review. However, this can change in the future and by then they will be added and reviewed.

Conclusion

Overall, Rain is a considerable choice for clients seeking strong regulations, higher purchasing limits, and comprehensive customer support. However, Rain’s fees are not the lowest in the market. Although it has almost every feature an investor needs, it still lacks a competitive product range. Also, there is no research and education section available. The exchange accepts deposits and withdrawals in five fiat currencies in addition to the USD. Despite having a lengthy signing up process, RAIN.BH is a worthwhile option to invest in crypto assets for clients residing in Gulf countries.

Frequently Asked Questions (FAQs)

Overall, Rain Exchange appears to be a fairly trustworthy platform. It has implemented strong security measures, its customer service is responsive and helpful, and it has generally positive user reviews. That said, always do your own research before deciding whether or not to use any given platform.

No, rain crypto is not currently legal in the UAE. The reason for this is because the UAE has a very strict regulatory regime when it comes to financial products and services.

Most people in the crypto world view Rain exchange as a good platform. It has low fees, a wide range of currencies and altcoins, and is one of the most user-friendly exchanges out there.

You can withdraw money from Rain by going to the “Withdraw” page on the website. From there, you’ll need to enter your desired amount and select your preferred payment method. Once you’ve confirmed all the details, your withdrawal will be processed and the funds will be transferred to your account within 24 hours.

First, you need to create an account on the Rain exchange. Once you’ve done that, you’ll be able to deposit any supported cryptocurrency into your account. From there, you can place an order to sell your crypto for Rain. The entire process is designed to be as user-friendly as possible, so you shouldn’t have any problems selling your crypto on Rain.

In order to buy crypto in the Rain exchange, you need to create an account and deposit some funds. Once you have funds deposited, you can search for the coin you want to purchase and then click on “Buy.” You will be prompted to enter the amount of coins you want to purchase and the price per coin. After clicking “Buy,” your order will be placed and it will show up in the “My Orders” section of your account. You can check on the progress of your order by clicking on “Trade History.”

The Rain App is a crypto-based service app meant to help you carry your trading anywhere you go. 

There is no withdrawal fee in rain. However, there may be a fee associated with exchanging rain into another currency. Please check their site for more information.

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