The cryptocurrency industry has been around for quite a while. We all probably know a lot about it, and by now, it’s all about how to invest in the lucrative market. There are hundreds of crypto coins ranging from Bitcoin, Ethereum, Litecoin, Cardano, Dash, Ripple, and thousands of others. In any case, you can never fall short of crypto coins to add to your portfolio.
However, one thing that could be bothering you is how to buy cryptocurrency in Saudi Arabia. The questions can be as broad as how, where, and why you should buy cryptocurrency in Saudi Arabia, and that’s one reason we present to you our ‘How to Buy Cryptocurrency in Saudi Arabia’ guide.
Our guide details how to buy cryptocurrencies and compares the various platforms for buying crypto coins in Saudi Arabia. Whether you are in Jeddah or the holy city of Makkah, you will be able to acquire digital assets and begin your journey in cryptocurrency.
We also tell you the pros and cons of cryptocurrency and the factors you should consider when buying crypto coins and choosing the ideal platform. Stay with me for a complete insight into cryptocurrency and cryptocurrency buying in Saudi Arabia.
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79.17% of retail cfd accounts lose money
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Begin by finding a reputable cryptocurrency exchange and confirm it provides your preferred crypto coin. For instance, if you want to buy Litecoin, ensure the platform’s list of supported cryptocurrencies includes LTC. Also, check the requirements for registering an account with the exchange and be sure you can meet them.
You acquire cryptocurrency by exchanging your fiat currency for some crypto coins. Therefore, you need to deposit into your new account. Some exchanges will allow you to deposit either fiat currency or another crypto and use it to acquire your preferred coin. For fiat deposits, you will have a range of payment options such as credit/debit cards, eWallets, or bank transfers. Choose your ideal method from the options provided and complete your deposit.
After funding your account, you can buy Bitcoin or any altcoin listed on the exchange instantly. Cryptocurrency exchanges only allow you to buy actual coins and store them in safe wallet storage, but you can only trade crypto derivatives if you choose a brokerage. In any case, select the crypto coin you want or a trading pair and follow the prompts to buy. Your coins will remain on the exchange’s inbuilt wallet, but you can move them to another wallet.
It’s hard to think of buying cryptocurrency and failing to put cryptocurrency exchanges into question. So, what exactly is a cryptocurrency exchange, and why are they so essential?
A cryptocurrency exchange (CE), commonly referred to as digital currency exchange (DCE), is a business website or an online platform that allows customers to trade cryptocurrencies. Most of them allow users to trade digital currencies for fiat money or other digital currencies.
For fiat to crypto trades, the platforms usually support a range of payment methods such as credit/debit cards, PayPal, eWallets, and bank transfers. The range of payment options available for you depends on an individual exchange and whether the payment method in question is acceptable in Saudi Arabia. For instance, PayPal is unavailable in select countries, but Saudi Arabia residents can use the eWallet.
At the time of writing, Coinmarketcap recognizes over 400 cryptocurrency exchanges, most of which are accessible from Saudi Arabia. Whether you live in Jeddah or are just about your normal business in Riyadh, you can access most of these platforms and buy Bitcoin, Ripple, or Litecoin. The platforms differ in types, where the classifications are majorly Centralized exchanges, Decentralized exchanges, and Hybrid exchanges. However, the crypto community will majorly talk of cryptocurrency exchanges and brokerages. Crypto brokerages are still available in Saudi Arabia, although they serve a slightly different purpose to exchanges.
Centralized exchanges are often shortened to CEXes. Primarily, they serve to link cryptocurrency buyers and sellers, but in a centralized manner. Examples of centralized exchanges you can use in Saudi Arabia include Binance, Coinbase, and Gemini. The centralization aspect means that users must trust the platform with their assets, just like the case in conventional banking. Users trust that the platform will hold their assets safely and match their buy and sell orders appropriately. Once users buy some digital coins on the exchange, they can only view the price movements and place orders. The centralized management of assets makes them ideal targets for cybercriminals. While this might sound like a downside, it’s useful to investors who can easily forget their wallet keys.
Decentralized exchanges are the alternatives to the centralization associated with the former exchanges. They cut out the intermediaries and uphold the true intent of cryptocurrency, to create a trustless environment in financial transactions. The fundamental difference between CEX and DEX is that decentralized exchanges eliminate middlemen and function like peer-to-peer exchanges. Transactions happen securely under blockchain technology and automated via smart contracts, and these platforms surely give CEXes a run for their money. Users have full control over their assets, although this comes with a potentially worrying fact. You can easily lose all your assets if you forget your wallet’s private keys.
Both centralized and decentralized exchanges have a share of upsides, and that’s what hybrid exchanges seek to leverage. Simply put, a hybrid platform is a type of exchange that provides users with automated trading systems and conventional intermediaries. They are a new form of cryptocurrency exchanges with the first hybrid platform, Qurrex, launching in 2018.
The cryptocurrency industry is quite wide and provides players with many functionalities. You could use crypto coins to pay for goods and services from merchants at a faster speed and lower cost. However, most of the Saudi Arabian crypto community is up to trade, perhaps due to the potential for unimaginable returns as seen in the past with Bitcoin and other cryptocurrencies. In any case, there are different ways you can go to profit from the industry. However, everything begins from a cryptocurrency exchange or a crypto brokerage. In this section, let’s see how these two platforms differ.
Trading on a cryptocurrency exchange is rather straightforward. Users simply deposit on the platforms to buy, select the coin they want and customize the trade with the desired amount. Once you confirm the purchase, you get real crypto coins in the exchange’s inbuilt wallet or a third-party wallet if you provide one. Also, one can set automatic buy and sell orders at specific points, so you won’t have to keep monitoring price movements.
For cryptocurrency brokerages, the trades are quite different. You will need to deposit to buy, but most do not allow you to buy the real crypto coin. Instead, you only purchase the underlying contract, so no crypto coins are deposited into your wallet. You do not have to place an order based on a coin’s value since brokerages are about margin trading. However, a few exceptions like eToro, allow users to margin trade and buy real coins. To sum it up, brokerages do not allow actual coin purchases but instead avail a variety of other trading tools to support leveraged trades.
Registering an account with an exchange is never a hassle. You only need to provide your email address and then create a unique password. You may need to verify your account by providing some proof in the form of a photo. However, this requirement varies from one exchange to the other, and some could even allow you to proceed with trades anonymously. In any case, the platform asking you to provide some documents shouldn’t be a cause for concern.
For crypto brokerages, the account verification requirements are a little strict. Most of them require customers to undertake a complete Know Your Customer process, although it’s also not complex. You may need to provide anything from a photo of your driver’s license, passport, or government-issued identification card.
If you are an avid follower of the happenings in the crypto space, I bet you might have lost count of the number of reported cryptocurrency exchange hacks. Even industry leaders like Binance have been victims. Of all crypto platforms, exchanges remain quite vulnerable due to the lack of regulation.
The risk is equally high for brokerages, but they tend to guarantee customers some sense of security because they are usually regulated and audited independently. Additionally, brokerages hold customers’ funds in bank accounts and take up insurance schemes that further guarantee asset safety, although there are currently no financial protections on cryptocurrency in Saudi Arabia. Banks must also seek SAMA’s approval before they can start handling the digital assets.
You already know you need to deposit before buying cryptocurrency. Crypto exchanges may allow you to buy with fiat currency, but it is not quite common on these platforms. Most of them require you to make deposits in crypto, which can be quite simple and cheap. The majority will not charge you for crypto deposits. Fiat deposits are characterized by high fees for both payments and withdrawals. Also, you will need to confirm whether the payment option you want to use works in Saudi Arabia. For bank transfers, check whether your local bank has the Saudi Arabian Monetary Authority’s (SAMA) approval and can accept payments from crypto exchanges.
For brokerages, you can comfortably deposit in fiat, and free of charge for that matter. The only cost you might incur is the payment processing company fee, and you can also deposit in crypto. However, withdrawals attract a fee but are usually insignificant compared to what fiat withdrawals cost of exchanges. Commonly used deposit and withdrawal options are credit/debit cards, bank transfers, and eWallets.
Cryptocurrency is legal in Saudi Arabia, and there are plenty of crypto coins dispensing ATMs in the country. You can legally acquire cryptocurrency from the ATMs or explore any of the other cryptocurrency platforms discussed above. Besides, there’s always something to talk about on cryptocurrency. So, how can you invest in cryptocurrency in Saudi Arabia?
If you are looking forward to hassle-free cryptocurrency investment, then buy and hold is your strategy. It’s popularly known as HODL among crypto enthusiasts, which is simply a misspelling of ‘HOLD.’ It’s arguably the simplest cryptocurrency investment strategy as it only involves buying and storing your coins in a wallet for the long term. Investors looking to use this strategy will be better of buying from an exchange rather than a broker. Also, cold wallet storage is preferable as opposed to online wallets.
CFD Trading stands for Contract for Difference Trading. A CFD is a contract between two parties, typically described as “buyer” and “seller”, stipulating that the seller will pay the buyer the difference between the current value of an asset and its price at contract time.
It’s essentially a way to trade on the price movement of an asset without ever having to own the asset itself. This can be a very useful tool for traders who want to avoid taking ownership of certain assets (like crypto), or who want to take advantage of price movements without having to wait until the market moves in their favor.
If you love to spend your days behind the screens and have good analytical skills, this strategy is for you. It is one of the most demanding cryptocurrency trading strategies and a quick way to make or lose money. Ideally, this strategy involves buying digital assets and actively monitoring price movements to sell when the prices are up. You can also sell when prices start to fall and prevent further loss. In general, a trader can close a deal within minutes, hours, or days. However, Day Trading means that traders close their deals by the end of the trading day.
You want to commit your money to a legal asset, so it makes sense to consider the regulation of cryptocurrencies in Saudi Arabia. Notably, there are no laws governing cryptocurrency, although the coins are argued not to comply with Sharia principles. However, authorities are showing interest in liberalizing cryptocurrencies and even introduced the cryptocurrency project, Aber. Project Aber was launched by the central banks of Saudi Arabia and the United Arab Emirates to explore the viability of a single dual-issued digital currency.
It is important to note that even the Saudi Arabi laws do not govern cryptocurrencies, you must ensure you acquire and trade on a platform licensed by reputable agencies overseas.
Whether you are a long-term or short-term investor, you need to have the confidence to trust an exchange or broker with your assets. However, you can only achieve this by partnering with a reputable provider. You can use reviews from seasoned traders or check ratings on review websites and invest with a reputable provider.
Some jurisdictions restrict the use of cryptocurrencies in general, while others restrict specific providers. However, there is nothing to worry about in Saudi Arabia since the government has not issued such restrictions. However, if you plan to use your bank for deposits and withdrawals, check if the institution has the authority to accept cryptocurrency transactions from the platform you intend to use.
It’s not uncommon for a hitch to occur during your normal trading activities. Sometimes, you may need the provider’s assistance, so you need to be sure they will be available to help. Check whether they have adequate customer support and how well they react to customers’ concerns. Reviews will still help you here.
Ripple is one of the latest cryptocurrencies to run into problems on regulation grounds. In response to its case with the Securities and Exchange Commission, some jurisdictions banned the crypto coin. Saudi Arabia is yet to declare any cryptocurrency illegal. Therefore, its always necessary to determine the legality of individual coins before investing in them.
Cryptocurrency platforms accept different fiat currency deposits. For instance, eToro only accepts deposits in USD, meaning you cannot buy cryptocurrency on eToro using Saudi Riyal. You need to pay the currency conversion fee to complete your deposit. Consequently, finding out the supported fiat currency on a platform is necessary to know whether it can serve you. An exchange or brokerage that allows you to buy Bitcoin using Saudi Riyal is preferable.
The Saudi Arabian government does not provide protections on cryptocurrency losses. Therefore, it’s good you create an account and trade with a keen platform to safeguard client deposits. Such platforms guarantee compensation in the event of loss of customers’ assets. Also, carry out background checks on the platform’s security features and a history of security breaches.
Although deposits can be free or minimal on most platforms, it’s good to take a closer look. Some exchanges and brokerages usually have hidden charges and commissions, which one may discover way late. Before settling for an exchange, unearth all associated costs, compare the available platforms, and trade where the lowest costs.
By now, you can choose a cryptocurrency platform and decide the investment strategy you will take. You also faintly understand the various options you can use to buy cryptocurrency on an exchange or brokerage, and it’s time to dive deeper into that. Before we get to buying cryptocurrency, let’s see some of the key reasons you should buy cryptocurrency.
According to statistics, about 1.7 billion adults remain unbanked globally. Financial services remain largely inaccessible to this population due to the massive restrictions by financial institutions. However, cryptocurrency solves the accessibility of financial services altogether by eliminating centralization, making banking services accessible to everyone and from anywhere. Additionally, it provides a cheaper and faster solution for financial transactions.
Going by Bitcoin, Litecoin, Ethereum, and Dash price history, the value of cryptocurrencies will ultimately rise. Therefore, digital assets are a great way to store your wealth and expect it to keep appreciating. Besides, cryptocurrencies are decentralized and are thus free from the government’s inflationary measures.
Cryptocurrencies provide a safe and secure way to hold high-value assets anonymously. Transactions are untraceable, which means your financial transactions remain private. With more privacy comes safety.
As of this writing, there are over 11,000 different cryptocurrencies globally. You can access and buy any of them from Riyadh or any city in Saudi Arabia, meaning you have an inexhaustible list of potential cryptocurrencies to add to your investment portfolio. The coins perform differently in the market, so you can assess the options and choose what appears most promising.
As long as you can safely maintain your private keys, you do not have to entrust your money to third parties. You can always have control of your finances and put them to use at any time and from anywhere.
There are different ways you can go to acquire cryptocurrency. However, exchanges and brokerages remain the most common methods and are probably your stop points once you resolve to invest in this sector. However, there is one thing we are yet to discuss in detail. How do you buy Bitcoin or Ripple from these platforms? Well, it’s never a one-way affair. You can buy cryptocurrency on an exchange or brokerage using credit/debit cards, PayPal, eWallets, bank transfers. The options available vary depending on the platform you use, although brokerages tend to offer more options than exchanges.
As a globally accepted payment method, cards are a convenient way to acquire cryptocurrency. They are accepted on most exchanges and brokerages, although the terms may differ based on the platform. eToro is one of the best places you can start buying crypto with credit/debit cards and enjoy free deposits. The process is straightforward as it’s just like a normal online purchase. Simply go to the eToro official website, click on ‘Deposit Funds,’ and select credit/debit cards as your preferred payment option. However, the minimum deposit amount is set a bit high at $200 for Saudi Arabian residents and other select countries.
PayPal is a widely accepted online payment network and a great way to buy cryptocurrency in Saudi Arabia. Deposits completed almost instantly, and they are free on brokerages like eToro. The minimum deposit is capped at $200 and a maximum of $10,000. The buying process is also straightforward. You only need to have an active PayPal account with some funds, then proceed to your preferred cryptocurrency platforms and choose PayPal as your deposit method. From there, follow the prompts to complete the purchase.
The minimum deposit for eToro is $200 in Saudi Arabia, but a trader can trade with any amount they wish. eWallets are accessible from almost everywhere and are accepted on most cryptocurrency exchanges and brokerages. Once you choose your preferred exchange, proceed to deposits and select eWallets. Skrill and Neteller are the most popular eWallets available on most exchanges and leading brokers like eToro.
You can buy cryptocurrency via a bank transfer, although the method comes with a few drawbacks. First, deposits take longer to complete compared to other payment options that are almost instantaneous. It takes between 3 and 7 business days. Also, the method is a little expensive, plus the minimum deposit is higher at $500. Buying crypto after making a deposit via bank transfer is also simple; select the method from the payment options your cryptocurrency exchange or broker provides and proceed with the prompts.
Not all cryptocurrency platforms support anonymous purchases, but you can buy anonymously on a broker like eToro. Anonymous purchase means there is no KYC required but comes with restrictions. For instance, you can only make limited deposit amounts and trades depending on the platform you use.
The amount you spend on buying cryptocurrency depends on several factors, so it’s difficult to state the exact sum of money required to start trading. First, there are thousands of crypto coins, all with varying prices. Therefore, the amount of money that one would need to acquire 2BTC differs from the amount that 2 ETH would need and all other cryptocurrencies.
Second, cryptocurrency platforms have differing minimum deposit requirements. If you want to trade on eToro, the minimum you need to deposit is $200, while if you choose Capital.com, you can deposit as low as $20. It means you will need more to trade on eToro than you would if you choose Capital.com. Trading platforms also charge various fees and commissions which will be more on some and less or even none on others.
Third, there are different ways of cryptocurrency trading, and some options allow you to trade with little capital. For instance, brokerages support margin trades which require less capital compared to real coin trades.
Finally, the volatility of the cryptocurrency industry makes it difficult to determine how much it will cost to buy a particular coin at a certain time.
There has never been a better time to buy cryptocurrency in Saudi Arabia than now. Unlike the cryptocurrency industry’s early days when digital assets and blockchain technology were a hard nut to crack, the world now understands blockchain and cryptocurrency and their value.
Today, you can access and own cryptocurrencies within minutes and even start trading. Additionally, more trading options have come up to the point that you don’t need to own some crypto coins to start trading. You can acquire some BTC and start trading or choose to trade in Bitcoin derivatives, whereby you trade without owning any BTC. CFDs are the most common form of cryptocurrency derivatives. Instead of buying the actual coin, you purchase the underlying contract and profit from speculating on the price movements of the actual coin. Other forms of the trade include Futures contracts and Trusts. Futures contracts are usually agreements to buy or sell a cryptocurrency at a predetermined future date at an agreed price. Trusts can hold cryptocurrency and allow investors to trade shares via brokerages and retirement accounts.
Actual coins are usually available on cryptocurrency exchanges, while CFDs are strictly on brokerages. However, some exceptional brokers like eToro will allow you to trade in both the actual coin and CFDs. Futures contracts are also available on exchanges and Trusts on brokers.
Licensed by the Vanuatu Financial Services Commission, Evest is a leading foreign exchange broker that allows you to trade CFDs at zero commission. It aims to leverage the best trading tools, instruments, and partnerships to provide users with factual and reliable market data. Users get unmatched simplicity and flexibility in trading compared with other cryptocurrency brokers. Whether you are a new or experienced trader, you will enjoy a completely smooth experience. The platform offers you a host of trading instruments including popular cryptocurrencies like
Users get a range of platforms to choose from, including a Trading app, Metatrader 5, Mobile Trading, and Web Trading. In addition, users have access to a range of payment options, including Skrill, Neteller, Wire transfer, Maestro, Mastercard, American Express, and Electron.
As of this writing, Evest has no pending litigation in Saudi Arabia or any other jurisdiction. Traders can sign up with the platform with confidence and expect 100% unparalleled customer support. The platform’s customer service team provides assistance in English language and Arabic, and they are available 24/7.
79.17% of retail cfd accounts lose money
Capital.com is a leading cryptocurrency broker that allows you to test its efficacy through a demo account before signing up. The broker uses AI technology to provide a smart trading platform that has been live since 2016. The platform is quite customer-oriented, with a stand-out feature, the negative balance protection, that safeguards users from large-scale losses. It provides three different accounts, Standard, Premier, and Plus accounts. You can choose and trade with any, although they come with slightly distinct features. You will love its customer support in 24 different languages, and the team is always ready to respond to queries.
The platform is safe to use and licensed by various multinational agencies like the Financial Conduct Authority, The Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission. Capital.com has no pending litigation at the moment, so you can confidently sign up and speculate on any of its popular trading pairs like
Visit our Capital.com full review page for the full list of the crypto coins available on the brokerage.
Noteworthy features that set the broker apart are its tight spreads, zero commission, and low minimum deposits that start at $20. You will have a range of options for deposits and withdrawal, including cards, Apple Pay, Trustly, and eWallets.
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Launched in 2015, Uphold is one of the leading cryptocurrency exchanges that list crypto coins, commodities, currencies, and stocks. You can sign up and buy dozens of cryptocurrencies, including but not limited to:
Getting started on the exchange is quite straightforward, and the platform is an ideal match even for individuals with no prior cryptocurrency trading experience. One of the great features that set it apart is the customizable tile desktop. After creating your trading account, you receive a customized tile desktop platform that is further customizable to suit individual needs. Their customer support is always available and can be reached via email or social media.
Users can trade cryptocurrencies directly using their bank accounts or credit/debit cards with 0% commission. However, credit card payments attract a 3.99% fee.
90% of Uphold’s funds are held in cold storage, plus the exchange has an insurance policy for assets held on the exchange. The platform has no pending cases or previous run-ins with regulators, so it is safe to trade any of its over 60 listed cryptocurrencies.
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eToro is a social and copy cryptocurrency trading platform launched in 2007. The platform mainly stands out for being a cryptocurrency brokerage that allows users to trade in cryptocurrency CFDs and actual coins. The platform has a host of supported cryptocurrencies and crosses, including:
|Bitcoin (BTC)||TRX (Tron)||MANA (Decentraland)|
|Ethereum (ETH)||ZEC (ZCASH)||ENJ (Enjin)|
|Bitcoin Cash||BNB (Binance Coin)||BAT (Basic Attention Token)|
|XRP (Ripple)||XTZ (Tezos)||MATIC (Polygon)|
|Dash||MKR (Maker)||FLR (Spark)|
|Litecoin (LTC)||COMP (Compound)||SHIBxM (Shiba in Millions)|
|Ethereum Classic||LINK (Chainlink)||BTC EUR (Bitcoin/Euro)|
|Cardano (ADA)||UNI (Uniswap)||ETH GBP (Ethereum/Pound)|
|MIOTA (IOTA)||YFI (Yearn. finance)||BTC GBP (Bitcoin/Pound)|
|XLM (Stellar)||DOGE (Dogecoin)||EOS GBP (EOS/Pound)|
|EOS||AAVE (Aave)||XRP GBP (Ripple/Pound)|
|NEO||ALGO (Algorand)||ETH JPY (Ethereum/Japanese Yen)|
It is a legitimate cryptocurrency broker with the registration of the Financial Conduct Authority and issued with a cross-border license. eToro has a reputation for providing social and copy trading tools at a low cost while guaranteeing asset security. Users get an on-chain wallet once they sign up for the platform, and the wallet can support a range of crypto assets. Typically, most spreads on the brokerage range between 1.9% and 2,.9%. The platform is yet to face any run-ins with authorities across its supported countries.
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Coinmama is an instant-buy cryptocurrency platform that started in 2013. It provides limited cryptocurrencies, which include:
For you to buy cryptocurrency on Coinmama, you will need to create and verify your account. The account verification can happen up to different levels, and the minimum deposit amount will depend on the level to which you verify your account. The deposit methods vary and include cards, eWallets, PayPal, and bank transfers. You also need to provide a wallet address to which Coinmama deposits your purchased coins instantly. You will be charged a 5.5% trading fee. It is a kind of a unique cryptocurrency exchange since it does not support crypto derivatives trading, although it still has a few distinguishing features from normal exchanges. For instance, it does not provide price charts, neither does it hold any customer funds or provide a wallet. It, however, does have an excellent customer service team. Coinmama does not have any pending litigation or run-ins with authorities in any jurisdiction. It is a reputable platform on which you can sign up and access about ten major cryptocurrencies.
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Rain is a reputable cryptocurrency exchange that serves the Middle East’s major financial hubs, including Saudi Arabia. The platform allows users to buy cryptocurrency using five different fiat currencies to serve over 50 countries besides Saudi Arabia. It is a safe cryptocurrency trading platform and the first to get licensed in the Middle East.
Saudi Arabian residents can comfortably create their account with Rain by visiting the exchange’s homepage and opening a personal account. All you need to do is provide an email and phone number and proceed to confirm them. After that, you need to verify your account. Note that the verification process on Rain is comprehensive and lengthy. You will need to submit verification documents, including your passport, driving license, proof of address, and/or bank statements. Once your account is fully verified, you can link a payment method like cards or bank accounts. Trades on rain attract a fee of 1.5%, while withdrawals in Saudi Riyal cost SAR 50.
You can confidently trade cryptocurrency on this Central Bank of Bahrain regulated and licensed cryptocurrency exchange. Some of the major coins on Rain include
Peer-to-peer trading platforms are great alternatives to crypto exchanges and brokerages. They are usually decentralized and highly secure platforms that directly link cryptocurrency buyers and sellers, eliminating intermediaries. The parties to the transaction do not have to trust the platforms to hold their assets since they send and receive funds directly from their wallet addresses.
Initial Coin Offerings are probably the first-ever means of acquiring cryptocurrency. Companies that aim to launch a new cryptocurrency conduct a fundraising event, the ICO, to solicit money to fund the upcoming project. Investors who contribute to the ICO later receive the new coin once it launches. There is no law banning ICOs in Saudi Arabia, so investors can channel their money on them and receive coins without going through an exchange or broker. However, ICO scams are not new in the crypto space, so it’s good to do your due diligence before committing money to an ICO.
Bitcoin is the most popular cryptocurrency and one that is easily available on ATMs. There are plenty of cryptocurrency ATMs spread across Saudi Arabia, and they can be a great way to acquire crypto coins. All you need is to locate an ATM near you, possibly using a mapping service, and walk to it. Most of them indicate the crypto coins they dispense, so confirm whether the coin you want is available. Also, you need to have a crypto wallet ready for you to scan the address. From there, feed the ATM with the fiat currency for the number of coins you want. Your crypto assets get deposited to the wallet address you provide instantly.
Trading crypto signals simply involves executing trades based on ideas from expert traders. The idea can be to buy or sell a particular coin at a specific time or price, depending on industry news, market trends, and technical analysis reports.
For many cryptocurrency investors, digital assets are purely trading instruments with no meaningful use beyond that. It is the case perhaps because cryptocurrencies are yet to get fully into the mainstream in Saudi Arabia in terms of their use in daily transactions. However, there is much more that one can do with a stack of Bitcoin or other digital assets. Here are some of the things you can do with crypto coins in Saudi Arabia.
Many charitable organizations within Saudi Arabia could use your help. Since cryptocurrencies are legal in the country, you could send your contribution to such organizations in crypto.
Online content creation is one of the many income-generating activities done today in most countries. Comedians and other artists post entertaining content, and some of them request support on various projects. With the advent of cryptocurrencies, most of them will gladly accept your support in the form of crypto coins.
Though not quite widespread in Saudi Arabia at the moment, you can use cryptocurrencies to pay for goods or services. Many merchants, including international e-commerce businesses, accept cryptocurrency payments, so you could use your stack of Bitcoin or Ethereum to order some goods.
Most of the questions posted on Reddit focus on the legality of cryptocurrency and where investors can acquire them. In one of the posts, the user directly asks whether buying cryptocurrency is legal in Saudi Arabia. In a separate post by another user, the Redditor claims to have money and seeks advice on where to buy some Bitcoin.
From these posts, it is right to conclude there are pro-cryptocurrency individuals in Saudi Arabia. The state is yet to go clear in terms of cryptocurrency regulation in the country. However, cryptocurrency enthusiasts can acquire and trade cryptocurrencies on platforms like eToro and Rain in Saudi Arabia.
Like the Redditors, Quora users also seem to be concerned over the legality of cryptocurrency activities in Saudi Arabia. The questions posed are just similar to what Redditors ask. One user posts, ‘Is cryptocurrency trading banned in Saudi Arabia? If anyone is involved in trading cryptocurrency in Saudi Arabia, what do the authorities give as punishment? Other users also express their concerns, asking how to buy Ethereum and how to buy Bitcoin in Saudi Arabia.
Their sentiments reveal the uncertainties surrounding the Saudi Arabian cryptocurrency community that seems to be cautious about operating within state laws. The lack of clear regulation on cryptocurrency does not make cryptocurrency and cryptocurrency trading activities illegal in the country.
The cryptocurrency industry making news headlines is no longer a new thing. Every avid follower or crypto enthusiast knows just how much great potential the industry has. Seasoned investors in industries like real estate and securities found a new and much easier way to invest and secure their wealth, although it still carries a high risk, like any other investment.
If you have been watching the space from a distance, probably from the holy city of Madinah or other Saudi Arabian territories, we prepared your ideal guide to join crypto investors.
Our guide includes everything you need to know to start trading cryptocurrency in Saudi Arabia, including the different strategies you can use. We also included the top platforms any Saudi Arabian can use to acquire cryptocurrency today and other ways to use your digital coins besides trading on exchanges and brokerages. Therefore, if you read through our guide to this point, you are well-equipped to start your cryptocurrency journey.
Yes. There is no law prohibiting cryptocurrency trading in Saudi Arabia. You only need to find a reputable cryptocurrency platform like the ones we listed in our guide.
You can buy Bitcoin and any other crypto coin by following these three steps:
Yes. Saudi Arabia is home to many cryptocurrency ATMs.
You can buy cryptocurrency via any of our listed cryptocurrency platforms in our ‘how to Buy Cryptocurrency in Saudi Arabia’ guide. Our list of factors to consider when choosing an exchange will also be useful in choosing your ideal platform.
There are no specific tax laws set in Saudi Arabia at the moment.