How to Buy Cryptocurrency in Bahrain

Buying cryptocurrency in Bahrain

Buying cryptocurrency in BahrainBahrain has always been big on cryptocurrencies. In fact, they became one of the most crypto-friendly countries in the Middle East thanks to a large number of crypto exchanges and Bitcoin ATMs. There are many crypto exchanges available in the country, which makes it quite easy to buy and trade Bitcoin on a daily basis. On top of that, people in the country can buy Bitcoin via bank transfers and cash deposits as well. Since Bitcoin and other cryptocurrencies are quite popular in Bahrain, many businesses accept them as a valid payment. However, trading them via exchanges is a far more popular use of cryptocurrencies in this country. There are so many new exchanges available nowadays that users must be careful when using them. Back in early 2020, the Central Bank of Bahrain warned the citizens of an unlicensed exchange trying to engage in fraudulent activities. Thus, one must be careful when choosing the right cryptocurrency platform in Bahrain.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Bahrain. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

eToro

An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.

Pros
  • Fully regulated financial institution
  • Free stock and ETF trading
  • Ability to follow expert traders
Cons
  • Fees (spreads) are high
  • Only USD as base currency
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Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Poloniex

Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending

Pros
  • No verification required
  • Low fees
  • Margin trading and lending options
Cons
  • Not regulated
  • No Fiat deposits
  • No US users
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Coinmama

Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.

Pros
  • Receive coins to your wallet instantly.
  • High limits for buying bitcoin
  • Faster customer service
  • High levels of security
Cons
  • No option for trading with other users
  • Higher fees
  • No mobile app
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Bittrex

Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.

Pros
  • Strong security features
  • Faster transaction & withdrawals
  • Compliant with US laws
  • Inexpensive bank card deposits
Cons
  • No leveraged margin trading
  • Intrusive verification process
  • Unexplained closure of account