How to Buy Cryptocurrency in Bahrain
Buying cryptocurrency in Bahrain
Bahrain 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
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 is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options