How to Buy Cryptocurrency in Saudi Arabia
Buying cryptocurrency in Saudi Arabia
The Saudi Arabian Monetary Agency (SAMA) issued a warning regarding the use of Bitcoin because it isn’t regulated, monitored or supported by any legitimate financial authority. Furthermore, those dealing in cryptocurrency and engaging in cryptocurrency related activities won’t be guaranteed any form of rights and protection. In other words, individual purchase, spending and trading Bitcoin isn’t restricted, but financial institutions are prohibited from handling cryptocurrencies. Saudi Arabia’s opinion towards blockchain, however, is extremely enthusiastic. SAMA announced implementation of blockchain technology for the purpose of money transferring in order to deposit part of the liquidity previously announced to be administered into the banking sector. By doing this, SAMA strives to further develop its capabilities, having fast-developing new technologies and keeping up with central banks’ global trends in mind. This progressive move also enables SAMA to continue researching, testing and determining the many benefits of using these technologies in the financial sector.
As of 20/03/2021
These exchanges all accept customers from Saudi Arabia. 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
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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