How to Buy Cryptocurrency in Saudi Arabia

Buying cryptocurrency in Saudi Arabia

Buying cryptocurrency in Saudi ArabiaThe Saudi Arabian Monetary Agency (SAMA) issued a warning regarding the use of Bitcoin because it isnít regulated, monitored or supported by any legitimate financial authority. Furthermore, those dealing in cryptocurrency and engaging in cryptocurrency related activities wonít be guaranteed any form of rights and protection. In other words, individual purchase, spending and trading Bitcoin isnít restricted, but financial institutions are prohibited from handling cryptocurrencies. Saudi Arabiaís 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 banksí 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

Exchanges Info

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

Bybit

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.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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