Summary
Cryptocurrency trading is legal in Saudi Arabia, but regulations are evolving. The Saudi Central Bank (SAMA) oversees crypto activities. Popular payment methods include bank transfers and credit cards. The Saudi riyal (SAR) is supported by some exchanges. Key regulatory bodies include SAMA and the Capital Market Authority (CMA). The Fintech Saudi initiative promotes financial technology development. Here are the best crypto exchanges in Saudi Arabia:
Best Crypto Exchanges in Saudi Arabia
This article examines the top crypto exchanges available to Saudi Arabian investors. We’ll focus on platforms that support the Saudi riyal (SAR) and offer suitable payment methods for local users. Key factors include trading fees, supported cryptocurrencies, and compliance with local regulations.
1. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
2. Rain
Users:
1m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
50+
Leverage:
Not Supported
Spot Fees:
0.2%/0.25%
Futures Fees:
Not Supported
Pros
- Licensed and regulated in UAE
- Strong security
- Very user-friendly
- OTC and Business services available
Cons
- Lacks advanced features
- Relatively high trading fees
- No Demo trading offered
- Only 50 cryptocurrencies
Rain Overview
Rain is a cryptocurrency exchange primarily serving the Middle East and North Africa (MENA) region. It supports a variety of popular assets such as Bitcoin, Ethereum, and Ripple, with over 50 cryptocurrencies available for trading. The platform is known for its regulatory compliance, being fully licensed by the Central Bank of Bahrain, which enhances its credibility and security.
Rain offers competitive spot trading fees, with a 0.25% taker fee and a 0.2% maker fee. It also provides over-the-counter (OTC) services for large-volume traders. While it doesn’t offer leverage trading, it caters to both retail and institutional users with a user-friendly interface and mobile app. Majorpros include Rain’s strong security measures, including cold storage and two-factor authentication, as well as its commitment to regulatory transparency.
The platform is fully regulated in the Middle East and licensed by the Central Bank of Bahrain, making Rain one of the most reliable options for traders from the UAE.
3. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
4. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
5. Gate.io
Users:
30m
Free Demo:
Mobile App:
Bonus:
$200
Cryptos:
2100+
Leverage:
150x
Spot Fees:
02%
Futures Fees:
0.015%/0.05%
Pros
- 2100+ supported cryptos
- Very comprehensive crypto exchange
- Copy trading allowed
- 150x leverage
- Fiat deposit methods
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
- Very complicated to use
Gate.io Overview
Gate.io is a true powerhouse for altcoin traders with its massive support for over 2100 cryptocurrencies. If you are an altcoin trader, Gate.io will be your new home.
Founded in 2013, Gate.io has established itself as a trusted name in the crypto industry, serving millions of users across more than 130 countries.
With a wide array of trading options, including spot, futures, options, and decentralized finance (DeFi) products, Gate.io caters to both novice and experienced traders. The exchange supports over 2000 cryptocurrencies and consistently ranks among the top exchanges by trading volume.
Beyond trading, Gate.io offers additional services like staking, lending, and an NFT marketplace. With its user-friendly interface, competitive fees, and commitment to compliance with global regulations, Gate.io continues to be a go-to destination for cryptocurrency enthusiasts worldwide.
Spot trading fees on Gate.io start at 0.2% for makers and takers, while futures fees start at 0.02% for makers and 0.05% for takers.
Is Crypto Legal and Regulated in Saudi Arabia?
Cryptocurrency is legal in Saudi Arabia, but its regulatory landscape is still evolving. The Saudi Central Bank (SAMA) is the primary regulatory body overseeing crypto activities in the country. In 2018, SAMA issued a warning about the risks associated with cryptocurrencies, but it didn’t outright ban their use.
The Capital Market Authority (CMA) has also been involved in shaping crypto regulations. In 2021, the CMA and SAMA launched a Fintech ExPermit program to allow testing of innovative financial products and services, including those related to cryptocurrencies.
Saudi Arabia is part of the Financial Action Task Force (FATF) and follows its guidelines on virtual assets. This means crypto service providers must comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The country is also exploring blockchain technology through initiatives like the Fintech Saudi program, which aims to make Saudi Arabia a leading fintech hub.
Is Crypto Taxable in Saudi Arabia?
As of 2024, Saudi Arabia does not have specific tax laws for cryptocurrencies. The country generally has a zero personal income tax rate for Saudi nationals. However, the lack of explicit crypto tax laws doesn’t mean crypto transactions are entirely tax-free.
The Zakat, Tax and Customs Authority (ZATCA) oversees taxation in Saudi Arabia. While they haven’t issued specific guidance on crypto taxation, profits from crypto trading could potentially be considered under existing tax frameworks. For example, if crypto trading is deemed a business activity, it might be subject to corporate income tax, which ranges from 0% to 20% depending on the entity’s structure and ownership.
Non-resident individuals and entities engaging in crypto activities in Saudi Arabia might be subject to withholding tax, which can be up to 20% on certain types of income. It’s worth noting that Saudi Arabia is part of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, which aims to combat tax avoidance strategies that exploit gaps in tax rules.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Saudi Arabia.
How to Buy Crypto in Saudi Arabia
Buying cryptocurrency in Saudi Arabia has become increasingly accessible. We recommend using Bybit for its user-friendly interface, competitive fees, and compliance with local regulations. Whether you’re interested in Bitcoin, Ethereum, or other altcoins, the process is straightforward.
Here’s a step-by-step guide to buying crypto in Saudi Arabia:
-
- Select a Crypto Exchange: Pick a platform that supports Saudi Riyals (SAR) and offers convenient payment options. Ensure the exchange follows local regulations and has KYC (Know Your Customer) requirements.
- Create an Account and Verify Identity: Register on the exchange and complete the identity verification process by submitting documents like your national ID or passport.
- Deposit Funds: Add SAR to your account through common payment methods such as bank transfers (SARIE), credit cards, or local services like STC Pay.
- Select Cryptocurrency: Choose the cryptocurrency you want to buy, such as Bitcoin (BTC), Ethereum (ETH), or stablecoins like Tether (USDT).
- Execute Trade: Submit a market or limit order to purchase your selected cryptocurrency. Be sure to check the transaction details, including any applicable fees, before confirming.
- Store Funds Securely: After completing your purchase, consider moving your crypto to a secure wallet. You can use the wallet provided by the exchange or transfer your assets to an external wallet for extra protection.
Be mindful of transaction fees, potential withdrawal limits, and stay updated on the latest crypto regulations and tax requirements in Saudi Arabia.
Best Crypto Wallets in Saudi Arabia
Selecting a secure crypto wallet is crucial for Saudi Arabian investors. Hardware wallets offer the highest level of security for long-term storage. Ledger and Trezor are reputable options, providing offline storage for a wide range of cryptocurrencies.
For day-to-day transactions, software wallets offer convenience. Trust Wallet is a popular choice, supporting multiple chains and DeFi applications. Exodus provides a user-friendly interface and built-in exchange features. For Ethereum and ERC-20 tokens, MetaMask is widely used, especially for interacting with decentralized applications (dApps).
When choosing a wallet, consider factors such as supported cryptocurrencies, security features, and ease of use. Many Saudi users opt for wallets that support Arabic language interfaces. It’s also advisable to use wallets that allow easy integration with local exchanges for seamless transactions.
Remember to always follow best practices for wallet security, including using strong passwords, enabling two-factor authentication, and regularly backing up your wallet’s recovery phrase. Be cautious of phishing attempts and only download wallet applications from official sources.
Bottom Line
For Saudi Arabian crypto enthusiasts, selecting the right exchange is crucial. Among the best crypto exchanges in Saudi Arabia, Bybit stands out for its robust security, competitive fees, and extensive crypto offerings. Rain follows closely, providing a localized experience with SAR support and compliance with regional regulations. Both platforms offer user-friendly interfaces and reliable customer support, making them excellent choices for both novice and experienced traders in Saudi Arabia’s evolving crypto landscape.
