Buy Bitcoin in Saudi Arabia

Bitcoin & Cryptocurrency Trading in Saudi Arabia

Bitcoin is legal in Saudi Arabia and there are no restrictions on individuals purchasing or spending Bitcoin. Banks, on the other hand, are banned from dealing with the cryptocurrency. The Saudi Arabian Monetary Authority has warned against Bitcoin as it is not monitored or supported by any regulatory body. Additionally, concerns have been raised over Bitcoin's role in crypto in crypto-malware such as WannaCry and Petya.⁽²⁾

In October 2022, the Saudi Central Bank (SAMA), that acts as the kingdom's national banking regulator, appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program. It is thought that not only this hire but the creation of the position may indicate a change in the country's approach to cryptocurrencies.⁽³⁾

There are a range of international exchanges such as CoinMama open to Saudi Arabian cryptocurrency enthusiasts, and some polished regional offerings such as BitOasis and Rain, which we will cover below.

One of the easiest ways to buy Bitcoin in Saudi Arabia is through cryptocurrency exchanges. There are several exchanges offering Bitcoin in Saudi Arabia, allowing you to select one based on your requirements and preferences using our list outlined above. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be considered before selecting one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet). If you don't have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.

More Bitcoin Exchanges in Saudi Arabia

BitOasis

BitOasis is a UAE-based exchange that serves customers across the Middle East and North Africa. It is currently available to customers in Saudi Arabia, the UAE, Bahrain, Kuwait, Oman, Jordan, Egypt, and Morocco.

BitOasis has two main interfaces, Core and Pro.

This is the beginner-friendly interface, where you can easily buy and sell Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, and Stellar.

BitOasis Pro is a trading interface. The Pro version allows for advanced order types and gives access to charting tools and BitOasis's orderbooks.

The one fiat currency that BitOasis supports is the UAE Dirham. Users can trade all digital assets against the AED pair, where fees start at 0.5% for taker orders and 0.25% for maker orders. Fees for digital asset pairs (i.e. ETH-BTC) are lower, at 0.1% for maker orders and 0.15% for taker.

You AED balance can be withdrawn to any bank account located in the United Arab Emirates, Saudi Arabia, Kuwait, or Bahrain. Users in Oman may withdraw AED to their account after providing BitOasis with their IBAN number.

Rain

Rain is a cryptocurrency exchange located in Bahrain and licensed and regulated by the Central Bank of Bahrain (CBB) as an approved crypto-asset brokerage.

One reason to consider Rain is the large number of fiat trading pairs it offers. Users can trade with Emirati dirhams (AED), Bahraini dinar (BHD), Kuwaiti dinar (KWD), Omani rial (OMR), Saudi riyal (SAR), and United States dollars (USD).

Fees are high, more comparable to fiat on/off ramp like Coinbase than a trading exchange like Binance or BitOasis. Users pay a 1.5% fee on all transactions funded via bank transfer, and 4% on transactions paid for with a debit or credit card.

Deposits are free, as are fiat currency withdrawals inside Bahrain. Bank transfers outside of Bahrain will incur a 50 SAR flat fee.

Withdrawals of Bitcoin or Ethereum will incur a dynamic network fee, which varies depending on network congestion. Withdrawals of Litecoin and XRP are free.

Exchange Hacks and Crypto Scams in Saudi Arabia

SmartRiyal and CryptoRial

Saudi Arabia's approach to Bitcoin and blockchain is similar to China's: against the former, in favor of the latter. The Kingdom has invested heavily in tech-focused projects, such as the planned smart city and tourism hub of >Neom.

This is part of Saudi Vision 2030, which is a wide-ranging plan to position Saudi Arabia at the forefront of international development as well as to rehabilitate the Kingdom's image to foreign investors.⁽⁴⁾

Neom is located in the far north-west of Saudi Arabia, by the Red Sea near Jordan and Egypt. The city, which will cover a vast area of 26,500 km2 (10,200 sq mi), will be entirely powered by renewable energy. It will also feature technology such as flying cars, robot dinosaurs and a giant artificial moon. Completion of the first stage is expected in 2025.⁽⁵⁾

With these kinds of ambitious goals included in the project, it's perhaps not surprising that someone took advantage of the hype to promote two cryptocurrencies which they claimed were tied to the development of Neom. SmartRiyal and CryptoRial were two cryptocurrencies issued by a Singaporean firm that purported to finance the construction of the smart city.

The Saudi Ministry of Finance warned in August 2019 that the cryptocurrencies were in no way linked to Neom."Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom," the statement continued⁽⁶⁾.

Most mentions of the project seem to be scrubbed from the internet, and CryptoRiyal.io is inaccessible. Yet a cached version of the website shows CryptoRiyal's promoters being remarkably honest even while they fraudulently claim that "CryptoRiyal was created to meet the needs of Neom City, Saudi Arabia's newly constructed metropolis running entirely on renewable energy."⁽⁷⁾

"Financing the city of Neom is the ultimate goal of the project," CryptoRiyal's creators say, "but its execution may prove difficult…"

The token is now not listed on any exchange and is essentially worthless, so the team's initial outlook was not far off the mark.