Saudi Arabia is a reflection of the duality between a crypto-curious population and the crypto-hesitant authorities. As per a survey by the cryptocurrency exchange KuCoin, there is a high rate of cryptocurrency penetration in Saudi Arabia with about 14% of its adult population having some sort of crypto investments as of May 2022.
On the other hand, the Saudi Arabian Monetary Agency is still hesitant about allowing cryptocurrencies in the country because of their extreme price volatility and anonymous nature.
The country, however, is open to the idea of a government-backed Central Bank Digital Currency(CBDC) which is in line with the Saudi Vision 2030 of reducing Saudi Arabia’s dependence on oil and diversifying its economy.
However, the fact remains that the absence of financial and legal safeguards has not deterred young Saudis from venturing into the crypto world. Recognizing the potential of Saudi Arabia as an emerging market, many cryptocurrency exchanges have started offering their services in the country.
Since sifting through all the available options can be hectic, we have made the task easier for you by compiling a list of the best cryptocurrency exchanges operating in Saudi Arabia.
Top 8 Cryptocurrency Exchanges in Saudi Arabia
Rain
Rain is a cryptocurrency brokerage based in Bahrain. It serves crypto traders across the Middle East including Saudi Arabia. This exchange supports more than 70 cryptocurrencies for buying, selling and swapping. Not only can you buy, sell and swap cryptocurrencies like Bitcoin and Ethereum here but you can also do so at 0% trading fees and with bank-grade security for your assets.
Rain has a very user-friendly interface that both beginners and professionals would appreciate. The exchange supports both English and Arabic so that you can trade comfortably in your language. Rain can be used on any device be it a mobile phone or a desktop. Therefore, you can access and manage your crypto portfolio from anywhere.
Features
✔️Caters mainly to the Middle Eastern market
✔️Over 70 cryptocurrencies available for trading
✔️Exchange is compliant with Shariah norms
✔️Supports Saudi Rial
Pros and Cons
✅No trading fees charged ❌Number of cryptocurrencies available
✅Easy fiat-to-crypto trades is limited
✅KYC-complaint exchange
✅Assets stored in cold wallets
Trading Fees
Rain exchange trading fees
Customer Reviews
Rain helps in building a vibrant crypto community
Trades on Rain may not be actually free
Why We Picked It
Rain is a trusted cryptocurrency exchange catering to traders in the Middle East including Saudi Arabia. It is a simple-to-use exchange that claims to charge no fees for trades or swaps. Rain strictly follows the KYC norms of the areas it operates in and keeps the majority of the user assets in cold wallets.
BitOasis
BitOasis is based out of the UAE and is one of the fastest-growing cryptocurrency exchanges in the Middle East and North Africa(MENA) region. It was developed specifically for the Middle Eastern market and caters primarily to crypto traders in the Arab world.
BitOasis is a secure and reliable platform that offers 60+ cryptocurrencies for buying and selling.
This is a platform that can be used by beginner and advanced traders alike. For new and casual traders, BitOasis Lite is a better option where they can easily buy, sell and swap cryptocurrencies using the Saudi Riyal(SAR).
Advanced traders would like the BitOasis Pro platform with features like real-time price charts and indicators and some highly-liquid orderbooks and competitive trading fees.
Features
✔️Exchange created for the MENA region
✔️More than 60 cryptocurrencies available for trading
✔️Two platforms- BitOasis Lite and BitOasis Pro
Pros and Cons
✅Debit and credit cards supported ❌Lesser cryptocurrencies available
✅Mandatory KYC verification ❌Higher withdrawal fees for
✅Assets kept in cold storage non-UAE traders
✅Supports SAR
Trading Fees
Fees for BitOasis Lite
Fees for BitOasis Pro
Fees for fiat-crypto pairs on BitOasis
Customer Reviews
BitOasis’s strength is its excellent customer service
The verification process on BitOasis can be complex
Why We Picked It
BitOasis has features suitable for both beginner and advanced traders. Anyone can use the BitOasis Lite platform to buy cryptocurrency with bank transfers or debit or credit cards. Meanwhile, BitOasis Pro provides users with more advanced tools for market analysis.
Binance
Binance, the world’s largest cryptocurrency exchange, is also available in Saudi Arabia. It is known for its wide variety of crypto coins and fast transaction speeds. The exchange claims to have the capacity to process over 1.4 million transactions per second.
There is a wide range of cryptocurrencies available on Binance- be it coins like BTC or ETH or gaming coins like AXS and SAND. Apart from that, it also has a native blockchain and token, an NFT marketplace, a research center and an academy for learning resources.
As for the question of security, Binance uses a multisignature scheme and threshold signature scheme(TSS). It complies with all the KYC norms and data is kept encrypted whether in storage or transit. Further, withdrawals are suspended for a minimum of 24-48 hours if suspicious activity is detected.
Features
✔️Over 350 cryptocurrencies available for trading
✔️Largest crypto exchange in the world
✔️Native token is BNB Coin
✔️Multisignature and TSS for security
Pros and Cons
✅Fantastic coin selection ❌Overwhelming for beginners
✅KYC is mandatory ❌Regulatory problems in several
✅Very low trading fees countries
✅Binance Academy for educational
resources
Trading Fees
Fees for trading on Binance
Customer Reviews
Binance is a good exchange for crypto trading
Binance’s customer service is not up to the mark
Why We Picked It
Binance’s strength lies in its terrific cryptocurrency collection. It has everything from the most popular coins to niche gaming tokens. It supports several types of trading and offers many other crypto-related products. KYC verification is mandatory on Binance and it implements all requisite security measures.
Kraken
Kraken was founded in 2011 just before the fall of the Mt.Gox exchange. It moved in to fill the void and today hosts 200+ cryptocurrencies for trading and investing. Not just that, Kraken also offers staking opportunities with some great rewards.
Kraken is known for its excellent collection of educational resources in various formats which includes not only individual cryptocurrency guides but also blogs, videos and a podcast as well.
Besides spot trading, you can also check out margin trading and crypto indices on Kraken. On the security front, Kraken uses SSL encryption for a safe browsing experience and employs 2-factor authentication(2FA) for securing user accounts. Proof of Reserve audits are conducted by external auditors to ensure transparency.
Features
✔️200+ cryptocurrencies available for trading
✔️Two platforms- Kraken and Kraken Pro
✔️Spot, margin and futures trading supported
✔️Externally audited Proof-of-Reserves
Pros and Cons
✅Satisfactory crypto selection ❌Kraken Instant Buy has high fees
✅Fees are low on Kraken Pro ❌Losses due to hacked accounts
✅Assets available for staking
✅2FA and SSL encryption for security
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Users are satisfied with their experience on Kraken
The fees can be costlier than other places on Kraken
Why We Picked It
Kraken supports many order types and gives the opportunity to stake assets or invest in crypto indices. Therefore, it is a good option for intermediate and advanced-level traders. It employs SSL encryption to ensure safe browsing and uses 2FA to secure user accounts.
Coinbase
Coinbase is one of the OGs of the crypto world. Founded way back in 2012, it is now the second-largest cryptocurrency exchange in the world. Additionally, it is also the first major crypto company to go for public listing. Coinbase is listed on the NASDAQ and has to follow the accounting and financial standards prescribed for public companies in America.
Coinbase’s basic or default platform is a great option for newbie crypto traders looking to indulge in basic crypto purchases and sales. To cater to advanced trades, Coinbase has introduced a Pro platform with sophisticated tools and charts. There is also a Coinbase Wallet that can be used for storing cryptocurrencies and NFTs.
Users are automatically enrolled for 2FA on Coinbase and the platform also irreversibly hashes user passwords for account security.
Features
✔️Second largest crypto exchange in the world
✔️More than 250 assets available for trading
✔️Publicly traded company in America
✔️2FA and user passwords hashed for security
Pros and Cons
✅Navigable exchange ❌Charges are high
✅Decent crypto collection ❌High commission for staking assets
✅Self-custody Coinbase wallet
✅Mandatory KYC verification
Trading Fees
Fees for Coinbase exchange
Customer Reviews
Users like Coinbase for the trading experience it provides
Coinbase has high charges which can make trades costly
Why We Picked It
Coinbase is a great choice if you’re just getting started with crypto trading. It has been a trusted exchange for years and adheres to transparency and accountability standards much higher than other crypto exchanges. KYC and 2FA are compulsory on Coinbase and it is one platform that has never been hacked on a large scale.
KuCoin
KuCoin is in a league of its own when it comes to the variety of tradable assets. With 700+ cryptocurrencies, it is miles ahead of other cryptocurrency exchanges in terms of the sheer diversity on display. Hence, you should definitely check out KuCoin if you want to trade on an exchange with more crypto than you can imagine.
KuCoin supports spot as well as margin trading and charges quite low fees for the same. Further, you can also get good discounts on trading fees by paying with KuCoin token(KCS) for transactions. This exchange also features trading bots that can be used to automate trades. In other words, these bots can execute trades on your behalf on KuCoin.
Further, KuCoin’s Halo wallet helps you in discovering the latest market trends by acting as a gateway to Web3. It is more of a social wallet where you can also follow other wallets and keep track of their on-chain activities.
Features
✔️700+ cryptocurrencies available for trading
✔️Supports over 20 languages
✔️Native token is called KuCoin token(KCS)
✔️Halo wallet to access Web3
Pros and Cons
✅Enormous crypto selection ❌Fee structure is complicated
✅Multiple order types supported ❌Glitches in trading bots
✅Bots to automate trades
✅Low trading fees
Trading Fees
Fees for KuCoin exchange
Customer Reviews
KuCoin is liked by users for its massive cryptocurrency collection
KuCoin’s customer service is not very good
Why We Picked It
If you want a cryptocurrency exchange with a wide choice of cryptocurrencies and can largely manage things on your own, KuCoin is perfect for you. There are multiple supported trading types, low trading fees and many advanced features. The Halo wallet is an interesting feature not found anywhere else.
Bybit
Bybit is one of the top cryptocurrency exchanges and has plenty to offer to its users. While it does focus more on derivatives trading, Bybit does not neglect spot traders either. It offers users more than 280 pairs for spot trading on the platform.
On Bybit, you can simply use stablecoins like USDC and USDT as collateral for swapping perpetuals. Similarly, USDC can also be used as collateral for inverse contracts and options contracts as well. Bybit assures users of fast transaction settlements with its 100k TPS matching engine.
The native Bybit wallet acts as your gateway to Web3 and DApps. Further, Bybit uses AI to analyze your profile and then gives personalized recommendations for investment tools that are best suited to your needs and trading style.
Features
✔️280+ pairs available for spot trading
✔️Has system functionality of 99.99%
✔️Offers a VIP program for users
✔️Supports over 16 languages
Pros and Cons
✅Beginner-friendly exchange ❌Derivatives trading can be
✅Lower trading fees extremely risky
✅Advanced analysis tools available
✅Native crypto wallet
Trading Fees
Fees for trading on Bybit
Customer Reviews
Bybit is liked by users for its excellent user interface
Users have had problems with ID verification on Bybit
Why We Picked It
If you want to trade derivatives and want to do so on a secure centralized exchange, Bybit is the place to go. Trades become extremely cheap here as your VIP level goes up and it takes all measures to ensure zero server downtime. Bybit also gives you personalized recommendations for investment tools using AI.
OKX
The cryptocurrency exchange OKX was founded by Star Xu and is based out of Seychelles. It has a decent selection of 400+ cryptocurrencies and a native blockchain called OKX Chain. OKX’s ecosystem is powered by its native token OKB.
Beyond cryptocurrency buying and selling, spot and margin trading are also available on OKX. Further, this exchange also supports derivatives markets. Besides that, the OKX Wallet is compatible with over 40 networks such as Ethereum, Avalanche, and Solana.
On the security front, OKX keeps 95% of the assets in offline cold storage. In a unique step, OKX allows only one withdrawal per cold wallet address in order to reduce the chances of unauthorized withdrawals. Its asset risk reserve fund is worth nearly $700 million and is meant for the protection of user assets. The exchange also gives the option to enable 2FA, anti-phishing code and mobile verification for extra security.
Features
✔️400+ cryptocurrencies available fro trading
✔️OKX Chain is the native blockchain
✔️OKX Wallet compatible with many networks
✔️Cold storage, asset risk reserve fund and 2FA for security
Pros and Cons
✅Trading fees are low ❌Bad customer service
✅Supports many payment ❌Complex fee system
options
✅Educational material
✅Facilitates demo trading
Trading Fees
Trading fees for OKX exchange
Customer Reviews
OKX is an easily navigable platform
OKX’s customer service can be lousy
Why We Picked It
OKX not only supports spot, margin and futures trading but also offers several other blockchain and crypto-related products and services. There are staking opportunities available and it also supports crypto lending. You can also explore Web3 and DApps on OKX and even farm DeFi tokens if you wish to.
Top 2 Decentralized Exchanges in Saudi Arabia
UniSwap
UniSwap was launched in 2018 and as per CoinMarketCap statistics, is now the largest decentralized exchange. Developed with the help of the Ethereum Foundation and other venture capitalists, it is an open-source project that uses the Automated Market Maker(AMM) protocol for the workings of the platform.
The use of AMM automates everything due to the smart contracts detailing everything from the way liquidity pools are to be created and liquidity is to be provided down to the last detail. Another plus point of UniSwap is that it is quite accessible and not as confusing as some other decentralized exchanges.
Since it is a non-custodial platform, UniSwap never asks for access to your funds. The control of your funds and private keys remain in your hands.
Therefore, you can rest assured that even if the UniSwap exchange is ever hacked, your funds would remain safe.
Features
✔️Created on the Ethereum network
✔️Utilizes the AMM protocol
✔️Native token is known as UNI
✔️UNI holders vote on governance proposals
Pros and Cons
✅ERC-20 token swapping ❌Ethereum gas fees are costly
✅Facilitates instant trading
✅Open-source code
✅High liquidity
Trading Fees
Fees for UniSwap exchange
Customer Reviews
UniSwap is a decent decentralized exchange
UniSwap has no mechanism to address customer concerns
Why We Picked It
On UniSwap, you can instantly trade tons of ERC-20 tokens without going through the hassle of registration and KYC verification. All you need is a crypto wallet to trade on UniSwap. It is a highly liquid exchange with a seamless trading experience for the most part. Further, you can also vote on governance proposals related to the platform if you hold the UNI token.
PancakeSwap
Another popular decentralized exchange, PancakeSwap uses the AMM system to run the platform. It is similar to UniSwap in many ways except that PancakeSwap is built on the BNB Chain and so, primarily deals in BEP-20 tokens and not ERC-20 tokens like UniSwap.
PancakeSwap has a “cute” food-based theme and it is completely committed to that. Its native token is known as CAKE and it can be staked in dedicated liquidity pools called syrup pools. It also conducts Initial Farm Offerings(IFOs) where users can get early access to new tokens.
With its v3 update, PancakeSwap has replaced its single 0.25% transaction fee rate with four tiers of 0.01%, 0.05%, 0.25% and 1%. This update also promises to improve capital efficiency and lower the slippage on the platform.
Features
✔️Created on the BNB Chain
✔️Uses the AMM protocol
✔️Native token is known as CAKE
✔️CAKE holders vote on governance proposals
Pros and Cons
✅BEP-20 token swapping ❌No verification of coins
✅Syrup pool to stake CAKE
✅Better capital efficiency
✅No KYC required
Trading Fees
Fees for PancakeSwap exchange
Customer Reviews
PancakeSwap is a fine exchange that is liked by users
PancakeSwap may have low quality coins
Why We Picked It
PancakeSwap is free from the limitations faced by Ethereum-based exchanges. Its food-based theme gives the platform a unique and attractive look which makes trading fun. The fees here are extremely low which is a big plus and you also get to have a voice in PancakeSwap’s governance if you hold the CAKE token.
Is Cryptocurrency Legal in Saudi Arabia?
Like a lot of places, cryptocurrencies are quasi-legal in Saudi Arabia i.e. they are not entirely legal but there are no penalties for trading cryptocurrencies either. Saudi Arabia in general has been reluctant in dealing with cryptocurrencies since they are volatile assets and lack any sort of supervision.
In 2018, banks were prohibited from processing any cryptocurrency-related transactions. They need the approval of the Saudi Arabian Monetary Agency(SAMA) for dealing with cryptocurrencies.
However, there are no outright bans on individuals for trading crypto though there are no financial protections in place for them in case of losses.
However, the country seems to be open to the idea of a cryptocurrency officially backed by the state. In 2019, SAMA announced a collaboration with the United Arab Emirates Central Bank(UAECB) to develop its own cryptocurrency called Aber that could be used for cross-border payments between Saudi Arabia and the UAE.
The Bottom Line
Even though cryptocurrencies are not explicitly legal in Saudi Arabia, crypto trading continues to take place in the country. To cater to the growing crypto community, many cryptocurrency exchanges have entered the Saudi market. All these exchanges have different USPs and different benefits and drawbacks.
It is up to you to research and decide which option is best for your investment needs and goals. However, do take into consideration that in the absence of a proper regulatory framework, you have no legal recourse if things go south. Therefore, do take into consideration the risks before investing in cryptocurrencies.