Cryptocurrency is becoming increasingly popular in Saudi Arabia. Today there are many crypto exchanges in this country that offer investors easy access to digital assets at competitive fees.
But how do you pick the best one to suit your trading needs?
In this guide, we provide an overview of the best crypto exchanges in Saudi Arabia in 2024 – so that investors can make informed decisions and pick the right platform for their needs.
The Top 5 Best Crypto Exchanges in Saudi Arabia
Ready to enter the world of cryptocurrency trading? Here is the list of top cryptocurrency exchanges for investors to consider:
It is important to keep in mind that each exchange has its own unique features and fees, and the best one for a crypto trader may depend on their individual needs and preferences.
The Top Bitcoin Exchanges in Saudi Arabia Reviewed
Looking for the best crypto exchanges in Saudi Arabia can be a daunting task, especially when there is a plethora of options available. A simple list might not suffice to make an informed decision.
Therefore, in this section, we provide comprehensive reviews of the 5 best crypto exchanges in Saudi Arabia.
1. Evest – Overall Best Crypto Exchange in Saudi Arabia
Evest is widely considered one of the best crypto exchanges in Saudi Arabia. This is a multi-asset trading platform that lists a wide range of assets – including stocks, commodities, forex, and of course, cryptocurrencies.
In fact, Evest also has the reputation of being one of the best forex brokers in Saudi Arabia, as it offers traders access to a wide range of currency pairs, including majors, minors, and exotics. While Evest doesn’t offer a stellar selection of cryptocurrencies, it does support the trading of the most prominent digital assets in the market. The list includes Bitcoin, Dashcoin, Ethereum, Ethereum Classic, Litecoin, and others.
So for those looking to buy Dogecoin in Saudi Arabia as well as other meme coins, Evest is one of the most popular options.
Moreover, Evest users also get to trade crypto at a 0% commission. This 0% trading fee is applicable for not only cryptocurrencies but all supported assets. Traders can open an account on Evest within minutes, and that too free of any cost. There are four types of trading accounts on Evest – Silver, Gold, Platinum, and Diamond.
Silver is the basic account – which requires a deposit between $250 – $4,999 (between SAR 950 to SAR 18,750). On the other hand, the Diamond account requires a deposit of at least $50,000 (SAR 190,000). The main difference between these accounts is the spread.
Silver account holders have to pay 3 pips, whereas Diamond users receive a customized spread. Additionally, higher-tier account holders can also benefit from personalized customer service. In terms of fees – Evest doesn’t charge anything for processing deposits. The minimum withdrawal amount is $25 (SAR 95), and when users debit funds from their accounts, a flat fee of $5 (SAR 19) will be charged.
When it comes to its regulatory status, Evest holds licenses from both VFSC and FSCA. It also uses rapid SSL technology, which ensures the privacy of users’ personal data and funds. Additionally, the platform offers 24/7 customer support from Monday to Friday. Their experienced and reliable customer support team is well-versed in crypto trading and offers assistance in both English and Arabic.
Evest can be accessed via the web as well as mobile devices using its proprietary app. The platform also offers a free trading academy and a demo account that helps new users learn about investment strategies. Finally, Evest also allows its users to open Islamic trading accounts, which are 100% interest-free.
Read our detailed Evest review to know more about this platform.
| Number of cryptos | Pricing structure | Fee for buying Bitcoin | Minimum deposit |
| 9 | No Deposit fee, $5 withdrawal fee, 0% commission | 0% + spread | $50 (About SAR 190) |
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2. OKX – Leading Crypto Exchange Offering 350 Digital Assets
OKX is another leading trading platform available in Saudi Arabia that supports a vast selection of cryptocurrencies. The exchange was launched in 2017 and is headquartered in Seychelles. On OKX, users can buy and sell 350+ cryptocurrencies with a competitive fee of 0.10% per slide – and it is also possible to get additional discounts based on trading volumes.
OKX also offers users access to a wide range of crypto derivative markets, such as futures and perpetual swaps. It is also possible to trade cryptocurrencies on margin – with up to 5x leverage. Moreover, Saudi Arabian residents can fund their accounts with their local currency Riyal, using payment methods such as Visa, MasterCard, and Apple Pay.
OKX also has a separate earn division that provides users access to crypto savings accounts and staking. Plus, new users can get their hands on a mystery box worth up to $10,000 (SAR 37,500) after logging in from the OKX app. OKX also places a strong emphasis on security, with measures such as two-factor authentication, cold wallet storage, and SSL encryption to protect users’ assets.
In addition to this, OKX also provides users with a secure digital wallet that allows them to store not only cryptocurrencies but also NFTs. Given these factors, it is evident why OKX has the reputation of being one of the best crypto exchanges in Saudi Arabia.
| Number of cryptos | Pricing structure | Fee for buying Bitcoin | Minimum deposit |
| 350+ | Spot trading starts with a commission of just 0.10%, derivatives begin at 0.05%. | from 0.1% | $0 |
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3. Rain – Buy and Sell Cryptocurrencies at 0% Trading Fees
Rain is one of the best trading platforms in Saudi Arabia that provides services across the Middle East. With a 0% trading fee, bank-grade security, and round-the-clock bi-lingual support, Rain offers a user-friendly and secure trading experience.
The platform lists over 70 cryptocurrencies at 0% trading fees. Interestingly, one of the best features of Rain is its portfolio view. This tool allows traders to see a detailed overview of their investments and make informed decisions about their investments.
Rain also offers a separate Pro trading platform – which is best suited for experienced users. This trading platform comes with trading tools such as charts and multiple order types. Rain also has an OTC desk that offers a personalized service for individuals and institutions looking to buy and sell large orders of digital assets.
Rain takes payment in local currencies via an easy deposit option and by bank transfers. Rain has its official headquarters in Bahrain. And the platform is licensed and regulated by the Central Bank of Bahrain to facilitate cryptocurrency trading in a regulated, secure, and compliant way.
| Number of Cryptos | Pricing structure | Fee for buying Bitcoin | Minimum Deposit |
| 70+ | 0% commission, fixed withdrawal fee of SAR 50 | 0% fee | Not stated |
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4. BitOasis – Access Over 200 Crypto Trading Pairs
Launched in 2015, BitOasis is a crypto exchange that caters to users from 14 countries across the Middle East and North Africa (MENA region). This platform allows users to buy and sell over 60 different digital assets and trade 200+ crypto pairs.
The platform also enables Saudi Arabian residents to make deposits in fiat currencies, such as SAR. BitOasis supports multiple payment methods, and users can fund their accounts with debit/credit cards and bank accounts. While there are no deposit fees for bank transfers, card payments come with a charge of 3.675%.
Like Rain, BitOasis also offers both lite and pro account variations. While the lite version is best for beginners, the pro trading platform features real-time price charts and indicators. The pro platform also follows a maker-taker fee structure that rewards high-volume trading.
In addition to these features, BitOasis offers both Android and iOS apps, making it possible for users to invest and trade on the go.
| Number of Cryptos | Pricing structure | Fee for buying Bitcoin | Minimum Deposit |
| 60+ | 0% trading fees for the lite version, up to 0.10% maker-taker fee for Bitoasis pro | 0% commission | Not stated |
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5. Paxful – Peer-to-Peer Crypto Platform with 350 Payment Methods
Paxful is a peer-to-peer platform that allows users to exchange crypto coins with other traders. Perhaps the biggest advantage of this platform is that it supports over 350 payment methods. This includes e-wallets, debit/credit card transfers, and local bank wires. What’s more, Paxful even allows users to trade gift cards, such as Amazon and Steam Wallet, for Bitcoin.
Bear in mind that when using this platform, users will be trading cryptocurrencies with other Paxful customers rather than via the provider’s order book. This also means that Paxful users are at liberty to quote their own rates for cryptocurrencies. Although Paxful verifies all its users, investors need to be cautious when using this platform.
Moreover, users can also check the feedback and testimonials from other users before executing a trade. Signing up for Paxful also grants users access to a free digital wallet – which allows traders to store their digital assets when using this platform. Apart from Bitcoin, Paxful supports USDC and Tether.
Paxful levies zero fees when buying or selling cryptocurrencies. However, it does charge a fee for processing deposits and withdrawals – which varies depending on the chosen payment method. Users will also have to pay fees when sending and receiving cryptocurrencies using the Paxful wallet.
| Number of Cryptos | Pricing structure | Fee for buying Bitcoin | Minimum Deposit |
| 3 | 0% fee for crypto trades, deposit fee depends on the payment method | 0% trading fee | Not stated |
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How to Choose the Best Cryptocurrency Exchange for You
Choosing the best cryptocurrency exchange requires a lot of research and due diligence. In this section, we will look into the key points to consider in order to find the best crypto exchange in Saudi Arabia.
Regulation
When looking for the best Bitcoin exchange, the first thing to assess is the regulatory status of the chosen provider. It is important to make sure that chosen exchange is properly regulated by an appropriate governing body.
This will ensure that the exchange takes the security of its customers seriously and that it’s transparent in its dealing.
Tradable Cryptos
Investors should also make sure the exchange supports the cryptocurrencies they’re interested in trading. While some of the best crypto exchanges in Saudi Arabia offer users access to hundreds of digital assets, others list only a handful.
Sign-up Offers
Many exchanges offer welcome packages for new users who sign up with them. This may come in the form of bonus coins or discounts on fees. For instance, OKX welcomes new users with a mystery box.
Welcome bonuses can be attractive, and therefore, it is worth keeping an eye out for such offers when choosing a crypto exchange.
Fees
Fees can vary widely from one exchange to another, so it’s important to compare charges before making a decision. Make sure to read through any terms and conditions carefully so that you know exactly what fees apply in each situation.
Tools & Features
Traders should also check out the different trading tools available at exchanges. Some features like margin trading or charting tools might be important for more advanced traders, while a user-friendly interface and educational materials might be more appealing for beginners.
Payment Methods
Depending on where a trader lives, some payment methods may not be available at certain exchanges due to regulatory restrictions or other limitations.
Traders need to make sure to check which payment methods are accessible for them before signing up so that they don’t run into any unexpected issues down the line when making a deposit or withdrawal from their account.
Customer Service
Finally, customer service is incredibly important when it comes to choosing an exchange. It is important to verify if the exchange provides responsive and helpful customer support in case assistance is required.
Investors can check out third-party reviews online or contact the platform directly before signing up to evaluate the quality of customer service offered.
How to Use a Crypto Exchange in Saudi Arabia
Based on our research, Evest is perhaps the best Bitcoin exchange in Saudi Arabia – in terms of fees, customer support, and user interface. Moreover, Evest is also regulated, and it offers a secure and straightforward process for purchasing crypto assets.
Here’s how to buy Bitcoin in Saudi Arabia with Evest in four simple steps.
Step 1: Sign Up for an Account
The first step is to sign up for an account with Evest. Investors can find the ‘Sign up’ button right on the homepage. Upon clicking it, users will be asked to provide their first and last names, email address, and phone number.
The investor will also have to set a password before submitting the sign-up form. Once completed, the trader will receive an email confirmation with further instructions.
Step 2: Verify Your Account
Once an account has been created successfully, the next step is to verify it. To do this, the user will be asked to submit some personal documents such as a national identity card, proof of source of deposit, and address – which will then be verified by Evest’s security team.
Once approved, the trader’s account will be deemed active and ready for use. Evest requires all users to verify their accounts within a maximum of 14 days in order to avoid account limitations.
Step 3: Deposit Funds
Now that account is active and verified, it’s time to fund it. On Evest, traders can deposit using multiple payment methods – such as bank transfers and credit/debit credits.
To do so, simply log into the portal and choose the specific payment method.
Step 4: Buy Cryptos
Once the funds have been deposited, users can begin trading cryptocurrencies on Evest. The exchange supports various digital tokens such as Bitcoin, Ethereum, Ripple, Litecoin, and more.
All traders have to do is select the token and the pair that they wish to buy or sell, along with the amount. Then, click on ‘Invest’ to execute the trade.
Are Crypto Exchanges Legal in Saudi Arabia?
Crypto exchanges are legal in Saudi Arabia, though the country has taken a cautious approach to regulate digital currencies. The government has set up a regulatory framework and strict policies for crypto exchanges.
This includes ensuring that all exchanges have proper Anti Money Laundering (AML) and Know Your Customer (KYC) policies in place. Therefore, crypto traders need to ensure that their chosen exchange is regulated.
Conclusion
In this guide, we took an in-depth look at the best crypto exchanges in Saudi Arabia. We have also included a few tips on how traders can find the best crypto provider that best fits their needs.
Overall, Evest stands out as the overall best crypto exchange in Saudi Arabia – in terms of low fees, flexibility, and comprehensive selection of financial instruments.
On Evest, users can trade cryptocurrencies, stocks, forex, indices, and more – all without having to pay any commission. Furthermore, Evest is also regulated by both VFSC and FSCA. An additional incentive is that Evest offers helpful customer support in English as well as Arabic.