Oman is a financial centre of the Middle East, and it’s quickly becoming a centre for Bitcoin and other cryptocurrencies in the region. Many popular cryptocurrency exchanges operate in the country, making it relatively straightforward to buy Bitcoin in Oman.
This guide will explore the process of buying Bitcoin in Oman. We’ll highlight the country’s top crypto exchanges, cover all the different purchase methods, and explain everything there is to know about Bitcoin.
How to Buy Bitcoin Oman – Quick Guide
Want to jump straight into learning how to buy Bitcoin in Oman? Here are 4 simple steps to get started.
- Open an account with crypto broker. Head to the website of your chosen broker via the links on this site and create a free account.
- Deposit. Depending on the broker you choose, you will need to deposit at the minimum requirement using one of the site’s approved payment methods.
- Search for Bitcoin. Head to the site’s search function, usually at the top of the page, enter ‘Bitcoin’. Complete the steps on the site.
- Buy. Confirm how much Bitcoin you want to buy and finish off your purchase.
Where to Buy Bitcoin in Oman
Traders and investors have a lot of options when it comes to buying Bitcoin. In this part of our guide, we’ll take a closer look at 6 of the best crypto exchanges in Oman that investors can use to buy Bitcoin in Oman today.
1. Crypto.com – Earn Up to 6% APY Interest on Bitcoin
Crypto.com is another global crypto exchange that’s available to Omani traders and investors. It’s especially suitable for first-time Bitcoin investors because they can invest from as little as $1, or less than $0.40 Omani rial. Crypto.com accepts payments by credit and debit card and bank account transfer.
One of the major advantages to Crypto.com is that users can put their Bitcoin to work while waiting for the price to rise. This exchange offers crypto interest accounts that pay up to 6% APY on Bitcoin. Users must stake their Bitcoin for 3 months and stake CRO, Crypto.com’s native cryptocurrency, to get that rate. However, they can still earn 0.5% APY on their Bitcoin holdings with a flexible staking term and no CRO stake.
This exchange also has its own payment system, called Crypto.com Pay. It makes it easy to use Bitcoin for everyday purchases, even at merchants that don’t normally accept Bitcoin.
Crypto.com boasts extremely low fees for buying Bitcoin, although the fee varies based on market conditions. Users can buy Bitcoin on the go using the Crypto.com mobile app for iOS and Android and store crypto using the exchange’s free crypto wallet.
Cryptoassets are a highly volatile unregulated investment product.
2. Coinbase – Easy to use Crypto Exchange for Beginners
Coinbase is one of the simplest crypto exchanges for first-time Bitcoin investors who simply want to sign up and buy crypto, and don’t need many other features. With Coinbase, all users have to do is enter their debit or credit card details and the amount of Bitcoin they want to buy. The exchange will even hold coins in a custodial account, so users don’t need a crypto wallet.
The drawback to this simplicity is that Coinbase charges higher fees than many other exchanges in Oman. Users at Coinbase will pay up to 4% of their transaction in fees when buying Bitcoin with a credit or debit card.
Coinbase also offers a Bitcoin trading platform called Coinbase Pro. This offers excellent tools for traders, including dozens of built-in technical indicators and charting tools. It also supports price alerts, stop loss orders, and other risk management features. On Coinbase Pro, users can buy and sell Bitcoin starting at a 0.60% fee.
Another thing worth noting about Coinbase is that it allows users to borrow cash using Bitcoin as collateral. There’s no credit check required and users can borrow up to 40% of their total Bitcoin holdings in cash.
Cryptoassets are a highly volatile unregulated investment product.
3. Binance – Best Bitcoin Trading Platform in Oman
Binance offers a comprehensive crypto trading platform that’s ideally suited for advanced Bitcoin traders. It’s packed with customizable drawing tools, technical indicators, alerts, and more to help traders profit off of small changes in the price of Bitcoin. Even better, traders pay low fees starting from just 0.10% per trade.
Binance also offers several trading options that traders won’t find at other Bitcoin exchanges in Oman. In addition to buying Bitcoin outright, the platform lets users trade Bitcoin futures or trade Bitcoin on margin. Binance also offers Bitcoin options and peer-to-peer trading. These are highly risky ways to trade around Bitcoin and should only be used by experienced traders.
For beginners, Binance does offer the option to buy Bitcoin instantly with a credit card, debit card, or bank transfer. However, the platform charges fees up to 4.5%, making it much more expensive than many of its peers in Oman.
Binance offers crypto interest accounts similar to those at Crypto.com The maximum interest rate is 5.0% APY, but this is only available for the first 0.1 BTC. All Bitcoin savings over 0.5 BTC earn interest at a rate of 0.1% APY.
Cryptoassets are a highly volatile unregulated investment product.
4. Paxful – 350 Payment Methods to Buy Bitcoin
Each payment method available at Paxful comes with a different transaction fee and variable caps on how much Bitcoin investors can buy. So, it’s important to pay attention when using this platform to buy Bitcoin. However, it can be a suitable option if investors have value outside of their bank accounts that they want to turn into crypto.
The platform also offers users a free Bitcoin wallet from BitGo, making it easier to safeguard users’ crypto. The only major drawback to Paxful is that the range of cryptocurrencies users can buy and sell is quite limited. Right now, Paxful only supports Bitcoin, Ethereum, and Tether. It’s also worth noting that Paxful does not have any charting or technical analysis tools, so it may not be suitable for short-term Bitcoin traders.
Cryptoassets are a highly volatile unregulated investment product.
5. Rain – Middle East-focused Crypto Exchange
This can be especially nice for beginners in Oman, since the company promises 24/7 customer service in Arabic. In addition, Rain offers simple integrations for many Middle Eastern banks, making it simple to fund an account.
Rain also stands out for its low trading fees to buy Bitcoin in Oman. The platform offers 0% commission on all crypto trades and only charges a bid-ask spread. The spread is variable so it can be hard to know what trading will cost ahead of time, but Rain typically offers competitive rates.
The exchange offers an interface to buy Bitcoin instantly and an advanced charting platform for short-term trading. Users can access Rain on the web or via mobile apps for iOS and Android.
6. BitOasis – Best Middle East Crypto Exchange with Sign Up Bonus
BitOasis offers multiple ways to buy Bitcoin. You can use BitOasis Core to sign up and buy Bitcoin instantly with a credit card or debit card. Alternatively, BitOasis Pro puts a sophisticated trading platform at your fingertips with in-depth risk management and charting tools for spot trading. Finally, an over-the-counter (OTC) exchange enables you to trade coins directly with other crypto traders.
This exchange especially stands out because of its sign up bonus offer for new traders in Oman. Right now, you can get 150 AED (around $40 or 15 Omani rial) just for signing up. Plus, you can get another 500 AED ($136 or 52 Omani rial) when you invite a friend to BitOasis.
Fee Comparison Table
| Bitcoin Exchange | Number of Coins | Credit Card Fee (Instant Buy) | Spot Trading Fees | Crypto Wallet |
| Crypto.com | 250+ | 2.99% | 0.40% | Yes |
| Coinbase | 150+ | 3.99% | 0.60% | Yes |
| Binance | 500+ | 4.5% | 0.10% | Yes |
| Paxful | 3 | 1% | N/A | Yes |
| Rain | 50+ | None (variable spread) | None (variable spread) | No |
| BitOasis | 40+ | 3.99% | 0.48% | No |
Should I Buy Bitcoin?
Whether investors should buy Bitcoin is a personal financial decision. This decision should be based not only on whether investors think Bitcoin’s price is headed up or down, but also the amount of time for which they plan to invest, their tolerance for risk, and their need for portfolio diversification. Bitcoin is a volatile investment and investors need to be ready for large price swings when investing in this cryptocurrency.
With that in mind, there are several potential benefits to investing in Bitcoin in Oman.
Benefits of Buying Bitcoin
Portfolio Diversification
One of the key reasons that many investors decide to invest in Bitcoin in Oman is to diversify their portfolios away from stocks. The price of Bitcoin is only lightly correlated with stocks, which means that Bitcoin may not decline when the stock market is experiencing a downturn.
Of course, there’s no guarantee that Bitcoin and stocks will always move in different directions. In the first half of 2022, the prices of both Bitcoin and stocks fell sharply. So, it’s important for investors to be prepared for downturns even if they use Bitcoin as a diversification tool.
Hedge Against Inflation
Bitcoin and other cryptocurrencies can provide a hedge against inflation in the US dollar, Omani rial, or other government-controlled fiat currencies. Since Bitcoin’s supply isn’t controlled by a central bank, it is free from the economic forces that typically cause inflation in traditional currencies.
That’s not to say there is no inflation in Bitcoin at all, however. As more Bitcoin is minted, there is some inflation in the coin. However, this inflation is not tied to inflation rates of global currencies. The inflation rate is also declining as new Bitcoin becomes more difficult to mint.
Trading Opportunities
Bitcoin’s high volatility can be a positive feature of this cryptocurrency for short-term traders who want to try to profit off of the ups and downs. In general, the more volatility there is in the price of Bitcoin, the more opportunities there are for trading Bitcoin in Oman.
Importantly, Bitcoin is highly liquid, meaning that there is a lot of trading volume in the coin. So traders can buy and sell Bitcoin very quickly, which isn’t always possible for some less-popular altcoins.
Earning Interest
Another benefit for those who want to invest in Bitcoin in Oman is that investors can earn interest on Bitcoin.
Exchanges like Crypto.com offer crypto interest accounts that can earn up to 6% APY – one of the best interest rates around. Investors may have to jump through some hoops, such as staking CRO, to earn these top rates, but anyone can earn 0.5% APY on Bitcoin with no commitments at Crypto.com. That’s still superior to the interest rates offered by many savings accounts in Oman today.
Gateway to More Cryptocurrencies
Bitcoin is often seen as a gateway to the wider world of cryptocurrencies, which can be a good thing for investors as cryptocurrencies in general become more popular and more mature.
Once investors buy Bitcoin in Oman and have a crypto wallet set up, they can readily exchange it to purchase an exciting new altcoin or diversify into other popular cryptocurrencies like Ethereum. Bitcoin can also be used to join new decentralized finance (DeFi) applications.
Ways of Buying Bitcoin
There are many different ways to buy BTC in Oman. We’ll highlight several of the most popular payment methods: PayPal, credit cards, and debit cards.
Buy Bitcoin with PayPal
For investors who want to buy Bitcoin with PayPal in Oman, there are several options. Perhaps the simplest is to buy Bitcoin directly through PayPal’s own cryptocurrency exchange. Investors don’t even have to leave their PayPal accounts to use this approach.
However, there are several drawbacks to using PayPal’s exchange. First, PayPal charges a transaction fee of $2.49 for trades between $75 and $200, which comes out to a minimum fee of 1.25%. That’s not bad, but it’s higher than many other crypto exchanges in Oman. Another issue is that investors cannot move crypto bought on PayPal into a third-party crypto wallet, so there’s no way to take part in DeFi applications with Bitcoin.
The good news is that investors can use PayPal accounts to buy Bitcoin through other crypto exchanges in Oman.
Buy Bitcoin with Credit Card or Debit Card
Many investors want to use a credit card or debit card to buy Bitcoin because it’s convenient. Some credit cards even offer reward points or cashback for buying Bitcoin.
Most major crypto exchanges accept credit and debit cards. However, exchanges in Oman differ widely in how much they’ll charge if they pay with a card. At Coinbase, however, users pay up to 4% in transaction fees when they buy Bitcoin with a credit card. At Binance, the fee can be up to 4.5% depending on how much Bitcoin users purchase.
So, it’s important to be aware of how much it will cost at different exchanges to use a credit card or debit card. At many exchanges, the lowest advertised fees apply only to deposits made by bank transfer.
Bitcoin Price
Investors who have paid any attention to the world of crypto in recent years likely know that the price of Bitcoin has swung wildly up and down. Bitcoin is highly volatile compared to traditional investments like stocks. It’s important for investors to be aware of these price swings and to be ready for whatever comes next.
Bitcoin first launched in 2009, and it wasn’t worth much for several years. As late as 2017, investors could purchase a whole Bitcoin for less than $1,000.
Bitcoin really started to catch on in late 2017, when the price began to climb rapidly enough to grab the attention of financial media and digital-savvy investors. The cryptocurrency started the year at around $900, but then skyrocketed to $20,000 per coin by mid-December.
A small bubble developed around Bitcoin, and the price crashed in 2018. By the end of 2018, the price of Bitcoin had fallen back to $3,700. Still, that represented a nearly 5-fold increase in Bitcoin’s price in a 2-year period.
Bitcoin began climbing again in 2019, breaking above $11,000 before settling into a price range between $7,000 and $9,000 per coin. Bitcoin briefly dropped to $5,000 during the COVID-19 induced market crash in 2020, but that also marked the beginning of the coin’s climb to new heights.
Between October 2020 and February 2021, Bitcoin exploded from $10,500 per coin to more than $56,000 per coin. It repeatedly crossed about $60,000 through March and April 2021, then dipped briefly to $31,500 in June. The dip was short-lived, as Bitcoin crossed above $64,000 for the first time in November 2021.
That all-time high may have represented the peak of Bitcoin’s price for now. Since November, the crypto market has been in free-fall. The price of Bitcoin has fallen below $30,000 in recent weeks, although it is currently trading at $31,558. It’s not yet clear if a durable bottom has formed in the crypto market or in the price of Bitcoin.
Bitcoin Price Prediction
If the wild swings in Bitcoin’s price provide any advice, it’s that predicting when to buy Bitcoin is difficult. Nevertheless, we’ve rounded up analyst opinions and looked closely at Bitcoin’s situation.
Many crypto analysts believe that we are currently headed into a ‘crypto winter’ – a period in which the price of Bitcoin and other cryptocurrencies will be depressed for months or even years. However, many of those same analysts suggest that the cryptocurrency market is in better shape today than it was during the last crypto winter in 2018. There are no major financial institutions invested in cryptocurrency and very few people in finance are questioning whether crypto is here to stay.
That bodes well for Bitcoin in the long run, as it remains by far the largest cryptocurrency by market cap. It’s also the first cryptocurrency that many new crypto investors turn to and remains the most common cryptocurrency used for payments around the world.
In fact, even as investors have fled cryptocurrency during the current downturn, they’ve fled Bitcoin less than most popular altcoins. Bitcoin is still highly risky, but it’s seen as a safe-haven within cryptocurrency by many investors.
For now, analysts are divided on what the near future could hold for Bitcoin. Investment firm Guggenheim’s Chief Investment Officer Scott Minerd recently declared that Bitcoin could drop as low as $8,000 before the crash ends.
On the other hand, analysts at JP Morgan said that Bitcoin could recover to $38,000 by the end of this year. Venture capital investor Tim Draper – who, it should be noted, has a major position in Bitcoin – believes that Bitcoin is an undervalued crypto that could hit $250,000 by the end of 2022.
The wide divergence between these estimates indicates just how much uncertainty there is around Bitcoin’s future. For the average investor, the current crash could represent an opportunity to buy Bitcoin. However, it’s important to remain measured in how investors think about Bitcoin’s dip. They should only invest money they are willing to lose and leave some cash on hand to double down in case the price of Bitcoin falls further.
How to Buy Bitcoin Safely
Scams unfortunately abound in the world of cryptocurrency, but it’s possible to buy BTC in Oman safely. The key is to use a regulated crypto exchange with a strong track record of protecting users’ funds.
Cryptro.com and Binance have comprehensive insurance policies that help protect investors’ funds in the event of a hack or other major loss. Rain is licensed by the Central Bank of Bahrain as a crypto-asset service provider.
Another important thing traders can do to buy Bitcoin in Oman safely is to scale into Bitcoin positions. That means that rather than putting a large sum of money into Bitcoin at once, investors can split up their purchase into a set of 3 or 5 different transactions over a period of several weeks or months. That way, if the price of Bitcoin suddenly falls, investors have cash in reserve to take advantage of the dip or have an opportunity to re-evaluate their investment.
How to Buy Bitcoin in Oman – Tutorial
We’ve explained where to buy Bitcoin in Oman and walked through the potential benefits and price history of Bitcoin. Now, we’ll walk investors through the steps to buy Bitcoin in Oman using our top-rated crypto exchanges on this site.
Step 1: Open an Account
Head to the website of the site you want to use and create a free account. Investors will need to enter their email as well as a username and password to get started. Then they most likely will need to enter their name, phone number, and address.
Regulated brokers comply with Know Your Customer requirements and so require all new users to verify their identity. Users can complete this step by uploading a copy of their passport or driver’s license. Most sites will verify the documents instantly in most cases.
Step 2: Deposit Funds
Broker sites will have a minimum deposit that you need to pay to get started. Choose from the available payment methods for the broker you choose and complete the steps to find your account.
Step 3: Search for Bitcoin
On the homepage of the site you’re using, head to the search bar or search icon. From here, search for “Bitcoin” and click when the option is presented. You should be given some historical pricing information and from here you’ll be able to make your purchase.
Step 4: Buy Bitcoin
Choose between setting a dollar amount you want to invest in Bitcoin, or enter how much Bitcoin or part of a Bitcoin you want to buy. Then, you will need to follow the on-screen instructions to make the trade and add Bitcoin to your portfolio.
How to Sell Bitcoin
Investors can sell Bitcoin through their broker account in nearly the same way they bought it. From the broker site dashboard, search for Bitcoin and look for the options to sell, or navigate to your portfolio where a sell button should be easily accessible.
Choose how much Bitcoin you want to sell, and follow the prompts on the page. Be sure to look at the fees and exchange rate to make sure you’re happy with the price you’re getting.
Conclusion
Bitcoin’s price had fallen dramatically in recent months, creating an opportunity for aggressive investors to buy the dip. While there’s no guarantee that Bitcoin won’t fall further, many analysts agree that Bitcoin is here to stay.