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Buy Bitcoin (BTC) in Saudi Arabia with SAR with Lowest Fees
Buy Bitcoin (BTC) in Saudi Arabia with SAR with Lowest Fees
Finding a secure and efficient gateway to the world of cryptocurrencies in Saudi Arabia can be a daunting task, but with Changelly, all your struggles are over. The leading cryptocurrency exchange in the Middle East, Changelly does understand the importance of safe and swift transactions. That's why we offer instant processing times for buying and selling Bitcoin (BTC), as well as other 500+ digital assets for the Saudi Riyal.
With our extremely low trading fees, you always get the best value for your money. Our crypto exchange platform offers institution-grade security techniques to ensure your transactions are protected at all times. Our team of experts works around the clock to monitor and update our security protocols, providing you with peace of mind when it comes to your crypto assets. When you want to buy Bitcoin, Bitcoin Cash, Binance Coin, or any other popular virtual currency in a secure and cost-effective manner in Saudi Arabia, Changelly is the choice that is never wrong.
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updated at 08:49How to buy Bitcoin in 5 easy steps
Set your purchase pair
Select the crypto you’d like to purchase. Next, choose the local currency you want to buy crypto with and your country of residence. Compare the best offers and choose the one that suits you most.
Provide your crypto wallet address
Enter your crypto wallet address in the required field. Double-check your unique crypto wallet address to make sure it is correct.
Verify your identity
Verify your identity with the provider you've chosen to buy crypto with. This is the best way to make sure that the payment information is only yours.
Confirm your payment
Confirm your payment and have your purchased cryptocurrency delivered to your crypto wallet in several minutes.
Welcome your crypto
As soon as the payment goes through, your coins will be credited to your wallet address.
Payment methods to buy Bitcoin
Bank transfer
A bank transfer is a secure option to buy cryptocurrency, especially if you are thinking of purchasing large amounts of virtual currency. Keep in mind that bank transfers may take a little longer, and fees may vary.
Apple Pay and Google Pay
Apple Pay and Google Pay are the quickest ways to buy BTC with a credit or a debit card from your iOS or Android device.
Credit or Debit Card
Credit or debit card payment is one of the effortless ways to buy BTC and other cryptocurrencies in a fast and secure manner. With Changelly, you can use a Visa or a Mastercard credit card issued in your local currency.
Buy Bitcoin Without Any Hassle
Purchase your crypto with any payment method that suits you best. Start buying with as little as 30 USD or your local currency equivalent.
Why buy Bitcoin on Changelly?
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We take a comprehensive security approach to ensure your crypto investments and identity are safe. We provide quick crypto purchases to more than 2.6 million users every month.
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Got any questions? We've got all the answers. Changelly offers personal support to each and every user. We are here to help you 24/7 with any challenges that you might face using our services.
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Get any of the 500+ supported cryptocurrencies in mere minutes with just a few clicks and at the best rates on the market.
All premium offers in one spot
We aggregate crypto offers from a variety of fiat payment providers so that you can always find the very best one.
FAQ
How is the Price of Bitcoin Determined?
The Bitcoin price is determined by a variety of factors, including supply and demand, market sentiment, and overall adoption and usage of the cryptocurrency.
Like any other asset, Bitcoin’s price can be affected by global economic conditions, geopolitical events, and changes in regulatory policy.
The limited supply of Bitcoin – there will only ever be 21 million Bitcoins in existence – means that the price can be influenced by supply-side factors, such as mining difficulty and block rewards. However, the decentralized and borderless nature of Bitcoin indicates that its price is largely influenced by market forces, with buyers and sellers around the world exchanging Bitcoin for fiat currencies or other digital assets.
Ultimately, the price of Bitcoin is determined by the collective actions and beliefs of millions of individuals and organizations, making it a highly dynamic and often unpredictable asset class.
Can I Buy Less Than 1 Bitcoin?
Yes, you can buy less than 1 Bitcoin. Bitcoin is a highly divisible digital currency, which means that you can purchase and hold small fractions of a Bitcoin. For instance, you can buy 0.01 Bitcoin or even less than that. However, the minimum purchase requirements may vary depending on the trading platform you use. Some platforms may allow you to purchase as little as $1 worth of Bitcoin, while others may necessitate a minimum investment of $10 or more. It's essential to research the trading platform's requirements before making any investment decisions.
One smart strategy for investing small sums of money in Bitcoin is dollar-cost averaging. This strategy involves investing affordable amounts of money at regular intervals, regardless of the Bitcoin’s current market price. The idea behind this approach is to avoid trying to time the market, which can be challenging and risky. Instead, you invest a fixed amount of fiat every week, month or quarter, and you benefit from buying more Bitcoin when the price is low and less Bitcoin when the price is high.
Where to Store Your Bitcoins?
After purchasing crypto, it's important to keep Bitcoin safe in a secure personal wallet. A crypto wallet is a hardware or software tool that does not literally hold the crypto coins, but contains your private keys – secret passwords that allow you to access your Bitcoin blockchain address (where your digital assets actually reside) and initiate transfers. Here are different types of Bitcoin wallets and their features you may consider.
Hardware Wallets
A hardware wallet is a physical device that stores your private keys offline. Such products offer the highest level of security, as they cannot be hacked or infected with malware.
Desktop Wallets
Desktop crypto wallets are software applications that can be downloaded and installed on your computer. They offer convenient access to your Bitcoins and are easy to use.
Mobile Wallets
Mobile wallets are apps that can be downloaded and installed on your smartphone. They offer the convenience of accessing your Bitcoins on-the-go.
Web Wallets
Web wallets are online wallets that can be accessed through a web browser. Such Bitcoin wallets offer convenience, as you can access your coins from any device with an internet connection. However, they are considered less secure than hardware and desktop wallets as they are more vulnerable to hacking.
Paper Wallets
Paper wallets are physical copies of your private keys printed on paper. They offer the highest level of security as they cannot be hacked or infected with malware. However, they require a bit of technical know-how to set up and may be inconvenient to use.
Choosing the right Bitcoin wallet depends on your needs and preferences. If security is your top priority, a hardware or paper wallet may be the best choice. If convenience is more important, a mobile or web wallet may be the way to go.
Another key consideration when choosing a Bitcoin wallet is whether to use a hot storage or cold storage product. Hot storage wallets are connected to the internet and therefore, more vulnerable to hacking and cyber attacks. Examples of hot storage wallets include mobile and web wallets. Cold storage wallets are offline and physically disconnected from any network. They offer the highest level of security but may be less convenient to access. Examples of cold storage wallets include hardware and paper wallets. You want to weigh the pros and cons of each type of wallet and pick one that best suits your needs and risk tolerance.
Which Bitcoin Wallet Can I Use?
Selecting the right Bitcoin wallet is crucial for safekeeping your crypto currency. While there are many options available, it is best to choose a wallet that offers advanced security features like two-factor authentication, backup options, and support for multiple currencies. The brands mentioned below are some of the most trusted and reputable in the market, but it is always important to do your own research before choosing a wallet that fits your needs.
- Ledger. As one of the most well-known and trusted hardware wallet manufacturers in the market, Ledger offers a range of products that cater to different needs. Their wallets offer advanced security features like two-factor authentication, PIN codes, and backup options.
- Trezor. Trezor is another popular hardware wallet brand that has been around since 2014. Their wallets are known for their ease of use and security features like PIN codes and recovery seed phrases. Trezor wallets are also compatible with a wide range of cryptocurrencies.
- Exodus. Exodus is a software wallet that is known for its sleek design and user-friendly interface. It supports over 100 cryptocurrencies and allows users to exchange between them within the wallet. Exodus also offers backup options like seed phrases and password protection.
- Electrum. Electrum is a software wallet that has been around since 2011. It is known for its advanced security features like two-factor authentication, multi-signature support, and seed phrase backup options. Electrum is also compatible with hardware wallets like Ledger and Trezor.
- Coinbase. Coinbase is one of the largest virtual asset exchange companies in the world, but it also offers a software wallet for its users. Coinbase wallets offer features like two-factor authentication, backup options, and the ability to buy and sell cryptocurrencies within the wallet.
- Mycelium. Mycelium is a mobile wallet that has been around since 2013. It is known for its advanced security features like PIN codes, backup options, and support for hardware wallets like Ledger and Trezor. Mycelium also offers a range of features like local trading and support for multiple cryptocurrencies.
- Trust Wallet. It is a reputable and secure mobile wallet that allows users to store their Bitcoin and other cryptocurrencies. It offers a simple and intuitive interface, making it easy for beginners to get started with. Trust Wallet also has a built-in decentralized exchange, so users can swap their cryptocurrencies directly within the app.
Got any questions about the BTC purchase on Changelly?
We tried to gather all the necessary information about the BTC purchase on this page. Yet, the crypto world can be darned confounded. If you still have questions, check out the FAQ page or contact our support team 24/7.
Keep your Bitcoin safe and sound
If you are searching for the best cryptocurrency wallets for your favorite coins, look no further! Whether you are a crypto pro or just starting out, these wallets might be a good option for crypto storage.
Integrating Changelly services into Trezor Wallet's exchange has been a great success for all parties, especially the users. Working with Changelly is a pleasure, thanks to their professional and courteous approach.
Changelly is the best option for users to access the most cost-savvy rates
With Changelly's stellar team, we have developed a unique system to ensure exchanges are fulfilled in the fastest possible time and with immediate customer support.
We are thrilled to partner with Changelly to provide an exceptional trading experience: anytime, anywhere - in a few simple taps!
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Is It Legal To Buy Bitcoin in Saudi Arabia?
The Kingdom of Saudi Arabia (KSA) has had a complicated relationship with Bitcoin and cryptocurrencies in general. The country's financial authority, the Saudi Arabian Monetary Authority (SAMA), has taken a cautious stance towards these digital assets, stating that they are not supported by any financial institution within the Kingdom, and dealing with them is risky because cryptocurrencies are highly volatile and are often used to facilitate money laundering or finance terroristic activities.
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Despite this, there has been a recent shift in Saudi Arabia's attitude towards virtual currency. In January 2019, the country announced a landmark agreement with the United Arab Emirates (UAE) where two countries are going to cooperate in the development of a joint cryptocurrency. This move was viewed as a significant step in adopting a more democratic approach to cryptocurrencies like BTC in the Gulf region.
There are several international crypto exchanges, such as Changelly, that are open to Saudi Arabian Bitcoin buyers, as well as some polished regional offerings, such as BitOasis and Saudi Arabia Rain, through which KSA residents can buy, sell, and store Bitcoin and other cryptocurrencies.
Bitcoin (BTC) is a digital currency that was introduced in 2009 by a mysterious software developer, or a group of developers, who uses a nickname Satoshi Nakamoto. The virtual currency operates on a decentralized network of computers, using blockchain technology, which is essentially a public ledger that records all Bitcoin transactions.
Bitcoin mining involves the use of powerful computation resources to solve complex algorithms and validate transactions, which are then added to the blockchain. This process is performed by Bitcoin miners who help to maintain the integrity of the network and ensure that all transactions are legitimate. Bitcoin miners are rewarded with newly created Bitcoins for their efforts in solving the algorithms and adding transactions to the blockchain.
One of the most significant features of Bitcoin is that it is not subject to the control of a central bank, unlike traditional currencies. Rather, it is regulated by the network itself, which makes it a completely decentralized form of currency.
Best Ways to Buy Bitcoin in Saudi Arabia Safely
Bitcoin, the world’s most popular digital money asset, has seen a surge in interest from investors worldwide, including those in Saudi Arabia. While the cryptocurrency industry is still relatively new and complex, there are several ways to buy BTC in Saudi Arabia safely and easily.
In Saudi Arabia, Bitcoin is best to get through regulated cryptocurrency exchanges. These exchanges offer a platform for buying and selling various cryptocurrencies, including BTC. Yet, with so many crypto exchanges available, it can be hard to choose the most appropriate one. Therefore, it is crucial to consider various factors, such as transaction fees, withdrawal limits, payment methods, and verification processes, before settling on a digital asset provider.
For Saudi Arabian investors, Changelly is one of the best cryptocurrency exchanges to buy Bitcoin (BTC) safely and conveniently. The exchange allows you to purchase Bitcoin and other cryptocurrencies, using Saudi Riyal, UAE dirham, and other regional fiat money.
Changelly enables Bitcoin buyers to effortlessly purchase crypto with their local currency without going through the hassle of converting their local money into international fiat currencies. This is made possible through Changelly's partnerships with the top fiat gateway vendors, which allows for automatic fiat-to-crypto conversions. As a result, buyers from different parts of the world can easily access and purchase Bitcoin, making cryptocurrency trading more accessible to the general public. This removes the need for buyers to go through multiple exchanges or currency conversions, simplifying and speeding up the process.
Before venturing into purchasing any virtual currency, users must take the safekeeping of their crypto investment seriously. While most exchanges offer an integrated vault to store cryptocurrency, it is better to have your own crypto wallet that can offer advanced asset protection measures, like two-factor authorization and biometric identification.
How to Buy Bitcoin with Credit and Debit Card
Buying cryptocurrencies in Saudi Arabia has become easier than ever with the rise of digital currency exchanges. One of the most common ways to purchase Bitcoins in Saudi Arabia is by using a credit or debit card.
Before you plunge into action, you want to realize that KSA is part of the Middle East, which is known for its strict regulations on cryptocurrency trading. Therefore, compliance with know-your-customer (KYC) regulations is mandatory when buying Bitcoins in the region. This involves revealing some personal details, such as your full name, address of residence, and ID proof to the exchange.
Most cryptocurrency exchanges in the Gulf region accept Visa and MasterCard credit and debit cards. Some of the popular banks in Saudi Arabia that issue Visa and MasterCard plastics include National Commercial Bank, Al Rajhi Bank, Riyad Bank, and Saudi British Bank. These cards can be used for transactions both locally and internationally, both online and offline.
One of the most prominent crypto exchanges to buy Bitcoin, Bitcoin Cash, Binance Coin, and hundreds of other cryptocurrencies is Changelly. Available in over 160 countries worldwide, Changelly is a simple, yet feature-rich platform that allows international customers to buy, sell, and trade cryptocurrencies with the ultimate ease.
Both the website and mobile app of Changelly accepts various payment methods, such as credit and debit cards, Google Pay, and Apple Pay, helping traders to incorporate their Saudi Riyal (SAR) to fund a crypto purchase. With its intuitive interface and near-instant transaction processing, Changelly is a great option for buying Bitcoin in the entire Arabian Peninsula.
To buy BTC on Changelly using a credit or debit card, you need to create an account and complete the KYC process. Once verified, select the amount of Bitcoin you wish to purchase and the source of funding (credit or debit card). Complete the transaction by providing your card details and confirming the purchase. The bought Bitcoins will be credited to the specified Bitcoin wallet address within mere minutes.
How to Buy Bitcoin with Bank Transfer in Saudi Arabia
“How to buy Bitcoin in Saudi Arabia?” is a common question among local crypto enthusiasts. Fortunately, For Saudi Arabians, buying Bitcoins with a bank transfer can be a simple and straightforward process if they know where to start.
The first step is to find a reputable Bitcoin exchange that supports bank transfers in Saudi Arabia. Some popular companies include BitOasis, Rain, and Binance. Once you have chosen an exchange that ticks all the right boxes in terms of security, transaction fees, and payment options, you need to create an account and complete identity checks.
Upon successfully completing the verification process, you can proceed to purchase Bitcoins with a bank transfer. Several exchanges in Saudi Arabia accept various payment systems, including SWIFT, FAWRI, FAWRI+, MADA, and others.
To initiate a wire transfer, you will need to provide the exchange with your bank account details and the amount of BTC you wish to purchase. The platform will then process the transfer and credit your Bitcoin wallet with the purchased amount.
Wire transfers are one of the most popular methods of buying and selling cryptocurrency among Saudis. While wire transfers can be slow in processing times, they do offer more affordable transaction costs compared to other payment methods. This makes them an attractive solution for investors looking to save money on fees when they buy crypto. Note wire transfers can take several business days to complete, so investors should plan accordingly to ensure timely transactions.
How to Buy Bitcoin with Apple Pay in Saudi Arabia
The arrival of Apple Pay in the Middle East and particularly in Saudi Arabia has been a game-changer for many local cryptocurrency enthusiasts, as it now allows them to buy Bitcoins online quickly through appropriate cryptocurrency exchanges, such as Changelly.
With the increasing popularity of cryptocurrency in the Persian Gulf, Apple Pay has opened up new possibilities for crypto users, allowing them to seamlessly transact and invest in the world of digital currencies.
To utilize the Apple’s e-wallet to buy BTC in Saudi Arabia, you should consider using the dedicated mobile apps of reputable cryptocurrency exchanges, because website versions of crypto trading platforms will not be able to automatically detect and link with an available Apple Pay wallet on your mobile device.
Here is a step-by-step guide on how to buy Bitcoin with Apple Pay in Saudi Arabia using the Changelly mobile app:
Download the Changelly mobile app on your iOS device and log in to your account, completing a KYC procedure if you are buying crypto for the first time on Changelly.
Once you have logged in, navigate to on the "Buy Crypto" tab.
Select "Apple Pay" as the preferred payment method and input the amount of Bitcoin you want to purchase. You also need to specify your desired fiat currency (SAR) for the cryptocurrency transaction.
Copy the address from your Bitcoin wallet and paste it into the appropriate form on Changelly, so the platform can send Bitcoin to the indicated destination.
Review the transaction details, and if you are happy with the provided terms, finalize it.
Your crypto assets will quickly land to your personal crypto wallet, yet it may depend on the Bitcoin blockchain congestion.
Although Apple Pay generally sets zero fees for transactions made with debit cards, if you use a credit card to purchase Bitcoin, your credit card company may charge you additional fees, such as interest or cash advance fees. A cryptocurrency exchange may also charge a trading fee for converting fiat to crypto.
You want to carefully read the terms and conditions of both your credit card company and the cryptocurrency exchange before making any transactions to ensure you are aware of any potential commissions.
How to Buy Bitcoin from ATM in Saudi Arabia
Despite the unbeatable convenience of crypto ATMs for buying and selling cryptocurrencies with fiat money, Saudi Arabia cannot offer a large network of such machines to local crypto enthusiasts. In fact, there are just a couple of such installations in major national cities like Jeddah and Jubail. Nevertheless, these Bitcoin ATMs allow you to buy Bitcoin, Ethereum, Dogecoin, and some other digital coins with cash like Saudi Arabia Riyal (SAR) or United States Dollar (USD).
Depending on the machine’s operator, you might be exempt from the need to complete a verification procedure, for example, if you are buying BTC in small (up to 5000 SAR) amounts. Transactions over this threshold may require phone number verification or other types of compliance check.
Day purchase limits may also apply with a given Bitcoin ATM, where one customer cannot generally trade (buy or sell) more than 1 BTC per day. A minimum buy/sell limit may also be established on most machines, such as 500 SAR.
Whether you are in Saudi Arabia or any other territory, the regular process of buying crypto from an ATM will look like the following:
Find a Bitcoin ATM near you using a website like Coin ATM Radar or Coin ATM Finder.
Once at the ATM site, select "Buy Bitcoin" on the screen.
Enter the amount of crypto you want to purchase.
Insert cash into the machine (some machines may let you pay via a debit card).
Scan the QR code on your Bitcoin wallet with the ATM's scanner.
Confirm the transaction on the ATM screen.
Wait for the ATM to dispense your Bitcoin.
Check your Bitcoin wallet to make sure the transaction was successful.
How to Buy Bitcoin with PayPal
Saudi Arabia Bitcoin enthusiasts have been eagerly looking for different ways to buy Bitcoin with traditional payment systems, like PayPal. Although this global e-wallet payment network does not allow for direct crypto purchases in the Middle East, there are some workarounds that can help Saudis to employ their PayPal balances to diversify their crypto portfolio.
One of the best ways to do this is through a crypto asset brokerage company that supports PayPal payments. When choosing a crypto broker, look for one that offers reasonably tight spreads. This means that the difference between the buying and selling prices of Bitcoin is not too high on a given platform, which can make your crypto trading more beneficial. Also, pick a broker that is reputable and licensed, with a strong track record of customer satisfaction and security.
It is also possible to buy Bitcoin with PayPal in Saudi Arabia through a peer-to-peer (P2P) crypto marketplace. One popular P2P platform that accepts PayPal as a payment method is Paxful. To buy Bitcoin on this platform, you need to create an account, verify your identity, and link your PayPal account. Then, you can browse through the available sellers and choose one that suits your needs. Before completing a purchase, take your time to check the seller's reputation, trade history, and terms of the transaction. Once you agree on the deal terms and send the payment via PayPal, the seller will release Bitcoin to your Paxful wallet. From there, you can transfer the Bitcoin to your personal wallet or use it for online purchases that accept Bitcoin payments. By the way, this crypto trading platform is known to support many alternative funding schemes, including Western Union, Skrill, and 450 other payment methods, so that more people (especially the unbanked) have access to cryptocurrency trading.
How to Buy Bitcoin with Prepaid Card
Currently in Saudi Arabia, buying cryptocurrency with a prepaid card is not as straightforward as it used to be, since some of the most popular providers of this service – LocalBitcoins and Bitit – are no longer available. However, there are still other exchanges available, such as Paxful, which let you deposit funds with a prepaid card to purchase Bitcoin.
Additionally, there is Rain, a cryptocurrency exchange that is licensed by the Central Bank of Bahrain as a Crypto Asset Brokerage Rain and caters to customers from UAE, Saudi Arabia, Bahrain, Oman, North Africa, and Kuwait, supports bank transfers and credit/debit card payments. This crypto exchange may accept prepaid cards to buy cryptocurrency, if the cards are issued by the participating banks, including:
Abu Dhabi Commercial Bank (ADCB)
Dubai Islamic Bank (DIB)
Emirates NBD
Mashreq Bank
National Bank of Abu Dhabi (NBAD)
How to Buy Bitcoin with Cash in Saudi Arabia
Buying Bitcoin with cash in Saudi Arabia can be a challenging task because the country has quite a conservative approach towards cryptocurrency trading. But there are several methods you can use to accomplish your goal.
Using Crypto Exchanges
Crypto exchanges are a popular way to buy Bitcoin with cash like SAR in Saudi Arabia through wire transfers, bank card deposits, or direct cash deposits at the exchanges’ physical offices. Apart from offering opportunities to purchase BTC with physical money, some exchanges allow users to trade Bitcoin and other cryptos with a view of making profits. Depending on your experience and investment targets, you can engage in the next Bitcoin trading styles:
Day trading. This trading style involves buying and selling Bitcoin on the same day to take advantage of short-term price movements.
Swing trading. This is a medium-term trading strategy where traders hold Bitcoin for several days or weeks to profit from price fluctuations.
Scalping. This is a high-frequency trading style where traders aim to make small profits by buying and selling Bitcoin quickly.
Position trading. This assumes holding Bitcoin for a longer period of time, usually weeks or months, and taking advantage of long-term price trends.
One of the most popular crypto exchanges in Saudi Arabia is Changelly. Its website and mobile app accepts cash via credit and debit cards from many Saudi banks, making it easy to get started. Some other popular crypto exchanges include BitOasis, Rain, and Saudi Arabia's first digital asset exchange, Saudi-Emirati.
Symlix P2P Platform
Symlix is a P2P platform that offers handy solutions, such as cash-in-person, cash deposits to banks and Western Union remittances, for Saudi users. The platform facilitates Bitcoin trading with cash by connecting buyers and sellers directly, while also offering escrow services to secure transactions on the side of each trader. You’ll need to create an account on the Symlix platform, and then you can start searching for potential sellers in your area.
Using Bitcoin ATMs
Another way to buy Bitcoin with cash in Saudi Arabia is to use crypto automated teller machines. Although these crypto kiosks can be found in select locations across the country, they enable you to purchase Bitcoin with SAR and USD. Bitcoin ATMs are convenient, easy to use, and support an array of coins. For example, you often can buy Bitcoin Cash through such terminals, but they can be more expensive than other methods.
Face-to-Face Trading
Face-to-face trading is an option to consider when buying Bitcoin with fiat. This scheme involves meeting sellers in person to buy Bitcoins with cash. By doing so, you can avoid the trading fees and waiting times associated with online exchanges.
Face-to-face trading has its own set of risks. Since you will be meeting strangers in person, there is a potential for scams or theft. It is essential to take safety precautions, such as meeting in a public place and bringing a friend along. Additionally, you should only trade with reputable and verified sellers.
There are several ways to find face-to-face trading opportunities. You can look for local Bitcoin meetups in your area, use dedicated trading platforms that connect buyers and sellers, or even post ads on classifieds websites.
Can Foreigners Buy Bitcoin in Saudi Arabia?
In Saudi Arabia, foreigners are allowed to buy and sell Bitcoin. It’s vital to realize that the Saudi Arabian Monetary Authority (SAMA) has not endorsed Bitcoin as a legal tender in the country. This means that there are no official regulations or guidelines for the use of Bitcoin and other cryptocurrency assets in the region. Nonetheless, many cryptocurrency exchanges and trading platforms are available for foreigners to buy and sell Bitcoin. Foreigners in Saudi Arabia should also be aware of any potential tax implications and regulations in their home country when investing in Bitcoin.
Who Accepts Bitcoin in Saudi Arabia?
Over the past few years, Bitcoin has gained a lot of popularity globally, including in Saudi Arabia. Many people in the area are now interested in spending Bitcoin, and as a result, more businesses are accepting it as a payment method.
In Saudi Arabia, many international companies operate and they are eager to accept Bitcoin. One of the most well-known is the German car manufacturer, BMW. The company's dealership in Jeddah became the first in the Arab world to accept Bitcoin as a payment method in 2018. The dealership now accepts crypto for both new and used cars.
Another international company that takes Bitcoin in Saudi Arabia is Expedia. Expedia is a major online travel agency, and it allows customers to pay for hotel bookings using Bitcoin. Customers simply need to choose Bitcoin as their payment method when they book their hotel.
Microsoft is yet another global corporation that allows Bitcoin transactions. Using Bitcoin, customers can top up their Microsoft accounts and use the funds to buy games, applications, and other products from the Microsoft Store.
Along with these global companies, there are also many local businesses in the Middle East that accept Bitcoin. For example, the Saudi Arabian food delivery service, HungerStation, accepts Bitcoin as a payment method. Customers can use their BTC holdings to order food from a variety of restaurants in the country.
Another local business that allows settlements in Bitcoin is the Saudi Arabian e-commerce platform, Souq. Souq is similar to Amazon, and it allows customers to purchase a variety of products using crypto.
How to Cash Out Bitcoin in Saudi Arabia?
Irrespective of their trading styles and investment goals, all Bitcoin buyers find themselves in a situation when they need to sell Bitcoin for fiat money. Doing so is quite easy.
One of the most popular ways to cash out Bitcoin in Saudi Arabia is through crypto exchanges. These platforms allow users to sell Bitcoins for fiat currencies like Saudi Riyal or United Arab Emirates dirham. Some popular exchanges operating in the region include Changelly, BitOasis, and Rian. These exchange portals offer a streamlined process for selling Bitcoin and withdrawing cash directly to a local bank account.
Another method to turn Bitcoin into cash in Saudi Arabia is through peer-to-peer (P2P) marketplaces. These platforms match buyers with sellers, allowing the both parties to negotiate prices, withdrawal methods, and terms. Some popular P2P marketplaces in the region are Symlix and Paxful. These trading platforms offer a diverse range of withdrawal options, including domestic and international bank transfers, online wallets, debit/credit card withdrawals, and much more.
Crypto debit cards are another innovative way to cash out Bitcoin in Saudi Arabia. These cards allow users to spend their Bitcoins at merchants and traditional ATMs, just like any other debit card. Some popular crypto debit cards that are available in the region are BitPay and Wirex.
Gift cards for online stores and supermarkets are also a popular mode to cash out Bitcoin in Saudi Arabia. Platforms like Gyft and eGifter allow customers to buy gift cards for hundreds of retailers using Bitcoin. Users can then use these gift cards to purchase goods and services, effectively cashing out their Bitcoins.
Apart from these methods, there are other ways to cash out Bitcoin in Saudi Arabia, such as Bitcoin ATMs and over-the-counter (OTC) trading. Bitcoin ATMs enable users to withdraw cash directly using their Bitcoin wallets, while OTC trading involves buying and selling Bitcoin through a broker. Some companies that offer gift cards and other innovative ways to cash out Bitcoin in Saudi Arabia include Bitrefill, Bitholla, and Coincards.
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