Best Crypto Exchanges Saudi Arabia

Top Crypto Apps in Saudi Arabia

Our team has devised an extensive ranking methodology to identify the premier trading platforms in Saudi Arabia. We have evaluated each exchange on various aspects such as security and regulatory compliance with the SAMA, SAR deposit methods, customer service and language options, fees, features, and more. After our rigorous investigation, we have discovered the leading five crypto exchanges in Saudi Arabia.

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‍1. Binance

Binance is the best cryptocurrency exchange in Saudi Arabia due to its unparalleled features, functionality, and security. With an extensive list of supported cryptocurrencies, it offers users a wide variety of trading pairs and options, including spot, futures, margin and options trading.It is also known for its user-friendly interface makes it accessible to beginners and experienced traders, making it an attractive choice for Saudi Arabian investors looking to trade in the rapidly growing world of digital currencies. Binance can also be used entirely in Arabic and provides Arabic-speaking customer support.

• Minimum Deposit: $60 SAR.
• Supported Tokens: 350+ Cryptocurrencies.
• Language Options: Arabic & 40 other languages.
• SAR Funding Method: Credit/Debit Card, Google Pay & Apple Pay.

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‍2. Rain

Ranking as the best Middle Eastern exchange, Rain is specifically designed to cater to the needs of traders and investors in the region. It is the first regulated cryptocurrency exchange in the Middle East, with a license from the Central Bank of Bahrain and the Abu Dhabi Global Markets. Its strong emphasis on compliance and regulatory adherence, paired with a user-friendly interface and competitive fees, make it an ideal choice for those seeking a reliable and trustworthy platform for trading and investing in cryptocurrencies in Saudi Arabia.

• Minimum Deposit: $100 SAR.
• Supported Tokens: 100+ Cryptocurrencies.
• Language Options: English, Arabic & Turkish.
• SAR Funding Method: Bank Transfer, Debit Card, Credit Card, Fawri & Fawri+.

3. Bybit

As the best No-KYC crypto exchange, Bybit offers its users a high level of privacy and anonymity. This makes it particularly appealing to traders who value their personal information and prefer not to disclose it to third parties. Bybit provides a platform that supports spot and futures trading with up to 100x leverage on derivatives. Its feature-rich platform offers unique features such as copy trading, crypto staking, borrowing and lending services, an NFT marketplace, a cryptocurrency card, a rewards centre and much more.

• Minimum Deposit: $40 SAR.
• Supported Tokens: 400+ Cryptocurrencies.
• Language Options: Arabic & 21 other languages.
• SAR Funding Method: Credit/Debit Card & Google Pay.

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4. Kraken

Known for its strong reputation among institutional investors, Kraken secures the fourth spot on the list. With an extensive range of cryptocurrencies and a focus on security, it provides a robust platform for those looking to trade digital assets at scale. Kraken's commitment to regulatory compliance, transparent fee structure, and advanced trading tools make it ideal for large investors and institutions in Saudi Arabia. Its responsive customer support further solidifies its position as a preferred choice for those seeking a reliable and professional crypto trading experience.

• Minimum Deposit: $100 SAR.
• Supported Tokens: 220+ Cryptocurrencies.
• Language Options: English.
• SAR Funding Method: Credit/Debit Card.

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5. KuCoin

As the best altcoin trading platform, KuCoin has carved out a niche for itself in the world of digital assets. Its extensive selection of altcoins, paired with a user-friendly interface, has made it the go-to platform for traders seeking exposure to lesser-known cryptocurrencies. KuCoin's competitive trading fees and wide selection of tokens make it a popular choice among Saudi Arabian investors looking to diversify their portfolios. Its innovative features, such as the KuCoin Lending platform and the KuCoin Shares token, add extra value and appeal for traders.

• Minimum Deposit: $50 SAR.
• Supported Tokens: 600+ Cryptocurrencies.
• Language Options: Arabic & 21 other languages.
• SAR Funding Method: Credit/Debit Card.

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Is Crypto Taxed in Saudi Arabia?

In Saudi Arabia, the taxation of cryptocurrencies follows a unique approach, focusing on adhering to the country's regulations and Islamic principles. Crypto transactions are subjected to Zakat, a mandatory charitable giving, which amounts to 2.5% of a Muslim's annual surplus wealth. Capital gains from crypto trading are not taxed directly, as there is no specific capital gains tax in the country. 

However, Saudi-based companies involved in crypto-related activities are subject to corporate income tax, which varies from 20% to 85%, depending on the nature and size of the business. Additionally, Value Added Tax (VAT) at a standard rate of 15% applies to the provision of crypto services, including exchange and brokerage fees. Crypto investors and businesses in Saudi Arabia must comply with these tax regulations and maintain accurate records to meet their fiscal responsibilities.

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Is Crypto Trading Legal in Saudi Arabia?

Once cautious about cryptocurrencies, Saudi Arabia has shifted its stance to embrace their potential benefits. Crypto assets have gained legal recognition in Saudi Arabia following a transformative decision by the country's financial authorities to embrace digital currencies for bolstering economic growth. As part of this evolution, the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA) have instituted comprehensive regulatory frameworks, ensuring secure and transparent cryptocurrency operations for investors and businesses. 

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‍The Bottom Line

In conclusion, identifying the best cryptocurrency exchange in Saudi Arabia requires a thorough evaluation of various factors including, but not limited to, fees, customer support, language options, and additional features. Our intensive research has identified the top five exchanges in the country: Binance, Rain, Bybit, Kraken, and KuCoin, each with their own unique strengths and offerings.

Saudi Arabia's evolving stance on cryptocurrencies, complemented by comprehensive regulatory frameworks, indicates a promising future for digital assets in the country. However, crypto investors and businesses must also bear in mind the unique tax implications associated with crypto transactions, such as the Zakat, corporate income tax, and VAT.