Business Spotlight

Best Crypto Exchanges In Saudi Arabia And Dubai

In countries like Saudi Arabia and the UAE, cryptocurrency presents incredible investment opportunities. These countries have some of the most renowned crypto exchanges to help new and experienced traders and investors get started with crypto trading.

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Best Crypto Exchanges In Saudi Arabia And Dubai
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The cryptocurrency industry is growing day by day as investors become more familiar with the idea of crypto investments. Moreover, with the advent of blockchain technology, cryptocurrency investments have become more reliable.

As a result, previously reluctant buyers are more comfortable making intelligent investment choices with cryptocurrencies.

These exchanges offer KYC and non-KYC crypto investment opportunities for traders. Hence, if you are looking for cryptocurrency exchanges in Saudi Arabia and Dubai, there are some excellent options.

Among many of the well-known crypto exchanges in Saudi Arabia and Dubai, we have picked the top five exchanges that are the most reliable and compliant with local regulations.

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In this post, find out the best crypto exchanges operating in Saudi Arabia and Dubai to secure and boost your crypto investments.

Top Crypto Exchanges in Saudi Arabia and Dubai

Here is a look at the best crypto exchanges in Saudi Arabia and Dubai.

1. BYBIT

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Bybit Referral Link: https://partner.bybit.com/b/DUBAI
Bybit Referral Code: DUBAI

Bybit is perhaps the best choice for crypto investors in Saudi Arabia. The exchange has a daily turnover of over $8 billion and features more than 770 crypto assets. The exchange allows investors to buy, sell, trade, and stake in crypto assets.

Among many supreme features, the trading fee at Bybit stands out. It charges only 0.01% for taker orders and 0.07% for maker orders.

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Bybit obtained the in-principle approval from the Virtual Asset Regulatory Authority (VARA) in March 2023, which allowed it to operate in Dubai. Hence, can now offer Bybit to offer a comprehensive suite of virtual asset services, including trading, custody, and staking.

Even when cryptocurrency is unregulated in Saudi Arabia, Bybit proactively engages with local authorities and industry stakeholders to promote responsible crypto adoption. The exchange has also partnered with educational institutions in the country to provide crypto literacy workshops and training programs. Referral code for Bybit is UAE.

The UAE, in particular, has emerged as a hub for crypto innovation, positioning Dubai as a global leader in the space. Saudi Arabia, with its large and tech-savvy population, also holds immense potential for crypto adoption.

Currently, Bybit offers crypto trading services like one-click buy, flat deposits, and crypto deposits.

Moreover, its leveraged token helps investors diversify their trading portfolio, featuring top tokens like:

  • Bitcoin
  • Ethereum
  • ATOM2S
  • ATOM2L, and many others.

The trading platform is a mobile application, making it easier for beginners to get started. The app is available on the App Store and Google Play Store.

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Binance Referral Code: SAVE20

Binance is an excellent option for Saudi investors because of its security and regulatory compliance. There are more than 350 crypto assets at Binance, allowing traders to invest, explore, and trade in their favorite cryptocurrencies.

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At Binance, traders can explore a wide range of features and services like crypto lending, staking, and borrowing. It also offers spot trading and futures trading services, allowing traders to explore a wide range of investment opportunities according to their preferences. Use referral ID Binance = SAVE20.

Other than the services and features, Binance offers SAR deposit capabilities. It’s one of the prominent features in addition to the SADAD payment system. It charges a relatively low platform fee of just 0.1% per trade.

Since its inception, Binance has been a leader in the global market, with unique features like Binance P2P, a marketplace that lets users buy and sell cryptocurrencies. The Binance Academy also provides comprehensive educational resources for users with free blockchain and crypto education in multiple languages.

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More importantly, Binance has initiatives for institutional investors who require large-volume liquidity. Compared to Bybit, Binance has a limited number of assets. But it’s still a viable option for Saudi investors as it also offers an OTC desk experience. Referral code for Binance can be used by anyone.

It’s reliable and one of the most secure options, making it one of the best crypto exchanges in an unregulated crypto market like Saudi Arabia.

3. OKX

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OKX Referral Code: SAVE20

OKX is another leading crypto exchange in Saudi Arabia and Dubai. Since its inception, OKX has made special efforts to be recognized in the UAE region. It obtained the Minimal Viable Product (MVP) preparatory license from the Virtual Assets Regulatory Authority (VARA), which allowed full operations in the emirate.

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OKX has a wide variety of supported cryptocurrencies featuring more than 500 coins, which makes it one of the most diverse exchanges in the market. So, you can trade a wide variety of tokens, including popular ones like Bitcoin, Ethereum, and Litecoin, as well as smaller altcoins.

OKX also has a regional hub in Dubai World Trade Centre, demonstrating its dedication to the region's growth. The exchange plans to expand its team in Dubai, focusing on local hiring and senior management positions. This expansion will strengthen OKX's presence in the UAE and support its regional ambitions.

The platform fee is relatively low, starting at just 0.03% for futures trading and 0.08% for spot trading. The users can also create trading bots and access margin trading, options, perpetual swapping, and more.

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Even though cryptocurrency is unregulated in Saudi Arabia, OKX has proactively engaged with local authorities and industry stakeholders to promote responsible crypto adoption. The exchange has also partnered with educational institutions in the country to provide crypto literacy workshops and training programs.

These initiatives aim to foster a well-informed crypto community and contribute to the responsible development of the cryptocurrency ecosystem in Saudi Arabia.

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BingX Referral Code: SAVE20

BingX is a non-KYC crypto exchange, so it doesn’t require any personal customer information for crypto trading. It allows customers from any background and financial status to trade without compromising private information. Hence, the user identity is well-protected with BINGX.

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It’s a leading cryptocurrency exchange founded in 2018 and has rapidly gained prominence in the Middle East, particularly in Dubai and Saudi Arabia. It’s innovative, user-friendly, and complies with all the regulations.

Therefore, it’s a trusted platform for crypto enthusiasts, especially in Saudi Arabia and Dubai.

BingX offers various types of trading services, such as Grid trading, which allows the user to buy or sell at predetermined price intervals automatically. Hence, it helps the user take advantage of market volatility and maximizes profits for them.

Moreover, BingX offers a significant advantage to Saudi users because of its global reach. The users can access the KYC platform without any risk of disclosing their identity in an unregulated and somewhat ambiguous market like Saudi Arabia.

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At BingX, users can expect high liquidity and trading volumes, which make the order execution process smoother, especially during high-volume trading periods. Moreover, its extensive reach lets the users communicate with other traders in more than 100 countries and various languages.

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Bitget Referral Code: VFAE

Bitget is another popular non-KYC platform that allows P2P trading, Quick Buy, Third-Party purchasing, and Debit/Credit card purchases for crypto assets. Bitget offers Spot trading, Futures trading, and Margin trading options for users and ensures complete privacy due to its non-KYC operations feature.

The platform is globally recognized and has a strong presence, particularly in Dubai. It’s user-friendly, innovative, and highly secure for new and experienced users.

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You will find most of the top cryptocurrencies, like Bitcoin, Ethereum, Litecoin, Ripple, etc., on Bitget, which supports more than 550 cryptocurrencies worldwide.

There are comprehensive trading options with versatile options. Hence, it doesn’t matter if you’re a beginner or an experienced trader. Based on your trading strategies, you can find the perfect fit for your investments.

Moreover, Bitget doesn’t charge any trading fee, especially for Spot trading. So, low-investment traders can make the most of the platform. Moreover, it is powered by industry-leading security measures that safeguard the user funds.

These measures include multi-signature cold wallets, two-factor authentication, and a comprehensive risk management system.

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Besides, Bitget continuously innovates, introducing groundbreaking features and products that enhance user experience and trading efficiency. Its copy trading feature, for instance, enables beginners to replicate the strategies of experienced traders.

The platform is available on the App Store and Google Play Store.

Is Cryptocurrency Legal in Saudi Arabia

The status of crypto trading in Saudi Arabia is ambiguous. At the moment, it is an unregulated front that doesn’t have any clear official policies about this form of trade. However, users can legally trade Bitcoin and other cryptocurrencies.

There is no guaranteed financial protection for the users, and it mainly depends on the crypto exchange as to how it protects the user funds. Therefore, investing in crypto in Saudi Arabia heavily relies on the reputation of the crypto exchange.

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Currently, financial institutions and banks are prohibited from allowing transactions or deals with cryptocurrencies. Unless SAMA approves the crypto dealings, there is no legal framework that protects the finances and rights of crypto traders in Saudi Arabia.

Is CryptoCurrency Legal in Dubai

Cryptocurrency dealing is legal in the United Arab Emirates. As Dubai continues to thrive as one of the technological hubs in the world, it will only get better for implementing blockchain technology and cryptocurrency in the region.

Currently, the government doesn’t restrict traders from investing and trading in cryptocurrency. Dubai and Abu Dhabi are on the way to developing a robust infrastructure for blockchain technology.

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Moreover, the tax rates depend on taxable income in Dubai, and several vendors and companies have already started accepting cryptocurrency payments in Dubai.

Things to Consider Before Choosing In Crypto Exchange In Dubai and Saudi Arabia

When investing in any crypto exchange, here are some critical things to remember. It will make your choice more accessible and more reliable.

Platform Security

Security is the most essential feature when choosing a crypto platform. In an unregulated market like Saudi Arabia, platform security can make all the difference.

Some platforms require KYC validation, which is just an extra layer of security to ensure smooth trade between the trader and second parties.

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KYC platforms have a strict check and balance mechanism, which can sometimes be tedious. However, it provides much-needed security to the users.

Wide Range of Cryptocurrencies

Most of the top exchanges have more than hundreds of cryptocurrencies to choose from. Hence, the users have several choices according to their investment budgets.

It gives more options and allows traders to explore lesser-known coins that can potentially churn out huge profits later.

Rewards and Bonuses

Crypto exchanges generally offer handsome rewards and bonuses to keep the users honest with their platform. Therefore, you must go for platforms that offer various rewards, such as signup bonuses, etc.

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The top exchanges offer free rewards to lure the trading community into more trading. So, it’s a good idea to check out the available bonuses and rewards before signing up for any platform.

How to Buy Crypto Currency in Dubai and Saudi Arabia

Buying cryptocurrency in Saudi Arabia and Dubai is a pretty straightforward process. You only need ten minutes to register and start trading. To buy cryptocurrencies, you will need some essential documents and fulfill some requirements such as:

  • Owning a national ID card, passport, or a driver’s license
  • A secure and private Internet connection
  • Bank account for deposits
  • Mobile phone for two-way authentication
  • A Crypto wallet to store the crypto assets.

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What are the Essential Steps to Trade Crypto Currency in Dubai?

Here are the essential steps to buy crypto in Dubai.

  • Choose a crypto exchange and download its application on your phone. You can also use the web app from a desktop device.
  • Register on the platform and provide the essential contact details.
  • Now, you must link your bank account with the crypto exchange.
  • Make a FIAT deposit through a Credit Card, Debit Card, Bank Transfer, etc.
  • Buy your preferred cryptocurrency and send the coins to your wallet.

Conclusion

Buying cryptocurrencies in Saudi Arabia and Dubai is seemingly an idea from the future. That’s because the technology is still finding its feet. However, the infrastructure, particularly in Dubai, promises a flourishing market for crypto traders in the future.

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Now that you know the top crypto exchanges for Dubai and Saudi Arabia, it should make your choice easier and help you make smarter investment decisions with your assets.

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