Buy Bitcoin Saudi Arabia
To buy Bitcoin in Saudi Arabia, it helps to understand that Bitcoin is a virtual currency. You can compare it to other currencies such as the US dollar or the euro, but it differs in one key way: it is entirely digital. It is traded online and has no physical form or presence in the natural world. It is also decentralised and is not issued by any particular bank or country.
The currency was first issued in 2009 by a person known as Satoshi, and transactions run directly between users through cryptography, with no intermediary or oversight.
What are the most popular sites to buy Bitcoin in Saudi Arabia?
Any discussion of Bitcoin has to cover Bitcoin mining, which explains how the currency is created and where it comes from.
Bitcoin mining means prospecting for it and extracting it. It is similar to mining gold: pulling it from the ground takes specific equipment and machinery.
Bitcoin mining works the same way. It needs specific software to solve the cryptographic codes and complex calculations. This software is available online completely free, but your device may not withstand the load of running it and could be damaged, so be careful if you try this process.
In that case people turn to cloud mining, which is run through dedicated companies. A group of people with the same goal each put in a share of money, and when there is a profit it is split among them in proportion to what they contributed.
The most popular sites to buy Bitcoin in Saudi Arabia
Many people are now moving toward investing in virtual currencies and are looking for the best sites to buy Bitcoin so they can fund their accounts on trading platforms and buy the coins they want.
There are several sites that let you buy Bitcoin in Saudi Arabia:
CEX.io
It is one of the best-known sites because of its many features:
- The buying price is higher than the market price.
- Account verification is done using a passport or ID.
- You can deposit and withdraw any amount.
- Its deposit commission is small compared with other sites.
- It focuses on account security for the user.
Paybis
Here you buy Bitcoin with Visa or PayPal, and the site’s fees are shown when you place an order. It also provides customer support you can turn to if you run into any problem.
SpectroCoin
The daily deposit limit on this site reaches 740 euros, which is a large amount compared with other sites. Account verification takes two days at most and is done by attaching a copy of your passport or licence. The buying price differs from the market price by $100.
Coinmama
This site’s strengths are registration and buying: signing up is very easy and purchases are made with a Visa card.
LocalBitcoins
It has been around for years and lets its users, both sellers and buyers, connect directly. It also allows Bitcoin sellers to set the price and terms of sale as they wish.
The site suits fast buying, since it lets you buy Bitcoin in Saudi Arabia through local banks such as Al Ahli Bank (NCB). It is among the safer sites for your money and lets the user choose their country. On the other hand, its commission rates have become high compared with other sites.
Xapo
This site does not suit small transactions because its Bitcoin transfer fees are high. Bitcoin is also bought here with a Visa card.
Buy.Bitcoin
This site lets you buy without registering. It is better to try small amounts the first time, because if anything goes wrong on the site your money can be lost for good.
VirWoX
You can buy Bitcoin in Saudi Arabia with Visa or PayPal. Its basic idea is that you buy a currency specific to the site called SLL, which you then swap for Bitcoin, and your account is funded in dollars or euros.
Mycelium
As for buying Bitcoin in Saudi Arabia directly, the local trading platform Mycelium lets its users, sellers and buyers who are geographically close to each other, deal directly, carrying out transactions face to face using cash and Bitcoin.
This method carries many risks: fraud and robberies have been reported through it. Even so, some people prefer it in the hope of a bigger profit.
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All virtual currencies carry significant risk, because there is no system that controls the price. Instead, traders themselves set the buying and selling prices, which causes volatility and instability.
Disclaimer: This article is for educational purposes only and is not investment advice. Cryptocurrencies and CFDs are highly volatile and carry a high level of risk; you can lose your entire capital. Do your own research and consult a licensed financial adviser before making any decision. Some links on this site may be affiliate links, which means we may earn a commission at no extra cost to you.
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