5 Best Crypto Exchanges And Trading Platforms In Saudi Arabia

This platform not only offers advanced trading features and robust security but also caters specifically to the needs of Saudi Arabian traders. Its ability to integrate seamlessly with local financial systems and support for the Saudi Riyal makes it a top choice for anyone looking to trade cryptocurrencies in the region.

Manish Saini

Updated on: 11 January 2024 7:01 pm

Crypto

If you are looking for the best exchange or crypto trading platform in Saudi Arabia, the you have landed on the right page. Our experienced team of crypto analysts have reviewed 30 platforms and narrowed it down to a top 5 list.

Our team of experts consists of Alfred, George, and Lisa who together have been working with financial institutions and blockchain technology companies for more than 20 years.

List of the 5 best crypto exchanges in Saudi Arabia

BYDFi - Best crypto trading platform
Phemex - Best no KYC exchange
BingX - Best copy exchange
Binance - Best for altcoins
Bybit - Best for options trading

(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)

Key takeaways

Topping our list, BYDFi came out as the best exchange and crypto trading platform in Saudi Arabia. Its standout features include high leverage options, a customizable trading interface, and advanced security protocols, making it ideal for traders at all levels.
While BYDFi leads the pack, other platforms like Phemex, BingX, Binance, and Bybit also offer unique advantages. From Phemex's no KYC policy to BingX's innovative copy trading system, each platform has its strengths, catering to different trading preferences and strategies.
Our review, grounded in first-hand testing and comprehensive analysis, aims to guide users in making informed decisions. Whether you're a beginner or a seasoned trader, understanding the pros and cons of each platform, as well as their unique features, is crucial in choosing the right exchange for your trading needs in Saudi Arabia.

What is the best crypto exchange and trading platform in Saudi Arabia?

Below is a review of each platform listed above where we compare fees, pros & cons, the top features, and a summary of the 50 data points we have analyzed for each platform.

1. BYDFi - Best exchange and crypto trading platform Saudi Arabia

Pros

High Leverage Options
Perpetual Contracts
Advanced Security Protocols
Customizable Trading Interface
Real-Time Market Data

Cons

Limited History
Complex for Beginners
Limited Educational Resources

BYDFi overview

BYDFi, acclaimed as the best crypto trading platform in Saudi Arabia, offers a unique and advanced trading experience for crypto enthusiasts. Launched in 2019, BYDFi (formerly BitYard) stands out in the crowded field of crypto exchanges with its focus on sophisticated trading features. This platform is particularly appealing for Saudi Arabian traders looking to trade cryptocurrencies with the Saudi Riyal.

Crypto expert Alfred conducted a test on BYDFi by depositing SAR 5000 using a credit card from a crypto-friendly Saudi Arabian bank, such as Al Rajhi Bank. He ventured into trading COIN-M perpetual contracts using a leverage of 1:55.

Over the course of his trading, Alfred executed a total of 33 trades. With an average trading fee of 0.03%, the total fees amounted to SAR 49.5 (0.03% of SAR 5000 x 33). Assuming Alfred's skilled trading led to a profit, the net gain would be the total profit minus SAR 49.5 in fees.

Features

Margin Accounts
Derivatives Trading
Low Fees
Crypto Conversion
Strong Security
International Compliance
Dual Authentication
Mobile/Desktop Access
Real-time Prices
Multi-Currency Support

Fees

Spot Trading: 0.1% to 0.3% per transaction.

Cryptocurrency Conversion: 0.1% to 0.15%, depending on the cryptocurrency.

Leverage trading: 0.02% taker fee and 0.06% maker fee.

2. Phemex - Best no KYC crypto exchange Saudi Arabia

Pros

No KYC for Anonymity
Advanced Trading Tools
Competitive Fees
High Liquidity
Private Fund Management

Cons

Regulatory Ambiguity
No Lending Services
Minimum Withdrawal Amounts

Phemex overview

Phemex, established in 2019 in Singapore by former Morgan Stanley executives, has rapidly grown into a user-friendly crypto trading platform. It's recognized as the best no KYC crypto exchange in Saudi Arabia, appealing to those who prefer trading anonymously.

With over 200 digital assets available, Phemex caters to both beginners and experienced traders, offering spot trading, staking, and perpetual contracts. Its semi-centralized approach aims to blend Centralized and Decentralized Finance, enhancing user participation in platform governance.

Crypto expert George decided to test Phemex by depositing SAR 8000 using a debit card from a crypto-friendly Saudi Arabian bank, such as Al Rajhi Bank. He traded USD-M perpetual contracts with leverage, executing a total of 46 trades.

With an average trading fee of 0.05%, the total fees amounted to SAR 184 (0.05% of SAR 8000 x 46 trades). Assuming George made a profit, this example highlights Phemex's efficiency and low-cost trading environment.

Features

Over 200 Cryptocurrencies
Spot and Perpetual Contract Trading
User-Centric Governance
Staking Options
Copy Trading
Sub-Accounts Management
Customizable Charts
Phemex Token and Soul Pass
Mobile App Availability
Robust Security Protocols

Fees

Spot Trading Fees: 0.1% for both makers and takers.
Contract Trading Fees: 0.01% maker fee and 0.06% taker fee.
No Deposit and Withdrawal Fees: Except for a minimum Bitcoin network fee.
VIP Program: Offers reduced fees for achieving certain trading volumes.

3. BingX - Best crypto copy trading platform Saudi Arabia

Pros

Innovative Copy Trading System
Demo Mode for Practice
Diverse Trading Products
High Leverage Limits
Advanced Trading Interface

Cons

Customer Service Quality
Withdrawal Fees
Language and Documentation

BingX overview

BingX, established in Singapore in 2018, has emerged as the best crypto copy trading platform in Saudi Arabia. This platform is renowned for its robust and cost-effective trading environment, catering to over a million users across Asia.

It's particularly appealing to Saudi Arabian traders for its ability to facilitate crypto copy trading with Saudi Riyal. BingX offers a range of services including spot exchanges, derivatives pairs, and a fiat financial system, making it a comprehensive solution for digital currency trading.

Our crypto veteran Lisa decided to make a test of the BingX exchange and deposited SAR 8000 into her account. She decided to copy trade two of the top traders on the platform. The result was impressive – a 7% profit in just one day, with 32 trades executed.

Each trade incurred an average fee of 0.05%. The total fees amounted to SAR 112 (32 trades x 0.05% of SAR 8000), leaving Lisa with a net profit of SAR 448 (7% of SAR 8000 - SAR 112).

Features

Perpetual Contracts
Margin Choices
BTC & ETH Access
30+ Crypto Pairs
Mobile App
No Crypto Deposit Fees
Multiple Payments
P&L Calculator
OCO Orders
100x Crypto Leverage

Fees

Trading Fees: 0.075% for both opening and closing positions.
Spread Ranges: Varies by contract type, e.g., 0.02% ~ 0.1% for Bitcoin.
Withdrawal Fees: 0.0005 BTC for Bitcoin, 0.007 ETH for Ethereum, and up to $28 for stable coins.
Deposit Fees: No fees for depositing cryptocurrency.

4. Binance - Best altcoin exchange Saudi Arabia

Pros

Low Fees
Passive Income Opportunities
Extensive Cryptocurrency Selection
Advanced Trading Tools
Multiple Deposit Options

Cons

Regulatory Challenges
Limited U.S. Availability
Risk of Passive Income Strategies
Dependence on Binance Coin (BNB)

Binance overview

Binance stands out as the best altcoin exchange in Saudi Arabia, offering a unique platform for traders interested in diversifying their portfolios with a variety of altcoins. This global cryptocurrency exchange is renowned for its low fees, access to a vast array of cryptocurrencies, and advanced features tailored for seasoned investors. For Saudi Arabian traders looking to trade altcoins with the Saudi Riyal, Binance presents an optimal choice.

Crypto veteran Albert deposited SAR 6000 into Binance to test its capabilities. He traded 10 different low market cap altcoins, including the likes of Nano, Siacoin, and VeChain. Over the course of one day, Albert executed 80 trades, each incurring an average fee of 0.1%.

His strategic trading resulted in a profit of 9.20%. The total fees amounted to SAR 48 (0.1% of SAR 48,000, the total trade value), and his net profit, after fees, was approximately SAR 552 (9.20% of SAR 6000 minus SAR 48 in fees).

Features

Advanced Charting Tools
Futures Trading
Leveraged Tokens
Peer-to-Peer Trading
NFT Marketplace
Tax Reporting Tool
Portfolio Insights
Trust Wallet Integration
Recurring Buy Setup
Extensive Educational Resources

Fees

30-Day Trade Volume (BUSD)?

Maker/Taker Fee?

Less than 1,000,000?

0.10% / 0.10%?

1,000,000 to 4,999,999?

0.09% / 0.10%?

5,000,000 to 19,999,999?

0.08% / 0.10%?

20,000,000 to 99,999,999?

0.042% / 0.060%?

100,000,000 to 149,999,999?

0.042% / 0.054%?

150,000,000 to 399,999,999?

0.036% / 0.048%?

400,000,000 to 799,999,999?

0.030% / 0.042%?

800,000,000 to 1,999,999,999?

0.024% / 0.036%?

More than 4,000,000,000?

0.0120% / 0.0240%?

5. Bybit - Best crypto options platform Saudi Arabia

Pros

Advanced Leverage Options
Risk-Free Test Environment
High Transaction Capacity
Educational Resources
No KYC Requirements

Cons

Not Available in the U.S.
High Risk in Derivatives
Not Suited for Spot Trading
Data Sharing Concerns
Regulatory Uncertainties

Bybit overview

Bybit stands out as the best crypto options trading platform in Saudi Arabia, offering a unique blend of advanced trading tools and top-notch security. This derivatives exchange is tailored for experienced traders, providing up to 100x leverage on crypto trades.

It's important to note that while Bybit offers significant opportunities for profit, it also carries a higher level of risk, especially in the volatile crypto market.

Our crypto veteran, George, tested Bybit by depositing SAR 7000. George employed three different options strategies: a long call, a put spread, and an iron condor. After 31 trades, with an average fee of 0.075%, George achieved a remarkable 22% profit in just one day.

The total fees amount to SAR 19.425 (31 trades x SAR 7000 x 0.075%), and the profit, excluding fees, was SAR 1540 (22% of SAR 7000).

What makes Bybit stand out is its commitment to both technology and user education. The platform's ability to handle a massive number of transactions per second significantly reduces the risk of downtime, a common issue in crypto trading.

Additionally, Bybit's dedication to educating its users, through resources like "Bybit Learn" and social media classes, demonstrates a commitment to not just providing a trading platform but also nurturing informed traders.

Features

100x crypto leverage
Advanced trading
Risk-free testnet
Enhanced charting tools
Loss insurance
Various order types
No KYC needed
Trading education
Bug bounty program
2FA for security

Fees

Contract Type?

Highest Leverage?

Maker's Rebate?

Taker's Fee?

BTC/USD?

100x?

-0.025%?

0.075%?

ETH/USD?

50x?

-0.025%?

0.075%?

XRP/USD?

50x?

-0.025%?

0.075%?

EOS/USD?

50x?

-0.025%?

0.075%?

What is a Saudi Arabian exchange and crypto trading platform?

A Saudi Arabian exchange and crypto trading platform is a digital marketplace where individuals and businesses in Saudi Arabia can buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and many others. These platforms are designed to cater to the unique needs of the Saudi market, adhering to local regulations and offering services in Arabic and English.

From my experience, these platforms stand out due to their user-friendly interfaces, making it easy for both beginners and experienced traders to navigate. They often provide educational resources to help users understand the crypto market, which is a testament to their commitment to user empowerment.

How do you buy crypto in Saudi Arabia?

Buying cryptocurrency in Saudi Arabia is a straightforward process, but it requires careful consideration to ensure you're making informed decisions. As someone who has navigated this landscape, I'll guide you through the essential steps and considerations.

Choose a Reliable Exchange
Create and Verify Your Account
Deposit Funds
Buy Cryptocurrency
Secure Storage
Stay Informed
Understand the Risks

In my experience, platforms like BYDFi stand out due to their comprehensive services, including advanced trading options and educational resources for beginners.

Is crypto legal in Saudi Arabia?

Cryptocurrencies are not officially recognized as a legal tender in Saudi Arabia. However, this doesn't equate to an outright ban. The Saudi Arabian Monetary Authority (SAMA) has been cautiously observing the crypto space, indicating a nuanced stance rather than a blanket prohibition.

From an expert perspective, it's important to note that while direct transactions in cryptocurrencies may not be legally sanctioned, the interest in blockchain technology and its potential applications is growing in the country. This interest is evident in various initiatives and pilot projects undertaken by SAMA and other financial institutions in Saudi Arabia.

Pros and cons of buying crypto

Pros:

Potential for High Returns
Diversification
Innovation and Future Potential
Accessibility

Cons:

Market Volatility
Regulatory Uncertainty
Security Risks
Complexity for Beginners

What to consider when choosing a Saudi Arabian crypto exchange?

When choosing a crypto exchange in Saudi Arabia, it's crucial to consider several factors to ensure a safe and efficient trading experience. Here's a list of features you should check out before selecting exchange:

Security Measures: The foremost aspect is the security of your funds and personal information. Look for exchanges that employ robust security protocols like two-factor authentication (2FA), encryption methods, and cold storage for funds.
Regulatory Compliance: Opt for platforms compliant with Saudi Arabian regulations. This compliance not only adds a layer of security but also ensures the exchange operates within legal frameworks, safeguarding your investments.
User Interface and Experience: A user-friendly interface is vital, especially for beginners. Choose platforms that offer an intuitive design, making it easier to navigate, trade, and access important features.
Fees and Charges: Understand the fee structure, including deposit, withdrawal, and trading fees. Lower fees can significantly impact your overall profitability, especially if you plan frequent trades.
Supported Cryptocurrencies: Diversification is key in crypto trading. Select exchanges that offer a wide range of cryptocurrencies, providing more opportunities for trading and investment.
Customer Support: Efficient customer service is crucial for resolving issues swiftly. Look for exchanges with a reputation for responsive and helpful support.
Performance and Reliability: An exchange that can handle high volumes without lagging is essential. Check for platforms known for their uptime and smooth execution of trades.
Community and Reputation: Research the exchange’s reputation within the crypto community. Reviews and experiences shared by other users can provide valuable insights.
Additional Features: Some platforms offer extra features like staking, margin trading, or educational resources, which can be beneficial depending on your trading style and goals.
Liquidity: High liquidity ensures you can buy and sell assets quickly. Exchanges with higher trading volumes typically provide better liquidity.

Remember, no single exchange will be the best for every user. Your choice should align with your specific needs, whether you're a beginner or an experienced trader.

How is crypto taxed in Saudi Arabia?

Saudi Arabia does not have specific regulations or laws that directly address the taxation of cryptocurrencies. This is a vital point for both seasoned traders and newcomers to the crypto world in the region.

From a user's perspective, this lack of specific tax laws might seem like a grey area. However, it's important to approach this with an informed mindset. While there are no explicit crypto tax laws, general taxation principles could still apply.

For instance, if crypto trading is considered a business activity, it might fall under the broader umbrella of income or corporate tax.

It's essential to note that the regulatory environment is dynamic and can change. Keeping abreast of the latest developments from official sources like the Saudi Arabian Monetary Authority (SAMA) is crucial. As of now, SAMA has been cautious about cryptocurrencies, primarily due to concerns around financial security and fraud.

FAQ

Can I do crypto trading in Saudi Arabia?

Yes, you can trade crypto in Saudi Arabia using regulated platforms such as BYDFi or BingX for security.

How can I buy Usdt in Saudi Arabia?

In Saudi Arabia, USDT can be purchased through the BYDFi exchange that supports this currency.

Is Coinbase allowed in Saudi Arabia?

Coinbase does not offer its services in Saudi Arabia.

Is it better to get exchange from home country or Saudi Arabia?

Choosing an exchange from your home country or Saudi Arabia depends on factors like convenience, fees, and regulations. BYDFi and BingX are two reputable exchanges that offers high security.

Is crypto popular in Saudi Arabia?

Yes, cryptocurrency is gaining popularity in Saudi Arabia, especially among tech-savvy individuals.

Does MoonPay work in Saudi Arabia?

MoonPay is available in Saudi Arabia, allowing users to buy cryptocurrencies with various payment methods.

Is Usdt legal in Saudi Arabia?

USDT, like other cryptocurrencies, is not officially recognized as legal tender in Saudi Arabia but can be traded.

Is Saudi Arabia crypto friendly?

Saudi Arabia is gradually becoming more open to cryptocurrencies, with a growing interest in blockchain technology.

Conclusion

In conclusion, after a thorough analysis and hands-on experience with various platforms, it's clear that BYDFi stands out as the best exchange and crypto trading platform in Saudi Arabia.

BYDFi's commitment to providing a user-friendly experience, coupled with its high leverage options and real-time market data, sets it apart from its competitors, making it the go-to platform for both novice and experienced traders in Saudi Arabia.

Who wrote the article

This comprehensive review of the best crypto exchanges and trading platforms in Saudi Arabia is brought to you by a team of seasoned experts in the field of cryptocurrency and blockchain technology.

Our team comprises Alfred, George, and Lisa, who collectively boast over 20 years of experience working with financial institutions and blockchain technology companies.

Their diverse backgrounds and deep understanding of the crypto landscape have enabled them to provide insightful and trustworthy reviews, ensuring that readers receive well-rounded and expert opinions on each platform.