Best Crypto Exchanges in Saudi Arabia

Crypto Exchanges: Definition

Just like any money does not appear out of thin air, crypto has to exist somewhere, too, albeit in digital form. Therefore, crypto exchanges, acting like normal currency exchanges where you trade your dirhams for dollars and euros, provide traders an opportunity to convert fiat currency into cryptocurrency or vice versa. Moreover, you can even exchange a crypto for another one, for example, Bitcoin for Ethereum. No other place can grant you this option, only such exchanges. 

However, with numerous currencies, there is a wide variety of crypto exchanges varying in size, fees, or security measures they provide. Here, you can easily match with the person selling crypto or, on the contrary, buying, depending on your needs. What is more, price charts are also available on numerous sites, so you can see the price changes almost in real time.  

Difference Between Crypto Exchanges in Saudi Arabia

Just like in any other country, the crypto exchange market provides users with exchanges that vary in certain aspects. The key difference of the Saudi Arabian market is its still emerging nature; in other words, cryptocurrencies have come to the country just recently, so the types and number of exchanges may be quite limited. Nevertheless, there are exchanges to choose from; for example, one can find both centralized and decentralized exchanges here, granting users a variety of platforms.

The evolving nature of the country's market also means possible legislative changes, so any crypto exchange may become unavailable after some turmoil in the country’s upper echelons. In this regard, we would recommend you analyze the overall supply and diversify your assets in the best possible way. 

Picking the Best Crypto Exchange, Saudi Arabia

In our age, information is everything, so before you approach the task of choosing the right crypto exchange, it is important to know what to look for. The platform should be credible and safe, provide smaller fees, and overall have a good reputation among the users. We will provide specific details on each subject in the article so you can make the right choice.

Saudi Arabia Crypto Exchange Security Considerations

To our mind, security is the most important aspect of any platform. After all, here, all your activities are centered around money, so it would be a shame to lose it all. However, here it all comes to the competition between armor and projectile because the more secure the measures are, the more sophisticated hacking tools emerge. Nevertheless, providing protection for the assets of the users is a crucial element of any platform. The country's main regulator is the Saudi Central Bank (SAMA), which oversees any market fluctuations to provide guidance and security for exchanges. 

Still, regular users should be really cautious and careful when trading their crypto assets and pay attention to the following:

• Encryption on the platform should correspond with the latest trends in cyber protection and provide extensive coverage for the assets of the users. Always check the platform protocols and pay attention to any leaks associated with them.
• Insurance is not trendy among the exchange platforms. However, some of them provide some reimbursement for lost assets. If so, you should know the needed conditions to receive at least some of your money back.
• Authentication, two-factor or multifactor, is a vital element of any platform working with cryptocurrency. It allows users to protect their assets in the best possible way and blocks fraudsters' access to their wallets.
• The policy of diversifying assets is applicable not only to users’ wallets but also to the work of whole platforms. As a rule, storing users’ money in offline storages helps platforms avoid fraudsters and make the vaults inaccessible to hackers. 

With the market providing such security measures, the wallets of the users and currency are not under threat in any way, so Saudi Arabian customers should not worry about their assets. 

Supported Coins

The first thing any customer pays attention to is the number of cryptocurrencies available to trade. This number varies from platform to platform, reaching several thousand to just a dozen in some cases! But the pool of the most popular ones normally remains the same. Normally, these are major cryptos like Bitcoin (BTC) or Ethereum (ETH), altcoins like Cardano (ADA) and Solana (SOL), or some others, including Litecoin (LTC). 

The choice of cryptocurrencies you want to trade depends on the preferences and goals of the trader. With major cryptocurrencies, you receive a relatively stable investment, but the potential for exponential growth is quite limited. As for altcoins and other cryptocurrencies, their increase in value may be sharp and fast. However, you should pay attention to the moment of growth and sell the coins when you think they have reached their peak.

Amount of Trading

The amount of trading, or trading volume, is the characteristic of any crypto exchange, representing how much trading has been done in the given period. For us, it is an important feature of exchanges as it gives us an understanding of whether the platform is really popular, what user preferences there are, and why traders might like a platform more than another one. 

As for Saudi Arabian exchanges, there may be different factors influencing the market fluctuations. For instance, periods of high market lead to increased activity in the sphere, as well as other factors like exchange size, available cryptos, or fees. Consider the factors when you start trading on a platform.

Tariffs

Owners of platforms also want to monetize their work; therefore, they require some money from the users. As a result, they introduce various fees, for example, for trading cryptos on the platform or for withdrawing money from the site. We advise paying attention to these measures before you approach any site, as even the best crypto exchange sites may hide the dirhams that will be withdrawn from your account without your permission.

Paying for Cryptos

From what we know, the way of receiving payments is also different among the platforms. However, it is in the site’s interest to provide as many payment opportunities as possible to their customers.

The common options for payment include:

1. Digital Wallets
2. Crypto Transfers
3. Methods Available Locally (Sadad, Mada)
4. Bank Transfers

Always verify and control the payment methods with the given specific exchange. 

Crypto Exchange Reputation Matters

Definitely, keeping in mind the aforementioned elements is important, but none of them can tell you which platform real users prefer. In the sphere of cryptocurrencies, reputation is everything, as it shows customer satisfaction with the product they interact with. So, even the lowest fee crypto exchange with terrible reviews may not represent a good quality product for the traders. 

Top Saudi Crypto Exchange: Key Takeaway

Let’s sum up the main specifics that we have just discussed in the text and take a look at the clear and concise table with the main platforms and their features.