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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
Your capital is at risk. We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Rain is a crypto exchange focused on serving UAE, Saudi Arabia, Bahrain, Oman and Kuwait. They offer 24/7 support and meet all CCSS requirements as a crypto custodian and is licensed by the Central Bank of Bahrain as a Crypto Asset Brokerage.
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
BitOasis is a Bitcoin platform serving the Middle East. Customers can buy bitcoin via bank transfer or cash deposit in the United Arab Emirates, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain. UAE clients may also deposit funds via exchange houses.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
First thing's first, you need to have a safe and secure place to store your Bitcoin. Investing is no joke, and protecting your investment should be of the utmost priority.
While most exchanges allow you to store your Bitcoin on their platform, centralized exchange wallets are risky because they're subject to theft from hackers.
The only real way to secure your investment is with a cold storage hardware wallet like the Ledger Nano S.
Once you have your wallet situation sorted, it's time to pick an exchange. Although Bitcoin is legal in Saudia Arabia, the Saudi government has warned against trading Bitcoin and other cryptocurrencies. Saudi Arabia is less friendly towards Bitcoin than other countries like the United States.
Still, one can buy and sell Bitcoin in Saudia Arabia using one of the exchanges above, or one of the Bitcoin ATMs around the country.
After you've selected an exchange, you'll have to verify your identity and connect a fiat payment method.
From there, you can trade Bitcoin at your heart's content.
Saudi Arabia is in a weird place concerning Bitcoin. The country is known to leverage blockchain to make their cities more efficient. Yet, the Saudi Arabian Monetary Authority (SAMA) has warned Bitcoin is "high risk" and doesn't provide any protection for losses.
Furthermore, financial institutions (banks) are not allowed to get involved with crypto, like they are in Switzerland.
If you want to acquire Bitcoin, buying it directly from an exchange or a Bitcoin ATM is your best option. Mining takes time, energy (literally), and a lot of money. It's usually not profitable.
However, of all places in the world to mine Bitcoin, Saudi Arabia is probably one of the best locations in terms of energy costs.
Since electricity is one of the leading factors in Bitcoin mining profitability, you want to mine where power is cheap, and Saudi Arabia fits the bill.
Their citizens pay roughly 0.18 Riyals per kWh ($0.48), which is cheaper than even China and India.
Despite Saudi Arabia's cheap electricity, it's still recommended you don't invest in mining hardware, expecting to turn a profit.