Cryptocurrency In Saudi Arabia: All About Its Advantages And Disadvantages
The main advantage is that it’s fully legal to trade crypto in Saudi Arabia, so you don’t need to hide this from anyone. Also, you can exchange the virtual currency in the country legally and there are special ATMs made for it.
However, in case you get into any scam, or accidentally fall for a cryptocurrency pyramid scheme, the government of Saudi Arabia won’t help you. That’s because you haven’t followed their sayings about crypto being dangerous due to its high volatility and hacking.
Great exchanges to use for crypto in Saudi Arabia
The most popular exchange to use in Saudi Arabia is Rain. Rain is a platform that has an official license for operating in the Middle East and provides a large set of services regarding crypto trading.
It supports most Middle East currencies and main ones, like Euro and Dollar. It has extremely low fees on withdrawals, with fees on BTC cashout being 0.0001 of Bitcoin and no fees on cashing out Ripple, or Ethereum.
Crypto rules in Saudi Arabia
The country doesn’t have any restrictions, nor other regulations for cryptocurrency. However, it advises people to trade with caution, since in case of problems, the government of Saudi Arabia won’t come to help you.