Is the Binance platform supported in Saudi Arabia?
Are you interested in digital currencies and wondering if the Binance platform is approved in Saudi Arabia? This article is for you.
The Binance platform is considered to be one of the most popular digital trading and investment platforms among various categories of investors and traders in the digital sector. It has been able to win the trust of hundreds of thousands of customers around the world thanks to all the unique and expert features and services it offers and provides to its customers.
What distinguishes the Binance platform?
Binance is primarily known for its cryptocurrency trading services, especially the trading opportunities between cryptocurrency pairs. They charge the lowest transaction fees in the market. This platform is also characterized by high liquidity.
The name “Binance” is actually a combination of the words “bitcoin” and “finance”. This platform offers high standards of safety and security, with a multi-layered, multi-cluster architecture and high processing capacity, as it claims to have the capacity to process around 1.4 million requests per second. This platform supports trading in more than 500 coins, including bitcoin, ethereum, litecoin, and the native token BNB.
Trading on Binance
Like other cryptocurrency exchanges, Binance offers services related to trading, listing, fundraising, delisting or withdrawing cryptocurrencies. Cryptocurrency enthusiasts wishing to launch their own coins can use Binance to raise funds through Initial Coin Offerings (ICOs). A large number of traders and participants use the Binance platform to trade and invest in various cryptocurrencies.
To start trading, users must also complete some necessary requirements. Upon creating a successful trading account, users can add funds to their public wallet address, provided by Binance in order to start trading.
Binance supports three types of trading orders, which include limit, market, and stop orders. Limit orders are only executed at the price that is placed and determined by the trader while market orders are executed instantly at the best price available in the market. Limit stop orders only become valid when the price reaches a certain level.
Is the Binance platform supported in Saudi Arabia?
Although the Central Bank of Saudi Arabia warns about digital currency trading and the risks and effects it may entail on investors and traders, and the lack of an official license for the Binance platform in Saudi Arabia or in the Arabian Gulf, most traders in Saudi Arabia own investment portfolios and trading accounts on the Binance platform. Famous for cryptocurrency trading. This indicates that the answer to the question of whether the Binance platform is approved in Saudi Arabia is yes, the Binance platform is approved in Saudi Arabia and it is considered one of the most reliable platforms.
If you want to go ahead and buy Bitcoin, Ethereum, Cardano, or even Binance Coin, it’s easy for you, and all you have to do is open your trading account. Here are the steps:
Register and upload the identity through the platform application
Once the management team approves your account, it’s time to deposit funds. This process is usually done via credit cards, bank transfers, or even cryptocurrencies you hold on other platforms.
Once Binance has applied your funds or cryptocurrency pools to the account, you are ready to trade
Is it easy to trade on the Binance platform in Saudi Arabia?
The Binance platform is approved in Saudi Arabia. If you want to trade on Binance, now here is some initial information:
Minimum deposit: 10 USD.
Currencies that can be traded: 59 cryptocurrencies.
Trading Fee: Starting from 0.1% and a fee of 0.5% for immediate purchase.
Binance allows trading digital currencies directly through the trading application, which is designed in a way that the investor can learn and start trading very quickly, without the need for prior knowledge. To buy Bitcoin for example, you have to:
Open a trading account
Deposit funds
Search for “Bitcoin” or “NEO” (or whatever token you want to get) on the Binance exchange
Click on the “Buy” button
What is the minimum deposit on Binance in Saudi Arabia?
Binance does not require a minimum deposit amount, you can literally start trading with 1 SAR. As for deposit commissions, the fee ranges from 2 to 3% if you will be depositing with a credit card. For digital currencies, you can transfer digital currencies without incurring any deposit fees.
How can you withdraw money from Binance in Saudi Arabia?
From your home page, click on “Wallet” and select “P2P” in the top menu. Next, please select the currency you wish to withdraw.
Change the transfer flow by switching from “Spot wallet” to “P2P”, then select the amount you want to sell, and click on “Confirm Transfer”. You are now transferring your chosen amount of BTC to your P2P account.
Once the amount has been transferred to your P2P account, go to “Trade” and select “P2P” on the main Binance ticker.
Again, you will have to select the currency you want. Select SAR, then click on “Sell”. It will show you a list of people willing to buy your BTC. You are now about to make a deal.
Choose the “Bank Transfer” payment option. There are many other options like cash deposit in your bank account etc.
When you are satisfied with the offered exchange rate and the appropriate counterpart for you, click on “Sell BTC”
Choose the amount of Bitcoin you want to sell, and click on “Set a Payment Method”.
Binance will now redirect you to the page where you need to add a payment method. First, choose bank transfer as the payment method. Next, add your bank account details.
You will then have to wait a few minutes to allow the buyer to transfer the money to your bank account. Once the buyer sends the money, you will be notified of the success of your transaction. You will then receive the amount you exchanged into your bank account.
Disclaimer: The content of this article is for informational purposes only. The information provided should absolutely not be considered as investment advice or a recommendation. No warranty is made, express or implied, as to the accuracy of the information or data contained herein. Users of this article agree that Money Secrets does not accept responsibility for any of their investment decisions. Not every investment or trading strategy is suitable for anyone. See the risk warning statement.