The 5 Most Important Saudi Banks Dealing With Digital Currencies are legal
The method of buying digital currencies from Saudi Arabia, with the spread of digital currencies and their penetration into the global financial system through transfer and exchange operations from these currencies to
Saudi banks that deal with digital currencies. This is the focus of our article, in addition to the method of purchasing digital currencies from Saudi Arabia, with the spread of digital currencies and their penetration into the global financial system through conversion and exchange operations from these currencies to dollars, riyals, or dinars.
Which stimulated the movement of these currencies, and as a result, we have what is called the method of purchasing digital currencies from Saudi Binance and with their own cards, such as the Bitcoin card and others, so the trading of these currencies became a reality that imposed itself on the current economic world. Let us enter into the most important details of this topic and start with God’s blessing:
What are the best companies and entities that deal in digital currencies in Saudi Arabia?
evest company
It is one of the most famous digital trading companies in Saudi Arabia, which deals in digital currencies in the Kingdom, and provides distinguished services in this context.
This company was established in 2018. During this short period, it was able to achieve a good reputation among investors in the market and gained great interest to become one of the best digital currency trading platforms. This company offers one of the most important services through which you can buy digital currencies in Saudi Arabia.
This company allows you to open an account for digital currencies and trade them, and it derives its license from other companies, and allows you to invest and deposit a minimum amount of $ 10.
xtb company
1. It is one of the most important platforms for buying digital currencies and companies in the field of dealing in digital currencies and trading them in the Kingdom, and it is one of the best companies in this field in trading operations.
2. This company is one of the most honest and credible companies in the field of trading bitcoins and digital currencies. It enjoys the ease of opening an account in this company, and it derives its license from
3. This company offers you a deposit and investment service for as little as $1, which made many investors flock to it.
avatrade company
The best cryptocurrency platform that supports Saudi Arabia and is distinguished by the fact that it provides a smooth interface in use and unique tools that can be accessed from anywhere in the world and helps you learn how to buy and store digital currencies
One of the most important features of this platform is that it can compensate you for losing deals when executing your deals. It also ensures that there are no restrictions on short selling, in addition to very low prices and competition.
A distinguished and well-known company in the field of digital currency trading, and one of the most recommended companies to deposit digital currencies and open an account with them because of the high percentage of profits and benefits they provide for investment.
This company derives its license from the FFAJ Group
This company has set a minimum investment of about $100 because of the privileges it offers and its keenness to provide the best service and the most profitable profit.
exness platform
It is one of the best digital currency trading platforms in Saudi Arabia, as this company has opened the door for investors to deposit and trade digital currencies through it and through its platform, which derives its license through its international group.
You can easily open an account on this platform by following a specific number of simple steps, with a minimum investment of $10.
This platform enjoys honesty and credibility in dealing and the good prices it offers to exchange all digital currency cards of any value and transfer cash from Bitcoin to Saudi riyals or dinars
Binance company
One of the best companies in the field of digital currency trading and bitcoin exchange, and it allows you to easily and derive the license from opening a CySEC account
It enjoys accuracy in calculating profits and credibility in trading, and the absence of any fraud or fraud, and it is keen to achieve complete satisfaction for customers and customers, which led to a large number of investors and a significant increase in the company’s capital in the last two years.
Is Bitcoin legal in Saudi Arabia?
Digital currencies and bitcoins have spread significantly and significantly in the Arab world and the world in the last two years, which imposes a fact that countries must take a specific position to allow trading or not.
Therefore, countries have worked to gradually recognize Bitcoin, and many ATMs have been opened in the countries, with an estimated number of about 60 ATMs around the world.
Among these countries is the Kingdom of Saudi Arabia, which officially recognized and traded in the Bitcoin currency, but set strict conditions for that to ensure that no disruption occurred in the economic system and the national currency and that no fraud or fraud occurred.
The Kingdom of Saudi Arabia has also sought greatly to improve the economic and living conditions of its people, so it allowed all currencies and their circulation, and achieved a distinctive mechanism in order to invest them in a large and distinctive way.
However, it must be noted and shed light on an important idea, and since there is a case of fraud and theft of money, that is why it allowed its circulation and benefit from it in terms of providing a hand and support, but on the other hand, this government refused
To deal with them and use them in the global and local markets and to prevent their trading in their markets and stores. Therefore, it is necessary to focus on an important angle that allowed those who achieved intelligence and the ability to invest to use it and prevented it in general.
What is the penalty for trading digital currencies in Saudi Arabia?
At the beginning of the emergence of digital currencies and bitcoin seven years ago, there was a strict reservation and strict penalties for trading in these currencies under any name, and the penalty period was about 5 years in prison, in addition to paying a fine of about 3000 Saudi riyals, and this led to the decline of the popularity of bitcoin in the Kingdom.
But with the increasing popularity of Bitcoin and its global recognition and support by the largest capitals around the world, such as Elon Musk and other wealthy people, and their betting on these currencies led to its impact on the economic system.
Countries found themselves only faced with the option of recognizing these currencies and allowing their circulation, but as we said, through laws that control them and by obtaining official permits and licenses from state bodies specialized in this field.
What are the ways to withdraw bitcoins in Saudi Arabia?
There are many ways to withdraw bitcoins in the Kingdom due to the widespread use of these currencies. There are a large number of brokers who undertake the task of exchanging bitcoins against the Saudi riyal immediately and transferring the balance to Paypal or any wallet you want.
You can also do the exchange process through an automated teller machine within a short period of time.
What are the ways to make a profit from trading digital currencies and bitcoins?
Brokers buy bitcoins from you at a little less than the exchange rate in the global economic market, thus collecting a large amount of bitcoins and selling it to a bank or any official entity at its real price, hence the profit.
And you, dear, can easily do this trading process by creating a PayPal wallet or any currency wallet and collecting bitcoins in it by exchanging it for riyals, dollars, dinars, or whatever your local currency is.
Can the preaching process be done on a personal computer or laptop?
My friend, the mining process results in digital currencies such as bitcoin and others, and it is the essence of these currencies to obtain bitcoin.
But this process mainly requires a computer with a large memory and a high volume of RAM in order to be able to handle the mining process, and of course, the higher the computer specifications, the faster the mining process, and from it the increase in profit.
Now, I will provide you with a detailed explanation of the most important Saudi banks that support digital currencies in 2023, so that everyone can benefit in detail.
Here we have come with you to the end of our interesting article about Saudi banks that deal with digital currencies about buying and selling currencies, in which we talked about bitcoin trading in the Kingdom of Saudi Arabia
And we showed you what is the penalty for trading bitcoin and digital currencies, what is its exchange rate in general, and how you can become a broker and achieve the trading process properly without any risk, hoping that we have given this topic its due, and may you be fine.