Nowadays, Bitcoins and all the other Altcoins are by far the hottest topic all around the world. Because of the price of the bitcoins skyrocketing. Most of the people are investing and getting great benefits but still, many people have several doubts about how to invest and safely trade in cryptocurrency because of the news about the scams and people losing money. While this is true and many scams have happened and will continue to happen but it is also true that nowadays it has become really simple to invest in and safely trade in cryptocurrency and this article is all about How to Buy and Trade Bitcoins in Bahrain.

Best Exchanges to Buy Bitcoin in Bahrain

To provide you a list of the Best Exchanges to Buy Bitcoin in Bahrain we measure the exchanges on the basics of their security, cost efficiency, quick to set up, ease to use, and the exchange that accepts a variety of funding sources. And we came up with the top 5 cryptocurrency exchanges. Following is the list of the top 5 Best Exchanges to Buy Bitcoin in Bahrain.

1) Rain

Rain is one of the most reputable cryptocurrency exchanges in all of the Middle East. It services all of the major financial hubs such as Bahrain, Kuwait, Oman, Saudi Arabia, and the UAE.

Rain is licensed as a Crypto-Asset Brokerage by the Central Bank of Bahrain (CBB).

Rain has offered standard pricing and fees to the Middle East. You can buy or sell Bitcoin, Ethereum, Litecoin, and XRP with a fee of 1.5% on brokerage.

Rain also offers 24-7customer support so you will always talk to a real human. They guarantee a 24-hour response whether it is via live chat or email. They provide both Arabic and English support.

Rain stores its cryptocurrency funds in Rain’s proprietary Cold Storage system. And they use bank-grade security, encryption, and meet all CCSS requirements.

To get started with Rain you just need to register using your email ID and the process is quite simple.

General Info:

• Trading Fees: Rains charge a fee of 1.5% of the transaction value for buys and sells done via bank transfers and a fee of 4% for buys done by card.
• Deposit Fees: Rain does not charge fees on deposits. But the banks may charge an international wire transfer fee.
• Withdrawal Fees: They charge a flat fee of 50 SAR or equivalent for international transfers. However, there are no withdrawal fees for local transfers within Bahrain.
• Number of coins/pairs offered: Rain supports all local currencies and the following pairs: BHD/BTC, SAR/BTC, AED/BTC, KWD/BTC, OMR/BTC, etc

Pros                  

• Buy bitcoin easily in the Middle East.
• High limits and liquidity available.
• Shari’a Compliant.
• 24*7 customer support.

Cons

• Only available in Bahrain, Kuwait, Oman, Saudia Arabia, and UAE.
• High Trading Fees.
• Time Consuming.

Buying Guide:

1. Firstly, to buy or sell cryptocurrency on Rain you can download their app for your phone or you can visit their website.
2. Secondly, complete the signup process with some basic information along with your email ID.
3. Verify your information through the verification link you get in your email.
4. After verifying you are all set to trade cryptocurrency on Rain. Enjoy Trading.

Note – You need to 21 or over years of age to create an account on Rain.

2) Binance

Binance is the world’s largest and fastest-growing Bitcoin exchange, which has created the largest ecosystem for crypto-based financial services.

On this platform, you can buy bitcoins using a debit/credit card and then trade it for any other altcoins. Binance also offers a fully functional and user-friendly mobile app, and Binance is by far the most used bitcoin exchange in the world. And if you are looking for a single recommendation, Binance will be the best for you.

Binance has raised a total of $15 million through initial coin offering (ICO) and since its ICO to date, it has grown exponentially and is now #1 in the top 10 exchanges in the world. and it offers the biggest marketplace for Bitcoin. Binance had a very successful start after it was created in 2017 and now they are delivering more than $1 billion in daily trades, which makes them the world’s largest exchange for alt-coin trading.

To get started with Binance you just need to register using your email ID and the process is quite simple and fast. Binance also offers its own coin called BNB which is probably like any other crypto that you can HODL or Trade.

General Info:

• Trading fees: Binance charges a fee of 0.1% of the transaction, which is the lowest than other peers. And you can further get a 25% discount if you hold BNB token on your Binance account because if you trade cryptocurrencies, BNB token will be charged as a fee automatically. And  In this way, you will get an extra 25% fee discount. his response
• Deposit fees: Binance does not charge any deposit fees but for withdrawal, they do charge a fee of 0.0005BTC.
• Withdrawal fees: Binance charges a fee of 0.0005BTC for withdrawal.
• The number of coins/pairs offered: About 184 tokens are listed on Binance and they offer a total of  591 trading pairs.
• Trades Offered: Binance offers various types of trades like Spot Trading, Margin Trading, P2P Trading
• Deposit Methods: Binance supports credit cards, debit cards, bank transfers, etc.

Pros

• Huge list of Alt-coins.
• Low Fees
• Prizes
• Security
• High Trading Volume

Cons

• Customer Support
• No Fiat Deposits or Withdrawals

Buying Guide:

1. Firstly, you need a Binance account for that you have to visit the Binance homepage and then click on “Register” or you can download their mobile app.
2. Then You will need to enter your email address and choose a strong password.
3. Finally, you need to confirm your email address. You now have a Binance account!
4. When you log in, it will ask you to set up two-factor authentication.
5. Then you have to enter your mobile number and complete the setup. As it really increases your account security.

Now, you are all set to buy bitcoins on Binance through different payment methods.

3) BitOasis

BitOasis is the United Arab Emirates-based cryptocurrency exchange.

BitOasis platform focus on clients in the Middle East. Although Bitoasis allows cryptocurrency deposits and withdrawals on a global basis, they only allow users from six specific countries i.e United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar to deposit funds with fiat money.

The primary currency used on the Bitoasis exchange platform is United Arab Emirates Dirham (AED). but you can purchase cryptocurrency in USD also, but this makes the exchange rate higher than the market average. That makes Bitoasis an expensive exchange to use if you’re planning to trade in dollars.

Bitoasis exchange was launched in 2015, but Bitoasis is still not listed on CoinMarketCap, or any other notable cryptocurrency data website. Which makes the clients uncertain to use this exchange.

General Info:

• Trading Fees: BitOasis charges a fee of 0.5% of the transaction. Furthermore, if you want to lower your trading fees by just 0.005%, you’d need to trade more than $250,000 in a single month!
• Deposit fees: BitOasis does not charge deposit fees.
• Withdrawal fees: BitOasis does charge a withdrawal fee of 0.0005BTC.
• The number of coins/pairs offered: Bitoasis currently supports 8 different coins i.e.Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), ZCash (ZEC), Stellar Lumens (XLM), Ripple (XRP).

And BitOasis offers ETH–BTC, XRP–BTC, LTC-BTC, BCH–BTC, ETC–BTC pairs, and all the other supported cryptocurrencies can be traded against AED.

• Deposit Methods: BitOasis currently only offers an online bank transfer payment method.

Pros

• Debit card deposits for 6 Middle East countries
• Perfect if you want to trade in AED
• Mobile wallet available for iOS users

Cons

• High trading fees.
• Fiat deposits and withdrawals are only available for six nations.
• No live chat or telephone support.
• USD Bitcoin price is very high.
• Limited cryptocurrencies are supported.

Buying Guide

1. Firstly, you have to open an account with Bitoasis.
2. To open an account on Bitoasis you have to enter your name, email address and choose a password on the signup page.
3. Then, confirm your email address.
4. After that Enter and confirm your phone number.

After completing the sign-up process Deposit funds into your account and enjoy trading on BitOasis.

4) Paybis

Paybis offers a wide range of different payment methods to buy and sell Bitcoin and other cryptocurrencies. Paybis allows you to buy Bitcoins with a credit or debit card or any payment method which suits you. Their goal is to provide the customers a secure trading platform with 24/7 live support.

Paybis is a cryptocurrency exchange that was created to allow worldwide access to cryptocurrencies. Their simplistic interface allows anyone to easily sell, buy, or exchange cryptocurrency in a quick and hassle-free manner.

Paybis was started in 2014, since then the exchange has grown to an international marketplace that serves more than 200,000 customers worldwide. Till Now, they have completed more than 200,000 transactions on their platform.

General Info:

• Paybis Rates: The trading fees in Paybis different from all the other cryptocurrency exchanges.

This is because there are different fees for each different payment method or deposit method you use. Below is the rate chart for each different payment method you can have a look at.

• Withdrawal fees: Paybis don’t charge additional fees to withdraw coins.
• Coins Listed: Paybis currently offer 9 coins i.e.  Bitcoin, Ethereum, Tether, Litecoin, Ripple, Bitcoin Cash, Stellar Lumens, Binance Coin, Tron.
• Deposit Method: At Paybis, you can deposit through Credit Card, Debit Card, Wire Transfer, Skrill, Neteller, AdvCash, Payeer, and Perfect Money.

Pros

• Paybis have a lot of different payment methods.
• Purchase prices are set for 30 minutes.

Cons

• High commissions and fees.
• Some US states are not supported.
• EUR bank transfers are not supported outside of the European Union.

Buying Guide:

1. Firstly, make an account in Paybis with your email Id and password.
2. Verify your details.
3. After activating your account, to buy bitcoins start a transaction with the payment method of your like.
4. Enter Your Bitcoin Wallet Address.
5. After filling in all the necessary details Continue to Checkout.
6. Make a payment.

After successful payment, you will get your Bitcoins.

5) CoinDirect

Coindirect is a cryptocurrency exchange service that allows you to buy and sell Bitcoin or any other cryptocurrencies with your credit, debit card, or other means for instant purchase.

Coindirect has been around since 2017 and is based in the Isle of Man (A state between England and Ireland). The service is open for traders from many countries around the world and offers a simple gateway to get started in buying Bitcoin or any other cryptocurrency.

General Info:

• Trading fees: Coindirect charges sellers a fee of 0.50%
• Withdrawal fees: Coindirect does not charge any withdrawal fees at all for withdrawing BTC.
• Deposit Method: Coindirect offers only wire transfer as a deposit method. But they are working to provide you credit card payments.

Pros

• A wide selection of cryptocurrencies to choose from.
• Have a Very transparent fee structure.
• Intuitive and well-explained trading platform.

Cons

• Mixed opinions from other traders.
• Difficult to verify the trusted reputation.
• Claims of Fraud.

Buying Guide:

1. First, create your CoinDirect account.
2. Get your identity verified.
3. Then, Creating a bitcoin wallet.
4. Click To Buy Bitcoin.
5. Then choose a payment method.
6. After successful payment, you will get your bitcoins.

FAQs

What is Cryptocurrency?

A cryptocurrency is a digital currency that can be used to buy goods and services like any other traditional currencies like USD, AED, etc.

And It is designed to exchange digital information through a process made possible by certain principles of cryptography.

What is a Bitcoin Exchange?

A bitcoin exchange is a digital marketplace where you can buy or sell bitcoins or many other cryptocurrencies.

A bitcoin exchange or a cryptocurrency exchange is a platform that allows its customer to trade cryptocurrency for other assets such as fiat money or other digital currencies.

These exchanges support various payment methods to provide you the convenience to buy or sell bitcoins or any other cryptocurrency. And every bitcoin exchange uses its pricing and platform, which may instantly draw you to one exchange over another.

How Does a Bitcoin Exchange Work?

Bitcoin exchanges work as a middleman, or a broker to connect buyers and sellers on their platform. And If you buy bitcoin using a bitcoin wallet, the transaction will record on the bitcoin blockchain, which publicly tracks bitcoin-based transactions.

Are Bitcoin Exchanges Legal?

Bitcoin Exchanges are generally considered legal in most countries of the world.

However, you should check whether it is legal or not in your country.

Differences between Bitcoin Exchanges and Wallets?

A Bitcoin wallet is software that allows you to store your bitcoins whereas an exchange is a marketplace in which you can convert real money like US dollars, AED, etc to bitcoins or any other cryptocurrency. The exchange also provides a wallet but you don’t have full control of that wallet.

Differences between Bitcoin Exchanges and Bitcoin Mining?

Bitcoin mining is a process of creating new bitcoins by solving complex mathematical problems.

Bitcoin mining is a process that helps to maintain the Bitcoin Blockchain. Bitcoin mining helps in maintaining the ledger of transactions that happens in the bitcoin blockchain. So when a transaction takes place, miners race to record that transaction and in return get a small fee, paid by those who make the transaction.

Is Buying Bitcoin Safe?

Yes, Buying Bitcoin is safe but it is very important to have proper research about the exchange you’re considering buying Bitcoins from. But it is also true that bitcoin investment is incredibly risky, so it’s probably not the best fit for most people. But if you are interested to invest in bitcoins it is important to do it safely.

Conclusion

Now, we think it is very much clear to you how to buy Bitcoins in Bahrain. Investing in BTC isn’t much different from investing in any traditional stocks. While trading BTC you need to open an account with an exchange. And for stocks, you have to open an account with a brokerage. But it is very important to research the best and safe cryptocurrency exchange before investing and we hope after this article you are now able to select the exchange that suits you the best. Enjoy trading!!