Best Crypto Exchanges in Bahrain
This guide highlights the top 5 cryptocurrency exchanges for Bahrain residents, comparing fees, features, token support, regulation, and support options to determine the best choices.
Summary: In Bahrain, the most effective way to buy Bitcoin and other cryptocurrencies is through a locally regulated and compliant exchange. Investors can utilize bank transfers, various payment methods, and deposit Bahraini Dinar (BHD) to acquire, stake, and trade digital assets securely.
Our team has examined and compiled a list of the top 5 trading platforms in Bahrain to assist you in starting your crypto journey. Based on our analysis, these are the best options available to you:
Top Crypto Trading Platforms in Bahrain
Our team conducted a thorough evaluation of more than 30 Crypto trading platforms to identify the top five options for Bahraini investors. We compared various factors of each exchange such as what features they offered, if they had high fees, regulatory compliance, BHD deposit methods, and other components.
Based on our investigation, we have created a simple but detailed guide to the Best Five Crypto Exchanges in Bahrain. Continue reading to find the best option for you.
1. Rain
Rain is the best Crypto exchange in Bahrain as it is the country's only native digital asset platform and it is regulated by the Central Bank of Bahrain. It's considered the most trusted and secure digital asset exchange in the Middle East. In addition to being regulated by the CBB, it is also licensed by the Abu Dhabi Global Market. Rain offers the cheapest fees in the nation and offers zero deposit and trading fees, with the only cost being a withdrawal fee of $15.
- Fees: There are no deposit or trading fees on Rain, withdrawals are $15 per transaction.
- Supported Assets: Trade 100+ Cryptocurrencies.
- Regulation & Licensing: Licensed by the ADGM and regulated by the CBB.
- Customer Support Options: 24/7 Arabic-speaking support via live chat, email, phone & social media.
- BHD Deposit Methods: Bank transfer, debit/credit card, Fawri, Easy Deposit & Fawri+.
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2. Bybit
Bybit is the second-best Crypto exchange that is based in Singapore but offers services to 180 countries including Bahrain. The platform offers 24/7 Arabic-speaking customer support and Bybit can also be used entirely in Arabic. It's a popular option for investors who prioritize privacy and anonymity as it doesn't require users to KYC (verify identity) in order to buy, sell and withdraw funds/assets. Bybit also offers a wide range of features including staking, lending, and borrowing services.
- Fees: There are no deposit or withdrawal fees on Bybit. For spot trading, the fee is 0.1% and for futures trading, the maker/taker rebate is 0.01%/0.06%.
- Supported Assets: Trade 400+ Cryptocurrencies.
- Regulation & Licensing: Not regulated (hence no KYC requirements), but does provide proof-of-reserves.
- Customer Support Options: 24/7 Arabic-speaking customer support via live chat, email, and its Social Media Communities.
- BHD Deposit Methods: Credit Card & Google Pay.
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3. OKX
OKX is our third pick for Bahraini investors as it also accepts BHD deposits and it also offers 24/7 Arabic-speaking customer support. The exchange is transparent in its assets by providing regularly updated proof-of-reserves showing users' funds are always held 1:1. In addition, it provides a vast array of features including multiple order types (futures, spot, options, and margin trading), several staking options, an NFT marketplace, Crypto loans and much more.
- Fees: Deposits and withdrawals charge a spread of 0% - 1%, depending on the method. For spot trading, the fee is 0.1% and for futures trading, the maker/taker rebate is 0.02%/0.05%.
- Supported Assets: Trade 350+ Cryptocurrencies.
- Regulation & Licensing: Not regulated in Bahrain and provides proof of reserves.
- Customer Support Options: 24/7 Arabic-speaking customer support via live chat, email, and its Social Media Communities.
- BHD Deposit Methods: Credit Card, Debit Card & Skrill.
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4. Binance
Binance is the largest and most popular exchange in the world but is the fourth option in Bahrain as it is technically not supported in Bahrain but accepts BHD deposits. Although, users can make an account and verify their government-issued identity documents in Bahrain, for whatever reason it is not in Binances Supported Countries. This is a global platform that has over 120 million users and a wide range of features like trading, staking, lending, borrowing, and much more.
- Fees: Deposits and withdrawals vary between 0% - 3% depending on the method. For spot trading, the fee is 0.1% and for futures trading, the maker/taker rebate is 0.02%/0.05%.
- Supported Assets: Trade 300+ Cryptocurrencies.
- Regulation & Licensing: Licensed by the Central Bank of Bahrain (CBB).
- Customer Support Options: 24/7 Arabic-speaking customer support via live chat, email, and Social Media Communities.
- BHD Deposit Methods: Credit/Debit Card, Bank Transfer & Benefit.
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5. KuCoin
KuCoin is our last choice for Bahraini investors as it is the least secure exchange on this list. However, it is not considered a dangerous or risky platform, only less secure than the other exchanges mentioned above. KuCoin is best known for being the go-to place for newly listed meme coins, altcoins, dog coins, NFT coins, Metaverse coins, and more. It has the largest selection of tokens out of any centralized exchange globally.
- Fees: Deposits and withdrawals are free. For spot trading, the fee is 0.2% fee and for futures, the maker/taker rebate is 0.02%/0.06%.
- Supported Assets: Trade 600+ Cryptocurrencies.
- Regulation & Licensing: Unregulated hence no KYC requirements.
- Customer Support Options: 24/7 customer support via live chat, email, and its Social Media Communities. There is no Arabic-speaking customer support.
- BHD Deposit Methods: Apple Pay.
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How is Crypto Regulated in Bahrain?
Crypto regulation in Bahrain is overseen by the Central Bank of Bahrain (CBB) and the Bahrain Economic Development Board (EDB). The country has been a pioneer in the adoption of Cryptocurrencies, with the CBB issuing laws for regulating Crypto assets in early 2019. Under these regulations, digital asset exchanges operating in Bahrain are required to be licensed and regulated by the CBB.
In addition to regulating Cryptocurrency exchanges, the CBB has also issued guidelines for Initial Coin Offerings (ICOs). These guidelines outline the regulatory requirements that ICO issuers must comply with, including submitting a prospectus to the CBB for approval and complying with AML/CFT regulations. Bahrain has taken a proactive approach to regulating Cryptocurrencies and promoting their adoption, which has resulted in a growing ecosystem of Crypto exchanges.
Is Crypto Taxed in Bahrain?
No, Cryptocurrencies are not taxed in Bahrain as there is no specific tax framework for Crypto in the country. The Bahraini government stated that it does not consider Crypto transactions to be a form of currency exchange, and therefore, Cryptocurrency transactions are not subject to Value Added Tax (VAT) in Bahrain.
It is also worth noting that the country's tax regime follows a territorial taxation system. This means that individuals and businesses are only taxed on income earned in Bahrain, and not on income earned abroad. While there is currently no specific tax framework for Cryptocurrency in Bahrain, it is important for individuals and businesses involved in cryptocurrency transactions to stay informed of any new developments to ensure compliance with relevant tax laws.
Bottom Line
In conclusion, Bahrain offers a thriving environment for cryptocurrency enthusiasts, with the Central Bank of Bahrain and Bahrain Economic Development Board regulating digital asset exchanges. Our comprehensive analysis has identified the top 5 trading platforms for Bahraini investors: Rain, Bybit, OKX, Binance, and KuCoin. Each platform offers unique features and advantages for trading, staking, and purchasing cryptocurrencies.
With no specific tax framework for cryptocurrencies in Bahrain, investors can focus on exploring these platforms to kickstart their crypto journey. Remember to stay updated on regulatory changes and tax laws to ensure compliance as the crypto landscape evolves.
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