Buying bitcoin and cryptocurrencies in Bahrain
Obtaining Bitcoin and other cryptocurrencies in Bahrain takes under 10 minutes. Register with a cryptocurrency platform, complete identity verification, and purchase your preferred coins.
Many exchanges work across desktop and mobile, enabling effortless trading. For more significant investments, withdraw to a private hardware wallet for security.
Alternatively, peer-to-peer exchanges allow purchasing cryptocurrency without identity checks, albeit through a complex process suiting advanced traders. Buying cryptocurrencies in Bahrain requires minimal time commitment because of streamlined sign-up systems and intuitive interfaces catering to new and experienced investors.
6 Best Crypto Exchanges in Bahrain
1. AvaTrade
Pros: Regulated in multiple jurisdictions, offering a secure trading environment. Offers a wide range of financial instruments beyond cryptocurrencies.
Cons: Limited to CFDs (Contracts for Difference) for cryptocurrencies, meaning you can’t own the underlying asset directly.
Ease of Use: User-friendly interface suitable for both beginners and experienced traders.
Fees: Competitive spreads but no commission on trades. Overnight fees may apply.
Minimum Deposit: $100.
Reputation: Established in 2006, AvaTrade is considered reputable and reliable.
Demo Account: Available, allowing users to practice trading strategies without risk.
Verification Time: Can take up to 24-48 hours, depending on the verification documents provided.
Payment Methods: Supports credit/debit cards, bank wire transfers, and several e-wallets.
Founder: Negev Nosatzki and Emanuel Kronitz.
Headquarters: Dublin, Ireland.
Overview: AvaTrade is a well-regulated forex and CFD broker offering a variety of trading platforms and tools. It caters to a global audience with a focus on security and a comprehensive trading experience.
2. Binance
Pros: One of the largest and most popular exchanges with a vast selection of cryptocurrencies. Offers low trading fees.
Cons: Has faced regulatory scrutiny in various countries.
Ease of Use: Offers an advanced trading platform that may be complex for beginners but is highly appreciated by experienced traders.
Fees: Low trading fees starting at 0.1%. Discounts available for BNB token holders.
Minimum Deposit: No minimum deposit for cryptocurrencies. Fiat deposit minimums vary by currency.
Reputation: Highly reputable in the crypto community, known for its extensive ecosystem.
Demo Account: Futures trading demo account available.
Verification Time: Basic verification can be quick, but advanced verification may take several days.
Payment Methods: Supports bank transfers, credit/debit cards, and crypto deposits.
Founder: Changpeng Zhao (CZ).
Headquarters: Originally in China, now operates in a decentralized manner with no clear headquarters.
Overview: Binance is a leading global cryptocurrency exchange known for its high liquidity, wide range of cryptocurrencies, and innovative features like Binance Smart Chain.
3. Skilling
Pros: User-friendly platform designed for traders of all levels. Offers a range of trading instruments beyond cryptocurrencies.
Cons: Limited cryptocurrency offerings compared to dedicated crypto exchanges.
Ease of Use: Very intuitive interface, making it accessible for beginners.
Fees: Competitive spreads with no commission on trades. Overnight fees may apply.
Minimum Deposit: €100.
Reputation: Relatively new in the market but growing rapidly with a focus on transparency.
Demo Account: Available, providing a risk-free way to learn trading.
Verification Time: Generally quick, with verification often completed within 24 hours.
Payment Methods: Credit/debit cards, bank transfer, and e-wallets like Skrill and Neteller.
Founder: Not widely publicized.
Headquarters: Cyprus.
Overview: Skilling is a European broker offering CFDs and forex trading with a strong emphasis on simplicity and education for its users.
4. Bitstamp
Pros: One of the oldest cryptocurrency exchanges known for its reliability and security. Offers advanced trading features.
Cons: Limited selection of cryptocurrencies compared to larger exchanges.
Ease of Use: Offers a straightforward interface for beginners, with advanced tools for experienced traders.
Fees: Competitive fee structure with volume-based discounts. Charges a small fee for withdrawals and deposits.
Minimum Deposit: No minimum deposit for cryptocurrencies. Fiat deposits have a minimum depending on the method.
Reputation: Highly reputable, with a strong emphasis on compliance and security.
Demo Account: Not available.
Verification Time: Can take several days, depending on the volume of applications.
Payment Methods: Bank transfer, credit/debit cards, and crypto deposits.
Founder: Nejc Kodrič and Damijan Merlak.
Headquarters: Luxembourg.
Overview: Bitstamp is one of the longest-standing crypto exchanges, known for its regulatory compliance and a secure trading environment, catering to both beginners and experienced traders.
5. Kraken
Pros: Highly respected for its security measures and transparency. Offers a wide range of cryptocurrencies and fiat trading pairs.
Cons: The platform can be complex for beginners.
Ease of Use: Offers a basic interface for new users and an advanced interface for experienced traders.
Fees: Competitive fees that decrease with increased trading volume. Deposit and withdrawal fees vary by method and currency.
Minimum Deposit: Varies by asset; some fiat deposits have a minimum.
Reputation: One of the oldest and most reputable exchanges in the industry.
Demo Account: Not available.
Verification Time: Basic verification can be instant, but higher levels requiring more documentation can take several days.
Payment Methods: Bank transfers, wire transfers, and crypto deposits.
Founder: Jesse Powell.
Headquarters: San Francisco, California, USA.
Overview: Kraken is a well-established exchange known for its wide range of supported currencies, strong security practices, and comprehensive features catering to various user needs.
6. OKX (formerly OKEx)
Pros: Offers a broad array of crypto trading options, including futures and derivatives. Competitive fees.
Cons: Has faced regulatory challenges in some countries. The platform’s features may be overwhelming for beginners.
Ease of Use: Provides multiple platforms tailored to different levels of expertise, though it has a steeper learning curve for new users.
Fees: Low trading fees with further discounts for OKB token holders.
Minimum Deposit: No minimum deposit requirement for cryptocurrencies.
Reputation: Known for its robust trading platform and wide range of features but has faced regulatory scrutiny.
Demo Account: Futures and options trading demo account available.
Verification Time: Basic verification is quick, but full verification can take several days.
Payment Methods: Includes bank transfer, credit/debit cards, and cryptocurrencies.
Founder: Star Xu.
Headquarters: Relocated to Malta in 2018 amid a more favorable regulatory environment.
Overview: OKX is a comprehensive digital asset exchange offering a wide range of trading products, including spot, futures, and derivatives markets, catering to a global user base with its advanced trading platform.
What is required to buy cryptocurrency in Bahrain
Investing in Bitcoin and cryptocurrency in Bahrain only requires an internet connection and a phone. However, taking a few preparatory steps will ensure a quick, seamless experience:
- Crypto exchange account:
First, set up an account with a reputable Bahrain cryptocurrency exchange in advance
to enable immediate trading once ready.
- Your payment method:
Have a payment method – like a bank account, debit card, or PayPal –
connected to your exchange account to purchase coins readily.
- Identification:
Prepare a digital copy of your photo ID to provide identity verification, which Bahraini investors to identify secure, dependable exchanges.
Platforms backing accounts through tangible assurances can provide peace of mind against financial losses.
By vetting security and accountability measures before transacting, residents can confidently participate in the cryptocurrency ecosystem, knowing robust measures secure holdings from undue risk. Selecting exchanges upholding reliability principles enables accessing this innovative asset class through tried-and-tested consumer protections.
