As Bitcoin and other cryptocurrencies gain popularity in Saudi Arabia, many people are looking for the easiest and safest way to sell their Bitcoin. Whether you’re a beginner or a seasoned investor, this guide will walk you through the process of selling Bitcoin in Saudi Arabia using Binance, one of the most trusted cryptocurrency exchanges globally. Follow these steps for a smooth transaction, from choosing your preferred method to withdrawing your funds.
Step 1: Create and Verify a Binance Account
Before selling Bitcoin, you need to have a verified account on Binance, one of the largest cryptocurrency exchanges in the world. Follow these steps:
1. Sign Up:
o Go to the Binance website and click on Register. Enter your email and create a strong password.
2. Complete KYC Verification:
o After signing up, Binance will ask you to complete the Know Your Customer (KYC) verification. This includes providing personal details such as your ID and proof of address. This step is essential for ensuring compliance with local regulations in Saudi Arabia and making transactions more secure.
3. Enable Two-Factor Authentication (2FA):
o To enhance security, enable 2FA through your phone or email for additional protection against unauthorized access.
Step 2: Deposit Bitcoin into Your Binance Wallet
If you already have Bitcoin in your Binance wallet, you can skip this step. Otherwise, follow these instructions to deposit your Bitcoin:
1. Log into your Binance Account:
o Once logged in, go to the Wallet section in the top right corner and select Fiat and Spot.
2. Select Bitcoin (BTC):
o Under the search bar, type "BTC" and click Deposit next to Bitcoin.
3. Copy Your Bitcoin Deposit Address:
o A wallet address will appear. Copy this address and use it in the wallet or exchange where your Bitcoin is currently stored to transfer the amount to Binance.
4. Wait for the Confirmation:
o The Bitcoin transfer can take a few minutes depending on network traffic, but once it’s confirmed, the BTC will be visible in your Binance wallet.
Step 3: Choose a Method to Sell Bitcoin
There are several ways to sell Bitcoin on Binance in Saudi Arabia:
1. Sell Bitcoin for SAR (Saudi Riyal) Using Binance P2P (Peer-to-Peer) Trading:
o Binance’s P2P trading platform allows you to directly sell Bitcoin to buyers for SAR. The transaction happens between users, and Binance acts as an intermediary to ensure security.
2. Sell Bitcoin for Fiat Currency (USD, EUR, etc.):
o You can also sell Bitcoin for fiat currencies like USD or EUR and then transfer the funds to a bank account, although you may face currency conversion fees.
3. Trade Bitcoin for USDT (Tether):
o Another popular method is to convert Bitcoin into USDT, a stablecoin pegged to the US dollar. You can then withdraw USDT to your local bank account via a supported third-party payment provider.
Step 4: Sell Bitcoin Using Binance P2P Trading
This is one of the most popular methods to sell Bitcoin in Saudi Arabia due to the direct transaction with local buyers:
1. Go to Binance P2P:
o Navigate to P2P from the Trade dropdown menu on Binance’s homepage.
2. Select Bitcoin (BTC) and SAR:
o Choose Bitcoin as the cryptocurrency you wish to sell and set SAR as the currency. This ensures you are matched with local buyers willing to pay in SAR.
3. Browse Buyers:
o Binance will display a list of buyers, along with their prices, payment methods, and transaction histories. Choose a buyer with a good reputation, high completion rate, and the preferred payment method (e.g., bank transfer).
4. Place an Order:
o Once you’ve selected a buyer, click Sell BTC. Enter the amount of Bitcoin you want to sell, and confirm the sale.
5. Transfer the Bitcoin:
o Once the buyer transfers the payment to your bank account (or other payment method), you need to confirm receipt of the payment and release the Bitcoin from your Binance wallet.
6. Complete the Transaction:
o After confirming the payment, Binance will release the Bitcoin to the buyer, and the transaction will be completed.
Step 5: Withdraw Funds
After selling your Bitcoin, the next step is to withdraw your SAR funds from Binance:
1. Access Your Wallet:
o Go to Wallet → Fiat and Spot to see your SAR balance.
2. Withdraw Funds:
o Click Withdraw, select SAR, and choose your preferred withdrawal method (typically a bank transfer).
3. Enter the Amount:
o Input the amount of SAR you wish to withdraw, and confirm the transaction. Note that processing times may vary depending on the bank or payment provider.
Step 6: Keep Track of Your Transactions
For tax purposes or personal record-keeping, it’s a good idea to keep track of all your transactions. You can view your transaction history on Binance by going to Orders → P2P Order History. Here, you can download transaction reports or review previous transactions.
Key Points to Keep in Mind
· Transaction Fees: Be aware of transaction fees for selling Bitcoin. While Binance P2P usually has zero fees, bank transfers or third-party payment providers may charge a fee.
· Currency Conversion: If you’re selling Bitcoin for fiat currencies other than SAR, make sure to account for exchange rates and conversion fees.
· Buyer Reputation: Always check the reputation and transaction completion rate of buyers on P2P platforms to ensure a secure transaction.
Conclusion
Selling Bitcoin in Saudi Arabia is straightforward and secure when using trusted platforms like Binance. Whether you choose to sell Bitcoin for SAR via Binance P2P or trade it for fiat currencies or stablecoins, Binance offers flexibility, ease of use, and robust security features. Follow the steps outlined in this guide, and you’ll have no trouble converting your Bitcoin into cash.
For more information, you can visit Binance’s official guide on how to sell cryptocurrency.
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As always, it is important to conduct your own research and consider your risk tolerance before making any investment decisions. Stay informed by checking the latest prices and market trends on Binance and consider taking advantage of the current market conditions to strengthen your crypto portfolio.
Written by: Dr. Moh’d al Hemairy @AlhemairyM
