If you want to sell Bitcoin in Saudi Arabia, there are several safe and secure methods that you can follow. The Binance platform is one of the best and most reliable options for selling Bitcoin, as it provides great security and ease of use, in addition to many payment options. In this article, we will explain to you step by step how to sell Bitcoin in Saudi Arabia using the Binance platform.
1. Create an account on Binance
The first step is to create an account on the Binance platform, which is the most popular platform for trading digital currencies such as Bitcoin. To create an account:
Visit the website #بينانس or click on the following link
Click on register and enter your email and password.
Complete the KYC verification process which involves uploading documents that prove your identity, such as a passport or national ID.
Make sure to verify your phone number and email.
2. Deposit Bitcoin to Binance Wallet
After creating your account, you must ensure that your Bitcoin is in your Binance wallet before you start selling it. If you have Bitcoin in an external wallet, you can easily transfer it to your Binance wallet:
Go to Wallet in the top menu.
Select Fiat and Spot and then press Deposit.
Select Bitcoin (BTC) from the list, and your wallet address will appear.
Use this address to send Bitcoin from your external wallet to Binance.
3. Go to the sales section
Once your Bitcoin is deposited into your wallet, you can go to the Sell section on Binance. The platform offers two main ways to sell Bitcoin:
Spot Market Trading: This method can be used to sell Bitcoin quickly by determining the right price in the market.
Peer-to-Peer (P2P) trading: This method allows you to sell Bitcoin directly to other users, and receive Saudi Riyals via bank transfer or other payment methods.
The second method (P2P):
From the main menu, tap P2P.
Select Sell and select the currency as Saudi Riyal (SAR).
4. Choose the appropriate payment method
After selecting the Saudi Riyal as the trading currency, you will be presented with a list of buyers who want to buy Bitcoin. You can choose the buyer based on the price offered and the payment method he prefers. The most common payment methods in Saudi Arabia are:
Bank transfer: This is the safest and easiest method in Saudi Arabia.
Electronic payment wallets: Some buyers may prefer to use methods such as PayPal or others.
Make sure you choose the buyer who offers the best price and method that works best for you.
5. Complete the transaction
Once you have selected a buyer and payment method, enter the amount of Bitcoin you want to sell. On a P2P platform, you can sell small amounts of Bitcoin if you wish. For example, you can enter 0.01 BTC if you only want to sell a small amount.
Check all details of the deal before confirming it, including fees and terms.
Click Confirm to complete the transaction.
The buyer will receive the Bitcoin after completing the payment to you in Saudi Riyals, which will be in your bank account or via the method you chose.
6. Confirm payment receipt and release Bitcoin
After the buyer sends you the money, verify that the payment has been received in your bank account or the method you chose. After verification, you can click Release Bitcoin on the Binance platform, which means that you confirm that the money has been received and the Bitcoin will be transferred to the buyer’s account.
7. Review transaction history
After completing a trade, you can review its details via the Orders section on the Binance platform. There you can see details of all the transactions you made, including the amount of Bitcoin sold, the selling price, and any fees paid.
Frequently Asked Questions About Selling Bitcoin in Saudi Arabia
Can I sell Bitcoin using Saudi banks?
Yes, most buyers in Saudi Arabia prefer to use bank transfers to receive funds. Binance supports local bank transfer as a popular payment method.
How long does the sale take?
P2P transactions on Binance are often fast, but times may vary depending on your bank. Bank transfers can take anywhere from a few minutes to several hours.
Are there fees for selling bitcoin?
Binance does not charge any fees for transactions in the P2P market. However, be sure to check the fees of your bank or payment method, as there may be a small fee from your bank or chosen method for receiving funds.
Why should you use Binance to sell Bitcoin in Saudi Arabia?
Security: Binance offers great security for both sellers and buyers. All transactions are protected and secure.
Ease of Use: Binance offers a simple and clear user interface, making the selling process easy even for beginners.
High liquidity: Due to the large number of users, you can find buyers quickly and get good prices.
Multiple Payment Options: Binance offers multiple options for receiving funds including bank transfer and e-wallets.
