With the growing popularity of Bitcoin and other cryptocurrencies in Saudi Arabia, many are looking for the best and safest ways to sell Bitcoin. Whether you are a beginner or an experienced investor, this guide will walk you through the process of selling Bitcoin in Saudi Arabia using Binance, one of the most trusted cryptocurrency exchanges in the world. Follow these steps to complete the transaction easily, from choosing your preferred method of sale to withdrawing funds.
Step 1: Create and verify a Binance account
Before selling Bitcoin, you need to create a verified account on Binance. Follow these steps:
1. Subscription:
o Go to the Binance website and click on Sign Up. Enter your email and create a strong password.
2. Complete the documentation (KYC):
o After registration, Binance will ask you to complete Know Your Customer (KYC) verification by providing personal information such as ID and proof of address. This is necessary to comply with local laws in Saudi Arabia and ensure the security of transactions.
3. Activate two-factor authentication (2FA):
o To enhance security, enable two-factor authentication (2FA) using your phone or email to protect your account from unauthorized access.
Step 2: Deposit Bitcoin to Binance Wallet
If you already have Bitcoin in your Binance wallet, you can skip this step. If not, follow these instructions to deposit Bitcoin:
1. Log in to your Binance account:
o After logging in, go to the Wallet section in the upper right corner and select (Fiat and Spot).
2. Choose Bitcoin (BTC):
o In the search bar, type “BTC” and click Deposit next to Bitcoin.
3. Copy your Bitcoin deposit address:
o You will be shown the wallet address. Copy this address and use it in the wallet or exchange where you keep your Bitcoin to transfer the amount to (Binance).
4. Wait for transfer confirmation:
o It may take a few minutes for the Bitcoin transfer to take place depending on network congestion. Once confirmed, the balance will appear 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 Saudi Riyal using the (P2P) platform on (Binance):
o Binance’s peer-to-peer (P2P) trading platform allows you to sell Bitcoin directly to buyers for Saudi Riyals (SAR). The transaction takes place between users, with Binance acting as an intermediary to ensure security.
2. Sell Bitcoin for fiat currencies (USD, EUR, etc.):
o You can also sell Bitcoin for fiat currencies such as the US dollar or the euro and then transfer the money to your bank account, knowing that there are currency conversion fees.
3. Trade Bitcoin for (USDT):
o Another option is to convert Bitcoin to USDT, a stablecoin pegged to the US dollar. You can then withdraw the USDT to your bank account via a supported payment provider.
Step 4: Sell Bitcoin using Binance P2P
This is the most popular way to sell Bitcoin in Saudi Arabia, as it allows you to deal directly with local buyers:
1. Log in to (Binance P2P):
o From the Binance homepage, go to P2P from the trading menu.
2. Choose Bitcoin (BTC) and Saudi Riyal (SAR):
o Select Bitcoin as the currency you wish to sell and select Saudi Riyal (SAR) as the payment currency. This ensures that you are dealing with local buyers who are willing to pay in Riyal.
3. Browse buyers:
o Binance will display a list of buyers with their prices and payment methods. Choose a buyer with a good reputation, high completion rate, and preferred payment method (such as bank transfer).
4. Completing the application:
o After selecting the buyer, click Sell BTC. Enter the amount of Bitcoin you wish to sell and accept the transaction.
5. Bitcoin Transfer:
o After the buyer transfers the amount to your bank account, confirm receipt of the payment and release the Bitcoin from your Binance wallet.
6. Completing the transaction:
o After the payment is confirmed, Binance will release the Bitcoin to the buyer and complete the transaction.
Step 5: Withdraw funds
After selling Bitcoin, the next step is to withdraw your funds in Saudi Riyals from (Binance):
1. Access the wallet:
o Go to Wallet → (Fiat and Spot) to view your balance in Saudi Riyals.
2. Withdraw funds:
o Click on Withdraw, choose Saudi Riyal (SAR) and choose your preferred withdrawal method (usually bank transfer).
3. Enter the amount:
o Enter the amount of SAR you wish to withdraw, and approve the transaction. Processing times may vary depending on your bank or service provider.
Step 6: Follow up on 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 past transactions.
Important points to consider
· Transaction fees: Be aware of transaction fees when selling Bitcoin. Binance P2P is usually free of charge, but some banks or payment providers may charge fees.
· Currency conversion: If you are selling Bitcoin for fiat currencies other than the Saudi Riyal, be sure to calculate exchange rates and conversion fees.
· Buyer Reputation: Always make sure to check the reputation of buyers and transaction completion rate on P2P platforms to ensure the transaction is done safely.
Conclusion
Selling Bitcoin in Saudi Arabia is simple and secure when you use a trusted platform like Binance. Whether you choose to sell Bitcoin for Saudi Riyals via a P2P platform or trade it for fiat currencies or stablecoins, Binance offers flexibility and ease of use with strong security features. Follow the steps in this guide and you will be able to convert Bitcoin to cash with ease.
For more information, you can visit Binance's official guide on how to sell cryptocurrencies.
For more details, visit the official Binance guide:
https://www.binance.com/en/support/faq/how-to-sell-crypto-to-php-and-idr-on-binance-160a94f49fc8429aaf4f921d9b05adc3
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As always, it is important to do your own research and consider your risk tolerance before making any investment decisions. Stay informed by checking the latest prices and market trends, following me on social media, and consider taking advantage of current market conditions to boost your cryptocurrency portfolio.
Written by: Dr. Mohammed Al-Hamri @AlhemairyM
