In Bahrain, cryptocurrency trading falls under the governance of the Central Bank of Bahrain (CBB), fostering a secure and well-regulated environment. Investors can seamlessly deposit Bahraini Dinars (BHD) into reputable digital asset platforms, leveraging various methods like bank transfers and credit cards. Our comprehensive assessment, considering compliance with CBB regulations, cryptocurrency variety, user experience, BHD deposit options, and transparent fee structures, guides investors in choosing platforms aligned with their digital asset investment preferences.
Examining the Top 6 Cryptocurrency Exchanges in Bahrain
Assessing various cryptocurrency exchanges to compile a selection of the top 6 crypto platforms available in Bahrain. Continue reading to unveil crucial insights into the finest cryptocurrency exchanges for Bahraini traders.
Discover the top crypto exchanges in Bahrain:
- Phemex – Supports lots of Tokens, Semi centralized with DAO, On-chain proof of funds.
- MEXC – Extensive Altcoin Selection, P2P Trading, Global Reach.
- Kraken – Transparency and security, 24/7 platform surveillance, regularly audited proof of reserves.
- Bybit – No KYC needed, 100x leverage, 400+ tokens.
- Gate.io – 1700+ tokens, Altcoin focus, innovative periodic trading function.
- OKX – Robust security measures, KYC requirements, wide array of cryptocurrencies.
1. Phemex
Phemex, an avant-garde crypto exchange, revolutionizes transactions with its lightning-fast processing speed of 300,000 per second. Noteworthy is its unique no-KYC option, catering to privacy-conscious and verified users alike.
Established in 2019 by former Morgan Stanley executives, Phemex stands out as a leading crypto derivatives trading platform. Offering perpetual contracts, futures, and leveraged tokens, it addresses the diverse needs of both retail and institutional investors. The platform’s commitment to accessibility is evident in its no-KYC approach, enabling users to sign up swiftly with only an email and password.
Phemex excels in user experience, featuring an intuitive interface for beginners and advanced charts powered by TradingView for seasoned traders. The platform goes beyond traditional offerings by supporting crypto staking with competitive Annual Percentage Yields (APYs) up to 19.0%, presenting attractive opportunities for passive income. Whether prioritizing speed, user-friendly interface, or staking possibilities, Phemex emerges as a holistic solution for crypto enthusiasts.
If you want to learn more about the platform, you can read our full Phemex review.
Spot Fees: 0.1% maker/taker
Futures Fees: 0.01% maker and 0.06% taker fees
Supported Cryptos: 360+
Payments: P2P Mainly (Supports PayPal, Apple Pay, Google Pay, Skrill and more)
Customer Support: Quick customer support
Phemex Pros and Cons
| 👍 Phemex Pros | 👎 Phemex Cons |
|---|---|
| ✅ Wide Crypto Coins Range | ❌ Lacks Fiat & Options Trading |
| ✅ No KYC Required | ❌ Limited OTC Trading |
| ✅ Copy Trading | |
| ✅ Great Mobile Application |
2. MEXC
MEXC, a dynamic cryptocurrency exchange in Bahrain, revolutionizes the trading landscape with its extensive array of over 2000 cryptocurrencies. Renowned for the lowest trading fees and an expansive selection of trading pairs, MEXC becomes the go-to platform for those venturing into the realm of altcoins.
A distinctive feature of MEXC is its exclusion of fiat exchange or withdrawals, requiring users to transact exclusively in US dollars and explore P2P networks for cashing out.
Despite this limitation, MEXC enriches the user experience with a comprehensive suite of services, including margin trading, EFT indices, and a futures market. Going beyond the ordinary, the platform supports fan tokens and hosts engaging sports betting campaigns, adding an element of excitement. With a user base nearing 7 million from 200 countries and a robust trading volume of 2.7 billion, MEXC stands as the preferred choice among exchanges.
If you want to learn more about the platform, you can read our full MEXC review.
Spot Fees: 0%
Futures Fees: 0% maker / 0.03% taker
Supported Cryptos: 1600+
Payments: Bank transfer, P2P
Customer Support: Multi-language customer support 24/7
MEXC Pros and Cons
| 👍 MEXC Pros | 👎 MEXC Cons |
|---|---|
| ✅ 1700+ Cryptos | ❌ No NFT Market |
| ✅ Copy Trading | ❌ Lacks passive income products |
| ✅ Up to 200x Leverage | ❌ No Fiat Deposits/Withdrawals |
| ✅ Very User Friendly |
3. Kraken
Kraken stands out on a global scale, renowned for its unwavering commitment to transparency and security. The exchange implements robust security measures, including two-factor authentication, adherence to regulations across 190+ countries, withdrawal whitelist functionality, and continuous 24/7 platform monitoring. These measures build a high level of trust among users. Notably, Kraken’s commitment to transparency is evident in its fee structures and regular audits, earning accolades from the user community. The platform consistently provides audited proof of reserves, assuring customers that their assets maintain a 1:1 ratio on the platform. This emphasis on transparency and security seeks to instill confidence and peace of mind among Kraken’s clientele.
Kraken positions itself as a versatile and cost-effective platform, catering to a diverse spectrum of cryptocurrency traders, from novices to seasoned experts. Its notable feature lies in competitive pricing, especially evident on Kraken Pro and in the futures markets. However, it’s crucial to acknowledge that the interface complexity of Kraken Pro may pose a learning curve for newcomers. For those valuing simplicity, exploring alternative options becomes imperative. With a presence in over 190 countries, a user base exceeding 10 million, and a quarterly trading volume surpassing 207 billion, Kraken sets itself apart for its adaptability, serving both small and large-scale investors in Bahrain.
If you want to learn more about the platform, you can read our full Kraken review.
Spot Fees: 0.16% maker, 0.26% taker
Futures Fees: 0.02% maker, 0.05% taker
Supported Cryptos: 190+
Payments: apple or google pay, Wire transfer, credit card
Customer Support: 24/7 Support
Kraken Pros and Cons
| 👍 Kraken Pros | 👎 Kraken Cons |
|---|---|
| ✅ User-friendly interface | ❌ Slow account funding process |
| ✅ Offers advanced trading features | ❌ Costly hacks with limited support |
| ✅ Low fees for advanced traders | ❌ Higher transaction fees on the main platform compared to Kraken Pro |
4. Bybit
Bybit emerges as a prominent player in Bahrain’s cryptocurrency scene, providing diverse deposit methods for various activities like buying, selling, and trading across an extensive portfolio of 770+ digital assets. Operating on a global scale, Bybit stands out with its intuitive interface, robust security measures, and advanced trading features. It caters to the needs of both novice and seasoned traders in Bahrain, offering a substantial security fund and transparent practices. With an impressive trading volume nearing 6.5 billion, Bybit firmly establishes itself as a pivotal force in the cryptocurrency exchange landscape, specifically in Bahrain. Recognized as the second-best exchange in the country, it holds particular appeal for derivatives traders, offering a wide array of features such as futures, options, staking, native DeFi support, and more. Bybit excels with efficient deposit methods tailored to local preferences, boasting over 940 digital assets to accommodate a diverse range of investment strategies.
Specializing in futures contracts with up to 25x leverage and providing staking options, Bybit opens up investment avenues in Bahrain. Its competitive fee structure, featuring a maker fee of 0.01% and a taker fee of 0.06%, coupled with robust security protocols, cements its status as a premier choice. With a global user base exceeding 10 million, Bybit stands out for its reliability and comprehensive service offerings in Bahrain’s dynamic cryptocurrency market.
If you want to learn more about the platform, you can read our full Bybit review.
Spot Fees: 0.1% maker / 0.1% taker
Futures Fees: 0.02% maker / 0.055% taker
Supported Cryptos: 430+
Payments: P2P mainly, credit card
Customer Support: 24/7 live chat support
Bybit Pros and Cons
| 👍 Bybit Pros | 👎 Bybit Cons |
|---|---|
| ✅ Low trading fees | ❌ Highly advanced for beginners |
| ✅ Many options to fund the account | ❌ Fiat withdrawals only via P2P |
| ✅ User-friendly interface | |
| ✅ Passive income products | |
| ✅ Over 400 cryptocurrencies | |
| ✅ Copy Trading | |
| ✅ Full Proof of reserves |
5. Gate.io
Gate.io stands out as a leading hub for altcoin trading, setting itself apart with an extensive portfolio of over 1700 cryptocurrencies. This diverse array positions it as a prime destination for digital asset enthusiasts, encompassing the trading of the top thousand tokens. Gate.io’s reputation is built on its reliable spot trading and futures trading services, complemented by an innovative periodic trading function.
The exchange distinguishes itself by offering more than conventional services, providing a broad range of DeFi products, a robust IEO platform, and yield farming capabilities. These features empower users, attracting significant attention from those in Bahrain eager to explore the dynamic altcoin market. Gate.io’s comprehensive suite of tools and functionalities makes it a preferred choice for Bahraini traders seeking effective ways to diversify their investment portfolios.
If you want to learn more about the platform, you can read our full Gate.io review.
Spot Fees: 0.2% for spot trading.
Futures Fees: 0.015% for makers and 0.05% for takers
Supported Cryptos: 1700+
Payments: P2P mainly
Customer Support: 24/7 support
Gate.io Pros and Cons
| 👍 Gate.io Pros | 👎 Gate.io Cons |
|---|---|
| ✅ Over 1700 cryptos to trade | ❌ No FIAT withdrawals |
| ✅ Low trading fees | ❌ KYC required |
| ✅ Great trading interface | |
| ✅ Dedicated spot and futures market |
6. OKX
OKX stands out as a prominent cryptocurrency exchange with a vast user base exceeding 10 million individuals, primarily concentrated in Europe. The platform extends its services to Bahraini investors, offering a diverse range of cryptocurrencies for various activities such as buying, selling, trading, and staking. With competitive fees and narrow spreads, OKX enhances its overall appeal.
Bahraini users particularly benefit from attractive stablecoin rates, presenting the opportunity for up to a 5% annual percentage yield (APY) and providing a unique avenue for increased earnings within the country. Noteworthy is OKX’s strategic partnerships, including sponsorships with renowned sports teams like Manchester City and McLaren Formula 1, solidifying its standing as a reputable and well-recognized entity in the cryptocurrency industry. This positions OKX as a notable cryptocurrency platform in Bahrain, underscoring its credibility and popularity.
If you want to learn more about the platform, you can read our full OKX review.
Spot Fees: Flat 0.1% fee for instant spot trading
Futures Fees: 0.02% for makers and 0.05% for takers
Supported Cryptos: 300+
Payments: Bank Transfers Mainly, credit card
Customer Support: 24/7 help center and Mail
OKX Pros and Cons
| 👍 OKX Pros | 👎 OKX Cons |
|---|---|
| ✅ Wide Cryptocurrency Range | ❌ KYC Needed |
| ✅ Robust Security | ❌ Variable Regulatory Compliance |
| ✅ High Liquidity | |
| ✅ OKX provides advanced trading features |
Is Crypto Legal in Bahrain?
In Bahrain, cryptocurrency activities are subject to robust regulation overseen by the Central Bank of Bahrain (CBB) through its Crypto-Asset Module directive. Enforced since 2019, this comprehensive framework mandates licensing, adherence to minimum capital requirements, and stringent cybersecurity measures. It reflects Bahrain’s commitment to fostering a secure and well-regulated digital currency market, providing a legal and controlled environment for all crypto-asset services.
The CBB’s directive covers a broad spectrum of crypto services, including trading, portfolio management, custody, and investment advice. This holistic regulatory approach not only safeguards investor interests but also contributes to the overall stability of the crypto market. Entities engaging in these services must comply with the CBB’s rigorous standards, demonstrating Bahrain’s proactive approach to managing the dynamic landscape of digital currencies.
Bahrain’s regulatory clarity positions it as a favorable player in the global crypto market. The well-defined legal framework aims to create a secure and transparent environment, attracting crypto exchanges and facilitating access to the broader GCC market. Ongoing collaborations between the government, regulators, and industry stakeholders play a crucial role in fortifying Bahrain’s evolving digital asset sector.
Crypto Taxes in Bahrain
Regarding taxation, Bahrain, following guidelines by the National Bureau for Revenue (NBR), offers clear VAT treatment for different crypto tokens effective from January 1, 2022. Payment Tokens enjoy VAT exemption, Utility Tokens align with multipurpose or single-use vouchers under VAT regulations, Asset Tokens generally benefit from VAT exemption, and Hybrid Tokens’ VAT treatment hinges on specific use and composition circumstances. Importantly, Bahrain does not recognize cryptocurrency as legal tender and refrains from taxing individual gains from crypto trading. The NBR’s guidance provides clarity on VAT treatment, ensuring an understanding of tax obligations for participants in Bahrain’s dynamic crypto landscape. Stay tuned for regulatory updates in this evolving field.
How to Buy Bitcoin in Bahrain
For Bahraini investors seeking to enter the crypto market with BHD (Bahraini Dinar), follow these steps:
- Choose a reputable exchange: Opt for platforms that comply with Bahraini regulations and hold a credible position in the cryptocurrency realm.
- Set up and verify your account: Register using your email, establish a password, and complete the KYC (Know Your Customer) process by submitting identification and proof of address documents.
- Deposit funds in BHD: Fund your account with BHD through bank transfers or other authorized payment methods.
- Acquire cryptocurrency: Select the cryptocurrency you wish to buy, specify the amount, and confirm the transaction.
- Safeguard your investments: Enhance the security of your cryptocurrencies by transferring them to a personal wallet.
Final Thoughts
In conclusion, Bahrain stands out as a secure and regulated hub for cryptocurrency trading, guided by the stringent directives of the Central Bank of Bahrain. This holistic approach positions Bahrain as a noteworthy exemplar in the ever-evolving realm of cryptocurrency regulation and investment.
Moreover, within the Bahraini context, Phemex emerges as the standout exchange. Its commitment to swift and efficient transactions, robust security measures, and support for crypto staking sets it apart. With a user-friendly interface catering to both beginners and experts, Phemex provides a comprehensive solution for cryptocurrency enthusiasts in Bahrain.
