Rain.bh Review 2021
by Team Cryptoradar
Updated: Dec 23, 2023
Rain is a Middle Eastern cryptocurrency exchange, headquartered in the Kingdom of Bahrain. The platform is regulated and licensed by the Central Bank of Bahrain (CBB). Rain allows users to purchase and store Bitcoin, Ethereum, Litecoin, and Ripple in a safe and secure manner.
Rain was founded in 2016 by four entrepreneurs, Abdullah Almoaiqel, Yehia Badawy, Joseph Dallago, and AJ Nelson with the goal to provide a Shari'a compliant cryptocurrency exchange that could fully cater the needs of crypto traders in the Middle East and North Africa.
Being the first cryptocurrency exchange to acquire a license in Bahrain, Rain allows for local currency deposits in 5 Middle Eastern countries, namely:
- The United Arab Emirates
- Saudi Arabia
Rain closed a $2.5 million seed funding round in 2019, spearheaded by BitMex and Blockwater, with other participants being Taibah Valley, 500 Startups MENA, and Vision Ventures.
How to Buy Cryptocurrencies on Rain
Creating an account on Rain is a simple but comprehensive process. To begin, click on ‘Open a Personal Account’ button and provide a phone number and an email address.
Once you verified your phone number, the next step will be to verify your identity. This includes the upload of two types of identity documents (passport, national ID, residency card or driver’s license) and a selfie.
Once identity verification is completed and submitted, it takes up to 24 hours for it to be reviewed.
Linking a Bank Account
To fund your Rain account from your bank account, simply log into Rain, hover over your profile picture at the top right corner and click on ‘Methods’.
Afterwards, select ‘Add Account’ in the Bank Account section.Next, enter the banking details including your full name and enter your bank IBAN code. If your bank does not support IBAN, simply check the ‘My Bank Doesn’t have an IBAN Code’ box and move on to enter your account number and SWIFT code.
Once your details are verified and your bank account is successfully linked, it will show up as a payment option whenever you are withdrawing or depositing funds.
Linking a Credit/Debit Card
Alternatively, you can also link a credit card to your Rain account. With a linked credit card you will be able to make cryptocurrency purchases instantly, whereas with a bank account you need to deposit money beforehand (which usually takes a day or two).
The process is quite similar to the process of linking a bank account. Follow the same process, but this time click on ‘Add Card’ on the Card Accounts section. Enter the details of your credit card (which must be in your name) and click ‘Confirm’.
After linking your credit card or your bank account (and making your first deposit), it’s finally time to start investing in cryptocurrencies.
Click on the ‘Buy’ tab in the menu bar, select the cryptocurrency you would like to purchase and your source of funding. If you have previously deposited money, you will be able to see your balance on this page. If there is no balance, the platform will automatically prompt you to select a payment method.
Withdrawal of Cryptocurrencies
With Rain, you can also easily withdraw your cryptocurrencies to a wallet that you own.. Rain offers you two options at this point; to withdraw your funds immediately, meaning the funds will be sent at a higher fee and arrive sooner, or to complete the transaction at a lower fee, which will take a little longer to be confirmed.
Available Payment Methods
Rain supports bank transfer and credit cards from American Express, MasterCard, and VISA.
Limits and Fees
Rain charges about 1.5% fee on cryptocurrency trades made through bank transfer and 4% for those made through debit or credit cards.
Rain also charges flat fees for all withdrawals as detailed below:
- Bahraini Dinar: No Withdrawal Fees.
- US Dollar: USD 15
- UAE Dirham: AED 50
- Kuwaiti Dinar: KWD 5
- Saudi Riyal: SAR 50
- Omani Rial: OMR 5
Is Rain Trustworthy?
Security is undoubtedly a major concern when investing in cryptocurrency. Rain is dedicated towards providing a secure service. This is also underlined by the fact that the cryptocurrency exchange is licensed by the Central Bank of Bahrain.
Some of Rain’s main security features include:
- Cryptocurrency Cold Storage: Cold storage simply means that your cryptocurrency is stored offline and out of reach from hackers or other threats. Rain says it stores 98% of its cryptocurrency in cold storage at all times.
- Cryptocurrency Security Standard Compliance: Rain is CCSS (Cryptocurrency Security Standard) Level III compliant, which is the very highest level of compliance. Regular audits are conducted both in-house and by third parties to ensure that security is consistent with the highest standard. Further, all fiat funds are stored in Rain Bank Accounts, which undergo a thorough financial audit at the end of each quarter.
- Licensing and Regulation: All Rain operations are regulated by the Central Bank of Bahrain and, as such, Rain is required to collect KYC (Know Your Customer) documents from its users to ensure that the platform is safe and secure from any form of nefarious activity.
Rain is an excellent option for cryptocurrency investors in the Middle East who strive for high levels of regulation security.
The only downsides of Rain are the limited number of cryptocurrencies and slightly higher fees in comparison to other major crypto exchanges.