Rain Review 2024: Security, Features & More

What is Rain?

Founded in 2017 and based in Bahrain, Rain is the most popular cryptocurrency exchange in the Middle East, with more than 250,000 users across Bahrain, Kuwait, Oman, Qatar, Egypt, Morocco, UAE and Jordan. Fully licensed by the Central Bank of Bahrain, Rain makes trading over 70 cryptocurrencies, like Bitcoin and Ethereum, simple and secure. 

The platform takes security seriously, uses its own Cold Storage system to protect funds, and guarantees that all user's assets are backed 1:1 and accessible at any time. You can get your account verified in under 24 hours and even access an OTC desk for larger trades. As a trusted platform, Rain is backed by the Dubai Financial Centre and major venture firms in Silicon Valley.

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Rain Features

Rain offers a variety of tools and services designed to cater to different trading needs. Here’s a look at some of Rain’s key features.

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Trading Options

Rain provides access to a wide range of cryptocurrencies and tools, covering a wide range of investment strategies.

• Spot Trading: Rain supports over 70 cryptocurrencies, allowing users to easily buy and sell popular tokens like Bitcoin, Ethereum, Tether and Solana.
• Rain Pro: For more advanced traders, there is Rain Pro, a platform with advanced charting, multiple order types, and fast execution speeds for precise trading.
• OTC Trading: It also offers Over-the-Counter (OTC) services, allowing individuals and institutions to conduct large-volume trades with greater privacy, lower fees and minimal slippage.

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Accessibility

As a global exchange, Rain can be accessed from several countries, and the interface is multilingual. 

• 24/7 Bilingual Support: Rain offers live customer service in Turkish, English and Arabic, ensuring that users always have access to support through live chat or email.
• Rain Mobile App: Available on both iOS and Android, the Rain app allows users to trade and monitor their portfolios on the go. The app offers a simple interface that makes managing crypto investments easy.
• Supported in Multiple Countries: Rain primarily serves Middle East and North Africa (MENA) customers, including Bahrain, UAE, Kuwait, Oman, Qatar, Egypt, Morocco, and Jordan. 

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Other Products and Services

Rain has developed a number of additional features to enhance the trading experience and ensure security.

• Cold Storage: Rain employs its proprietary Cold Storage solution to secure the majority of user assets, ensuring a high level of protection against theft and hacking.
• Sharia Compliance: As a regulated exchange in Bahrain, Rain adheres to Sharia compliance standards, making it accessible to users who require adherence to Islamic finance principles.
• Institutional Services: It offers dedicated services for institutional clients, including OTC trading and API access for those needing deep liquidity and advanced tools for larger trades.
• Rain Learn: Educational resources to help users start their cryptocurrency journey and update you with the latest news and trends.

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Is Rain Safe?

Rain is committed to providing a secure platform for crypto traders in the Middle East. It uses multi-factor authentication and a proprietary Cold Storage system to keep your assets and personal data safe. Plus, being regulated by the Central Bank of Bahrain means Rain operates under strict financial rules, so your funds are protected.

The exchange holds a Category 3 license from the Central Bank of Bahrain under Rain Management W.L.L., showing its dedication to working within a clear regulatory framework. They also enforce strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to keep the platform secure for everyone.

While Rain mainly serves users in Bahrain, Saudi Arabia, the UAE, Kuwait, and Oman, it ensures compliance with all local regulations in its operating countries. This level of oversight and security infrastructure provides a trustworthy environment for trading cryptocurrencies.

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Fees Schedule

‍Rain offers a clear cost structure for trading, deposits, and withdrawals. Here’s an overview of the key fees users need to know about when using the platform:

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Trading and Swap Costs

When you buy, sell, or swap cryptocurrencies on Rain, the price includes both the source price and a margin set by the platform. This margin varies based on market conditions but is built into the quoted price for transparency. Technically there are 0% trading fees, however, the spread is between 1% and 2.5%.

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Deposit Fees

Rain does not charge any fees on deposits. However, for international transfers, your bank or intermediary banks may apply fees, especially for wire transfers. Local transfers within Bahrain are free if done through Fawri or Fawri+, and the exact amount you send will be credited to your Rain account.

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Withdrawal Charges

For fiat withdrawals, Rain applies a small fee depending on the currency:

• Saudi Riyal (SAR): 50 SAR
• Kuwaiti Dinar (KWD): 5 KWD
• UAE Dirham (AED): 50 AED
• Omani Rial (OMR): 5 OMR
• US Dollar (USD): 15 USD
• Bahrain Dinar (BHD): Free

Rain’s fee structure is designed to be transparent, with all costs displayed upfront, ensuring you know exactly what you're paying before making any transactions.

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Rain OTC Desk

Rain's OTC desk is perfect for those looking to trade large volumes. As the first regulated OTC desk in the Middle East, it offers a secure and private way to handle big transactions. Whether you're trading major coins with a minimum of $250,000 or others at $100,000, Rain’s OTC desk connects you to a private broker-dealer network to reduce market impact and slippage.

With the OTC desk, you get more than just privacy. It also provides better pricing, deep liquidity, quicker access to funds, and personalized VIP services. For those managing significant assets, Rain offers additional support like liquidity management, asset custody, and risk management.

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Bottom Line

In conclusion, Rain is a trusted exchange in the Middle East, serving over 250,000 users across several countries. Rain offers a simple platform with features for everyday users and institutions, from trading popular coins like Bitcoin to making large transactions through their OTC desk. It’s a great entry point for Arabic investors seeking a Sharia-compliant investment experience.