Rain.bh Review: Is it legit, safe and trustworthy for UAE citizens and residents?
One of the most reliable cryptocurrency exchanges in the world, Rain is
headquartered in Bahrain. In 2017, the company opened its doors for business.
The Rain platform is intuitive and easy to use, making it ideal for novice
users. Cryptocurrency fans may take use of the exchange's low-cost trading
solutions while also taking advantage of the hassle-free account registration
and different depositing choices. This makes it relatively straightforward for
traders to get started. Because the cryptocurrency exchange holds more than 98
percent of customers' assets in a cold storage location that requires multiple
signatures, it gives the impression of being more safe than the vast majority of
other cryptocurrency exchanges now accessible. In this essay, we will conduct a
comprehensive analysis of the cryptocurrency exchange.
Visit Rain.bh Website.
RAIN gives traders access to practically all of the platform's capabilities directly from the home page, which makes it very simple for inexperienced traders as well as highly competent pros to execute profitable trades.
Multiple ways to deposit funds Customers have the option of depositing monies using a variety of methods, including wire transfers, debit cards, and credit cards.
The cryptocurrency exchange is Shariah-compliant, which means that it abides by the Islamic norms and regulations on the charging of interest. Therefore, merchants who practice shariah may discover that it is well suited for the preferences they have towards trading.
Liquidity: RAIN is one of the few exchanges in the Middle East that is considered to be among the most liquid. This enables customers to promptly have their orders fulfilled at the rates they choose.
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Custodian services: Rain commits to CCSS compliance and stores the majority of its cryptocurrency money in a private Cold Storage system. This is in addition to keeping the monies offline.
Help for customers Rain provides support for customers in a number of different languages around the clock, seven days a week.
Cons: Rain is not like the majority of cryptocurrency exchanges because it only provides a small range of cryptocurrencies. These cryptocurrencies include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT). Chainlink (LINK) is also available (XRP).
RAIN is a very new cryptocurrency exchange; as a result, it is only presently available in a few number of countries at this time. Some of these countries are Saudi Arabia, Bahrain, Oman, Turkey, and Kuwait. The United Arab Emirates is also one of the supported nations.
Verification process that is too slow: RAIN's verification procedure takes significantly longer time to complete than that of the vast majority of other cryptocurrency exchanges currently accessible.
The Central Bank of Bahrain is in charge of the operations of the RAIN system (CBB). Additionally, in order to comply with anti-money laundering laws, the platform requires clients to provide identity before enabling them to begin using the service.
The Kingdom of Bahrain is home to RAIN's headquarters and administrative offices. It is now operating out of a single office, but it plans to extend its worldwide footprint in the near future.
42nd Floor of the United Tower in Manama-Bahrain Bay in the Kingdom of Bahrain
RAIN is now providing services to clients throughout Turkey and the Middle East. Despite this, the company plans to expand its activities to other countries very soon. Countries such as these are supported.
2) Saudi Arabia
RAIN presently supports more than five different cryptocurrencies, and the company is working on adding even more coins to its list of available options in the near future. The following cryptocurrencies are supported:
1) Bitcoin (BTC)
2) Litecoin (LTC)
3) Ethereum (ETH)
4) The ripple (XRP)
5) Tether (USDT)
6) Chainlink (LINK)
In addition to the United States Dollar, clients of RAIN are able to make deposits of funds using the following supported fiat currencies: (USD).
1) The currency of the United Arab Emirates (Dirham) (AED)
2) Bahraini Dinar (BHD)
3) Kuwaiti Dinar (KWD)
4) Saudi Riyal (SAR)
5) Omani Rial (OMR)
Rain asserts that they offer the greatest services available at the most affordable costs. RAIN has a minimum fee of BHD 0.500, but it also charges a fee equal to 1.5 percent of the transaction amount for bank transfers and a cost equal to 4 percent of the transaction amount for card purchases.
RAIN does not provide its users with a dedicated trading platform. Despite this, customers may still utilize the firm's user-friendly interface to buy, trade, and swap listed cryptocurrencies against fiat currencies and other coins that are supported by the company.
After you have successfully logged in to your account, you will be greeted by a dashboard with a modern and sophisticated design. On the homepage, the top navigation panel consists of a panel with four buttons labeled accounts, buy, sell, and transfer funds respectively.
While clicking on the account button will display you an overview of your account, clicking on the buy button will allow you to acquire digital currency. In a similar fashion, clicking the sale button will allow you to get rid of your position. When you click the button to transfer funds, you will be sent to a website where you can view all of the available payment methods, such as credit card payments and wire transfers.
Unquestionably, the user interface of the cryptocurrency exchange is not overly complicated, and even a novice should have no trouble navigating around the platform.
When using a desktop computer, establishing a Rain account is a rather simple process. Please proceed according to the instructions that are stated below;
1) Navigate to the website www.rain.bh.com or use the URL provided.
2) On the homepage, locate the button labeled "create a personal account," and then click on it.
3) On the sign-up page, enter your information, including your first and last name, a password, and your email ID, and then click the button labeled "establish an account."
4) Go to your mailbox and click the link that was sent to you by RAIN in order to validate your email address.
5) Give us the number of your mobile phone and then, once you've received the verification code, input it here.
6) Before continuing, you are required to finish the Know Your Customer procedure. Please include a copy of your driver's license, passport, or identification card. For the purpose of address verification, the exchange will also ask for a photocopy of a recent bank statement or utility bill from your account.
7) As soon as you have finished uploading the necessary files, check your email for a confirmation message. After having your application accepted, you will be able to use the exchange to begin purchasing your preferred cryptocurrency asset.
1) Using the credentials you created for your account, sign in to your profile. Please be aware that in order to purchase and trade cryptocurrencies using Rain, you will first need to fund your account.
2) While you are on the dashboard, move your mouse over the option labeled "transfer funds," which can be found in the very last section of the top navigation bar, and then click on "deposits from the bank."
3) Choose your base currency account, such as US Dollars, Bahraini Dinars, or Saudi Riyals, and add a payment method, such as a debit or credit card or a bank account for wire transfers.
4) Once you have successfully added your method of payment, the next step is to input the amount you intend to deposit and then click the proceed button.
5) Verify the specifics of the transaction in order to finish the money transfer.
6) Select the cryptocurrency asset you want to purchase, click the proceed button, and then click the buy button.
7) After reviewing the information on the transaction, click the Confirm button to complete the purchase.
8) Be sure to wait for the confirmation email before proceeding with the transaction data it contains.
Rain provides its users with a mobile application that enables them to exchange cryptocurrencies in a secure and expedient manner. Both the Apple Software Store and the Google Play Store offer the app for download on their respective platforms. Customers of Rain who use iPhones or Android smartphones can download the Rain mobile app to their devices to buy and sell bitcoin and other cryptocurrencies, as well as store them.
The RAIN mobile trading software may be navigated with relative ease. The user interface for the trading platform is divided into three sections: pricing, accounts, and settings.
Clients may view the current market values of the currencies that are mentioned by clicking on the price tab. These prices include BTC, LTC, ETH, XRP, LINK, and USDT, among others. Traders may also touch their selected cryptocurrency asset to get a price chart that provides a more in-depth look at the asset's price history.
Clients can make orders to purchase or sell via the trading panel, which can be accessed through the account area of the website. This area also gives you the option to choose the account that you want to use while purchasing bitcoins, giving you more flexibility.
In conclusion, the settings tab gives you access to a variety of different activities. You may, for instance, include or remove payment methods, activate or disable email and push alerts, and reset your login credentials, all of which are options. Additionally, customers are able to obtain reports, which may include a transaction history of their previous deposits and withdrawals. Under the help tab of the setting menu is another option for establishing communication with the customer service department.
The mobile trading app, in general, is far less complicated to get about in. There is no barrier to entry for novice investors or seasoned market professionals looking to acquire the cryptocurrencies of their choice.
The creation of a RAIN account via a mobile phone is a straightforward process. All that is required of you is to follow the instructions that are outlined below.
1) Launch the RAIN mobile application on your mobile device.
2) Complete the registration form by entering your information (name, email address, and password), and then click the button labeled "establish an account."
3) Go to your inbox and click the link there to check that your email address is correct.
4) Choose the nation in which you now reside, enter the number of your mobile phone, and then enter the SMS verification code that you got from RAIN.
5) Once you have access to the dashboard, you may begin purchasing the cryptocurrencies of your choice.
How to Invest in Cryptocurrencies Utilizing the RAIN Mobile App:
Launch the Rain application that's on your mobile device.
Choose Buy from the corresponding drop-down menu.
Using the RAIN mobile app, you may purchase cryptocurrencies.
Pick a bank account to use (i-e, USD, AED, BHD).
Choose a digital currency wallet (i-e, BTC, ETH, LTC).
Choose a digital currency wallet.
After entering the quantity that you wish to purchase, proceed by clicking the Continue button.
You have the option of entering the value in either US Dollars (for instance, 1000 USD) or Bitcoin (for instance, 1000 BTC) (e.g. BTC 0.5). You may use the arrow on the right-hand side of the screen to swap between USD and BTC.
RAIN allows users to deposit and withdraw through a wide array of options. It's possible that the available choices will vary from nation to country. The following table provides information on the various services and means of payment that are available in each of the countries listed.
Customers have the option of transferring Bahraini Dinars (BHD) from an existing bank account in Bahrain into their Rain account through the usage of bank transfers.
Transferring money using Fawri or Fawri+ is an additional option for topping out your Rain account if you have a local account in Bahrain. These transactions are a major component of the Electronic Funds Movement System (EFTS), which is the primary system used in the Kingdom of Bahrain to monitor and manage the transfer of money between different banks.
In addition to funding your account with bank transfers, you now have the option of directly purchasing bitcoins with a credit card. The following online payment gateways are supported by RAIN:
The credit card companies Visa and MasterCard
K-Net is an abbreviation for "Knowledge Network," which is located in Kuwait. American Express
You need to get a bank account under your own name right away. Before you are able to initiate a transfer using your Rain account, you will first need to provide the details for your personal bank account.
Please verify that the name associated with your Rain account and the name associated with your bank account are the same. Rain will only accept transfers from financial institutions that have bank accounts in the same name as the one you used to register with Rain.
Additionally, the cryptocurrency exchange does not levy any fees on the deposits made by customers. On the other hand, there is a possibility that the source will assess a fee for international wire transfers. In addition to that, any local withdrawals made at RAIN are completely free of charge. On the other hand, the corporation applies a fixed cost of SAR 50 or an equivalent amount to withdrawals made via international wire transfers. It is important to note that users can keep their cryptocurrency assets with the site at no cost, however doing so is not suggested.
Methods of payment for countries other than those supported (Saudi Arabia, Oman, Kuwait, UAE, and Turkey)
While the method of payment is the same across all countries, customers have the option of financing their accounts in a variety of local currencies in addition to the US dollar. These local currencies include the Bahraini Dinar, Saudi Riyal, Emirati Dirham, Kuwaiti Dinar, and Omani Rial.
A weekly limitation strategy that is based on tiers is utilized by Rain. The amount of a certain activity that you are able to complete in a given time frame is determined by the limit. The rolling nature of the exchange's decision-making process sets the weekly constraints. As a result, the cumulative total of the seven days prior is computed on a daily basis. There is no predetermined beginning or end date for this.
The aggregate weekly cap on trading (including buying and selling) is as follows: This is the total worth of all of the buying and selling that you perform via bank transfers every week.
The maximum amount of money you are permitted to charge to your debit or credit card in a single week is referred to as the total weekly card buying limit.
The maximum amount of fiat money (BHD, SAR, KWD, AED, OMR, or USD) that may be deposited into your account on a weekly basis is referred to as the weekly deposit limit and is based on the currency of your choice.
The reputation of Rain.bh as a cryptocurrency exchange is among the highest
in the whole Middle East. It provides services to all of the major financial
centres such as Saudi Arabia, Oman, and the United Arab Emirates.
PROS: It is simple to get bitcoin in the Middle East.
High limits, as well as liquidity that is readily accessible
Conforming to the Shariah
CONS: This service is not offered anywhere else outside the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman.
A number of nations in the Middle East are served by the digital currency exchange known as Rain, which has its headquarters in Bahrain. Rain is compatible with a variety of fiat currencies, including the United States dollar.
If you are searching for a cryptocurrency exchange that caters to consumers from the Middle East, you should give this one some thought because it has a good reputation and offers a broad range of exchange services. Continue reading to learn more about the security of Rain, the assets it supports, the trading platforms it works with, and more.
After successfully completing a seed investment round in the amount of $2.5 million and obtaining a Crypto-Asset Module license from the Central Bank of Bahrain (CBB), Rain launched its commercial operations at the beginning of 2019.
Both BitMEX Ventures and Blockwater, a cryptocurrency firm located in Kuwait, were the driving forces behind this fundraising round. Vision Ventures, 500 Startups MENA, and Taibah Valley were among the other companies that participated.
Before we get into how to make an account on Rain and how to buy and sell on it, let's have a look at some of the features of the exchange and some of the commonly asked questions so you can determine whether or not it will meet your requirements.
Let's have a look at how to register an account on Rain so that you may start buying and trading cryptocurrencies now that we've gone over what Rain has to offer, which countries and currencies it supports, and the related fees and restrictions.
The procedure of registering for an account on Rain is straightforward yet comprehensive, much like the rest of the products provided by the exchange.
Choose to Open a Personal Account from the drop-down menu on Rain's homepage. You will be required to enter both an email address and a phone number in order to join up. Following the verification of each of these, you will be able to go on to verifying your account.
As you can see, the process of verifying your account on Rain is pretty extensive and comprehensive. Check that you have all of the necessary documentation by going through the process step by step.
Your account will be able to be linked to a payment method and you will then be able to begin buying and selling after it has been authenticated.
In order to take advantage of the reduced transaction costs that are associated with utilizing a bank account to pay your purchases, you will first need to link an account that is in your name. To accomplish this, access your Rain account, then hover over the profile icon located in the upper right corner of the screen. Choose your method(s) of payment.
After that, fill in your complete name and the IBAN number for your bank. Click the item that says "My bank does not have an IBAN" and input your account number and SWIFT code if your account does not have an IBAN code. If your bank does not have an IBAN code, select the button that reads "My bank does not have an IBAN."
Your accounts have now been successfully connected, and you will see it as a choice for either depositing or withdrawing money whenever you do either of those transactions.
The process of adding a bank account to your account is quite similar to the process of linking a card to your account. Simply choose the Add card option, enter the information for a card issued in your name, and then confirm. Now that your card information has been kept in your account, you will be able to make fast purchases of cryptocurrencies.
After you have linked your bank account, the next step is to deposit funds into your trading account so that you may begin trading. Simply logging in and then moving your mouse cursor over the Transfer Funds option will do this. Choose to make a deposit from the bank.
After that, choose the currency that you would want to deposit. After all is said and done, you'll send a wire transfer to Rain's account information, which change based on the currency you choose. Because of this, it is essential to ensure that the appropriate amount of cash is sent to the appropriate account.
After you have selected Continue, Rain will send you an email containing information about its account as well as the remaining procedures necessary to finish your deposit.
Users who have bank accounts in Bahrain can use the Fawri and Fawri+ transfer methods to make deposits more quickly and at lesser cost. Transfers made through Fawri have no limits, although the transactions are not instantly validated. Deposits made with Fawri+ are restricted to a daily maximum of BHD 1,000 but are processed immediately. The process that is followed for wire transfers is also followed for fawri transfers. After you have linked your account, determined the deposit amount, and confirmed it, you will need to make sure that you pick Fawri or Fawri+ as the kind of transfer.
Under the Accounts page, you will find the option to check your current balance. In this section, you will be able to view the total number of bitcoins and other cryptocurrencies that you possess, in addition to the total amount of any deposits made using fiat currency.
The user experience on Rain is more analogous to that of Coinbase or Gemini than it is to that of Binance or any other exchange that offers a more comprehensive trading interface. Because of this, it is best suited for usage as an on-ramp or off-ramp for fiat currency, but it is less appropriate for active traders.
To get started with purchasing cryptocurrencies, select Buy from the menu located at the top of the page. After clicking this button, you will be transported to the page that can be seen above. Here, you may choose the digital item that you want to purchase as well as the financing source. If you have ever deposited one of the supported fiat currencies into your account, you will see that currency displayed here. In such case, Rain will ask you to add a payment method to your account.
The process of selling bitcoin on Rain is quite similar to the purchasing process. Select the Sell option from the main menu.
A spread of roughly 2 percent is included in the price that Rain has offered.
When compared to other exchanges like Coinbase, the costs associated with using this exchange are considerably more affordable. However, they are a considerable amount greater than those that are charged by Binance, for example, which charges a maximum of 0.1 percent on buy and sell transactions. Once more, this demonstrates how Rain prioritizes user friendliness over maintaining extremely low costs and profits.
You have the ability to withdraw any supported cryptocurrency or fiat currency to a wallet of your choosing, as well as to a bank account that you have previously linked.
Rain gives you the option to process a withdrawal "immediately," which means it will be sent with a higher network fee and will most likely arrive sooner. Alternatively, you can choose to have the transaction sent with a lower fee, which will take longer to be confirmed but will have a lower fee overall.
The process of withdrawing fiat currency is relatively similar. The following table outlines Rain's withdrawal costs, which are charged as flat rates. Take into consideration the possibility of incurring costs from both your bank and any middlemen.
When it comes time to file your taxes, you could discover that you need a detailed history of all the trades you've made in order to appropriately calculate the capital gains you've accumulated. The rain makes this task much simpler.
You may access your reports by going to your account settings and selecting Reports. You have the option of exporting a comprehensive record of all of your trades as either a CSV or JSON file from this section. You have the ability to filter by date, asset, and kind of transaction (Buy, Sell, Send, Receive).
Overall, investors in cryptocurrencies in the Middle East who are searching for a high degree of regulation, large purchase limits, and thorough customer service should look into Rain as an excellent choice. Rain offers all three of these features. Although Rain's costs are not the lowest on the market, they are kept low through the use of bank transfers rather than credit or debit card payments, and they are nevertheless comparable with many of the other exchange offers that are now available.
Rain includes virtually every element that an investor (as opposed to a trader) would likely find useful. It is possible to make deposits and withdrawals in five other local fiat currencies in addition to the US dollar, which makes it simple to transfer your money across accounts.
Consider using Rain as a potential entry point into the world of cryptocurrency investment if you are based in the Middle East and want to get started immediately.
Although it is in your best interest to have ownership of your own private keys at all times, if you want to engage in active trading with your holdings, this may not always be practicable. Even though utilizing any exchange requires you to trust the company with your money, certain exchanges are more devoted to maintaining user privacy and safety than others. It is in your best interest to perform all of the necessary research before entrusting any trade with your money. Let's take a look at Rain's privacy and security settings, shall we?
As an authorized crypto-asset brokerage, Rain holds a license from the Central Bank of Bahrain (CBB) and is subject to its regulations. It is the only exchange in Bahrain and the Middle East to hold a license to operate in this capacity.
Rain is so eager to flaunt its credentials that it has even prepared a handbook that explains how to determine whether or not it possesses a valid license from the CBB.
Rain asserts that it stores 98 percent of the cryptocurrency deposits made by its clients in multi-signature cold storage wallets, with the private keys being divided up and stored in bank safety deposit boxes. Although there is no way for you to verify this information for yourself, it is an indication that the exchange places a high priority on the safety of its customers.
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In addition to this, Rain complies with the Cryptocurrency Security Standard (CCSS) Level III, which is the highest certification that can be achieved.
The security of Rain's systems is audited both internally and externally during the course of the year, and all deposits of fiat currency are held in bank accounts that are supervised by the Central Bank of Bahrain.
Additionally, Rain is equipped with functionality for two-factor authentication (2FA). You may beef up the security of your account by utilizing Authy or Google Authenticator, both of which offer a layer of protection above and beyond that provided by your password.
The headquarters of Rain are in Bahrain, and they provide services to a variety of nations located in the Arabian Gulf. If you live in any of the following countries, you are eligible to sign up and trade with Rain:
Kuwait, Saudi Arabia
The United Arab Emirates.
Rain now supports Bitcoin, the leading cryptocurrency of them all (BTC), in addition to three other significant cryptocurrencies. You can purchase, sell, and trade with other people using Rain.
At this time, Rain does not support the conversion of one cryptocurrency into another. Bitcoin and other cryptocurrencies can be purchased with fiat currency or sold for return to fiat currency, but it is not possible to convert one cryptocurrency into another. Rain is not so much an exchange for expert traders as it is a platform for making investments.
Rain is committed to the stability of the U.S. dollar as well as the national fiat currencies of each of the countries it services. This means that you are able to engage in commerce with:
Bahraini Dinar Kuwaiti Dinar Saudi Riyal UAE Dirham Omani Rial US Dollar
Rain allows users to choose from a variety of various payment options. Residents in any nation that Rain serves are able to buy cryptocurrency with a Visa, MasterCard, or connected bank account via the Rain platform.
Residents of Kuwait have the option of using either a KNET card or a credit card issued by American Express.
In terms of pricing, Rain is more analogous to an on/off ramp for fiat currencies like Coinbase than it is to a trading exchange like Binance or BitOasis. Users are subject to a charge of 1.5 percent for each transaction that is financed by a bank transfer and a fee of 4 percent for any transaction that is funded with a debit or credit card.
Both deposits and withdrawals of fiat money are completely free of charge within Bahrain. A fixed fee of 50 SAR will be applied to all bank transfers made outside of Bahrain.
Withdrawals of Bitcoin or Ether are subject to a variable network charge, the amount of which is dependent on the level of congestion on the network. Free withdrawals may be made using Litecoin and XRP.
The first weekly limit for purchases is set at BHD 3,700,000.00, making the purchasing limitations extremely high. If you discover that you need to buy more than 500 BTC every week, you may contact Rain and submit extra documents to extend your limit. This will allow you to buy more BTC.
The comprehensive and user-friendly information base that Rain provides is among the top advantages it offers.
The Rain Support Center has 129 articles that cover a wide range of topics, from how to link a bank account to the compatibility of the exchange with Shariah law.
There is also a function called live chat that allows you to have a real-time conversation with a customer support person from Rain. Rain asserts that their response time is typically less than 5 minutes.
The over-the-counter (OTC) option provided by the exchange is known as Rain Desk. Individuals and enterprises with a high net worth, as well as family offices, may take use of the company's specialized purchasing, selling, and custody services for cryptocurrencies.
Clients are provided with specialized account managers who are able to walk them through the process of purchasing, selling, and storing the digital assets that are supported by the exchange.
To create a Rain Desk account, go to Rain's homepage and select the button labeled "Institutional Registration."
Rain made the announcement prior to launching that it had been granted certification as a Sharia-compliant company by an organization known as the Sharia Review Bureau (SRB).
The Central Bank of Bahrain has accredited and authorized the SRB to offer Sharia compliance certifications. These certifications can be obtained through the SRB. Rain has issued a statement in which they express their delight at having their application granted.
When you make an international transfer from a customer's Rain account to
their bank account, the customer will get the amount that was received from
their bank account, less any fees associated with the wire transfer. Because
various banks impose different fees, the amount that was transferred and the
amount that you receive might not be the same.
It is important to utilize the same currency as the base currency of your account in order to avoid incurring additional fees when transferring funds into other currencies. It's possible that your bank may receive the funds for your transfer from RAIN's bank account by way of a similar bank account. It is possible that the value of the transfer will decrease when the fee(s) charged by the intermediate bank(s) are subtracted from the total amount.
The maximum amount of fiat money (BHD, SAR, KWD, AED, OMR, or USD) that may be withdrawn from your account in a single calendar week is referred to as the weekly limit for withdrawals.
In order to compensate for the costs associated with wire transfers, Rain applies the following fees on withdrawals. Please see below a breakdown of the applicable withdrawal cost for each currency.
The Bahraini dinar does not charge any fees for domestic withdrawals or transfers.
US Dollar: USD 15 Kuwaiti Dinar: KWD 5, Omani Rial: OMR 5
Saudi Riyal: SAR 50
UAE Dirham: AED 50
It is not possible to learn how to trade on this cryptocurrency exchange since it does not provide any relevant trading instructions; all it does is update its blog with crypto-related posts and publish a few crypto-related articles. The organization ought to feature a robust instructional portion that caters to both inexperienced and seasoned merchants.
It is important for novice traders to understand that the remarks made in the different research and education areas are only the opinions of industry professionals and do not guarantee success in trading. Customers are required to have an understanding of the rationale behind their trades as well as the trading tools they employ when making decisions. Education at the necessary level is required in order to make sound business decisions.
RAIN provides clients with a devoted section for frequently asked questions (FAQs) to aid them in their search for solutions to their issues. Customers will input their inquiries into the designated field, and the bot will then present them with the responses that are most pertinent to their inquiries. On the other hand, the company provides live chat support for customers seven days a week, 24 hours a day, every single day of the week. Customers may also keep up with the latest developments at the firm by visiting social networking websites such as Telegram, Twitter, LinkedIn, Facebook, and Instagram. On the other hand, the website of the firm does not have an email address or a phone number anywhere. Because of this, customers have little choice but to rely on the aforementioned channels.
RAIN is a cryptocurrency that has only been around for a short while. Because of this, there isn't a lot of information about it on Reddit. On the other hand, we did come across a few discussions talking about how usable the exchange is. We found that individuals held a variety of viewpoints about the efficiency of the cryptocurrency exchange. Some cryptocurrency aficionados appeared to value the exchange's straightforward user interface, while others appeared to be interested in the company's compliance with regulatory mandates.
We have received some bad comments in which users complained that the exchange started banning user accounts for no reason, particularly during times when the values of cryptocurrencies are on the rise. People appreciated the cryptocurrency exchange because of how easy it was to use, but they didn't like it since it didn't offer enough variety.
On Quora, we were unable to locate any questions or answers that were pertinent to the cryptocurrency exchange. As a consequence of this, it is not feasible to publish the position of the RAIN.bh stakeholders on Quora.
Because it is a licensed exchange and uses security procedures of the highest caliber, RAIN is a trustworthy platform on which to trade cryptocurrencies. The cryptocurrency deposits made by consumers are stored in multi-signature cold storage wallets by the exchange. The exchange also separates customers' private keys and stores them in bank safe deposit boxes. In order to prevent unauthorized users from accessing the corporate database, the corporation uses secure SSL web encryption methods in conjunction with a two-step authentication factor. On the other hand, the firm does not provide insurance for cash. As a result, customers have no recourse to seek compensation for their financial losses in the event that the cryptocurrency exchange goes out of business.
Rain was one of the first cryptocurrency exchanges in the Middle East to gain regulatory permission, allowing it to lawfully conduct business in the United Arab Emirates (UAE), Saudi Arabia, and other Middle Eastern countries. The platform that Rain provides is intuitive and enables users to buy, sell, and trade cryptocurrencies in a risk-free environment using either the website or the mobile app.
Due to the fact that the exchange is still in its infancy, it does not provide any additional items. At the time that this review was written, RAIN only provided a mobile app and a web-based version of its Dashboard. Nevertheless, this may change in the future, and when it does, those changes will be included and assessed.
Clients who are looking for stringent rules, larger purchase limits, and thorough customer service will find a lot to like about Rain as an overall option. However, compared to other providers, Rain's costs are not the most competitive. However, while having practically all of the features that are necessary for an investor, it does not offer a competitive product variety. In addition, there is not a part for research and education that may be accessed. In addition to the US Dollar, the exchange will allow deposits and withdrawals in the following five fiat currencies: RAIN.BH is a great alternative for consumers located in Gulf nations who are interested in investing in crypto assets, despite the fact that the registration process is time-consuming.
Evaluations on TrustPilot indicate that Rain.bh receives less positive reviews than it deserves from several actual consumers. The typical rating is somewhere around three out of five.
Sites like Rain.bh in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.