If you’ve been buying and selling crypto for some time, you know you had very few options. That is until recently. Nowadays, you have so many options to pick from:
All of these crypto exchanges are competing to give you the best experience and ease of use.
In this post, I will review Rain Crypto Exchange.
Background of Rain.bh
Rain is among the most trusted and best cryptocurrency trading platforms in the Middle East and Turkey.
a good crypto exchange?
Rain comes across as an ultra-modern crypto exchange. The user experience is smooth. Rain’s core mission is to create an internationally respected exchange in the Middle East, from the perspective of both security and pricing and so has bank-grade security and is within 15–30 BIPS of the international market rate.
The Rain team considers education as a key component of reaching mainstream adoption for cryptocurrencies and has built an in-person ‘meet-up’ presence across the region to meet this need as a trusted source, providing customers comfort and support whilst navigating this new industry.
Who owns Rain Crypto Exchange
Rain was founded by Abdullah Almoaiqel, A. J. Nelson, Joseph Dallago, and Yehia Badawy.
Who has funded Rain?
Rain has perhaps raised the maximum amount of capital from outside investors. Bahrain-headquartered cryptocurrency exchange Rain has raised $110 million in a Series B round co-led by Kleiner Perkins and Paradigm (the largest crypto fund in the world founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang). It is the first Middle East investment for both firms.
The round is one of the largest investment deals for any startup in the Middle East & North Africa. It also includes the participation of Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital. Rain had previously raised $6 million in a Series A led by MEVP in January last year. Its previous investors also include Coinbase, JIMCO, and Saudi’s Vision Ventures.
In total Rain has raised around $ 116 million through two rounds of investments.
More info: Rain capital raise
Rain Crypto Exchange Review:
I review crypto exchanges on the following parameters:
- Founders and Team
- Ease of using the platform
- Custodial Service
- Ease of deposits and withdrawals
1 👍 = 1/5, where 5 is the max and best.
Rain crypto exchange is licensed by Central Bank of Bahrain and is regulated.
//Founders and Team 👍👍👍👍
The Rain crypto exchange has been founded by 4 individuals: Abdullah Almoaiqel, A. J. Nelson, Joseph Dallago, and Yehia Badawy. I include their brief profiles:
I found some public information on Abdullah through LinkedIn and some interviews on YouTube. Prior to Rain, Abdullah worked in several but unrelated segments to crypto exchanges.
~A. J. Nelson
Link to Nelson’s Crunchbase profile
Prior to confounding Rain, Nelson has experience in Abra, Pi App which adds overall value to the venture. he has successfully founded ventures in the past and raised capital from outside investors.
Joseph is the Co-Founder and CEO of Rain Crypto exchange.
He has relevant experience in ABRA and Pi App (Co-Founder) and comes from crypto background.
Yehia is a Co-Founder at Rain.
Rain is backed by some of the largest VCs within the crypto sector.
- Coinbase Ventures
- Global Founders Capital
- Middle East Venture Partners
- Cadenza Ventures
- CMT Digital
- BitMex Ventures
In addition, Bitcoin enthusiast and developer Jimmy Song, Cumberland Mining founder Mike Komarnsky, Aaron Lasher and Aaron Voisine, founders of cryptocurrency wallet BRD, also participated in the initial round.
//Fees under Rain Exchange 👍👍👍👍
- Trading and Swap Fees: NIL
- Deposit Fees
– Bank Transfer: NIL
- Withdrawal Fees: Nil within Bahrain, $ 15 International
- Crypto Withdrawal Fees, Dynamic Send Fees
. Dynamic network fees are applied for BTC and ETH transactions. No charges are applied to other cryptocurrencies.
- Storage Fees: Nil
I see that fees under Rain platform are nominal. I recommend you clearly read all fees related to the platform.
//Ease of Using the Platform 👍👍👍👍
One thing that impressed me is the ease of use and user experience of Rain crypto platform.
When you going to log in, you’re provided with a clear page for login.
After you’ve logged in, the dashboard is clean and neat with all the vital information right there in the Dashboard:
//Custodial Service 👍👍👍👍
Perhaps, this is the most important feature of any crypto exchange. Not many know of this. When you buy bitcoin or any other cryptocurrency on any exchange, it is on the crypto exchange’s wallet under your name.
This is called a ‘HOT WALLET.’ Because it is linked to the internet. If the exchange gets hacked, all your bitcoin or other cryptos may disappear. This is the reason why authorities take great care to evaluate how robust are the systems of the exchanges to withstand a hacking attempt.
And for this reason, it takes a lot of effort to get a license to operate a crypto exchange.
I presume that the Central Bank of Bahrain has good audits of the systems for exchanges that come under their regulation.
CoinMENA has two-factor authentication on account logins. This provides an added layer of protection to your account. In any case, I recommend that you transfer your bitcoin or crypt to cold wallets such as Trezor
//Ease of deposits and withdrawals 👍👍👍👍
Withdrawing and deposits are quite simple under Rain crypto exchange.
Go to your Portfolio, select the crypto that you’d like to withdraw, and insert your wallet address.
Overall Rating of Rain Crypto Exchange: 4/5 👍👍👍👍
Notable Rain Crypto Exchange Features:
Customer support is one of the most important aspects of any crypto exchange. Most of the users are quite anxious as they deal with money and they’d like to receive answers immediately. Rain has a separate section that is dedicated to user support.
Most of the important topics are covered under this: Account related, Security related, Funding related, Fees related, Limits related, Fund Withdrawal etc.
//Rain Pro for Professionals
The current interface is suitable for beginners under Rain. However, Rain has introduced Rain Pro which provides access to sophisticated charts, and different types of orders.
Read more about Rain Pro
What Coins are available on Rain?
Following cryptocurrency pairs are available on Rain:
//Rain Educational section
I was impressed with the Learn
What’s missing from Rain Crypto Exchange?
Rain looks to be a sophisticated crypto exchange. I feel if they add the following Rain will be a market leader:
- More crypto pairs like Dogecoin and other top 10 cryptos
- API for professional traders to link with trading platforms
- Default Pro exchange availability for all users
- Other products related to NFT