Rain Review
This Rain review covers the key details. Learn about its token RAIN and marketplace for monetizing data. Compare features to competitors like income potential and levels of data encryption. Find out about upcoming developments and adoption.
Rain is a cryptocurrency exchange platform that serves customers across the Middle East and North Africa (MENA) region. With its beginner-friendly interface, extensive trading features, competitive fees, and responsive support, Rain has quickly become a top choice for novice and seasoned crypto traders alike.
To help you determine if Rain is the right exchange for your crypto trading needs, we have put together an in-depth rain review exploring everything from its features and fees to its regulation and security measures.
Rain Funding and Launch
Rain was the first fully licensed crypto exchange in the Middle East, having received its license from the CBB in 2019. It raised $2.5 million in seed funding from leading crypto investors like BitMEX Ventures to support its launch.
Rain Review of Pros and Cons
Key Metrics
Over the past year, Rain has seen excellent growth across key metrics:
- Rain’s website traffic is up 80% year-over-year
- The exchange now has over 50,000 registered users
- Daily trading volume recently exceeded $7 million
- Rain has a TrustScore rating of 8.7 out of 10
- It ranks in the top 5 exchanges on leading MENA review sites
- Rain’s mobile app has a 4.8 star rating based on 2,800+ reviews
Rain Fees
When it comes to fees, Rain is highly competitive – the exchange actually has a zero fee structure on most transactions. There are no deposit, withdrawal or trading commissions charged. Instead, Rain collects a small spread on crypto-fiat and fiat-crypto conversions. These spreads range from 1% to 1.5%, which is cheaper than many competitors.
Rain Security
Rain employs industry-best security practices including mandatory two-factor authentication (2FA) for all users, the majority of assets held in offline cold wallets, and full compliance with ISO 27001 standards. The exchange also undergoes routine audits by third-party cybersecurity firms and maintains full insurance coverage.
Rain Verification Process
The account verification process at Rain is quite straightforward. New users must provide a government ID such as a passport or national ID card, proof of address, and a selfie photo. Validation is typically completed within a few hours. Compared to many exchanges, Rain has a smooth and efficient KYC process.
Rain Customer Service
Rain provides customer support through multiple channels including email, phone, live chat, and an online help desk. Support is available 24/7 in three languages – English, Arabic, and Turkish. Most queries receive a response in under 5 minutes. Users typically report positive experiences with Rain’s customer service team.
Rain User Experience
The Rain platform offers an intuitive, easy-to-use interface designed for crypto beginners while still providing pro-level trading capabilities. Key features that enhance user experience include configurable dashboards, price alerts, charting tools, AI-powered market signals, and more. Rain also offers a fully-featured mobile app for iOS and Android.
Available Tokens on Rain
Rain supports over 70 different crypto assets including majors like Bitcoin, Ethereum, and Ripple as well as popular altcoins such as Chainlink, Uniswap, Polkadot and more. The exchange aims to continuously expand its listings to provide customers with a diverse range of digital tokens for trading and investing.
Regulatory Compliance and Legal Status
As mentioned previously, Rain is fully licensed as a crypto asset brokerage by the Central Bank of Bahrain. It is the only cryptocurrency exchange in the Middle East to receive this regulatory approval which provides further legitimacy. Rain’s operations and activities are subject to strict supervisory oversight by the CBB.
Liquidity and Volume
Rain’s daily trading volume currently exceeds $7 million spread across its various markets. Bitcoin is the most actively traded token with over 50% market share. While liquidity has risen sharply over the past year, Rain still lags behind the top tier global exchanges when it comes to depth of liquidity. During times of extreme volatility, slippage can occur on large orders.
Staking and Lending Options
Rain now provides customers with the ability to earn rewards through staking and lending out their idle crypto assets. Supported coins for staking include ATOM, ALGO, SOL and more. Rain also facilitates lending for BTC and ETH with annual yield rates up to 4.5%. More staking and lending products are slated to launch in 2023 and beyond.
App and Web Experience
Rain Web Experience
Rain’s web-based trading platform features an intuitive layout with modules for markets, wallets, orders, history, referrals and settings all conveniently located. Useful charting tools, order entry forms, an integrated news feed, and custom price alerts provide a desktop experience on par with leading exchanges worldwide.
Rain App Experience
The iOS and Android Rain apps essentially mimic the full capabilities of the desktop site with modules for trading markets, accessing wallets, viewing histories, charts, order books, and managing account settings, all available at the tap of a button. The mobile app carries the same look, feel and functionality that desktop users rely on.
Final Recommendation
For crypto traders located in the Middle East, Rain is definitely an exchange worth considering. With robust security, competitive pricing, and advanced trading features wrapped in a sleek, user-friendly package, Rain effectively serves experienced investors and first-time buyers alike. While it still has room for improvement regarding assets, features and liquidity depth, Rain remains an excellent option for accessing the growing cryptocurrency market across MENA.
Rain Alternatives
Here are some alternatives crypto exchanges to consider using instead of Rain:
FAQs
Is Rain a safe and legit crypto exchange?
Yes, Rain is licensed and regulated by the Central Bank of Bahrain (CBB) which provides legitimacy. It implements top-tier security inclusive of 2FA, 95% cold storage, SSL encryption and insurance coverage.
What is the main advantage of using Rain exchange?
Rain stands out by offering a very user-friendly experience combined with competitive fees, making crypto trading accessible for first-timers across the Middle East.
Does Rain have an app?
Yes, Rain offers full-capability mobile apps for both iOS and Android devices enabling convenient access for customers on the go.
What countries does Rain currently operate in?
Rain primarily serves retail and institutional crypto traders located in Bahrain, UAE, Saudi Arabia, Kuwait, Oman and other Middle East/North Africa (MENA) countries.