Rain: licences, security, fees and reviews
Centralized exchange
In short
- Legal entity
- Rain Management W.L.L. (Bahrain); Rain Trading Limited (ADGM); Rain MENA FZE (Dubai)
- Fees
- Spot taker: Brokerage (Rain Management W.L.L.): 0.5% fee included in the quoted price; UAE (Rain Trading Limited): 0% fee, internal margin in price (as of 31 October 2026)
- Risks and caveats
- Crypto assets are volatile and customers can lose money; Rain gives no investment advice.
- Checked
- 31 October 2026
Visitor ratings: do you like Rain?
Key facts
- Type
- Centralized exchange
- Exchange launched
- 2017
- Operator
- Rain Management W.L.L. (Bahrain); Rain Trading Limited (ADGM, UAE); Rain MENA FZE (Dubai, UAE); parent Rain Financial, Inc.
- Official site
- rain.com
Key facts checked on 31 October 2026 against official sources and regulator registers.
What is Rain
Rain is a crypto brokerage, exchange and custodian for the Gulf region, founded in 2017 by AJ Nelson, Joseph Dallago and Yehia Badawy. It is licensed in Bahrain by the Central Bank of Bahrain (Rain Management W.L.L.), in Abu Dhabi by ADGM's FSRA (Rain Trading Limited) and in Dubai by VARA (Rain MENA FZE). Customers buy, sell and store crypto with local currencies, and Rain Pro offers an order book.
Good to know
- Which Rain entity serves a customer depends on country of residence; this decides fees, agreements, products and regulator. ↗
- Rain says it was the first crypto-asset company accepted into the Central Bank of Bahrain's sandbox (2017) and licensed on graduating in 2019. ↗
- Rain says 98% of its crypto is held offline in cold storage, with sharded keys in bank safety deposit boxes. ↗
- In the UAE (Rain Trading Limited) trading is 0% commission, but quoted prices include an internal margin set by Rain. ↗
- Residents of Egypt and Kuwait must be at least 21 to open an account; elsewhere the minimum age is 18. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | Brokerage app for buying, selling and swapping crypto with local currencies (BHD, AED, SAR, KWD, OMR, USD). |
| OTC | OTC desk for large transactions. |
| Custody / wallet | Custody of client crypto; ADGM permission covers providing custody of virtual assets. |
| Fiat deposits | Local bank deposits; in the UAE no deposit fee and no charge for local AED withdrawals. |
Licences and registrations
| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| Bahrain | Rain Management W.L.L. | Crypto-Asset Services - Category 3 licensee, established 28 July 2019 (CBB register) | Central Bank of Bahrain (CBB) |
| United Arab Emirates (Abu Dhabi Global Market) | Rain Trading Limited (FSP 210063) | Financial Services Permission 210063 of 22 December 2022 for Providing Custody and Dealing in Investments as Agent (virtual assets); status Active (FSRA register) | Financial Services Regulatory Authority (FSRA), ADGM |
| United Arab Emirates (Dubai) | Rain MENA FZE | VASP licence VL/26/10/001 for Exchange Services and Broker-Dealer Services, issued 5 October 2026, status Active (VARA register) | Virtual Assets Regulatory Authority (VARA) |
Security and audits
- 98% of crypto held offline in cold storage; private keys sharded across bank safety deposit boxes in several locations (company statement).
- Client fiat held in bank accounts regulated by the Central Bank of Bahrain.
- Periodic independent audits of financial position and security systems as a regulated entity.
Security incidents
| Date | What happened | Source |
|---|---|---|
| May 2024 | Hack: Security incident involving Rain's wallets, disclosed by Rain in a May 2024 statement. Rain said it isolated the issue, that Rain Group covered any potential losses and that customer funds stayed held 1:1; it did not state an amount. Funds returned: Rain says Rain Group covered any potential losses resulting from the incident; services stayed operational. | rain.com |
Fees
| Parameter | Details |
|---|---|
| Spot taker | Brokerage (Rain Management W.L.L.): 0.5% fee included in the quoted price; UAE (Rain Trading Limited): 0% fee, internal margin in price (as of 31 October 2026) |
| Spot maker | Rain Pro: 0% maker, 0.05% taker (as of 31 October 2026) |
| Withdrawals | No bank charge for local withdrawals in Bahrain and the UAE; international withdrawals e.g. USD 15, SAR 50, AED 50 (Rain Management W.L.L.); dynamic network fee for crypto sends (as of 31 October 2026) |
Who can use it
- Verification: ID document, proof of address, selfie and source-of-funds information; minimum age 18, or 21 in Egypt and Kuwait.
- Serves Bahrain and the wider GCC through Rain Management W.L.L., the UAE through Rain Trading Limited and Rain MENA FZE, and operates in Turkey; about 10 countries in the region.
History
| Date | Event |
|---|---|
| 2017 | Founded; enters the Central Bank of Bahrain's regulatory sandbox. |
| 2019 | Graduates from the sandbox and is licensed by the CBB (Rain Management W.L.L., established 28 July 2019 per the CBB register). |
| 22 December 2022 | Rain Trading Limited receives ADGM Financial Services Permission 210063 (Rain says 2023). |
| 5 October 2026 | Rain MENA FZE receives a VARA licence for exchange and broker-dealer services in Dubai. |
Risks and caveats
- Crypto assets are volatile and customers can lose money; Rain gives no investment advice.
- Custodial service; terms, fees and protections depend on the entity serving the customer.
- Brokerage prices include a fee or internal margin on top of the source price.
About the company
- Legal entity
- Rain Management W.L.L. (Bahrain); Rain Trading Limited (ADGM); Rain MENA FZE (Dubai)
- Founded
- 2017
- Founders
- AJ Nelson, Joseph Dallago, Yehia Badawy
- CEO
- Joseph Dallago (co-founder and CEO)
- Parent company
- Rain Financial, Inc.
- Headquarters
- UAE office: Al Sarab Tower, ADGM Square, Al Maryah Island, Abu Dhabi (ADGM register address)
Official links
- Website: www.rain.com
- Fees: www.rain.com/support/en/articles/10749004-our-fees
- Licences: www.rain.com/support/en/articles/10741437-regulatory-license
- Security: www.rain.com/support/en/articles/10765906-rain-s-security-features
- Terms of use: www.rain.com/legal/rain-management-wll-agreement
Questions and answers
Is Rain regulated?
Yes. The CBB register lists Rain Management W.L.L. as a Category 3 crypto-asset licensee, ADGM's FSRA register lists Rain Trading Limited (FSP 210063), and VARA's register lists Rain MENA FZE with licence VL/26/10/001.
What are Rain's fees?
As of 31 October 2026 Bahrain/GCC brokerage trades carry a 0.5% fee in the quoted price, UAE trades have 0% fee with an internal margin, and Rain Pro charges 0% maker and 0.05% taker.
Who owns Rain?
Rain was founded in 2017 by AJ Nelson, Joseph Dallago and Yehia Badawy; the group parent is Rain Financial, Inc.
How does Rain store crypto?
Rain says 98% of crypto is kept offline in cold storage, with sharded keys in bank safety deposit boxes.
Sources
- Central Bank of Bahrain - Licensing Directory (Crypto-Asset Services Category 3)
- ADGM FSRA Public Register - Rain Trading Limited
- VARA - Public Register
- Rain - About
- Rain - Regulatory license
- Rain - Our fees (Rain Management W.L.L.)
- Rain - UAE fees (Rain Trading Limited)
- Rain - Rain Pro fee structure
- Rain - Security features
- Rain - How to open a personal account
- Rain - llms.txt (company statement)
- Rain - Rain Update (May 2024 security incident statement)
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