Bitoasis Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Bitoasis.net is dedicated to the Arab world and aims to become the most
comprehensive Bitcoin site. The website offers a variety of
services, including storage and trading, making it similar to a combination of a
Bitcoin wallet and an exchange. Today, we are going to have a look at the
various features of the website, including how to register an account, what to
anticipate from those features, and, more broadly speaking, how they may be
helpful to you. Visit Bitoasis Website.
The fact that this website has been serving customers in the Arab globe with Bitcoin (BTC) services since 2015 and has continued to do so even up to the present day is one of the website's many impressive features. It is not common to come across websites headquartered in the Arab world that facilitate Bitcoin trading; nonetheless, as is common knowledge, this region is always receptive to novel ideas and is the most active region in terms of investment.
BitOasis Technologies FZE is the name of the corporation that operates the website; it is headquartered in the Dubai Silicon Oasis Authority in Dubai, United Arab Emirates. The website has a physical location that can be found at DGFLEX-G078, Dubai Silicon Oasis, Dubai, G078, United Arab Emirates. They have just just begun to offer Ethereum, and confirmed individuals are now able to acquire the cryptocurrency through their website. This development only took place this year.
Simply going to their website and selecting the "Sign Up" button that is positioned on the website's top left-hand side is all that is required to create an account with them. For the brand-new account that you wish to set up, all that is required of you is to supply your first and last name, along with an active email address and a password. The subsequent action would be the activation of the confirmation link that would be delivered to the email address that was supplied. You will be prompted to give a valid phone number in order to get SMS verification after clicking on this, at which point you will be taken to their website.
In contrast to other websites, where the verification procedure might take an interminable amount of time to complete, this one is more simpler. When we initially established an account, we did not immediately get confirmed since the verification line is so lengthy that it currently takes seven days for an account to be totally validated after it has been created in the queue.
Wire transfers, payments made with credit or debit cards, and the total amount that may be sent using those methods each week are restricted to a maximum of 400 AED for basic account users. The user has to finish the verification procedure in order to raise the weekly limit on the amount of money they can deposit.
We would like to notify you that anyone, anywhere in the globe, is able to register an account with Bitoasis.net and use the website as their BTC wallet to receive and transfer digital currencies anywhere in the world. This is something that we would want to share with you. To purchase and sell digital currencies, however, individuals from the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain as well as Oman are the only ones who may use the exchange.
A website that deals with digital or fiat money especially needs to have the Two-Factor Authentication function since it is one of the most crucial security features that a website may have. There is also a multi-signature function available here at Bitoasis.net, which raises the bar for the amount of protection given to any and all transactions that take place on the website. You can click this link to learn further about this fantastic new feature that has been introduced to this website.
How does the process of a typical transaction function on our website, Bitoasis.net? It's as easy as purchasing a can of Coke from your go-to vending machine, so it shouldn't take you more than a few minutes. After you have provided the necessary financial information and verified it, the website will then provide you with the cryptocurrency you have selected. They accept AED as payment for Bitcoin and Ether purchases made through Bitoasis.net. You are free to go with US Dollars if that is the option that you choose.
The procedure is straightforward; all you have to do is buy a voucher for the necessary quantity of AED. Following the selection of the coupon, you will then be led to the payment tab, which is where you will complete the purchase of the BTC voucher. After the payment has been received and confirmed, your available balance will be updated to reflect the purchase, and at this point, you will be able to redeem the voucher for the price of bitcoins at the exchange rate that is now in effect.
Due to the fact that we are not originally from the Middle East, we were unable to truly view the exchange market that they provide their audience with. We are aware of the fact that there is not a trading platform that can be used at this location, and that it is instead only an exchange that is designed exclusively for the conversion of fiat cash into digital currency.
If you wish to buy or sell Bitcoin through the website, you won't have to pay any additional costs, and there aren't any fees posted anywhere to indicate how much percentage they gained from the Bitcoins they offered.
Due to the fact that we are unable to access the trading section of the website itself, we are unable to present you with the deposit and withdrawal fees at this time. The only thing that we are able to verify about this website is that it allows Bitcoin deposits and withdrawals. The charge for withdrawing bitcoins ranges from 0.00004 bitcoins to 0.005 bitcoins. They say that it is possible to ask for it to be done quickly in the majority of situations, but we are unable to verify this claim.
It's a shame that the company offers just an email customer care channel; clients can contact them from Sunday through Thursday between the hours of 9:00 AM and 5:00 PM by sending an email to firstname.lastname@example.org.
Credit cards are accepted as a method of payment in all nations with the following exceptions:
North Korea (DPRK)
The Good and the Bad:
Allows payments with credit cards, debit cards, and checks
Website with a focus on the Middle East that is professionally created Website with access issues for users who are not located inside the area Frequently asked questions that don't provide much assistance Potentially extremely expensive costs
The website is undoubtedly one of the exchange websites that does not have any trading platforms on the internet for trading Bitcoin, fiat currency, or foreign currency exchange. The best thing about Bitoasis.net is that it provides a straightforward service that can be comprehended by anybody; this service is the direct exchange of fiat currency for bitcoin at the price that Bitoasis.net determines. The only issue that we came across was that their frequently asked questions section was not very helpful in answering common queries such as the fees associated with deposits and withdrawals as well as the rate at which BTC is converted into fiat currency. Due to the fact that we are unable to access all of the website's capabilities, we are unable to deliver a definitive verdict about the site as a whole. However, based on our experiences with them, Bitoasis.net is an excellent cryptocurrency exchange website that features a layout that is simple to grasp.
You might have heard this a gazillion times on Instagram and Tiktok, but now that Dubai and the rest of the UAE area is increasingly becoming crypto friendly, there is a demand for cryptocurrency exchanges. One of these local cryptocurrency exchanges is called BitOasis, and it allows users to trade cryptocurrencies using AED. It will be fascinating to watch where BitOasis stands in the days to come because there are other exchanges in the UAE, such as Binance and FTX, who have received a crypto license.
According to the website of the firm, they have been granted a license through the Abu Dhabi Global Market (ADGM) (UAE). The following are direct quotations from their about page:
The Abu Dhabi Global Market (ADGM) is a global financial center that can be found in Abu Dhabi, United Arab Emirates. It was the first jurisdiction in the UAE and the MENA region to create a full legal framework for virtual assets in the year 2018.
BitOasis was one of the very first companies to apply for a license in the ADGM. BitOasis is currently in the process of going fully operational as a virtual asset multilateral trading facility (MTF) and custodian regulated by the Financial Services Regulatory Authority (FSRA), which it received final approval from in April 2021 through its entity registered in ADGM (Blex Financial Ltd). This approval came from the Financial Services Regulatory Authority (FSRA).
Only those businesses whose AML/CTF compliance and technical operations are of a high grade and are very close to achieving all of the standards of the FSRA will be granted final approvals.
Since BLEX Financial Ltd. has already registered the term "BitOasis" as its trading name in ADGM, the company will continue to operate under the same brand name whenever it launches its services in that jurisdiction.
The about page of the company's website provides information that is easily accessible to the public on its founders and key employees. It appears like the team is comprised of skilled people that have a lot of expertise.
Ola Doudin is now the co-founder as well as the CEO of BitOasis at the time when this evaluation of BitOasis was written.
Now, since we have investigated the regulatory framework that BitOasis and its team have in place, we can say that: Let's talk about the many aspects of BitOasis.
This is the most important information that you, as a resident of the UAE, should be aware of. On the BitOasis trading platform, you may purchase Bitcoin using AED. However, this is not the end of the story since BitOasis supports a wide variety of additional cryptocurrencies, and you may use AED to buy any of them.
You may top up your account with the credit card or debit card associated with your local bank account. You may also connect your bank account to BitOasis in order to make purchases of any digital assets that are currently accessible on the BitOasis platform. Please take note that BitOasis only accepts personal accounts as of the time of this writing.
While the cryptocurrency business in the UAE continues to expand, a significant number of consumers have not yet made their initial bitcoin purchase. BitOasis is aware of this need and provides a straightforward buy and sell screen via which customers may purchase any cryptocurrency using AED.
I'm aware that many of you could be interested in more complex trading capabilities, such as those provided by well-known cryptocurrency exchanges like Binance or FTX, and I can accommodate that. And let me assure you, BitOasis would not let you down in that category either.
Sophisticated traders and investors may take use of the advanced trading tools offered by BitOasis pro. You have the option to place advanced order types such as market, limit, and stop-limit order types while trading the cryptocurrency of your choosing.
You'll be able to safely keep any cryptocurrency you buy using the BitOasis app thanks to the wallet capabilities offered by BitOasis. To store cryptocurrency, you need, however, make use of a hardware wallet such as the Ledger Nano X or a wallet that does not involve a third party. It is recommended that you just keep the minimum amount of cryptocurrency required for trading in an exchange wallet such as BitOasis.
OTC desks are something that I have mentioned in the past, and I have mentioned that it is advised for persons that trade in huge volume. You may use the OTC desk that BitOasis provides for massive amounts of transactions without incurring any additional transaction costs.
You will not be able to utilize the OTC trade function of BitOasis until you first go through the T3 verification process.
Now that you have an understanding of some of the most notable aspects of BitOasis, let's have a look at some of the other fundamental aspects of BitOasis. Take into account the possibility that certain details will shift as the platform ages and more capabilities are introduced.
You will need to go through the verification process before you can begin using BitOasis. There are three levels of verification, and if you pass the first step successfully, which is called Tier one, you will be able to deposit and withdraw up to 50,000 AED every week.
Not only that, but as soon as you finish your verification process, you will also receive a welcome bonus of 50 AED, which is roughly similar to 13.61 US Dollars.
You have the ability to raise your limit by selecting either the Tier 2 or the Tier 3 verification option.
It's possible that the verification will take a few days, or it might happen right away (in case of manual review).
You can complete the verification process immediately by using your Emirates ID.
The maximum amounts that may be deposited and withdrawn from your account will both rise as your verification level rises.
You may get in touch with the BitOasis support team by opening a support ticket or by using the Whatsapp app. The main drawback is that Whatsapp chats are not instantaneous; in fact, the program itself indicates that it may take up to 15 minutes to receive a response. Since BitOasis deals in financial products, customer support is one area in which I believe the company could significantly improve. It can be extremely frustrating if you make a mistake when depositing or withdrawing money from your account, or if you have a question about how your account is verified.
Trading in cryptocurrencies at BitOasis incurs one set of transaction fees, while trading in cryptocurrency pairs incurs another set. Additionally, the costs vary depending on the total amount of your trades. The following is the most recent information on trading costs for digital assets:
If you use this link to join up for BitOasis, you will be able to earn 50 AED and perhaps more if you validate your account and continue to purchase cryptocurrency. This type of marketing offer, which is aimed at bringing in new consumers, is common practice among the main cryptocurrency exchanges.
Here is how to obtain 50 AED Bonus for signing up:
Make sure you sign up for an account on BitOasis.
Please validate your account (Any tier is ok)
Following the successful verification of your account, you will receive 50 AED.
You have the potential to earn up to five hundred UAE Dirhams (AED) depending on how frequently you use BitOasis.
This welcome bonus is only available to a customer once they have made a purchase of digital assets for the specified amount.
The Good and the Bad of BitOasis:
Buy Bitcoin and other cryptocurrencies with your debit or credit card through your AED Fund account. This service is available for nations in the Middle East.
Every important function that a first-time user would require.
Whales can take use of the crypto OTC desk functionality.
Mobile app (Great ratings)
There are only a certain quantity of digital assets.
There is no price ticker for US dollars.
Trading commissions for currency pairings are greater than those charged by rivals.
The following are some of the questions that are asked the most frequently concerning BitOasis. Before you join up for BitOasis, you could find the answers to some of your questions in this frequently asked questions (FAQ) section.
Tweets by bitoasis In September of 2021, BitOasis successfully completed the registration process to become a Reporting Entity on the UAE FIU GoAML Anti-Money Laundering System.
Dubai is the location of BitOasis' headquarters. The MENA region's most significant cryptocurrency exchange is known as BitOasis.
Is it possible for me to transfer cryptocurrency from Binance to BitOasis? You may transfer funds from Binance to BitOasis, that much is true. The procedure is simple, and if you have ever moved money from one exchange to another, the steps involved here should be familiar to you because they are identical to those in the previous scenario.
Does BitOasis provide the option to trade with leverage? At present time, BitOasis does not provide customers with the option to trade with leverage. When engaging in leverage trading, you should always make use of an exchange like as Bybit or Binance.
Should you keep huge amounts of cryptocurrency in a BitOasis wallet? Even while BitOasis provides all of the typical security precautions to secure your account, it is still not a good idea to store a big amount of cryptocurrency on any cryptocurrency exchange. "Not your key, not your crypto" is a phrase that is commonly used in the crypto community. Always utilize a hardware wallet, whether you're buying cryptocurrency from BitOasis or any other exchange; doing so will make your life much easier. If you want to purchase a significant amount of cryptocurrency, you should do it using a hardware wallet.
BitOasis is a cryptocurrency exchange that also acts as a broker. The company
was established in 2015 and operates in the cryptocurrency space. Bitcoin,
Ethereum, Ripple, Litecoin, Zcash, Stellar Lumens, Bitcoin Cash, and Ethereum
Classic are some of the cryptocurrencies that may be traded using this platform.
BitOasis Pros & Cons
Deposits made with debit cards for eight countries in the Middle East
If you wish to trade in AED, this mobile wallet is perfect for you. It's available for iOS users.
Really high commission rates for trading
Deposits and withdrawals in fiat currency are restricted to just six countries.
There is no telephone or live chat assistance available in USD. The price of bitcoin is significantly greater than its spot rate.
Lacking in regulation
Support is offered for a limited number of coins only.
A cryptocurrency exchange with its headquarters in the United Arab Emirates, Bitoasis operates.
The portal has a particular emphasis on customers residing in Middle Eastern countries. Although customers from any country in the world are able to make deposits and withdrawals of cryptocurrencies on the Bitoasis platform, users from just six countries are permitted to utilize fiat cash to fund their accounts. This comprises the United Arab Emirates, Bahrain, Oman, Kuwait, and Saudi Arabia. Qatar is also included in this category.
The United Arab Emirates Dirham is the primary currency that may be traded for other assets on the Bitoasis platform (AED). Even if U.S. dollars can be used to acquire cryptocurrencies, the conversion rate offered is substantially worse than the standard rate offered by the market. Because of this, using Bitoasis as your exchange of choice if you want to deal in dollars will cost you more money.
Bitoasis is not currently featured on CoinMarketCap or any other significant cryptocurrency statistics website. This is despite the fact that the exchange was established in 2015, which is a very long time ago. Because of this, it is impossible to get an accurate picture of the total volume of transactions that take place on the platform. However, because this exchange serves such a small number of customers, it is quite probable that these numbers are far lower than those reported by market leaders such as Coinbase.
Bitoasis functions as both a broker and an exchange when it comes to cryptocurrencies. They act as a broker and make it possible for people in certain countries to purchase cryptocurrency using their debit or credit cards. You will only be able to use your bank card to make a purchase of up to 2,000 AED in total if you are located in the Middle East. At the time of this writing, that comes out to around $450, which is a very small sum.
You are able to make deposits into your Bitoasis account using cryptocurrencies even if you do not have access to facilities that deal in fiat money. After you have filled your account, you will have the option to either transfer the coins to a personal Bitcoin wallet or trade them on the market.
Bitcoin, Ethereum, Ripple, Litecoin, Zcash, Stellar Lumens, Bitcoin Cash, and Ethereum Classic are the 8 cryptocurrencies that may be traded with one another using the crypto-to-crypto trading feature offered by the Bitoasis exchange.
Bitoasis requires users to pay a fee whenever they make a trade so that it can turn a profit. When you buy coins directly with a bank card or when you trade on the exchange, this is the situation that you will find yourself in.
The following is a list of the eight different coins that are presently supported by Bitoasis.
Ethereum (ETH) (ETH)
Bitcoin Cash (BCH)
Classic Ethereum (ETC)
Stellar Lumens (XLM)
Check out the list that follows for more information on the crypto-to-crypto trading pairings that are supported on the Bitoasis exchange platform. If you're asking why Stellar Lumens isn't included, the answer is because it's linked with AED. By the way, if you're curious about this, you can find it here. AED may be converted into and exchanged for any of the other cryptocurrencies that are supported.
ETH–BTC, XRP–BTC, LTC-BTC, ZEC-BTC, BCH–BTC, ETC–BTC
You will discover that it is only possible to swap cryptocurrencies for Bitcoin, which is a quite restricted option.
Even though Bitoasis is focused solely on the Middle East, the platform is open to users from anywhere in the world who wish to deposit and withdraw funds in the form of cryptocurrencies. As a result, there are no constraints on the countries that can participate.
If, on the other hand, you wish to deposit funds using a debit or credit card, then you can only do so from one of the six countries that are supported, which are detailed below.
Aranese United Emirates
Bitoasis is a third-party cryptocurrency exchange that generates revenue in the form of earnings from the trading fees it charges its customers. This is something that is taken into account whenever you purchase or sell a cryptocurrency. The pricing structure for the trading charge differs depending on whether you are a "market maker" or a "marker taker," as well as the volume of trades that you execute each month.
For the benefit of those who aren't aware, a "market maker" is a person who supplies the exchange with liquidity. On the other hand, the individual who trades based on the prices that are established by the makers is known as the market taker. If you engage in trading on a regular basis, then it's quite likely that you're a market taker.
Market maker fees:
0.25 percent if the monthly income is less than $250,000.
>250,000 every month is 0.2 percent of the total.
> 500,000 transactions each month: 0.15 percent
>one million each month = one tenth of one percent
>2,500,000 per month, or 0.075%
>5,000,000 every month, or 0.050% of the total.
Market taker fees:
0.5 percent if the monthly income is less than $250,000
>250,000 each month, there will be a 0.5 percent tax.
> 500,000 transactions each month: 0.45 percent
>1,000,000 each month:.040 of a percent
>2,500,000 every month; 0.35% of that total
>5,000,000 each month is equivalent to 0.3 percent.
When you purchase or sell a coin, you will be required to pay a trading charge of a stunning 0.5 percent of its value. This is the case even if you are just an ordinary trader. If you purchased $10,000 worth of Bitcoin, for instance, you would be required to pay $50 in transaction fees. If you then sold the same investment for a short period of time for $20,000, you would be required to pay a total of $10 in fees.
In addition, you would need to trade more than $250,000 in a single month in order to get your trading costs reduced by merely 0.005 percent. This would only be possible if you met the requirements.
Even while it might not seem like much, when compared to other prominent cryptocurrency exchanges, this price is much higher. For instance, Coinbase does not even impose any trading fees because the majority of their revenue comes from the spread.
It is important to keep in mind that the processing time for withdrawals is ten business days, even if Bitoasis does not disclose the expenses associated with withdrawing fiat money to users located in countries outside than the six approved nations.
This is not really acceptable because you still have to wait between three and five business days for the monies to be credited to your account from the bank. Taking everything into consideration, this indicates that you will have to wait around thirteen to fifteen working days before you can take your money out of Bitoasis.
When you initially access the dashboard for your Bitoasis account, you will see that the platform has been kept in a somewhat tidy condition. You can quickly access your wallet on the left side of the screen, in addition to sending and receiving money. You can also view the balance of any dollars you have sent or received.
Additionally, the help page may be accessed quickly and conveniently through the main dashboard. When you go to that page, you will see an opportunity to email the Bitoasis team directly.
The layout of the trading platform itself may be described as being a little bit "non-descript." The reason we say this is because it is quite difficult to accurately predict what will happen in the market. Prices being offered and requested by buyers and sellers predominate in the primary trading area.
In the event that you are not familiar with the operation of order books, then this may appear to be rather scary. As a result of this, Bitoasis is probably not the best choice for you if you are just starting out as a trader. If you are searching for a cryptocurrency platform that makes it really simple to purchase and sell coins, then we would rather suggest that you use Coinbase.
In spite of the fact that we believe it is best for you to reconsider using Bitoasis as the platform for your crypto day trading, if you are adamant about doing so, we have prepared a straightforward and easy-to-follow instruction manual to get you started.
First, sign up for an account with BitOasis.com.
The first thing you need to do is go to the site of Bitoasis and then click on the button that says 'SIGN UP.' This will be your first port of call. You should be looking for the button in the upper right-hand corner of the display.
Step 2: Identify yourself by providing your name, email address, and a password of your choosing.
On the following screen, you will be required to provide your entire legal name, followed by your email address, and then you will be prompted to select a robust password. Check to see that all of this information is accurate, since you may be required to validate it in the future. Additionally, every time you log in to your Bitoasis account, you will be asked to validate your email address. Because of this, you should choose an email address that you can access regardless of where you are.
Step 3: Verify that your email address is correct.
You will be required to verify your email address at this time. Bitoasis will send you an email that contains a unique confirmation code. It is sufficient to cut the code from the email and paste it into the designated space. After that, select the option that says "FINISH REGISTRATION."
4. Enter your phone number and make sure it's correct.
You will be required to input your cellphone number when you go to the next stage of the registration procedure for Bitoasis. You will be required to input your primary cellphone number each time you log in, therefore it is essential that you use the number that you normally use. This is a great feature offered by Bitoasis since it gives an additional degree of protection to your account.
After you have received the one-of-a-kind PIN number on your phone, you will need to input it into the confirmation box.
Step 5. Deposit money
You will be required to make a deposit using bitcoin if you do not come from one of the six approved countries (for a list of these countries, see the section under Supported Countries above). On the page that serves as your primary dashboard, select the 'RECEIVE' button. It will be on the left-hand side of the screen when you look for it.
After that, you will be able to view your one-of-a-kind Bitcoin deposit address using Bitoasis. You will be required to deposit coins directly from your own wallet into your account in order to begin the funding process. You have two options: you may either take a picture of the QR code or copy and paste the Bitcoin address into your wallet manually.
After the coins have been received, it typically takes between ten and twenty minutes for Bitoasis to credit your account with the appropriate amount.
The fact that Bitoasis is not a licensed cryptocurrency exchange raises some serious red flags. Bitoasis claims that "We work closely with a highly respected legal counsel to ensure steady operations and regulatory compliance" on the primary webpage of their website. Nevertheless, it is not quite apparent what this truly signifies at this point. According to our point of view, it is an effort on the part of the platform to downplay the fact that they do not own any regulatory licenses.
Always opt to utilize a cryptocurrency exchange that holds a complete license issued by a reputable financial regulatory agency. This is the safest and most secure option. For instance, the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC) both supervise Coinbase.
When considering whether or not to become a member of a cryptocurrency exchange, one of the most crucial aspects you should look out for is the safety of the platform. To begin, and as was said before, Bitoasis is not subject to any kind of regulation. This implies that no financial regulatory agencies are keeping an eye on Bitoasis to make sure that they are operating in a legal manner, which is good news for you as an investor. This, in essence, denotes that they are "self-regulated," which is always a bad thing regardless of the sector in which you are putting your money.
It is also important to know that Bitoasis has complete control over the private keys associated with your bitcoin wallet. This implies that if the platform were to be hacked, there is a significant possibility that your cash would be stolen. If anything like this were to occur, there is no assurance that Bitoasis would compensate you for any damages incurred.
Because we consider Bitoasis to be an unsafe cryptocurrency exchange for trading due to the factors outlined above, we are unable to recommend or associate ourselves with this company in any way.
In any case, the following is a rundown of the many security options that can be found at Bitoasis.
You feel compelled to set things up. Authentication using two separate factors (2FA)
2nd factor authentication is necessary each time you log in.
Additionally, each time you log in, you will be required to verify the email address associated with your account.
Bitoasis has just just released its very own native cryptocurrency wallet, which can either be viewed online or downloaded into a user's mobile device through an app. The wallet is comparable to others already available on the market in terms of the functions it can do. You may use it to transfer and receive money, or you can just use it to store your money safely.
On the other hand, and this is possibly the most significant point, you do not have control over your private keys! The Bitoasis wallet has a key distribution method with three levels.
The initial key is kept in Bitoasis's internal storage system. A third party, most probably BitGo, is in possession of the second key. A third party also has possession of the final key, which functions essentially the same as the recovery key. Despite the fact that this reduces the likelihood of being hacked, in the end, you won't have control over your own money.
You may get the Bitoasis wallet on your mobile device through an app that you can download. Take notice that the application can only be downloaded on iOS devices; unfortunately, this means that users of Android devices are out of luck. The functionality of the mobile wallet app is indistinguishable from that of the online wallet. As a result, you will have the ability to send and receive payments, as well as store your cryptocurrency.
You also have the option of looking back into the history of your account. Due to the fact that the Bitoasis app is only a wallet and not an exchange, you will not be able to engage in any trading activities using it.
The Coinbase app is something you should think about downloading if you have an Android phone and are looking for a cryptocurrency trading software that enables you to make trades while you are on the move.
The absence of adequate customer service is one of the most problematic features of the Bitoasis cryptocurrency exchange. In point of fact, the only method by which you may get in touch with the team is by submitting a support request to them via the dashboard of your account. This puts the resolution of the issue you're having with your account in the hands of the Bitoasis team.
A live chat service and a phone number are both available to users of other exchanges, such as Coinbase. Traders can get immediate assistance in the event that they require it thanks to this feature.
Using the Ticket Support system, you may get in touch with the Bitoasis team at any moment from inside your account.
No phone support
There will be no live chat.
No social media support
In conclusion, it is really challenging to recommend Bitoasis as a noteworthy cryptocurrency exchange. If you are not located in a supported country, you will not be able to use a debit or credit card or a bank account to make a deposit or withdrawal of funds from the platform. This is because it is very evident that the platform's primary focus is on traders from the Middle East.
The costs associated with trading on Bitoasis are quite high, and the platform only provides access to a total of eight different digital currencies. In addition, all fiat pairings are matched with AED, which means that you will be subjected to exorbitant transaction costs if you do not utilize AED as your preferred currency.
When we examined the similarities and differences between Bitoasis and Coinbase, we discovered that Bitoasis falls short in the majority of categories. You may even short cryptocurrency on Coinbase, in addition to the fact that it is completely regulated, lists more than 15 cryptocurrencies, has extremely cheap costs, enables trading while mobile, and lists non-crypto assets.
How can I get in touch with Bitoasis via their live chat service? At this time, creating a support ticket is the sole way for receiving assistance from Bitoasis. This indicates that neither phone assistance nor live chat is available at this time. Because of this, you won't be able to get immediate help if you ever find yourself in need of it.
How much do the trading fees cost on Bitoasis? The amount of money you will have to pay in trading fees at Bitoasis is determined both by how much you trade in a single month and by whether or not you are a market maker or market taker. To give you a sense of what this entails, if you are a market taker and your monthly trading volume is less than $250,000, you will be charged 0.5 percent for each trade that you make.
Is it simple to make use of Bitoasis? Because the account dashboard on Bitoasis is so well organized, sending and receiving money through the platform is a breeze. However, the actual exchange site itself is not very user-friendly in and of itself.
Do I need to provide proof of who I am in order to use Bitoasis? If you are only going to be depositing and withdrawing funds using fiat currency, then you do not need to get your identity verified. On the other hand, if you do not come from one of the six nations that are supported, it is quite unlikely that you will be allowed to accomplish this anyhow.
Is it possible for me to transfer monies back to my credit card or debit card? If you make a deposit of funds using a debit or credit card, you will be required to withdraw those monies and then deposit them into a bank account. In the world of online cryptocurrencies, this is par for the course.
Does Bitoasis provide leverage for its users? Because Bitoasis is a regular third-party exchange, you will not be able to use leverage with any transactions you execute there. In order to obtain leverage on bitcoins, you will be required to utilize a site such as Coinbase.
Our most important discoveries regarding Bitoasis are as follows:
Since 2015, Bitoasis has been operating in the market of the UAE.
There is a branch of Bitoasis located in Dubai's Silicon Oasis.
Only the nations in the Gulf are now supported by Bitoasis.
Traders are able to quickly deposit and withdraw funds from their UAE bank accounts to and from Bitoasis.
When compared to other exchanges, Bitoasis' trading costs are rather expensive.
Bitoasis only supports a restricted number of cryptocurrency trading pairs.
BitOasis is a prominent cryptocurrency platform in the MENA area. The company was founded in 2015 and has its headquarters in the United Arab Emirates.
The BitOasis cryptocurrency exchange is quite popular. It is compatible with cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin, among others. It is a platform that is user-friendly and can accommodate traders of all levels.
Only inhabitants of Gulf nations are catered to by Bitoasis, which includes people from the United Arab Emirates, Bahrain, Oman, Kuwait, and Saudi Arabia in addition to Qatar.
BitOasis has been awarded a Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), and the company is presently working towards the transfer of its activities towards debut in ADGM.
The Financial Services Regulatory Authority (FSRA) granted BitOasis its final clearance in April 2021, and the company is presently in the process of becoming fully operational as a virtual asset multilateral trading facility (MTF) and custodian regulated by the FSRA.
In comparison to its primary rivals, such as Binance, BitOasis offers a significantly smaller selection of crypto pairs. Nevertheless, the pairings that they offer cover the vast majority of the most widely used cryptocurrencies. The following is a list of cryptocurrencies that were available for trading on BitOasis at the time this review was written:
Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Ripple XRP, Litecoin LTC, Stellar XLM, EOS, OMG, ZRX, BAT, Algorand ALG, USDT, NEO, XTZ, LINK, DAI, MKR, KNC, UNI, and Yield Finance are some of the cryptocurrencies that are now available. YFI, BAL, COMP, DODGE, AAVE, BNT, ENJ, LRC, and Decentraland are the acronyms that come to mind. MANA, STORJ, SUSHI, USDC, WAVES.
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The Core Buy/Sell capability is more basic than the more complex Pro Exchange option. In addition to trading with fiat currencies, it also enables traders to exchange cryptocurrencies with one another and swap between them. For example, traders can switch Bitcoin to Algorand through the pro exchange, but they can't do this through the Core Buy/Sell feature because that feature only allows trading currencies to cryptocurrencies and not cryptocurrencies to cryptocurrencies. Therefore, traders can only switch Bitcoin to Algorand through the pro exchange.
When compared to its competitors, BitOasis is a somewhat pricey exchange. However, we believe that they are charging higher fees because of the competitive advantage that they are offering to their traders. This advantage is the ability to make instant deposits and withdrawals to UAE bank accounts, which is something that no other competitor is able to offer yet. Consequently, they can charge higher fees.
Deposits with Bank Transfer BitOasis does not charge a commission for deposits made through the transfer of money from your local bank in UAE to the exchange.
If you choose to fill your account using a credit or debit card, you will be subject to a fee of 3.67 percent of the amount that you deposit. Also, please be aware that the issuer of your card may charge you fees for transactions involving foreign currency or cash advances.
If your monthly trading volume is less than AED 1,000,000, then you will be charged 0.25 percent per trade if you are a market maker and 0.5 percent per trade if you are a market taker. These fees will be applied regardless of whether you make or take the market.
Do not worry if you do not understand the difference between a market maker and a market taker; we will explain it in a way that is extremely easy to understand.
When you put buy and sell orders based on a specific price, you are considered a market maker (limit orders). For illustration's sake, let's say the current price of a Bitcoin is $52,000, but you've placed an order to purchase 1 Bitcoin for $50,000. This is being placed to the order book, and it will be fulfilled whenever the price hits a threshold of $50,000. You are considered to be a market maker in this scenario since you are contributing liquidity to the order book.
When you make buy or sell orders based on the current price of the market (known as market orders), but don't specify a specific price that you want your transaction to be completed on, you are considered a market taker. Because you are drawing from the liquidity of the exchange, it may be said that you are acting as a market taker in this circumstance.
BitOasis levies a fee of 65 AED every withdrawal order for transactions that take place locally (inside the UAE), and it levies the same fee for transactions that take place internationally.
The process of opening an account with Bitoasis is quite uncomplicated and uncomplicated. If you sign up through this link, you will get a deposit of AED 100 into your account instantly, and you will be able to begin trading with that AED 100 immediately.
You will need to go through the verification process before you can begin trading with Bitoasis.
Bitoasis offers three tiers for the purposes of verification and KYC (know your customer), and the only variation between the tiers is the maximum amount that may be deposited and withdrawn.
Tier 1: The maximum amount of AED 100,000 that may be deposited or withdrawn each week
Deposits and withdrawals are restricted to a maximum of AED 200,000 per week in Tier 2.
Tier 3: There are no limits placed on deposits or withdrawals.
Each tier have various paperwork needed. The requirements for each Tier are depicted in the graphic that can be seen below.
The process of making deposits and withdrawals was made easy by Bitoasis. You have the option of depositing either:
Debit Card Credit Card Bank Transfer
As was noted in the section under "Fees," deposits made using debit and credit cards are assessed a cost of 3.7 percent, but deposits made through bank transfers are completely free of charge.
The method of withdrawal is identical to that of depositing money. All banks in the UAE, with the exception of Mashreq bank and Arab bank, are available to customers for direct cash withdrawals (as the time of writing this review).
You may contact the customer care team at Bitoasis by sending an email to email@example.com.
When we reached their customer car with a number of queries and issues, the representatives there were quite receptive to our inquiries and helpful. The time it took for someone to respond, on the other hand, was a little bit longer than anticipated.
Because we tested the vast majority of crypto trading platforms in the UAE ourselves here at The Finance Dean, we were able to develop reliable criteria by which to judge the various exchanges.
Easy banking operations, both depositing and withdrawing funds, provide Bitoasis a significant competitive edge over all other exchanges operating in the UAE market.
The procedure of verification is quick.
The customer service is quick to respond and very helpful.
Bitoasis is constantly introducing additional currencies and tokens to its platform, and its core buy/sell functionality is extremely user-friendly and uncomplicated.
Trading costs are rather high.
Compared to Binance, there are less crypto pairings available.
The costs for withdrawals are rather pricey.
When it comes to picking which exchange to use, the decision is entirely dependent on what you are looking for because every exchange has its own set of benefits and drawbacks.
Bitoasis is an excellent choice for you if you want a banking system that is easy to use (both deposits and withdrawals), as well as an exchange that is straightforward and uncomplicated.
If, on the other hand, you require an exchange that gives you access to a very extensive selection of cryptocurrency pairs, you should look into alternative possibilities. There are traders who want to have more diversity, which they do not find in Bitoasis. This is the case despite the fact that the Crypto Paris that Bitoasis provides cover the fundamental and popular ones.
A cryptocurrency exchange that operates out of the United Arab Emirates is known as BitOasis. The platform is the most prominent bitcoin exchange in the United Arab Emirates and focuses on the developing economies of MENA.
The United Arab Emirates is home to the headquarters of the industry-leading cryptocurrency exchange known as BitOasis. It focuses on those who live in the UAE. The BitOasis platform combines the functions of a cryptocurrency exchange and a broker. It works with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in addition to Ripple. BitOasis provides traders of all experience levels with high-quality trading tools. It still lacks functionality, tradable asset classes, and instructional resources when compared to the industry leaders like eToro, which is one of the largest participants in the sector.
The United Arab Emirates Dirham is the primary currency that may be traded on this exchange (AED). BitOasis provides cheap transaction costs for traders who make transactions using AED. Trading in United States dollars on this exchange will cost you a pretty penny due to the fee system that is in place.
It is widely recognized that BitOasis is the most successful cryptocurrency exchange in the world. It provides services that are both professional and safe. These are designed with the requirements of customers situated in the Middle East in mind. The account security precautions that may be taken are par for the course in this sector.
The best cryptocurrency exchange for traders in the Middle East is BitOasis. It offers a straightforward user interface across all of its supported platforms. Customers will have access to a wide variety of cryptocurrency purchasing options. With its user-friendly trading platforms, BitOasis provides customers with a superior overall trading experience.
Purchasing digital assets and trading pairs involving digital assets is an easy process. Those who are just starting out will need to devote some time to studying how BitOasis functions. However, the exchange provides high-quality services, and the primary Dashboard includes all that is necessary for a trader.
BitOasis charges varying fees for withdrawing money according on how active your account is. For instance, the United Arab Emirates (UAE) charges a fee of 65 AED for each withdrawal request placed within the country. Withdrawing money from your BitOasis account is a simple process.
BitOasis provides a specialized Pro platform tailored to the needs of active traders in the UAE. BitOasis Pro supports more than 30 different digital assets and fiat currency combinations. It offers trading charts and order types suitable for professionals. The United Arab Emirates (UAE), Saudi Arabia (KSA), Morocco, Egypt, Jordan, Kuwait, Bahrain, and Oman are among the countries that provide BitOasis Pro. It enables business transactions to take place in both AED and SAR.
The fees associated with using BitOasis are rather high. For every purchase or sell activity, the average trader is responsible for trading costs up to 0.5 percent. This trade provides participants with some benefits. However, in order to qualify for a discount, traders must make more than $250,000 in one calendar month.
BitOasis charges varying fees for deposits. There is no fee associated with making a deposit through wire transfer. You will incur a charge of 3.67 percent of the amount you deposit with a credit or debit card if you opt to fill your account in this manner. The charge for making a withdrawal is usually set at 65 AED, while the maximum deposit amount varies. Check out our in-depth evaluations for further information on the withdrawal costs that are applicable to residents of the UAE.
At BitOasis, the fee structure shifts based on whether or not you are a creator of bitcoins or a taker of bitcoins. A trader who contributes to the exchange's available liquidity is known as a market maker. A market taker is a type of trader that operates in accordance with the pricing set by market makers.
For users located outside of the six approved countries, the flat currency withdrawal costs charged by BitOasis are not publicly disclosed. The processing of withdrawals takes ten working days, and then it takes an additional three to five days for your bank to add the credit to your account. As a result, it can take up to three weeks for you to obtain your money back from BitOasis.
BitOasis is a cryptocurrency exchange that does not hold any licenses issued by a pre-existing regulatory body. The fact that there is no safety net for traders to fall back on in the event that the exchange is unable to meet its obligations is a huge warning sign. This exchange places a high priority on the safety of its users and takes the same precautions to protect their funds as a traditional bank.
The fact that BitOasis is in complete possession of your wallet's private keys is the most significant risk. This implies that if there is a security breach at BitOasis, you will lose any cash that you have stored there. In the year 2021, cybercriminals broke into five additional cryptocurrency Bitcoin exchanges, causing investors to lose millions of dollars. Because BitOasis has authority over all of the private keys associated with your assets, the safety of your money is dependent on the safety of their database. Because of the potential breach of security, we do not suggest using BitOasis. Our in-depth evaluations will teach you all you need to know about crypto platforms, including how secure they are.
A private key is a combination of letters, numbers, and other characters that serves the purpose of a password. It grants access to both your managed cryptocurrency money and your account. You will have access to both a public key and a private key when you use a bitcoin wallet. These are essential for engaging in transactions involving digital assets.
The public key is analogous to an email address in its functionality. Users provide it to one another so that they can send and receive money. The private key is analogous to the login information for your bank account, and you must ensure that no one else has access to it.
Our evaluations place a significant emphasis on the quality of the customer service provided. The customer service offered by BitOasis is below mediocre. Support tickets are made available to users under their own accounts. This exchange does not provide help through phone, live chat, or any of the many social media platforms.
The cryptocurrency market in the Middle East is led by BitOasis, which is the region's most prominent exchange. It possesses both a user-friendly UI as well as the conventional banking safety measures. BitOasis provides merchants in the UAE with high-quality services at prices that are on par with the industry standard. However, due to the fact that it holds the private keys to all of your assets, we do not suggest BitOasis to active traders and specialists in the cryptocurrency industry. In the event that BitOasis were to be hacked, you would lose all of your funds and there would be no way to get them back.
Trading in cryptocurrency involves a high level of risk. The value of digital currency is still very speculative. BitOasis provides traders in the United Arab Emirates with a secure trading platform since it implements all of the required banking security procedures. BitOasis, on the other hand, has authority over the private keys to all of your bitcoin wallets. This implies that in the event that BitOasis is compromised, you will lose all of your cash. You can learn more about the security of bitcoin exchanges and other topics by reading our in-depth evaluations.
Residents of the UAE are permitted to make withdrawals through bank transfer. The processing times on BitOasis might be rather slow. The withdrawal procedure might take up to ten business days to complete. You may learn more about the process of exchanging bitcoin and withdrawing funds to a personal bank account by reading our in-depth evaluations.
BitOasis is equipped with its own built-in bitcoin wallet. You may access it on their mobile app or on their website. The wallet performs the same functions as any other wallet available on the market. Keep in mind that users do not receive control over the private keys associated with their accounts. This poses a severe threat to the security of the facility. BitOasis makes use of a key distribution mechanism with three tiers. The in-depth evaluations that we have conducted provide further information on the safety of private keys and wallets.
There is a mobile app version of the BitOasis wallet available for download. However, you can only download it on iOS-based devices. It doesn't allow you place transactions.
Coinbase is the most significant company that BitOasis faces as competition. Coinbase now supports 15 different coins. It provides a high-quality mobile app in addition to a reasonable pricing structure. Learn more about the features and options that are available at Coinbase by reading our in-depth evaluations.
You should only put your money into cryptocurrency exchanges that you can rely on and that are safe. We strongly suggest that you make advantage of platforms such as BitOasis. It has a user-friendly interface and is known to be one of the most secure exchanges in which to invest in the UAE.
A transaction that sends your digital balance to an external cryptocurrency wallet is known as a cryptocurrency withdrawal. All of these withdrawals are handled by a third-party service provider. The UAE inhabitants have a wide variety of choices to choose from when selling their digital assets.
In order to convert your cryptocurrency holdings into UAE dirhams, you will need to choose a cryptocurrency exchange that is compatible with the withdrawal of funds in the local currency. Users in the United Arab Emirates, Kuwait, Bahrain, and Saudi Arabia are able to withdraw dirham AED to a bank account via the BitOasis platform. The in-depth reviews that we do provide information on buy-and-sell transactions, as well as bank transfers and exchanges.
Using a debit card issued by Uquid is a quick and easy way to convert crypto into fiat currency. It provides a convenient method for converting Bitcoin into other currencies. Bitcoin ATMs are another another method through which Bitcoin may be converted into fiat cash. One Bitcoin ATM can be found in Dubai, which is located in the UAE. Learn more about crypto trading in the United Arab Emirates by reading our in-depth evaluations.
Credit cards, debit cards, and wire transfers can all be used to make deposits into an AED account. Wire transfers carry a 0 percent deposit charge. The United Arab Emirates (UAE), Bahrain, Kuwait, Oman, and Jordan all have access to this service. You may get more information about depositing dirham AED on cryptocurrency exchanges by reading through our in-depth evaluations.
BitOasis provides its users with a reward scheme known as Invite & Earn. It is a reward system based on competition. If you invite a new user to BitOasis and that user eventually signs up for an account, your account will be credited with 500 AED. Remember that you will only be eligible to earn the incentive if the new user makes a deposit and/or purchases digital items. The person who did the inviting, as well as the persons who were invited, will each earn a prize.
BitOasis is a well-known cryptocurrency exchange that provides users with a variety of benefits. Deposits may be made using debit cards for six different Middle Eastern nations. When looking to trade in AED, this is one of the best options. In our in-depth evaluations, we cover the topic of deposit fees in more detail.
Trading fees on BitOasis might be rather expensive depending on the number of your transactions. There is no live chat or phone assistance available through this platform. BitOasis's spot price for Bitcoin in USD is higher than the prices offered by other cryptocurrency exchanges.
Sites like Bitoasis 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.