Habibi! Come to Dubai!
You might have heard this a zillion of times on Instagram and Tiktok, and now as Dubai and the entire UAE region is slowly becoming crypto friendly, there are needs for crypto exchanges. BitOasis is one of those local crypto exchanges, which let you trade crypto in AED. There are other exchanges like Binance, FTX which have got crypto licence in UAE, and it would be interesting to see where does BitOasis will stand in the days to come.
For now, we will look into this review of BitOasis to understand all of it’s features, Feed and pros and cons of BitOasis.
I discovered BitOasis due to its aggressive marketing in the Dubai region. If you have visited Sheikh Zayed Road in Dubai anytime in the first quarter of 2022, you will not miss the BitOasis advertisement board. This is enough to create curiosity for a technophile like me, and I ended up testing and trying BitOasis.
From the first impression, BitOasis looks like a growing platform, and as you explore it, you would be surprised with the features this platform have and the one they are adding.
But, let’s tackle some of the most burning questions about BitOasis.
According to the company website, they have got a license via Abu Dhabi Global Market (ADGM) (UAE). Here are exact excerpts from their about page:
Abu Dhabi Global Market (ADGM) is an international financial centre located in Abu Dhabi, United Arab Emirates and is the first jurisdiction in the UAE and MENA region to launch a comprehensive virtual asset regulatory framework in 2018.
BitOasis was among the first applicants for licenses in ADGM. Through its entity registered in ADGM (Blex Financial Ltd), BitOasis received final approval from the Financial Services Regulatory Authority (FSRA) in April 2021 and is currently in the process of going fully operational as a virtual asset multilateral trading facility (MTF) and custodian regulated by the FSRA.
Final approvals are only awarded to entities whose AML/CTF compliance and technical operations are of a high standard and close to meeting the full requirements of the FSRA.
BLEX Financial Ltd has registered ‘BitOasis’ as its trading name in ADGM and will therefore retain the same brand name once it goes live in ADGM.
The company is also transparent about the founders and core team, which is visible on their about page. The team seems to be talented and full of experienced people.
At the time of writing this review of BitOasis, Ola Doudin is the co-founded and CEO of BitOasis.
Now, as we have looked into the regulatory framework of BitOasis and their team. Let’s discuss the features of BitOasis.
This is the first thing you, as a resident of UAE should know. You can buy Bitcoin using AED on the BitOasis platform. But, it does-not end here, as BitOasis supports many more cryptocurrencies, and you can purchase any of them using AED.
You can add funds using your local debit card or credit card. You can also link your bank account to BitOasis and purchase any available digital assets on BitOasis platform. Do note: At the moment of writing, BitOasis only supports personal account.
As the crypto industry in UAE is growing, and a many users are yet to buy their first cryptocurrency. BitOasis understand this need, and offers simple buy and sell screen to let you buy any crypto using AED.
It also offers option to swap one crypto to another.
And I understand that many of you might be looking for advanced trading features which are offered by popular crypto exchanges such as Binance or FTX. And let me tell you, BitOasis would not disappoint in that segment as well.
BitOasis pro offers advanced trading features for traders and advanced investors. To trade crypto of your choice, you can place advanced order types such as market, limit, and stop-limit order types.
BitOasis offers wallet features, which will help you to store your purchases crypto using BitOasis app. However, it is advisable to use a hardware wallet like Ledger Nano X or a non-custodial wallet to store crypto. You should only store enough crypto on an exchange wallet like BitOasis that you need for trading.
I have talked about OTC desks before, and it is recommended for people who are dealing in high volume. BitOasis also offers an OTC desk which you can use for huge volumes and no additional transaction fees.
You need to be T3 verified in order to be able to use the OTC trade feature of BitOasis.
Now, once you have understood some of the top features of BitOasis, let’s look at other essential facts about BitOasis. Note that some points might change as the platform matures and new features are added.
In order to start using BitOasis, you need to undergo verification. There are three level of verification, and the successful base one (Tier one) verification enables you to deposit and withdraw 50,000 AED/Week.
That’s not all; as you complete your verification, you will also get 50 AED as a welcome bonus, which is equivalent to USD 13.61.
You can increase your limit by opting for Tier 2 or Tier 3 verification.
The verification could be instant or could take a few days (in case of manual review).
You can verify instantly using your Emirates ID.
Your account deposit and withdrawal limit also increase based on your verification tier.
You can get in touch with BitOasis support via creating a ticket or Whatsapp. The only downside is Whatsapp chat are not instantaneous and according to the app, it could take 15 minutes to get a reply. Support is one area where I think BitOasis could do much better, as it deals in financial product and it could be frustrating when you make a mistake while depositing, withdrawing or have a question related to account verification.
BitOasis offers different transaction fees for trading in crypto and different for trading in fiat pair. Also, the fees are different based on your trading volume. Here is the latest trading fees for digital assets trading:
You can always find the latest trading fees data on this official page.
When you signup for BitOasis using this link, you are eligible to earn 50 AED and more as you verify your account and buy more crypto. This is a promotion offer to attract new customers and a standard among all major crypto exchanges.
Here is how to get 50 AED Welcome bonus:
Once your account is verified, you will get 50 AED.
As you use BitOasis more, you have an opportunity to earn up to 500 AED.
The above chart shows, when you will be eligible for the welcome bonus.
Note: This welcome bonus is applicable only when someone makes a digital asset purchase for the amount.
BitOasis Pros and Cons:
Pros of BitOasis:
Buy BTC and multiple crypto in AED
Fund account using Debit or credit card for Middle east countries
All major features which a new users might need
Crypto OTC desk feature for whales
Mobile app (Great ratings)
Cons of BitOasis:
Limited number of digital assets.
No price ticker for USD
Trading fees for fiat pairs are higher than competitors
Here are some of the most commonly asked questions about BitOasis. If you still have a query or two, these FAQ’s would help you to learn more before you signup for BitOasis.
BitOasis became registered as a Reporting Entity on UAE FIU GoAML Anti-Money Laundering System in September 2021.
BitOasis is located in Dubai. BitOasis is the MENA region’s largest cryptocurrency exchange.
Yes, you can withdraw funds from Binance to BitOasis. The process is straight-forward, and if you have ever transferred funds from one exchange to another, here you will be following the same process.
BitOasis does not offers leverage trading at this moment. You can always use an exchange like Bybit or Binance for leverage trading.
Even though BitOasis offers all standard security measures to protect your account, storing a large sum of crypto on any crypto exchange is not advisable. In the world of crypto, it is said, “Not your key, not your crypto.” If you plan to buy a large sum of crypto from BitOasis or any other exchange, always use a hardware wallet; that would make your life simpler.
Now, It is your turn to let CoinSutra community know about your experience of using BitOasis. What features of BitOasis do you like and how could BitOasis become better?News appeared first on: Coinsutra.com