Habibi! Dubai is your home!
This is something you might have seen a million times on Instagram or Tiktok. Now that Dubai and the whole UAE region are becoming crypto-friendly, there is a need for crypto exchanges. BitOasis, one of these local crypto exchanges allows you to trade crypto in AED. Binance and FTX have also been granted crypto licenses in UAE. It will be interesting to see how BitOasis does in the future.
We will now look at this BitOasis review to learn more about its features, Feed, and the pros and cons.
BitOasis Review: Features and First Impressions
BitOasis was discovered by me because of its aggressive marketing in Dubai. The BitOasis advertising board can be seen if you visit Sheikh Zayed Road in Dubai during the first quarter 2022. For a technophile like myself, this is enough to spark curiosity. I eventually tried BitOasis.
BitOasis is a platform that looks great from the beginning. As you look deeper, you will be amazed at the number of features and new ones this platform has.
Let’s now address some of the most pressing questions regarding BitOasis.
Is BitOasis licensed?
According to their website, they have a license through Abu Dhabi Global Market (ADGM). Here are some excerpts taken directly from their About Page:
Abu Dhabi Global Market (ADGM), an international financial center, is located in Abu Dhabi in United Arab Emirates. It is the first jurisdiction to establish a comprehensive virtual asset regulatory framework for 2018.
BitOasis was one of the first to apply for licenses in ADGM. BitOasis, through its ADGM-registered entity (Blex Financial Ltd), received final approval by the Financial Services Regulatory Authority(FSRA) in April 2021. It is currently operating as a virtual asset multilateral trade facility (MTF), and custodian regulated under the FSRA.
Final approvals can only be granted to entities that have met all requirements of the FSRA in terms of AML/CTF compliance. BLEX Financial Ltd registered “BitOasis” as its trading name in ADGM. The brand will remain the same once ADGM goes live.
The company also makes it transparent about their founders and core team. This is evident on their about page. The team appears to be talented and full-of experienced people.
Ola Doudin, co-founder and CEO of BitOasis at the time this review was written, is the author of the review.
We have now looked at the regulatory framework for BitOasis, and their team. Let’s now discuss BitOasis’s features.
Bitcoin can be bought in AED
This is what you should be aware of if you are a UAE resident. On BitOasis, you can purchase Bitcoin with AED. BitOasis also supports other cryptocurrencies and you can buy any one of them with AED.
You can fund your account with AED:
You can add funds to your local bank account or debit card. You can link your bank account with BitOasis to purchase digital assets from BitOasis. BitOasis currently only supports personal accounts.
Swap Crypto to Buy Crypto
The crypto market in UAE is expanding and many people are still waiting to purchase their first cryptocurrency. BitOasis recognizes this need and provides a simple buy-sell screen that allows you to buy any cryptocurrency using AED.
You can also swap between cryptos.
Many of you may be interested in advanced trading features offered by popular cryptocurrency exchanges like Binance and FTX. Let me assure you that BitOasis will not disappoint in this segment.
BitOasis Pro offers advanced trading features to investors and traders. Advanced order types are available to trade crypto you choose, including limit, market, and stop-limit orders.
BitOasis has wallet features that will allow you to store crypto purchases using BitOasis’ app. To store crypto, you should use a physical wallet such as Ledger Nano X. Only store the crypto you will need to trade on an exchange wallet such as BitOasis.
OTC desks have been discussed before. They are recommended for high volume traders. BitOasis offers OTC desks that you can use to handle large volumes without additional transaction fees.
To be able use BitOasis’ OTC trade feature, you must be T3 certified
Let’s now look at some other important facts about BitOasis once we have covered the most popular features of BitOasis. Some points may change as the platform matures or new features are added.
Verification is required before you can use BitOasis. There are three levels of verification. The successful base one (Tier 1) verification allows you to withdraw and deposit 50,000 AED/Week.
You will also receive 50 AED for verification. This is equal to USD 13.61
By opting for Tier 2 and Tier 3 verification, you can increase your limit.
If the verification is done manually, it could take several days or be immediate.
Your Emirates ID can be used to verify your identity instantly
Based on your verification level, your account deposit and withdrawal limits will increase.
BitOasis support can be reached via Whatsapp or creating a ticket. Unfortunately, Whatsapp chats are slow and can take up to 15 minutes to receive a response. BitOasis’ support could be improved. It deals with financial products and can be frustrating when you make mistakes while withdrawing money or depositing funds.
BitOasis transaction charges:
BitOasis charges different transaction fees for trading crypto and for trading in the fiat pair. The fees vary based on the volume of your trades. Below are the most recent trading fees for digital asset trading:
This official page has the most current trading fees data.
BitOasis welcome bonus: 50 AED or more
You can earn 50 AED or more by signing up for BitOasis via this link. This is in addition to the fact that you will be able to verify your account and purchase more crypto. This promotion is intended to attract new customers. It’s also a standard for all major crypto exchanges.
Here’s how to receive a 50 AED welcome bonus
Register on BitOasis.
After your account has been verified, you’ll receive 50 AED.
BitOasis offers you the chance to earn up 500 AED by using BitOasis.
This chart illustrates when you are eligible for the welcome bonus.
Notice: The welcome bonus applies only to digital asset purchases.
BitOasis’ Pros and Con:
BitOasis Pros: BitOasis allows you to buy BTC and other cryptos in AED Fund accounts using Debit or Credit Card for Middle East countries. All the major features that a new user might require Crypto OTC desk for whales
Mobile app (Great ratings). Cons of BitOasis : Very limited number of digital assets. There is no price ticker for USD Trading Fees for fiat pairs are more expensive than competitors
These are the most frequently asked questions about BitOasis. These FAQ’s will help you to find out more if you have any questions.
Is BitOasis Regulated in the UAE?
BitOasis was registered on September 20, 2021 as a reporting entity under the UAE FIU GoAML Anti Money Laundering System.
Is BitOasis in your area?
BitOasis can be found in Dubai. BitOasis, the largest cryptocurrency exchange in the MENA region, is located in Dubai.
Can I send crypto from Binance into BitOasis
Yes, it is possible to withdraw funds from Binance. It is simple and straightforward. If you have ever transferred funds between exchanges, you can follow the same procedure.
BitOasis allows leverage trading
BitOasis currently does not offer leverage trading. For leverage trading, you can always use Binance or Bybit.
Is BitOasis a good option to store large amounts of crypto?
BitOasis provides all the standard security measures to protect your account. However, it is not recommended that you store large amounts of crypto on any cryptocurrency exchange. It is often said that “Not your key, nor your crypto” is the best way to store crypto.
Now it is your turn to share your experiences with BitOasis with the CoinSutra community. What BitOasis features do you enjoy and what could BitOasis be improved?