BitOasis is a sort of Bitcoin wallet/exchange hybrid, which offers digital currency buying/selling and storage services for the Middle East and North Africa. Apparently, >BitOasis.net sees a lot of traffic from Germany as well. The operation makes no bloated promises and it doesn’t attempt to draw its users into some type of get-rich-quick scheme. All it really does is to offer people the possibility to purchase digital currency online and to store said currency in multi-signature security wallets. Obviously, bitcoins can then be spent from the wallet too.
Being based in Dubai, the company obviously accepts AED as well as USD. In fact, BitOasis users can now purchase bitcoins instantly through credit cards in the UAE.
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The corporate background of the operation doesn’t exactly take center stage. The site doesn’t even feature a proper About Us section. Information isn’t really hidden in this regard either though: at the bottom of the BitOasis homepage, we learn that the corporate entity behind the exchange is BitOasis Technologies FZE, based at Dubai Silicon Oasis Authority, Dubai, UAE. An obvious late-comer to the crypto currency scene, the company was launched in 2015. The actual address of the head office of the operation is DGFLEX-G078, Dubai Silicon Oasis, Dubai, G078, United Arab Emirates. To find detailed information about BitOasis Technologies FZE, one has to do a little bit of digging, as corporate details aren’t made readily available at the site.
The chief executive officer of BitOasis is Ola Doudin, a Jordanian entrepreneur, who used to work in the UK before the 2008 financial crisis. Having moved back home to Jordan, Doudin soon found that it was nearly impossible to buy bitcoins in the Middle East/North Africa region – from local sources. BitOasis was launched as a response to this obvious need, and since its inception, it has indeed proved popular with the region’s budding digital currency community. The person behind the actual BitOasis platform and Doudin’s partner in the venture, is Czech software engineer Daniel Robenek.
BitOasis was apparently launched in late 2014, and it quickly managed to raise funds from a number of investors, among them Wamda Capital.
Besides Bitcoin, BitOasis has started supporting Ethereum too, beginning with February, 2017.
To make a long story short, despite the fact that a proper About Us section is lacking at the BitOasis site, the company profile seems legitimate and the people and the company behind the effort don’t seem to have anything to hide.
How BitOasis Works
Using BitOasis is as simple as 1-2-3: all one needs is an email and a mobile number to start sending and receiving bitcoins in minutes. The exchange aims for transparency, posting every user transaction directly on the blockchain. Though its exact regulatory status isn’t currently known, BitOasis claims to work with “a highly reputable legal council” which ensures regulatory compliance.
Security and fraud prevention are among the top priorities of the operator too. User assets are protected by multi-signature protocols, which add no fewer than three additional layers of protection. How does this technology work? The BitOasis key represents the first layer of defense: it is stored at BitOasis and it is password-protected. The second security key is an independent one, stored by BitGo. Security and fraud checks are performed by this entity too. The third key is a recovery key, which is used to recover vital data (and obviously: assets) in case the service is compromised one way or another.
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Buying bitcoins is as simple as buying one of the AED-denominated vouchers at the BitOasis site. These vouchers can then be converted to BTC at the click of a button. A maximum of AED 2,000 ($500) can be spent on vouchers per week. Those who want to invest more, are required to undergo additional account-verification procedures.
The BitOasis client is available as a mobile app too, and merchants can make use of a QR code which their customers can scan in order to make payments. Payments accrued this way land in the merchant’s BitOasis wallets. Businesses who need further API-integration are required to contact BitOasis with specifics regarding their needs.
The BitOasis Website
The BitOasis.net domain was registered on February 16, 2014, by Ola Doudin, of BitOasis Technologies FZE. Information pertaining to registration is publicly available and the company profile featured (including the address) corresponds as well.
The domain authority of the website is 30/100, and it’s been linked to from 18 unique domains, most of which are fully relevant and legitimate. More than 49% of the traffic comes from within the UAE. Germany, Saudi Arabia, Egypt, USA and India provide significant traffic volumes as well.
BitOasis User Feedback
Given the tender age of the operation, actual user feedback on the services offered by BitOasis is relatively scarce. The community in general seems to be delighted to see their favorite crypto currency embraced in the Middle East, but few are currently sharing hands-on experience. Of these people, some say BitOasis is the best multi-sig digital currency service they have ever used. There are a few who don’t exactly feel that way though. According to one of the complaints, the site makes use of hidden charges when the user sells bitcoins.
Another user details an incident which saw a transfer of 15,000 AED delayed by almost a week, during which the price of BTC climbed some 10%. Eventually, the problem was sorted out, but – according to the client -the longer processing time, allegedly brought about by the larger size of the transfer, was not mentioned anywhere at the BitOasis site.
Conclusion
BitOasis does indeed look like a legitimate crypto currency wallet/exchange service. It has drawn overwhelmingly positive comments and reviews on Reddit and the public seems quite pleased with the Sharia-compliant option it brings to the table. This is probably one of its main selling points for the time being. A Bitcoin spearhead in the Middle East, BitOasis has set out to conquer as yet untapped markets for the virtual currency industry.
If you’re interested in learning how to make money with bitcoins or if you have any information or questions regarding BitOasis, feel free to contact us, or leave a comment below this review.
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why is Bitoasis not crediting BCH to bitcoin holder ? they are making lot of money by keeping the Bitcoin cash to themselves. it is good exchange but they need to credit BCH to keep their reputation intact
First few transactions went by smoothly and I was happy. With time I discovered BitOasis is quite an unreliable exchange platform where your orders hang and you loose the last price of the coin you are trying to buy, which is the most important part of an exchange. It is impossible to reach customer service apart from sending them an email, where their reply takes up to 2 days, so no point trying if you have a technical problem on the website during a purchase, and there is no telephone number listed to contact CS.
Their trading exchange has a very unstable connection which tends to disconnect. Placing an order sometimes does not go through, and when you try again, the price has already varied a lot. It took me over 20 mins to place my last order (never experienced this anywhere else), by then the price of the coin had fluctuated by 6% in under 20 mins. In the world of crypto, speed is everything and a reliable and stable platform is the most basic and fundamental requirement. This is where BitOasis disappoints the most. In addition, they charge very high fees, due to the lack of competition in the region at the moment. So much improvement needed. I will now personally avoid using BitOasis unless it is 100% necessary.
Summary: Unstable platform, poor customer service, very high fees
Jordanians are not business trustworthy.
closing my account now
Jordanians are most people to trust , not like others . I know many of them , they are straight forward .
Can anyone suggest me other exchange website same like bitoasis——- their charges are high for withdrwal.
Secondly I have not received the money in the bank so far.
Pls advice.
I recommend LocalBitcoins. They are available in all countries where Bitcoin is not illegal.
local bitcoin does not have the option for withdrwal from local bitcoin to the bank transfer.
Can anyone guide me for this
LocalBitcoins allows you to get in touch with sellers/buyers and negotiate with them how to transfer the money and to where. Some people even meet and make the transaction using cash. If you need any help, feel free to email us or you can contact the LocalBitcoins support team.
Afroz,
Don’t you have there address, why don’t you go there and meet customer service team:
DGFLEX-G078, Dubai Silicon Oasis, Dubai, G078, United Arab Emirates. To find detailed information about BitOasis Technologies FZE , Techno Hubm near Premier Inn Hotel.
what other exchange is available in Dubai—– I want to stop bitoasis
kindly please suggest me a good bitcoin exchange for united arab emirates residence.
I recommend LocalBitcoins.
I had a very pleasant experience using Bitoasis, I was first very reluctant after reading these comments, but then my friend recommended me to use it as he had no issues with them so far. To my surprise my account was verified the next day and my limit increased to AED 20,000 a week with withdrawal limit increased to AED 37,000. They also mentioned that my limit will further increase to AED 50,000 in 30 days, probably a new policy. Having said this I believe their fees is still high and they need to design solution for coming back with a reply quicker. I haven’t withdrawn money so far, but my friend has and he had no issues. I hope BitOasis realizes how import customer service is and how much Amazon grew because of their great customer services; In this technological era customers rely on reviews more than anything and a slow response to queries wont help them.
Hey Farooq,
Do you know why rate on the top right side of the screen is different from Sell Rate, (I think they charge this as fees) which was not informed earlier and misleading.
They have a buy price and a selling price. Similar to any currency exchange brokers such as Al Ansari etc. If you calculate it and consider it as fees, it is around 3% (which is pretty similar to other crypto exchanges)
it is 6% buying for buying.
Pls, can you whatspp me on +2347032803959 I am in UAE
well, in my case , i have submitted all my documents for verification , 100% Clear Documents.
they replied that they cant verify my account !
i asked again why? whats missing ? any further documentation you require ? am willing provide all documentations.
their stupid reply was ” We apologize for the inconvenience however, this in compliance with the recent changes in our internal company policies”
that made me laugh and quit trying.
horrible communication , and as per above reviews horrible operations as well.
not recommended.
Guys the best website for trading Bitcoin in UAE is IG.ae. IG is an UK based company with their office located here in DIFC for the last 2 years. They are genuine and very reliable company with an amazing trading platform. You can check online for “IG.com” and will find great reviews and definitely not a scam. They not only offer Bitcoin but also mini bitcoins for users with less funds. They will transfer your funds within 48 hours in your Dubai local banks. They are much bigger of a company compared to Bit Oasis to be able to handle money transactions.
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From an initial review of the site, it seems it does not facilitate buying selling of Bitcoins but more like placing bets on the bitcoin pricing. Also, it states that u invest in CFD though ig. CFDs are leveraged products.
Even there is no phone to contact them and they only support email questions. their address and location is not clear and i wonder if they have any legal support.
They ask for a lot of info of any user but provide very few details about them.
yes tou are absolutely right