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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The author of this article has given bitoasis a 4 star rating, and after reading the comments and complaints here , it is quite clear that the company is just scamming the people and not here to stay. i pity the author for not doing an indebt research, quite clearly he is not using the services of bitoasis.
Now the issue is that the Account Verification takes up to 7 working days or more. Within 9 calendar days or more so many market developments take place and many opportunities can be missed.
I could not get my account verified since 4th December. I am still waiting although I sent many reminding emails
They need to address this issue because Time is Money.
I am facing the same issue and i am sending daily reminders, i reached this article while researching bitoasis support website or number, but the company lacks any quality in this area which is getting frustrating as i am missing many opportunities while the account is being verified.
I registered and after seeing the fees find and messages of poor communication I think I will send my money elsewhere. Its hard to justify trading on such a platform with so many unprofessionally assigned fees before you even purchase anything.
From my experience it’s definitely a reliable company and legit. Fees might be a bite high but being able to purchase and cash out within the country you live in is a great advantage.
What is your method of cashing out Lara? Please tell me step by step 😀
Hi Are you still on Bitoasis?
Before you consider BITOASIS for your BitCoin purchases please consider the following rules that they recently implemented
“The below charges will be deducted from users under the following circumstances:
A charge of 150 AED will be deducted from the user’s payment if a bank transfer is initiated without placing a voucher order.
A charge of 100 AED will be deducted from user’s payment if the user fails to add the User ID available on the ‘Deposit Money’ page under ‘Buy Bitcoin’ tab when sending a bank transfer.
A charge of 150 AED will be deducted from the user’s payment if the user fails to add the User ID as well as send the payment without placing a voucher order.”
blog.bitoasis.net/post/167157168045/new-voucher-deposit-charges
A disorganized and their response and replies makes no sense. I transferred AED 2000 on 1st Nov. First they said they did not receive money. I send them my remittance details. After few days they said I did not raise request for voucher. Again after few days they cancelled my request and said they will reverse the transaction. Until now I have not received my money. Last reply on 16th was they have problem with Emirates NBD bank. Sounds stupid.
Please do not register or transact with Bitoasis. You will lose your money and your patience.
what is other exchange in dubai to transfer fund to bank through bitcoin
Bitoasis too much time and fee
Try LocalBitcoins.
but there is no option for instant transfer to bank from local bitcoin…..
then don’t use the platform lol. Why complain when you can just exit?
I was almost there to open account but now with this type of customer service I should avoid this company.
very bad .not recommended
Yes I confirme
Hi!
I have transfer 15000AED from bank to Bitoasis, they transfer to buy BTC, but since 11th nov to till now 13th nov not showing transaction history or ID nothing and cut 15000 from my voucher amount. Anybody suggest bitoasis is scam or what then i claim to police now before leave the country. His office location i know in Dubai.
i think it is a scam
Please share his location details. My money is also with them and they are not responding at all. Chasing from last one month.
Please mail their address
Good Day!
I have the same experience with few comments i read, they took more than a week to verify the my documents, & on 11 november 2017, i have purchase 2020aed amount of bitcoin through BitOasis, the amount was debited my CC, but i didnt received any bitcoin, later they sent me a mail, that the amount was cancelled, although its not true and i didnt received any money back to my CC, i mail them but i found there response is very very slow, i am planning to close my account.
Ms.Ola try to read the comments of the customers.
I AM WAITING FOR MY BTC SINCE 2 DAYS…
BitOasis Technologies FZE
Dubai Silicon Oasis
Dubai
Dubai – United Arab Emirates
052 947 9050
I have placed an order on the 10th Of November 2017 at around 21.20 UAE time for AED 10,000/- (plus a high fee of AED 499/-) using my cc which was the weekly limit and until now 12th November 2017 around 18 hours I haven’t received the bitcoins promised. At the back drop the price of BTC keeps falling and when written to them several times they come back to me saying that the BTC Block chain is flooded and I would have to wait till that gets resolved.
When I asked them to send me the TXN ID for my transaction or a proof that indeed there is a transaction in place, they do not reply and later they say it is not their fault but that of Blockchain and plainly send me a url with the live Unconfirmed Transactions at Blockchain.
When asked again about my transaction ID, they replied that I will not be able to see it as the Blockchain is flooded (I don’t understand this logic).
I am hence stuck with this issue and also when checked on google I managed to find a mobile number obviously not on their website, it just keeps ringing and no one answers.
When I checked with my credit card bank, they say that I would have to wait till they claim the amount for me to dispute it.
I had made previous transactions with them for smaller amounts with success and thought the same would transpire here, unfortunately not.
I now regret that I chose to buy bitcoins from them, a really unreliable lot.
I am wondering now, where can I go to complaint against them, although I know they have an office here DGFLEX-G078, Dubai Silicon Oasis, Dubai, G078, United Arab Emirates which I fear is a Flexi Desk or Office and practically there may be no one there.
Can I visit the Dubai Silicon Oasis ? Do they have a complaint section?
The respondents at Bitoasis have stopped responding to my multiple emails, as it is they were slow at responding.
Could anyone help me?
I have bought 15000AED BTC and still not showing Transaction ID since 11th Nov., Its really BTC blockchain issue or what can anybody suggest plz
i think it is just a scam
I have same issue and contacted here
BitOasis
Founders: Daniel Robenek, Ola Doudin
Website:
bitoasis.net
Facebook:
Contact Email: ola@bitoasis.net