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.
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.
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.
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.