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BitOasis Review – UAE Bitcoin Exchange

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.

BitOasis

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.

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.

Read other Bitcoin and Crypto Currency Exchange Reviews.

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104 Comments

  1. Mohammed

    Bit Oasis are scammers stay awaaay! I made a wire transfer more than 10 days ago and they claim they didn’t receive the money! while it takes 2- 3 days to reach any country on the planet!

  2. praetorion

    bitcoin supposed to be or should be peer to peer exchange of digital currency.. but it comes with certain conditions
    1. you need to buy it off an exchange to transact between buyer and seller
    2. there are charges or lets say hidden fee apart from the list price
    3. is being regulated by countries around the world, if you browse through this post, a lot of complaints of unable to transact, banned transfer from one wallet to the other etc etc. giving you sleepless moments and of all money stuck for a duration you cannot utilize
    4. it was supposed to be anonymous but now with id’s passports, you are left with valuable information and details at exposure (if anyone understood risk properly)

    How the hell do define a well planned scam.. if anyone out there has been sensible enough should do proper research, a simple google on an article tulipomania should be interesting and look bitcoin is doing..

    there are a lot of ways to make money and it carries certain risk, but instant money growth carries significant amount of risk. while it is your hard earned money, and bitcoin will touch 50K or even 100K, your objectives around bitcoin or any other digital form of currency should be clear and risks should be planned. Hope you all recover your monies in time.

  3. Waleed

    they indeed have hidden fees and charges to rob you when withdrawing your money, recently i withdrawn 95.800 KWD only to find 82 KD in my bank account after nearly 2 weeks and when contacting them they said that’s the treasury rate conversion from AED to KWD….no where in the entire world any bank or exchange will charge that much conversion rate on a small amount of money…thats more than 15% ffs. stay away and clear from bitoasis.net, its a scam and highly overrated hidden charges.

  4. Mr I've been Robbed

    Bitoasis is a complete scam. I deposited over AED 500k and now they won’t allow me to withdraw a single dirham. My Money is stuck on their platform and they are ignoring all my emails and attempts to contact them TOTAL SCAM!!!!!!! I’m transfering everything to another wallet. This company has a disgusting attitude towards it’s customers. TOTAL SCAM DO NOT SEND THEM ANY MONEY AT ALL.

  5. Siva

    Hi All,

    If you have BTC on your bitoasis wallet, still you can send those BTC amount to another address by using the Iphone on or Android phone. Try it please. I did it.

    • Amit

      Hello Siva, thanks, But charges are very high right? I tried to send AED 35, they charged me transaction Fee AED 145, it would be great if you can help on this, many thanks Amit

  6. Pajeera

    Beware, Bitcoin oasis is NO LONGER LICENSED under Dubai silicon oasis authority and their activity is prohibited by same authority as per email i received from dubai silicon oasis authority ( everyone can verify that by writing email to the authority). i did some investigation about them as i had an account.

    as well, they don’t refund cash back if you sell your coins.

    my advice (this what i did), to transferred all your coins to another wallet as i suspect that they will shut down soon.

    • Amit

      Hi …Mate, do you have any idea how to transfer to other wallet..I have invested, and unable to sell the Bitcoin, they say in sufficient balance, appreciate your help

      • Amit

        Saqer – Pajeera is correct, i verified with DSOA and they responded with email, that this company is no longer registered with DSOA…Also i asked customer service of Bitoasis and asked them about there address so that I can go and meet them, they reverted back saying we are available only on emails and current do not meet anyone in person.

        • saqer

          Thanks Amit for the confirmation, do you mind tweeting that email screenshot to their account and share the link here, this is so important

          • Saqer

            They may not responding to emails but they do update their website and notifications, it’s your call at the end and don’t lsn to anybody without a proof

        • Saqer

          That is not correct I spoke to DSOA and they have declined they would share over phone or email the status of any company. So stop giving false informations without a proof

          • Pajeera

            Obviously you lack attention to the feedback. Send them email and you will get a reply. (Call center) are not allowed to give info.
            And feel free to buy and sell through them 🙂
            Good luck
            but don’t cry later on and get panicked when you can’t get out.

          • Amit

            Saqer,
            Either you are someone who is part of BitOasis team and trying to convince others to invest, or you did not tried sending email to them as advised by Pajeera. I sent an email and they clearly mentioned on his email, that they are no more registered at DSOA. I don’t mind sharing email, but I want you to try and get that work done, email ID is easily available on there website. you will get the response within 24 to 48 hours.
            You guys can follow me on twitter and see my messages sent to BitOasis team
            Regards
            Amit

    • Mahmoud

      I have emailed DSOA today, and that was there reply :

      ========
      Dear Mohammed,

      Thank you for your e-mail.

      Kindly note that the below company is registered in DTEC and the business activity is portal.

      Kind regards,

      Parisa Kamal Borhani
      Associate Manager ‑ DTEC
      Dubai Technology Entrepreneurship Centre
      Dubai Silicon Oasis Authority
      Government of Dubai
      P.O. Box: 6009, Dubai, United Arab Emirates
      Tel: +971 4 501 3920
      Fax: +971 4 501 5131
      Email: [email protected]
      Website: dsoa.ae
      Chinese website: dsoa.ae/china
      Dtec Website: dtec.ae
      بريسا كمال برهاني
      نائب مدير
      مركز دبي التكنولوجي لريادة الأعمال
      سلطة واحة دبي للسيليكون
      حـكومـة دبـي
      صندوق البريد: 6009، دبي، الإمارات العربية المتحدة
      +971 4 501 3920 :هاتف
      +971 4 501 5131 :فاكس
      [email protected] :البريد الالكتروني
      dsoa.ae :الموقع الإلكتروني
      dsoa.ae/china :الموقع الصيني
      dtec.ae :الموقع الإلكتروني
      =============

      In anymeans, I still don’t fully trust them, and I had a comment below sharing my experience with there withdrawal system.

  7. Chris Barreto

    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.

  8. Thebet

    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.

    • Ahmad

      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.

  9. Mike

    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.

  10. Lara

    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.

  11. Antonino Amante

    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

  12. Laji Kumar Lukose

    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.

  13. iMRAN

    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.

  14. shabbir roofi

    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.

  15. Brian Mario Fernandes

    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?

  16. sanju

    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

  17. Nizar

    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

  18. Afroz

    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.

        • Admin

          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.

    • Amit

      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.

  19. Farooq

    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.

  20. Khalid A.

    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.

  21. moe mondal

    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.
    .

    • Ayezee

      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.

  22. Moe Kahiel

    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.

  23. AK

    I have withdrew my money on August 7th, 2017. Until today August,24,2017 I have not received my money back. I emailed BitOasis 10 business days after the 7th of August and they stated that the money will be in my account in two days. It’s been 10 more days after the email, and still I have not received anything.
    Not Recommended at ;;

    • Mahmoud

      Me as well, I withdraw on 6th of Dec. They confirmed the confirmed the transfer on 20th of Dec. Till today, I didn’t receive my money. I chased them through email, facebook, twitter with no reply !
      Despite that I had no issues with bitcoin purchasing from them.
      But I think I will not continue buying from them again.

  24. Wassim

    Some enhancement is badly required on both Web and mobile App.
    – The Mobile App is very limited and has very basic capability (sent and receive only)
    – The web interface is very basic comparing to other crypto exchanges
    BTC and ETH price update rate is relatively low (you wait a long time to see the price change)
    – Even though the web interface is very basic, it’s not user friendly as much as it should be

    Fees rates:
    – I agree with high exchange fees (upon experience) and compering to other crypto exchange
    – I agree with the transaction delays: but I believe it is somehow related to the Bitcoin network issue that happened lately. Not sure about the withdrawal, I haven’t try it yet, but hope there won’t be any hassle or delays as mentioned
    But in all cases, even funding the account is delayed as well (wire transfer)

    Alternatively, I would advise everyone to invest in this exchange to make it better.
    Hope there will be some enhancement on this platform to keep all investors and attract many others…

  25. Y

    I agree with everyone else about their fees. My main concern is how slow they process transactions. I requested a withdrawal that is supposed to take 7 days. That’s too long for a local bitcoin company depositing in a local bank account! And now 7 days have passed, the money hasn’t still reflected in my UAE account. I would not recommend BitOasis to anyone, even to UAE locals.

  26. Master

    Hi,

    Using Bitoasis is like just pay high and forget your money. Its too expensive in terms of fees and purchase price and selling price. for purchasing they deduct money withing seconds but for withdrawal it takes more than 15 days. Who on this earth will take this much time.

  27. Anonymous

    im in the process of a withdrawal with them, it has been 13 days so far and there is not a single response about it, i agree with the comments above: excessive fees and a lack of support for regular operations such as withdrawals, no only will not be recommended.

  28. faisal

    I was about to buy voucher at bitoasis while a go but thank God I didn’t. I believe they fees are quite high although I don’t have good idea of fees of other exchnages. I would appreciate if anyone could share details of other exchanges offering services in SAUDI ARABIA.

  29. Anonymous 2

    Their fees are quite high as compared to other exchanges. You have no way to buy btc but to buy their AED vouchers first, where they make money in currency conversion and fee. If you want to sell btc, they will drop the market value while converting almost 200 AED without any notification! and further withdrawal to your bank also has a fee!. So does each market order execution and limits.

    So the whole cycle of buying currency and withdrawing it to your bank involve 4 different fees along with currency conversion and huge delays!

    They are surely taking full advantage from the only exchange in the region.

  30. Anonymous

    Currently using this exchange. From my experience I can say that their fees are quite high.
    The most frustrating part is every operation takes forever. About 8 hours to process digital currency withdrawal. About 14 days took them to send cash withdrawal. Two weeks to approve your account to increase limits. Trading platform is limited to basic buy and sell limit and market orders with Level 2 quotes.
    Conclusion: Easy to use; High fees; Retarded waiting times for withdrawals/approvals.

  31. Amar

    Hi, thanks for your detailed review. However, i would like to apprise you that The number you mentioned is incorrect.
    I have registered wth them and the fine print is that to sell or transfer your bitcoin one needs to have a verified account. This is done once the user uploads his or her documents and as per the website it take 3-4 days to have the verification complete. Here’s where it does a bit down south – I have been patiently waiting since 4th June for my account verification and have not been able to get it done. Have left them 3 emails and 1 request through the app but to my dismay no contact from anyone in bitoasis. This unprofessionalism is not acceptable and hence I thought to leave my review along with yours for potential users to read.

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