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.
Read other Bitcoin and Crypto Currency Exchange Reviews.
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can someone tell me where to buy bitcoin or etherum in uae please?
LocalBitcoins or Binance.
u can buy in bitoasis.net
I can help you buy Bitcoin. We can meet in person in Dubai
how to speak with u
You can buy and sell crypto (including AED/ETH) with Rain. Rain is regulated in Bahrain, they are the first regulated exchange in the GCC. I have heard great things, they are only serving limited customers right now though.
coindesk.com/middle-easts-first-central-bank-backed-crypto-exchange-to-launch-in-2019/
rain.bh
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!
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.
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.
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.
If u cant withdram but at least u can transfer the BTC from their wallet to another wallet.
Do you know any other wallet that accepts AED and can transfer to UAE banks ?
yeah you can contact with me,
i help you pm me
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.
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
Lol no need to write these reviews, as soon as you see this “a Jordanian entrepreneur”,,,, RUN !!!!
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.
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
Pajeera – before spreading the rumors, show us the email you have received and you verified!
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.
Thanks Amit for the confirmation, do you mind tweeting that email screenshot to their account and share the link here, this is so important
Are you guys sure?
I was about to make a purchase on their portal.
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
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
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.
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
then show the email! otherwise you are scamming ppl
I believe you can read English , kindly forward email to DSOA and check, Or enjoy investing
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: kparisa@dso.ae
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
kparisa@dso.ae :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.
thats NOT TRUE,
please contact DTEC which is part of DSOA at dtec@dso.ae or
+971(0) 4 501 3905 and you will realize that the company is NOT LICENSED any more
be ware everyone
they took 65 % of my money as transaction fee. i dont know how on earth is that possible
this is the worst platform to buy bitcoins from
they took 60 percent of what i invested as the transaction fee.
They take 10 percent from voucher perchase