Who are Bitoasis?
Today we are going to talk about the UAE based cryptocurrency exchange BitOasis that was founded on January 1st of 2015. BitOasis was launched as a fintech startup building the infrastructure for new digital payment products using the blockchain. BitOasis bitcoin exchange platform, wallet and integrations provide the tools to onboard consumers and businesses to a borderless and efficient digital payment system.
Who needs BitOasis?
BitOasis exchange platform is created for different spectrum of people who are using cryptocurrency. It is a website firstly for traders who are making profit on different types of trading from holding to daily trading. Also, it is created for investors who are looking to have BTC in their assets portfolio. Lastly, it is for any person who is looking to make a use out of different cryptocurrency. Mostly it is needed by people who are living in Middle East because that is where this exchange operates.
Is BitOasis safe?
After a stable growth this exchange faced really major problems with money withdrawal. The company sent out a communication to account holders in the small hours of Monday, May 14 stating that “AED wire deposits and AED wire withdrawals will be temporarily disabled”, although credit card deposits – with a discounted fee of four percent per purchase until June 16 – will still be allowed. BitOasis claimed the problem was down to their issuing bank and that the usual means of buying and selling of cryptocurrencies on the platform, which include Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and the recently added Monero and Zcash, will remain unchanged. Withdrawal of coins into external wallets was also unaffected.
So, the stated problems are major because it is impossible to stably operate on UAE market without the use of dirham. Nonetheless, BitOasis is operating and some users are still putting their trust into this exchange. Let’s take a closer look onto how BitOasis actually works and how its interface looks like.
After entering the main page you will see that website is asking you to register on the top of the page. Going a bit down, you will see the coins and tokens that website is offering. It consists of usual coins like BTC, ETH, XRP, USDT, BCH, LTC and EOS and others. Also, exchange is listing different token. Yet, it doesn’t look like that exchange is looking to offer special bonuses for investing into tokens. There are two buttons next to each currency – Details and Trade. By clicking the details you will enter the page of trading price of the coin and short information about which is useful for new users. Unfortunately, if you click the button trade, the system will not let you onto the trading platform page. It will ask you to register before you can see how the trading platforms interface looks like. It would be very useful for new users who don’t want to register on every exchange before choosing the best one. For example, Emirex lets you to enter the trading platform page before registration so you can see all the tools and even check statistics. Anybody should choose their favorite platform design before the registration.
If you go further down by the page you will see different products that exchange is offering like BitOasis Core and BitOasis Pro applications for mobile and desktop which are created for a better use of the exchange.
So, let’s get to the registration step. You need to fill in your Name, Email and password and nothing else which is very easy to do. Next step is confirmation of email. After email confirmation, BitOasis will ask you to confirm your phone number which is mandatory thing. We think that it is a good thing for security reasons, yet some people might not like it. You will receive a confirmation code and the system will let you into your account page. Now you can enter the trading page. Further verifications will be made within 7 working days.
Interface. Trading platform
BitOasis is offering 10+ digital assets and 15+ trading pairs. Also, website claims that it has the best trading fees to trade in your local currency. If you just registered and didn’t deposit any currency yet, the system will start asking you to deposit cash or coins on your wallet which is pretty annoying. Also, right above the charts window there are some messages that are giving some advertising like “Buy Ethereum cheap NOW!” Those messages are pretty annoying especially. Emirex is not abusing the users with advertisement messages which will allow you to enjoy your trading time.
On top of the page you can choose the needed pair and also see some information like Last Price, Daily Change, Range and Open price. Those statistics are very useful for traders to have. Although, those statistics are not made in a very interactive way like on Emirex which you can check by your own experience.
On the left, you will see the “Place the Order” window where you can set your order to Buy or Sell crypto in chosen pair. The window looks very simple and doesn’t allow users to do something more. Emirex in the same window provides users with the option of placing the percentage of currency left on the wallet which is useful.
In the middle of the page you can see the main charts where all Bids, Asks and Trades are placed. It is a simple feature that any exchange has so users can track the changes on the market and exchange particularly. Website version of trading platform doesn’t provide you with a graph chart or candlestick chart of prices. You need to download additional applications to get access to more tools. Emirex provides a wide range of tools that can make your trading experience easier and more professional.
Pros and Cons of BitOasis
Pros of using BitOasis are mostly the same as any other exchange out there. Firstly, it is very friendly in use. Secondly, it will be very comfortable to operate on this exchange if you are living in Middle East region. Thirdly, it provides different traiding pairs with some special offers from time to time. And lastly, BitOasis provides a wide variety of tools for trading as a downloaded content for your computer.
Cons’ list is longer for BitOasis. It has some major problems with money withdrawing in UAE and other countries so some costumers were left without this option for a long period of time. Secondly, it has a very few tools to use on trading platform. Thirdly, you cannot access all of the possible features of the platform without downloading special content. Lastly, BitOasis has some very aggressive advertisements of its products on the web-site which makes the use of this platform annoying.
According to trustpilot.com, a lot of users are very angry about the BitOasis exchange. More than 70 percent of reviews are considered Bad or Poor which is 1 or 2 stars out of 5. Some users are saying that it is “Bad experience and bank withdrawal never processed. Please at least update the support ticket.” Other review looks like “very poor service, i am stuck with my BTC can’t send to anyone or withdraw my money, member since 2017 but now whenever market is down or up they block…” It is up to you to make a final decision but overall users experience shows that it is not suggestible to use BitOasis
Conclusion. Comparison with other exchanges
BitOasis is a good average platform based in UAE that will allow you to trade and sell cryptocurrency after you pass levels of verification. It seems that website of the exchange doesn’t provide all spectrum of the interface and tools that you can access only with downloading the additional content. Also, considering that the exchange had problems with dirham withdrawal before, it seems like that it might be dangerous to hold your assets on exchange wallet for a long-term period. Another huge problem is that users are very angry about the support of BitOasis and the problems that always appear there.
Emirex is offering more than BitOasis and even the features that BitOasis has are done more convenient on Emirex. You can simply make your own decision by checking both websites. Emirex provides a wide range of tools that can make your trading experience easier and more professional. You can also customize most of the things to have a better experience of trading. Also, Emirex is trusted by thousands of users which is a great sign for a investor that is looking for exchange.