BitOasis Review – Exploring the Platform’s Limited Appeal

This company prides itself in allegedly providing one of the best cryptocurrency related services in the entire UAE. A bold claim, considering the fierce competition in this major financial hub.

After investigating this company’s history, we’ve found a few problems that are certain to dissuade you from investing with them. Find out more in our BitOasis review.

Problematic History

There’s a few problems we need to address about this exchange, and all of these pertain to the firm’s regulatory status. It is an indisputable fact that the firm is legally registered in Dubai, and licensed by the local regulatory body called VARA.

Unfortunately, VARA is not considered a very strict regulatory authority, especially compared to other agencies like BaFIN, FCA, AUSTRAC or FINMA. Considering the current financial and trading climate, we do not recommend investing with any firm that is not supervised by a Tier-1 authority due to security concerns.

The elephant in the room, however, is the fact that the company has been operating since 2014, only to obtain a single VARA license as late as 2023. In other words, it was operating without any supervision for 9 whole years!

Unlicensed firms aren’t any different from your common online fraud. See our article about MyCointainer to learn more about the deception strategies commonly used by cybercriminals.

Heavy On Advertising

We can see that the bitoasis.com domain was launched in 2014. This perfectly illustrates the legal discrepancy we spoke of earlier.

Here’s the list of nations in which the firm is most active:

• United Arab Emirates
• Saudi Arabia
• Jordan
• United States

The company is very active on social media, including pages on Facebook, Instagram, X, Threads, LinkedIn and CrunchBase. Additional content is available on Telegram and Quora as well, and the company is known for its BitOasis airdrop campaigns.

Needless to say, it’s misleading advertising at best, considering the extremely high percentage of traders that lose money in the industry as a whole. If you believe you’ve fallen victim to fraudulent action, contact our legal team.

Not a Well Received Service

There isn’t a significant number of BitOasis reviews, especially once you consider how long it’s been in business. Reddit users have nothing nice to say about their experience, claiming a slow service riddled with problems that lead to major losses.

The company’s TrustPilot profile seems to fare much better, with a deceptively good score of 3.8 stars. We say deceptively good, because more than 35% of users have rated the service 1-star, citing familiar fraudulent strategies.

Deceitfully Competitive Fees

What the company advertises as zero deposit and withdrawal fees only refers to some payment methods, not all. In reality BitOasis charges 3.99% every credit card funding procedure, while all fiat withdrawals are charged with up to 65 AED. 

As for the trading fees, crypto to crypto Maker/Taker fees range between 0.10% / 0.18% and 0.055% / 0.10%, depending on the monthly trading volume. The same criteria defines costs on crypto to fiat pairs, with starting 0.40% / 0.60%, with the chance for a discount to 0.10% / 0.35%.

Sending digital currencies also bears a fee that depends on the currency chosen. In the case of sending Bitcoin, the fee is 0.0005 BTC and the minimum amount to send is 0.000054 BTC.

Worthless Referral Bonuses

While the firm can benefit greatly from existing users who promote the platform, the same clients don’t get rewarded much. You can allegedly earn up to 200 AED (~54 USD) for each new affiliate you’ve referred. However, this bonus is only awarded after they’ve traded a certain volume in the period of 30 days after registering.

Less-than-Stellar Features

Loose regulation is just the tip of the iceberg that hides an abundance of other underperforming aspects and services. Overly simplified trading portal that doesn’t instill trust is another. Let’s see if there’s anything at all valuable that BitOasis website has to offer.

Mediocre Web Terminal

Don’t be led to believe that the lack of advanced analytical features is what makes the BitOasis app user-friendly and easy to navigate. 

Although seemingly comprehensive, this crypto portal severely underperforms and doesn’t instill trust based on the simplistic functions and interface. Considering the provider lacks more strict supervision, there’s always a chance of the terminal being tempered with. 

Mobile App is Downloadable

Marketed as the MENA region’s most reliable and trustworthy platform, the mobile app is present in the two most popular online stores. Both App Store and Google Play allow you to download the platform to your iOS and Android devices. Surprisingly enough, the software solution has solid online ratings and more than 100k downloads in total.

Unimpressive Number of Assets

The total number of cryptocurrencies supported is something around 60. That’s practically nothing compared to far superior and more trustworthy exchange platforms. 

Some of the more popular tokens available are BTC, ETH, LTC, XRP, DOT, DOGE, USDT, USDC, SOL, MATIC, LEO, ATOM, LINK and others. The BitOasis coin has still not been released.

Verification is a Must

Once you decide to register your BitOasis login, you have to verify both your email and your mobile number. Afterwards, in order to use the service fully, you have to go through a KYC and provide identity confirmation papers. 

This is a risky procedure, as you’ll be exposing your personal information and payment details which should only be done in case of signing up with a legit service provider. However, you can decide what KYC you wish to undertake. There’s 3 different tiers that grant access to higher deposit/withdrawal limits.

Withdrawal Methods

There’s various payment channels you can use to fund your account or have the payout sent to you:

• Bank wire
• Credit card
• Easy funding
• Bolt

However, bear in mind that regional restrictions can affect the availability of some transfer options. On the other hand, the processing time is defined by the transaction method chosen. Credit cards and other channels are almost instant and are completed in minutes, while bank wire can take up to several days.

Bot Support and Knowledge Center

Although at first it may seem convenient, unfortunately, the online chat feature is handled by a bot during the support office inactive hours. The customer service office is only active Monday to Friday from 9am- 5pm. 

There’s another way to get answers to your questions, inquiries or help with technical difficulties and that’s by submitting a ticket to get a response on your email. There’s also the help section that contains articles that explain how some basic website mechanisms and services work.

Not Recommended For Investment

The service that BitOasis exchange provides is nothing to write back home about. Coupled with a poor regulatory status, and past legal issues, the arguments are stacked against investing with this firm.

It wouldn’t be surprising if the company turns out to be a full blown scam like Mestieriplaza. In the case you suspect you’ve been defrauded by an online scam group, contact our legal experts.

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