Bitoasis Pros & Cons

Bitoasis is a cryptocurrency exchange based in the United Arab Emirates. The platform has a direct focus on clients based in the Middle East.

BitOasis Pros & Cons

Pros:

Debit card deposits for 8 Middle East countries Perfect if you want to trade in AED Mobile wallet available for iOS users

Cons:

Are you based in the Middle East and looking to trade cryptocurrencies? If so, you might want to check out Bitoasis. The platform allows you to buy, sell and trade a range of cryptocurrencies using a traditional debit card. However, only a select few nations are supported.

If you’re thinking about joining Bitoasis but require further information, then be sure to read our comprehensive guide. Within it, we’ll discuss everything from fees, payment methods, accepted countries, user-friendliness, and more.

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Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

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What is BitOasis?

Bitoasis is a cryptocurrency exchange based in the United Arab Emirates.

The platform has a direct focus on clients based in the Middle East. Although Bitoasis allows cryptocurrency deposits and withdrawals on a global basis, they only allow users from six specific countries to deposit funds with fiat money. This includes the United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar.

The main currency used on the Bitoasis exchange platform is United Arab Emirates Dirham (AED). Although cryptocurrency purchases can be supported in USD, the exchange rate is significantly higher than the market average. This makes Bitoasis an expensive exchange to use if you’re planning to trade in dollars.

Although the exchange was launched way back in 2015, Bitoasis is still not listed on CoinMarketCap, or any other notable cryptocurrency data website. This makes it difficult to ascertain just how much is traded on the platform. However, with such a limited customer base, it is likely that these figures are a lot lower than leading exchanges such as Coinbase.

How does BitOasis Work?

Bitoasis operates as both a cryptocurrency broker and an exchange. As a broker, they allow certain countries to buy cryptocurrencies with a debit or credit card. If you are based in the Middle East, you’ll only be able to purchase a maximum of 2,000 AED using your bank card. At the time of writing, that amounts to approximately $450, which is extremely low.

If you don’t have access to fiat currency facilities, Bitoasis allows you to deposit funds using cryptocurrency. Once your account is funded, you can then withdraw the coins into a private Bitcoin wallet, or trade on the exchange.

The Bitoasis exchange supports crypto-to-crypto trading of 8 different coins, which includes Bitcoin, Ethereum, Ripple, Litecoin, Zcash, Stellar Lumens, Bitcoin Cash and Ethereum Classic.

In order to make a profit, Bitoasis charges trading fees. This is the case if you buy coins directly using a bank card, or when you trade on the exchange.

What cryptocurrencies does BitOasis support?

Bitoasis currently supports 8 different coins, which we’ve listed below.

When it comes to supported crypto-to-crypto trading pairs on the Bitoasis exchange platform, check out the list below. By the way, if you’re wondering why Stellar Lumens isn’t listed, this is because it’s paired with AED. All other supported cryptocurrencies can also be traded against AED.

As you’ll see, cryptocurrencies can only be traded against Bitcoin, which is a bit limited.

Which countries does BitOasis support?

Although Bitoasis focuses exclusively on the Middle East, anybody can use the platform if they are depositing and withdrawing funds via cryptocurrency. As such, there are no country restrictions.