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BitOasis Review: BitOasis.net a Trading Crypto Scam

BitOasis Review: BitOasis.net a Trading Crypto Scam

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BitOasis is a broker and crypto-to-crypto exchange investment company. The location of the platform is in the United Arab Emirates. The platform should be approached with caution as we don’t trust it is legit.

No licensing body regulates the platform. The investment company allows members from specific countries.

The exchange company targets investors in the Middle East and North Africa. BitOasis only allows funds deposits using fiat currency from six nations.

That is the UAE, Oman, Qatar, Kuwait, and Saudi and Saudi Arabia. Nonetheless, the platform does accept deposits and withdrawals from all over the world.

It only supports a few currencies compared to other exchanges. BitOasis has been in the market longer; it was established in 2015.

United Arab Emirates Dirham (AED) is the main currency used in the site. Purchasing cryptos can be done using USD, but the platform charges are higher than the average market.

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The platform is pretty expensive for investors who would like to use dollars to trade. The platform, despite being in the market for long. It is not featured in any noteworthy crypto data website like CoinMarketCap.

BitOasis Review, BitOasis Platform

This raises red flags considering they claim to be a legit platform. CoinMarketCap usually lists trustworthy websites that traders can trust and make a real return from.

We cannot tell how much BitOasis investment Company trades. We would not recommend you to choose this platform. Furthermore, it has limited investors compared to other legit cryptocurrency exchanges that are performing better in the market.

The currencies that you can trade are; Bitcoin, Bitcoin Cash, Ripple, Ethereum, Ethereum Classic, Zcash, Bitcoin Cash, and Stellar Lumens.

BitOasis Review

The platform supports only eight cryptocurrencies. Trading is limited as investors can only trade digital currencies against Bitcoins.

The platform is well designed and even has a mobile application. However, the app can only be installed on an iOS device, and Android users cannot access it. The mobile application wallet operates like an online wallet.

You can check your trading history as frequently as you wish. The only thing you cannot do with the app is to trade.

The Company uses some security features to protect their clients. They request for 2FA every time you log in to the platform.

BitOasis Scam Review, BitOasis About

Clients are also asked to set up a Two-Factor-Authentication (2FA) and to confirm their email whenever they log in.

The Company has not advanced their security by using high-quality measures to keep hackers off. The suspicious platform recently developed its crypto wallet. It can be downloaded using a mobile app or accessed online.

The wallet uses the three-tier key system. The BitOasis exchange keeps the first key, the other key is stored by BitGo, the third party also stores the last key.

Like similar wallets, it can receive and send money or store to keep it safe. But, the most important thing to remember is that you are not in full control of your money.

Who is the owner of BitOasis?

The Company behind the platform operation is BitOasis Technologies FZE. It is located at Silicon Oasis Authority in Dubai.

The address of BitOasis, as indicated in their platform, is in UAE, Dubai Silicon Oasis, G078, Dubai.

The president of the BitOasis is Ola Doudin, an entrepreneur from Jordan. Formally he used to work in the UK.

His initial idea was to mitigate the trading of Bitcoin in the Middle East and North Africa region, which was not available before.

The Company has grown popular in the region. The person behind the BitOasis exchange and a co-founder of the platform is Daniel Robenek, a software engineer from Czech.

The company website looks legit, but they have not shown their background operations. BitOasis lacks an ‘About Us’ section on the site.

However, unlike other scam websites, the platform has not hidden information about who runs it.

Regulation and Customer Support

The platform is not a regulated exchange, and this is a huge red flag. The Company claims to work with a high trustworthy legal counsel to ensure they comply with regulations.

However, they have not disclosed, the regulatory body they are talking about. If the Company was legit, they would be transparent on this particular matter.

It is just another tactic to cover, for they do not have a regulatory license. We would recommend that you always choose a platform that is regulated by notable bodies.

BitOasis Scam, BitOasis Support

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The platform customer support is terrible. The BitOasis exchange has not listed a phone number, no social media support, or a live chat to be contacted with.

The only way customers can reach them is by sending them a support ticket, which is on the clients’ account dashboard. The chances of a problem being solved will take ages if at all they will attend to you.

Is BitOasis Legit or Scam?

The investment company is not regulated. When trading, you should always look for licensed platforms. Your funds will be safe as the crypto-financial bodies will be overseeing the operation of approved platform.

Trading involves a lot of risks, the BitOasis Firm has not bothered to let their investors know the mitigation they use to cover the same. The Company is ‘self-regulated,’ which makes it difficult to trust them.

Most Ponzi schemes will claim to be hacked before exiting the market. BitOasis exchange company is in full control of traders’ crypto private key wallet.

If the Company is compromised today, all the investor’s money would be lost. If this happened, there is no chance that the Company will reimburse your funds.

We would not recommend you to trade with this platform. It is not safe and should be approached with a lot of caution.

Customer experience

There have been positives reviews concerning this website from some users. There are numerous complaints, as well. The Company has been promising the investors a bank deposit option, but have taken no action in achieving this.

The verification process takes ages. Some customers have complained of their unprofessional customer support. The inquiry is not attended to on time, and some verification take up to a month.

Traders are also complaining of the high deposits charges associated with credit cards. Traders have flagged the BitOasis Platform as a pure rip off with multiple hidden charges at every transaction.

The platform FAQ claims their charges are linked with the transaction of selling and redeeming BTC on their brokerage site.

It is not clear how much they charge. They have not mentioned the percentage or method they use to determine the fees.

The withdrawal process also takes a long time. Some client claims not to have received their withdrawal for about a month after requesting. Other investors receive their funds after two weeks.

The platform has indicated that they take approximately 10 days to handle the withdrawal requests. Fast withdrawals are a critical factor in cryptocurrency, and it is associated with a legit platform. We are not confident about the platform.

Final Verdict

BitOasis specifically target the Middle East investors, but also, anybody can trade with them. They do not restrict any country from using the platform.

They also charge very high trading fees to their clients. Bitcoin price via USD is higher than spot rates.

They have an easy to use interface which is eye-catching to crypto traders. However, the negative features of the platform are major, and the Company should be approached with caution.

It might be another scam. They rip off traders’ money as they have hidden charges.

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