As you've probably seen many times on social media platforms like Instagram and TikTok, there is a growing demand for Cryptocurrency exchanges in Dubai as well as the rest of the United Arab Emirates. One such local Cryptocurrency exchange that accepts AED is BitOasis. BitOasis faces competition from other Cryptocurrency exchanges like Binance, which has been granted a Cryptocurrency trading license in the United Arab Emirates.

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What is BitOasis?

BitOasis is a pioneering and prominent Cryptocurrency and digital currency trading platform in the Middle East and North Africa (MENA). Over three billion US dollars' worth of trades have been made on BitOasis. The BitOasis group became a forerunner in the business within the first half of 2021, increasing its customer numbers in less than a year following the service's inception in 2015.

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Features of BitOasis

It is important for you to know about the following features of BitOasis:

        1. Purchase Bitcoin in AED

As a new arrival to the United Arab Emirates, this is the most essential information to get immediately. On BitOasis, you may exchange AED for Bitcoin purchases. However, BitOasis backs a wide variety of other Cryptocurrencies, and you may use AED to buy any of them.

        2. Fund Your Account in AED

You may top up your account using a local debit or even credit card. You may buy any virtual resource on the BitOasis platform by linking your bank account. Please be aware that BitOasis currently only backs individual accounts.

        3. Buy Crypto and Swap Crypto

Many UAE residents are still waiting to make their initial bitcoin purchase, despite the country's thriving Crypto sector. BitOasis is aware of this requirement, thus they provide a straightforward buy/sell display that accepts AED for purchasing any Cryptocurrency. You may also do a direct exchange between two Cryptocurrencies.

        4. BitOasis Pro

I also realize that several of you are probably interested in the sophisticated trading tools provided by major Cryptocurrency exchanges like Binance. I can assure you that BitOasis will also excel in this market. For experienced dealers and investors, BitOasis Pro provides a suite of sophisticated trading tools. Place complex orders like marketplace, limit, and stop-limit to trade the Cryptocurrency of your choosing.

        5. Crypto Wallet

You may safely save any Cryptocurrency you buy in the BitOasis application's wallet. Therefore, a non-custodial wallet or hardware wallet, such as the Ledger Nano X, is recommended. A BitOasis->

        6. OTC Desk

In contrast to its regular trading platform, BitOasis also provides an OTC desk that can be used for large trade volumes at no extra cost. You can't utilize BitOasis's OTC trading functionality until you've been T3 confirmed. Now that you have an idea of what makes BitOasis so special, let's examine some of the other key details. Keep in mind that certain details may vary as the network develops as well as additional functionalities are introduced.

How BitOasis Works?

The BitOasis portal is described as a digital currency exchange as well as stockbroker in this assessment. Authorized dealers may purchase as well as sell Cryptocurrencies using money transfer, credit, or debit card. Users may acquire Cryptocurrency from BitOasis employing fiat cash as well as cash deposit in virtual currencies. Traders who deposit Cryptocurrencies into their BitOasis account may then withdraw their funds to a bank account, Bitcoin wallet, or participate in the exchange's trading system. More than 60 digital currencies are compatible with BitOasis at the moment, including BAT, ETH, XRP, Tether, BCH, LTC, USDC, CARD, and many more. The BitOasis website makes revenues via transaction cost which applies whenever traders immediately utilize their bank account to acquire Cryptocurrency tokens or when dealing on the share market.

BitOasis Verification

You need to be verified before you can start using BitOasis. Verification occurs at three tiers, with the first allowing you to withdraw and deposit up to 50,000 AED every week. Furthermore, when you've been verified, you'll get a welcome bonus of 50 AED, or around $13.61 in American currency. By completing either Tier 2 or Tier 3 verification, you may raise your limit. In certain cases, such as with a manual review, the verification process may take a few days. Utilizing your Emirates Identity, verification is quick. There is a direct correlation between your verification level and the maximum deposits and withdrawals your account can process.

Is BitOasis Legit and Regulated?

Although the ADGM's Financial Services Regulatory Authority (FSRA) has granted BitOasis an FSP (Financial Services Permission), the exchange is not yet subject to full regulation, as several customer evaluations have pointed out (Abu Dhabi Global Market). The market is planning to relocate some of its activities to other parts of ADGM. In 2021, the website was given the go light by the Financial Services Regulatory Authority. It is now undergoing final preparations to launch as a Multilateral Trading Facility (MTF) for digital assets and a custodian regulated entirely by the Financial Services Regulatory Authority (FSRA).
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.