BitOasis Bitcoin / Ethereum buying guide for Dubai + BitOasis Review
BitOasis is UAE’s only cryptocurrency exchange that currently supports a bitcoin wallet and allows ethereum purchase and holding on its exchange platform.
Signing up is simple. Provide your name, email and a password to signup and get started.
You may also want to verify your account by uploading your documents. In this case, upload your Emirates ID.
Buy Bitcoin in Dubai on BitOasis
To buy Bitcoin or Ethereum, you first need to buy a voucher from BitOasis. The voucher can be redeemed against Bitcoin or Ethereum. The available payment options are Online Bank transfer to BitOasis’ bank account or Credit card payment.
Deposit Money and buy a voucher
Voucher value can be anything that you prefer. New users have buying limits until the account is verified by submitting Emirates ID.
There is an upper limit on the maximum voucher value for both modes of
- Select the Buy Bitcoin link on the Wallet dashboard after buying the voucher
- Enter the value of bitcoin to buy
- Select if the value is in bitcoins or AED. (the Amount redeemed box will show the final purchase value)
- Select “Buy Bitcoin” to complete the purchase
It may take upto a few hours for the bitcoin to be actually credited in the wallet, depending on the bitcoin network congestion. That’s all the steps, now your bitcoin balance will start showing up in the wallet.
Buy Ethereum in Dubai on BitOasis
BitOasis doesn’t have an Ethereum wallet, but one can buy and trade Ethereum on the Ethereum exchange. Select the “Trading Exchange” link on the dashboard to access the Ethereum exchange. Please note that Bitcoin can also be bought and traded on the exchange. The difference between the exchange and the wallet is that all transactions in the exchange will take place instantly whereas the wallet will take some time to sync with the Bitcoin network. Your coins can also be withdrawn from the exchange into your local wallet or another online wallet.
Select ETH-AED on the trading exchange to access the ETH (Ethereum) trading exchange.
- This is the current value of Ethereum (ETH) in AED on the exchange
- Select “Market” to make instant purchases. “Limit” is an option to buy when the price reaches a certain limit. This option is useful to buy Ethereum at lower prices if it goes down. Limit will automatically execute a buy when a certain price limit is reached.
- Buy button should be green. If “Sell” is selected, then a sell order will be initiated.
- Amount (ETH) should be the amount of Ethereum that the user wishes to buy. This money should already be in the account in the form of Voucher deposits.
- Preview the total purchase value. Then click on “Place Order” to execute the actual purchase.
Review of BitOasis Exchange
- BitOasis is a new startup founded by Ola Doudin, who serves as the CEO of the company.
- The company is based out of Dubai Silicon Oasis (DSO), hence the name BitOasis.
- + BitOasis is the first exchange in the UAE to offer Bitcoin and Ethereum purchases.
- + Cost of Bitcoin is decent and upto international standards. Way better than buying on LocalBitcoins.
- + Trading on the exchange is almost instant. Buying and selling are executed immediately.
- + Option to make “Limit” orders on exchange in both buying and selling transactions
- + Provides 1% cash back when buying vouchers valued above AED 1000. This effectively reduces the credit card processing fee from 5% to 4%.
- – BitOasis doesn’t provide phone support. The only way to interact with the company is to email firstname.lastname@example.org. Expect upto 1 day for them to reply to emails. They typically do not respond to emails over weekends (non-business days)
- – Withdrawing money from the exchange to your account takes minimum 7 business days for BitOasis to process. In UAE, bank transfers are executed in few hours. BitOasis simply takes 7 business days to approve the withdrawal. Compared to exchanges such as Unocoin (an Indian exchange, that processes withdrawals to bank account in few hours), this 7 business day period is unacceptable. Plan to delay your transactions by 7 days to accommodate this 7 day period.