Looking for detailed BitOasis Review ? Is BitOasis Technology FZE a Scam ? Find your answers from here !. The BitOasis is a pioneer digital currency wallet and exchange service in the Arab World. BitOasis services offer buying, selling,and storage of digital currency. The digital currency wallet targets cryptocurrency traders around the Middle East and North Africa.
What are Bit Oasis Plans / How Does It Work?
BitOasis aims to provide a digital currency wallet and a way to transact cryptocurrencies for its users. Every BitOasis user has access to the wallet’s features. However, BitOasis has limits to the people who can access the wallet to purchase, sell and transact using cryptocurrencies. It only allows its features to users from the Arab World – UAE (United Arab Emirates), Saudi Arabia, Bahrain, Oman and Kuwait. Buying Cryptocurrency is mainly by AED although you can also use the US dollar.
The first step in trading digital assets using BitOasis is creating an online wallet. After setting, an account, you can now start transacting cryptocurrencies around the globe.
BitOasis Review:- Buying Bitcoin Using BitOasis Exchange UAE
The first step is purchasing a voucher usually with the AED amount of your choice. With the amount in your wallet, you can exchange it for Bitcoin at any time.
The second step is to pay the amount you select. You do this by wire transfer of AED amount to BitOasis account. BitOasis also accepts payments using credit and debit cards.
BitOasis website review team says receives payments form UAE within the same day or next business day. Remittances from outside UAE can take up to three business days.
After confirmation of payment, BitOasis updates your AED credits, which you can convert to Bitcoin at any time. It can take up to six hours for redeemed Bitcoin to reflect on your wallet.
About BitOasis Website / Who Is Behind BitOasis Technology FZE
BitOasis Technology FZE is the company that runs the BitOasis website since its creation of the wallet in 2015. The company has its location in the Dubai Silicon Oasis Authority in Dubai, UAE. Recently, BitOasis began to support the cryptocurrency Ethereum. Verified users can now trade Ethereum on the BitOasis website. BitOasis has a two-factor authentication and a multi-signature that improves the security of the transactions that occur on the platform.
Major Red Flags & BitOasis Testimonials & Reviews
While there are several positive reviews about BitOasis, some people reviews claim the platform is a scam.
BitOasis is a scam. A wired my deposit by their guidelines. The scam part is where they claimed they did not receive the money. I am trying seeking ways to report or sue them.
From my experience, bitoasis.net is a scam. I withdrew AED 404 only to receive AED 391. There was no explanation about the missing amount. My efforts to contact the support team went without any replies.
BitOasis Verification Takes Forever
It is almost a month now, and my verification is still pending. No one is replying to my inquiries. I am also concerned about the extremely low rates of Bitcoin on their website. These rates go to as low as $2000 compared to other exchange rates. What is more concerning is the point that you can only buy Bitcoin from them. The high rates make BitOasis the worst exchanges.
Going through the BitOasis reviews, I realize I am not the only one with issues with the duration of verification by BitOasis. I do comprehend that the growing volumes of transactions on the platform may slow the system. That said, my biggest disappointment is the silence from BitOasis team. I had more than 60K worth of money pending withdrawal.
On communicating my issue, they requested for my patience and guaranteed they would resolve the issue within seven working days. They did not abide by their timeline. I sent several emails but did not receive replies from them. I found relief after tweeting to them my issue. The company released my money but allowed only one withdrawal. Sensing possible scam, I withdrew all my money and moved to another platform. There are manyoptions for cryptocurrency wallets.
About BitOasis Withdrawals & Complaints
Hidden BitOasis Fees Reviewed
One of the disappointing experiences with BitOasis is the high rate of charges. Although the FAQ and review section claims that BitOasis charges transaction fees for redeeming and selling Bitcoin on their brokerage page, they do not indicate how much they charge. They do not show a percentage or the amount they charge.
When buying Bitcoin, I deposited fiat currency to BitOasis through a wire transaction from my account. The website charged 2% of the deposit. That is not all; I could not believe it when they chargeda 6% fee when withdrawing the Bitcoin I had bought. You can imagine I had lost 8% from the time I wired fiat to their account to purchase Bitcoin and withdrawing to my BitOasis wallet. I still feel there is a sort of scam here. Their high rates mean I am never going to use BitOasis again. Avoid BitOasis if you can.
BitOasis has hidden charges, a scam they use to rob during withdrawals. I recently withdrew 98.800 KD after selling Bitcoin only to receive 82KD in my account after waiting for almost a fortnight. When I called them, the explanation was that the amount is derived from the treasury rate conversion (from AED to KWD) of the Abu Dhabi Islamic Bank. The charges are exorbitant, that is more than 15%. I believe BitOasis is running some scam. This does not coincide with sharia law indicating to the possibility that the bank is not even an Islamic bank.
BitOasis did not work for me. I do understand that BitOasis Review system limits payments form some banks and the verification process takes an extended period. Because I could not buy Bitcoin through the wallet, I am limited to commenting about its safety or scam.
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Conclusion :- The BitOasis Crypto Currency Firm Is Not Trusted !!
BitOasis boasts essential security features such as multi-signature and two-factor verification. It is also the first cryptocurrency walled and exchange service, servicing the Arab world. These features alongside the easy to use interface BitOasis attractive to the traders of digital assets. However, negative BitOasis reviews point to some fears that BitOasis is a possible scam. Most scam related reviews indicate hidden charges. Another setback is the extended verification period which is not suitable for day traders. Many reviews advice the Use of BitOasis only when you have limited choice. It is vital to trade wisely when it comes to cryptocurrencies.