Bitoasis.net Review: Is Bitoasis Safe or Scam?
Welcome to the Bitoasis.net review. Bitoasis.net is a UAE-based Crypto Currency exchange and wallet. It offers buying and selling services for Bitcoin and other Crypto currencies and only to members of North Africa and the middle East.
What is funny is that the site seems to have found favor in the eyes of visitors from Germany because a big chunk of the traffic originates from this country.
Is Bitoasis safe to use or is this a scam/rip off with exorbitant fees and delayed processing times of transactions?
After researching them for a while, I am confident that what I will tell you in this Bitoasis.net review is nothing but the truth.
Bitoasis.net review – is Bitoasis safe?
The site has been running since 2015, providing Bitcoin trading services to Arabs mostly. The mother company which oversees the activities of this site is known as BitOasis Technologies FZE.
BitOasis Technologies FZE is headquartered in Dubai, United Arab Emirates and are citing the address DGFLEX-G078, Dubai Silicon Oasis, Dubai, G078, UAE.
The site recently made an interesting addition to their services. They now support Ethereum transactions where visitors can purchase and sell Ethereum directly from the site.
Lately, there has been an increase in complaints against BitOasis services.
Apart from claims that they charge as much as 2% for wire transfers and 6% for cashing out Bitcoin bought using the platform, users also claim that verification of accounts takes forever and the exchange rates for Bitcoin is extremely poor. You’d do well with an exchange such as localbitcoins.
While BitOasis has a few positive sides, majority of the customer feedback out there is negative. Overall, this Bitcoin exchange is rated with a 2 star instead of a 4 or 5 star which most people expect from the only Bitcoin exchange platform operating in the middle East.
Safety seems to be a top priority for the BitOasis platform as well since they have adapted multi-signature protocols on the platform to erect at least 3 layers of security barriers.
The first layer of defense is the BitOasis key and it is stored with the company and is password protected.
The second layer is a security key which is stored by BitGo and not BitOasis. BitGo’s job is to check for incidences of security breaches or fraud on the network.
The third layer of security is the recovery key. This feature is used to recover critical data in case the platform is compromised.
BitOasis.net review – trading experience
This is supposed to be a simple affair – as simple as wiring or paying with debit card so that you can get your money either in Bitcoin or Ethereum.
The supposed benefit is that you are dealing with the exchange directly instead of gaining access to a platform that connects you with dozens of individuals who are willing to buy or sell Bitcoin/Ethereum.
To buy Bitcoin or Ethereum, you buy a voucher worth the desired AED amount. You will then be redirected to a payment page where you basically pay for the voucher and your balance is updated accordingly upon confirming the transaction.
At this point, you will be able to redeem the voucher with the current price of Bitcoin or Ethereum.
There is no trading platform like that which is found in a Forex broker’s platform. It is purely operating like a place for exchanging fiat to Crypto currencies and vice versa.
Also, since am not based in Dubai, I can’t see the current exchange market as well as what they are offering their clients.
I suppose that this is something that should be made public as opposed to restricting it to clients from North Africa and the middle East alone.
BitOasis.net review: account verification
Their vouchers are labeled as AED or are denominated with those letters, and you can only purchase up to $500 worth of voucher per week if you are unverified.
However, if you want to increase this limit, you must verify your account and this is going to take a very long time as most users have confessed.
It can take over a month before you get verified. This is one of the top complaints from frustrated customers who at one point tried using the services of BitOasis.net.
The next serious complaint has to do with exorbitant exchange rates and fees. The site is literally ripping off people from North Africa and the middle East with obnoxious fees.
Please note that their fees are not publicly listed, meaning that they have a lot of hidden fees.
Even a small amount can attract pretty hefty fees if done through the platform.
But before you realize it, the site will make it look as if their fees are quite low and fair.
There are also claims that BitOasis receives wired money and denies that they ever received a payment from the client who did the transaction.
In that case, the money just disappears out of thin air. Basically, this site is being accused of not being transparent with their customers in addition to ripping off their users.
How to buy or sell Bitcoin safely in Dubai or North Africa
It’s frustrating that BitOasis continues its monopolistic ways by exploiting its customers and offering lackluster services on their platform.
Fortunately, if you are based in Dubai or North Africa and would like to buy or sell Bitcoin/Ethereum, there are a few options that you can pursue instead of desperately begging BitOasis to rip you off.
The above exchanges can help you exchange your fiat into Crypto currencies of your choice. In addition to that, they have a wide variety of coins supported on the platform as opposed to restricting users to two Crypto currencies only.
Transactions take minutes, and there is no scamming or ripping off.
As I conclude this BitOasis.net review, I want to warn every one of you not to buy or sell with this site at all. It’s definitely a dangerous thing to do and if you do not want to feel cheated or disappointed, your safest bet would be to use an alternative exchange.
PS: If you have been scammed by BitOasis, feel free to comment below.