Cryptocurrency is one of the worlds leading currencies to date, but what is cryptocurrency without a trading platform? Just like a heart without a beat, it's just empty words. To do anything with crypto which includes trading, swapping, buying, selling, and even just owning one requires a trading platform. If you are in the UAE, then you should be familiar with Binance and BitOasis, and you may be wondering which one you should go for and which is a better option. In this article, we will have a full overview of both BitOasis and Binance, their supported countries, fees & charges, and of course the pros and cons of both platforms.
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Overview of BitOasis
Bitoasis focuses on the Arab world to have the best Bitcoin resource in the country today. The website is a cross between a BTC wallet and an exchange since it offers both exchange facilities and storage.
This website is fantastic because it has been offering BTC services to the Arab world since 2015 and continues to offer excellent support to its clients to this day. Please be aware that simple account holders have a weekly wire transfer and credit/debit card payment cap of 400 AED. To raise this weekly deposit cap, the user must first complete the verification process.
Overview of Binance
By trading rate, Binance is the world's biggest online cryptocurrency exchange. The exchange is also one of the most rapidly growing sites in the cryptocurrency industry today. Binance Coin, the world's largest crypto exchange by trading volume, provides customers and traders with a comprehensive set of services.
Traders can trade from any place, as the Binance portal is now available on Google Play, the App Store, and Android APK. The platform is compatible with both iOS and Windows on desktops. When a new customer is referred to Binance, the referrer receives a fee commission if the new referred user trades on any of Binance's spot or futures markets.
Supported countries for BitOasis
While Bitoasis focuses solely on the Middle East, anyone who deposits and withdraws funds in cryptocurrency can use the site. As a result, no country limits apply.
If you choose to deposit funds using a debit or credit card, however, only six countries are sponsored, as mentioned below:
1. Saudi Arabia
2. the United Arab Emirates
Supported countries for Binance
In certain countries, Visa and Mastercard purchases in the "Pay with Bank Card" option will be temporarily disabled. This limitation does not apply to the following countries or territories, and users can continue to use the service as usual:
Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, UK, and Ukraine. Binance has over 180 countries it supports compared to BitOasis.
Fees & charges of BitOasis
Bitoasis charges a huge amount of money. If you're an ordinary investor, any time you purchase or sell a coin, you'll have to pay a whopping 0.5 percent trading tax. For instance, if you purchased $20,000 in Bitcoin, you will have to pay $100 in fees. You'd have to pay $20 in commissions if you sold the same short-term investment for $40,000. Furthermore, investing more than $250,000 in a single month will be required to reduce the trading fees by just 0.005%!
Fees & charges of Binance
Binance has a tiered trading fee system based on 30-day average trading volume or Binance Coin balances at the end of the day. Traders are classified into VIP Levels ranging from level 0 to 9. Trading Fees range from 0.1% for maker and taker to 0.02% / 0.04%, depending upon VIP level status. Furthermore, when using BNB, both the manufacturer and the taker will enjoy a 25% discount.
Pros and Cons of BitOasis Vs Binance
Pros of BitOasis
1. Credit/Debit Card fees are accepted.
2. A website with a professional interface
3. iOS users can use a mobile wallet
4. Perfect if you want to trade in AED
Cons of BitOasis
1. Trading commissions are very high.
2. Just six countries have access to fiat deposits and withdrawals.
3. There is no video chat or phone service.
4. Bitcoin's price is far higher than the spot market.
5. There is no regulation.
6. Just a few cryptocurrencies are supported
Pros of Binance
1. Very low fees
2. A myriad of coins to exchange
3. Users can earn interest by saving cryptos
4. Multiple trading platforms
5. Comprehensive 24/7 support center
6. A user-friendly platform
7. App available on IOS and Android
Cons of Binance
1. There is no phone number for customer service.
2. Has been breached once (but compensated their users)
3. Different domains for the US and the rest of the world
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