If you are in the UAE or you somewhat are considering going into cryptocurrency or even probably already are, then you must have heard aboutBitOasis.I know what you are thinking: Is it legal, Can I trust it? Is it safe? Don't worry, that is exactly why we are here and you have come to the right place because all your questions and concerns will be answered here.
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BitOasis is a MENA-focused digital currency exchange. Customers in the UAE, Saudi Arabia, Oman, Kuwait, Egypt, Morocco, Jordan, and Bahrain can purchase bitcoin via wire transfer or credit/debit card. Clients from the UAE may also deposit funds via swap houses.
There are over 20 digital properties available for buying. It has Protection measures with several signatures and it also provides Android and iOS user-friendly interfaces. Sadly it only supports just six countries.
Is BitOasis legal in UAE?
Currently, there is no overarching legislation regulating cryptocurrencies or cryptocurrency exchanges such as BitOasis throughout the UAE. The ADGM announced in June 2018 that it will establish a mechanism to govern spot crypto asset operations, including those conducted by exchanges, custodians, and other intermediaries operating in its financial center. If you are still confused, the answer is NO. there is no official legal announcement regarding the use of BitOasis neither is there also one not to use it either.
BitOasis co-founder Ola Doudin
Can BitOasis be trusted?
The fact that Bitoasis is not a licensed cryptocurrency exchange is cause for concern. Bitoasis states on their official website, "We work closely with a highly reputable legal council to ensure safe activities and regulatory enforcement." However, it is unclear what this entails in practice. It is, in our view, a way for the platform to downplay the fact that they do not possess any regulatory licenses.
On average, they have about a 2.8 rating. for a trading app that does simple tasks like trading, exchanging, buying, and selling crypto, then you can trust it. Is it the best trading platform in the world? No, it is not. Can it get the job done? Yes, it can. However, it should be noted that there are many complaints about their fees being too high, so that is something you should also think about.
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Is Bitoasis safe?
When considering whether or not to enter a cryptocurrency exchange, one of the most crucial things to consider is security. First and foremost, as previously said, Bitoasis is unregulated. This suggests that no financial institutions are scrutinizing Bitoasis to guarantee that they are operating legally. This simply means that they are 'self-regulated,' which is often risky regardless of the sector in which you invest.
It's also worth noting that Bitoasis has complete leverage of your cryptocurrency wallet's private keys. This indicates that if the website was compromised, the finances would be greatly jeopardized. If this were to occur, there is no assurance that Bitoasis will compensate you for your losses.
Bitoasis's safe precautions
Nonetheless, below is a breakdown of the security features offered by Bitoasis.
- You are compelled to set up. Authentication of two factors (2FA)
- Any time you log in, you must use 2FA.
- Any time you log in, you are also required to check your email address.
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