BitOasis - How to Buy Bitcoin in the GCC?

Over the past two years, the cryptocurrency fever is spreading in many countries across the world. And, it does not leave the countries in the MiddleEast like Dubai, Abu Dhabi, Bahrain and other countries of the GCC. But, the biggest problem was that most of the banks in UAE and GCC will not allow their customers to use credit/debit cards for trading cryptocurrencies. Because any kind of investment related to cryptocurrency always involves a significant amount of risk. But, things have changed after the launch of BitOasis which is listed as the first cryptocurrency exchange of the MiddleEast. Now, the users located in UAE, Kuwait and other GCC countries can easily buy crypto assets using their currency AED so that they don't need to pay any exchange rate fee.

Highlights of BitOasis Cryptocurrency Exchange

  • Buying cryptocurrencies using fiat currency (AED)
  • Multisignature wallet for storing your assets
  • 2FA (Two Factor Authentication)
  • Default Fraud Prevention
  • Available as an iOS app

Is BitOasis secure?

BitOasis security Yes. BitOasis offers a multi-signature wallet to protect your coins from unauthorized access. For completing any transaction, you need to sign the same using two secure keys. Otherwise, your transaction will not be processed on the blockchain. For that, every BitOasis wallet is provided with three independent keys which are given below:

BitOasis/User key

This key is not only stored securely on the BitOasis server but also protected with 2FA.

Security key

BitGo is responsible for maintaining this key which will take care of the necessary security and fraud prevention checklist before authorizing the transaction.

Recovery key

In case, if your account is hacked or some event occurs by compromising the security, you can make use of this recovery key. You don't need to worry about storing this key as it is managed by an independent legal firm will take care of that and assures 100% protection for your digital assets so that you need not face any financial loss.

Supported Payment methods in BitOasis

  • Wire Transfer
  • Credit/Debit cards
To buy the bitcoins or other cryptos from BitOasis, you can simply make a wire transfer from your account to the bank account of BitOasis. If you are located in UAE, the payment will be processed within the same day or maximum on the next day. For users located in other countries, the processing time varies from 1 to 3 business days.

Is BitOasis available worldwide?

Anyone can use the BitOasis multi-signature wallet for storing their cryptocurrencies. But, the buying/selling of the crypto assets are available only to those residing in the countries listed below:
  • UAE
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Oman

How will you buy bitcoin or other cryptocurrencies from BitOasis?

Buying the BitOasis voucher

1. First, you need to create an account on BitOasis by clicking the Sign up button on their homepage. Either you can create an account using your email address or your Facebook account. (For better privacy, use a separate email address instead of your Facebook account. 2. Then, activate your account by clicking the link in the confirmation email sent by BitOasis. Before proceeding to the next step, you need to provide your phone number as it is needed for verifying your identity. bitoasis signup Note: BitOasis will send you a 6-digit code on your registered mobile number which needs to be entered every time you are logging on to your account. 3. Now, you need to buy voucher by depositing money on to your BitOasis account before starting buying any cryptocurrencies. And, you can do that by using any of the options below:
  • Credit card - 6% fees for every deposit, instant processing
  • Bank Transfer - No fees, but it may take some time to see the money on your BitOasis account
For buying the voucher, log in to your account and click 'Buy Bitcoin->Deposit Money' option. Then, choose the desired payment method (card/bank transfer), voucher amount and click 'Next' button. 4. Your balance will be updated with the given amount once the payment is processed by the BitOasis platform.

Buying the Bitcoin or other cryptocurrencies

1.  After logging on to your BitOasis account, click the Trading exchange button to navigate to the trading screen. 2. First, choose the cryptocurrency like Bitcoin, Ethereum or whatever that you need to buy. (Recently, BitOasis added Monero and Zcash on its exchange. It will be located on the left side of the screen. 3. Then, you can find two tabs named Market and Limit. (Market means you are willing to buy the coin @ current price whereas Limit will wait till the price reaches the limit specified by you). Choose your desired option. 4. Now, enter the desired amount of the coins and click the Place Order button 5. That's it, you have successfully purchased the crypto assets from BitOasis and you can see them on your wallet within 6 hours from the time of order.

Buying Limit

If your account is unverified, you can buy only cryptocurrencies that are worth for 1500 AED in a week. To increase the weekly limit, you need to provide a list of documents to verify your identity. For that, click Buy Bitcoin->Increase Limits by visiting your BitOasis profile.

Conclusion

BitOasis seems to be a great option for the people located in the Middle East countries like UAE, Kuwait, Saudi Arabia etc. to buy cryptocurrencies with their local currency.    

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