Are you based in the Middle East and looking to trade cryptocurrencies? Bitoasis.net so, you might want to check out Bitoasis. The platform allows you to buy, sell and trade a range of cryptocurrencies using a traditional debit card. However, only a select few nations are supported.
If you’re thinking about joining Bitoasis but require further information, then be sure to read comprehensive guide. Within it, we’ll discuss everything from fees, payment methods, accepted countries, user-friendliness, and more. If you don’t quite have the time to read Bitoasis guide from start to finish, then, in summary, we concluded by noting that we cannot endorse the platform.
Bitoasis.net main reason for this is that Bitoasis only allows a few nations to deposit with fiat currency, only a small number of coins are supported, and they are not regulated by any noteworthy bodies. Instead, they feel that a regulated platform like Coinbase is more inclusive, allows free debit/credit card deposits, and supports 15 cryptocurrencies.
|Minimum withdrawal amount||0.10 BCH|
How To Start With Bitoasis.net
To start trading with Bitoasis.net, Indian residents first have to sign up for an account by following the steps below.
Step 1. Click on the “Login/Signup” link on the top right hand corner of the Bitoasis.net website.
Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.
Step 3. If you have a referral code, enter the code while creating your account.
Step 4. Submit the form and wait for an activation email to be sent to you.
Step 5. Click on the “confirm email” link in the activation email.
Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your Bitoasis.net account
Fiat-Digital Asset Pairs:
BTC-AED, ETH-AED, BCH-AED, XRP-AED, ETC-AED, LTC-AED, XLM-AED
As a third party cryptocurrency exchange, Bitoasis make their profits by charging users trading fees. This is applied every time you buy or sell a cryptocurrency. The trading fee pricing structure is dependant on how much you trade each month, and whether you are a ‘market maker’ or ‘marker taker’.
Maker fees apply when a limit order is placed below the ticker price for buy orders and above the ticker price for sell orders Taker fees apply when any order is executed against an existing order in the orderbook.
Digital Asset Withdrawal Fees
How does Bitoasis Work
Bitoasis.net operates as both a cryptocurrency broker and an exchange. As a broker, they allow certain countries to buy cryptocurrencies with a debit or credit card. If you are based in the Middle East, you’ll only be able to purchase a maximum of 2,000 AED using your bank card.
At the time of writing, that amounts to approximately $450, which is extremely low. If you don’t have access to fiat currency facilities, Bitoasis allows you to deposit funds using cryptocurrency. Once your account is funded, you can then withdraw the coins into a private wallet, or trade on the exchange.
Is Bitoasis safe?
One of the most important factors you should look out for when deciding whether or not to join a cryptocurrency exchange is safety. First and foremost, and as we noted above, Bitoasis is not regulated. What this means for you as an investor is that no financial bodies are overlooking Bitoasis to ensure that they operate legitimately. This essentially means that they are ‘self-regulated’, which is always a dangerous thing.
No matter what industry you are investing in. Bitoasis should also note that Bitoasis is in full control of your cryptocurrency wallet private keys. This means that if the platform was hacked, your funds are largely at risk. If this did happen, there is no guarantee that Bitoasis would cover your losses.