Bitoasis Forex Broker

BitOasis Broker - Comprehensive Information Guide

1. Broker Overview

BitOasis, founded in 2015, is a prominent cryptocurrency exchange based in Dubai, United Arab Emirates. It operates as a private entity and has emerged as a leading platform for trading digital assets in the Middle East and North Africa (MENA) region. The company primarily serves retail and institutional clients, facilitating transactions in local currencies, including UAE Dirhams (AED) and Saudi Riyals (SAR).

Since its inception, BitOasis has experienced significant milestones. It was the first crypto exchange to receive a provisional operating license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to conduct regulated business within Dubai. Over the years, BitOasis has raised substantial funding, including a $30 million Series B round from notable investors such as Pantera Capital, Alameda Research, and Digital Currency Group. Its parent company is BO Technologies Ltd, incorporated in the British Virgin Islands.

BitOasis operates primarily as a digital asset exchange, enabling users to buy, sell, and trade cryptocurrencies. Its innovative approach and commitment to regulatory compliance have positioned it as a trusted broker in the evolving crypto landscape.

2. Regulatory and Compliance Information

BitOasis is regulated under several authorities, including:

• Dubai Virtual Assets Regulatory Authority (VARA)
• Financial Intelligence Unit (FIU) of the UAE

As of now, BitOasis holds a Minimum Viable Product (MVP) operational license from VARA, which allows it to provide services to qualified investors within Dubai. However, the license was temporarily suspended in July 2023 due to non-compliance with specific regulatory conditions. The company is actively working with VARA to address these issues and restore its operational status.

The company adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, ensuring that all customer transactions are monitored and reported as required by law. Client funds are kept in segregated accounts to enhance security and protect against potential financial risks. However, details regarding participation in investor compensation funds have not been publicly provided.

3. Trading Products and Services

BitOasis offers a broad range of trading products, catering to the diverse needs of its clients. The platform supports various cryptocurrency trading pairs, allowing users to trade over 60 digital assets, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The exchange facilitates trading in local currencies, making it accessible for users in the MENA region.

In addition to cryptocurrencies, BitOasis provides Contract for Difference (CFD) products across various categories, including indices, commodities, and stocks. The platform is designed to accommodate both retail and institutional clients, offering tailored services to meet their specific trading needs.

BitOasis frequently updates its product offerings, introducing new cryptocurrencies and trading pairs based on market demand. Retail trading services are available through a user-friendly interface, while institutional clients can access advanced trading tools and analytics.

4. Trading Platform and Technology

BitOasis supports the MetaTrader 4 (MT4) platform, providing users with a familiar trading environment. In addition to MT4, BitOasis has developed its proprietary trading platform, which features an intuitive interface and advanced charting tools.

The platform is accessible via a web-based application, allowing users to trade from any device with internet access. Furthermore, BitOasis offers mobile applications for both iOS and Android devices, enabling users to manage their accounts and execute trades on the go.

The exchange employs an ECN (Electronic Communication Network) model, ensuring that trades are executed at the best available market prices. BitOasis utilizes advanced server infrastructure to enhance trading speed and reliability, and it supports API access for automated trading solutions.

5. Account Types and Trading Conditions

BitOasis provides various account types to cater to different trading needs:

• Standard Account: Requires a minimum deposit of AED 1,000, with competitive spreads starting from 0.5%.
• VIP Account: Designed for high-volume traders, offering lower spreads and personalized service.
• Islamic Account: Available for clients who adhere to Sharia law, ensuring no interest is charged on overnight positions.
• Demo Account: Allows users to practice trading without financial risk.

The platform offers leverage ranging from 1:1 to 1:100, depending on the asset class. The minimum trade size is set at 0.01 lots, and overnight financing fees apply based on the positions held.

6. Fund Management

BitOasis supports multiple deposit methods, including:

• Bank Transfers
• Credit/Debit Cards
• E-Wallets

The minimum deposit requirement varies by account type, with standard accounts requiring an initial deposit of AED 1,000. Deposits are processed within 1-3 business days, depending on the method used.

Withdrawal methods include bank transfers and credit card withdrawals, with processing times ranging from 1-5 business days. BitOasis does not charge deposit fees; however, withdrawal fees may apply based on the selected method.

7. Customer Support and Educational Resources

BitOasis provides comprehensive customer support through various channels:

• Email Support
• Live Chat
• Social Media

The support team is available 24/7, ensuring assistance is accessible to clients across different time zones. The platform offers multilingual support, including English and Arabic.

To enhance user knowledge, BitOasis offers educational resources such as webinars, tutorials, and market analysis reports. Traders can access tools like calculators and economic calendars to aid in their trading decisions.

8. Regional Coverage and Restrictions

BitOasis primarily serves clients in the MENA region, including countries such as:

• United Arab Emirates
• Saudi Arabia
• Bahrain
• Kuwait
• Oman
• Jordan
• Egypt
• Morocco
• Iraq
• Lebanon
• Tunisia
• Algeria
• Libya

The exchange has offices in Dubai, Abu Dhabi, Amman, Istanbul, and Riyadh. However, it does not accept clients from the United States or any sanctioned countries, ensuring compliance with international regulations.

In conclusion, BitOasis stands out as a reputable broker in the cryptocurrency landscape, offering a range of services to cater to both retail and institutional clients. Its commitment to regulatory compliance and customer support reinforces its position as a leading player in the MENA region's digital asset market.