Bitoasis Bitcoin Wallet: How to get your account and what you need to know
If you are in the UAE or in the Middle East, then you probably have a Bitoasis account.
BitOasis is the Middle East & North Africa's leading bitcoin wallet and exchange.
If you don't, then let me give you a quick run through of how to sign up. It is fairly easy to create an account. Just go to https://bitoasis.net/en and fill out your details to sign up.
Subsequently, you will get a verification email similar to this, to be followed by an email confirmation welcoming you to Bitoasis.
Once you completed the signup, you can now log on to your account using 2 levels of authentication:
You can then proceed to fill up the rest of your details by going to the settings page - here you can put our Name, Address, andBank account details. To validate your identification and increase your limits, you will also be required to upload a copy of your photo ID (passport, visa, National ID).
You are pretty much good to go. You can now send and receive bitcoins using the address that will be provided to you by clicking the links at the left menu.
Bitoasis has covered a lot of information on their FAQ page which you can access here.
I did not encounter any issues receiving bitcoins into my wallet. It is also easy to buy bitcoin using your credit/debit card and even through money exhanges here in the UAE.
Should you decide to convert your BTC to fiat, here are some points that are not clear on the FAQs and you would surely want to know:
- You would need to sell your preferred amount of BTC at the prevailing price. This would then be transferred as a "Voucher Balance" which you can withdraw into your saved bank account details.
- There is a withdrawal fee of AED 22.00 per transaction.
- It takes 7 "working days" to process the withdrawal during which you have an option to cancel the request. They stick to their turn around times. I tried to ask to fast track the request but to no avail.
- After 7 working days, you will receive an email confirmation that the withdrawal request has been processed and that the amount will be credited into your stated bank account in 1 to3 working days.
I was honestly disappointed by the amount of time they took to release the funds. A simple withdrawal may actually take 10 working days!
Side note:
During these days that I was waiting for my funds to hit my bank account, I also initiated a withdrawal through coins.ph which only took less than 48 hours to be credited into my BDO bank account.
The only downside of this of course is the conversion (and withdrawal - should you wish to withdraw cash using a local UAE ATM) charges. There is a Php 200 charge when withdrawing from an ATM outside the Philippines.
Having said this, I plan to open up a USD bank account with BDO so as to minimize conversion charges since AED (UAE's local currency) is pegged to USD at AED 3.68 per dollar.
There are lots of other bitcoin wallets that you can try to use. I am still looking up for the best alternative to Bitoasis here in the UAE so until then, I will be using my coins.ph wallet.
If you have any suggestions, please let me know. I would be very grateful!
Screenshots taken from my own Bitoasis account and email.
We are using the same wallet here in the UAE @arrliinn, its so sad that the processing for withdrawals it takes 7days plus 1 to 3 days transffring the fund to bank account. Hayssss
We need to do a little more research and maybe somehow we can find a better wallet with faster TAT on withdrawal or maybe send feedback to Bitoasis team that this is how they'd potentially lose clients. 😑😕
Hmm
Coins.ph 30 php charge cebuana withdrawal for 600 peso, process time 30 mins.
Thanks @cloudspyder! That is a very minimal fee compared to almost 300pesos that Bitoasis charged me to transfer the money to my bank account which took 8 days. Huhu...
@originalworks for your reading pleasure. Thank you.
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I hope the withdrawal process there will be faster.
Oh, I hope so too @zararina!
Yeheyy... resteemed for future reference 😅😅😅
Enebeyen wala ka pang bitcoin wallet?
Try getting both bitoasis and coins.ph use my invite so we both get Php50. 😉
Code: 6e0elp or click my link on the post itself. 😆
I have na... pero d pa ako nag put ng details... ung coins.ph wala pa... 👍 Gamitin ko ung code... sayang ang pipti 😂😂
Yeah. Put your details para ma verify na nila. Bak madagdag pa sa withdrawal processing TAT pag isasabay mo kung kelan gusto mo mag withdraw. Haha
Ayy... paetsssss!! 😂😂😂
Good side - I have personally used Bitoasis platform and in all honesty they have been very slick with how they operate, very professional!!
Down side - They are facing issues with banks in the middle east.
The concept is very new in this part of the world and still requires alot of improvement.
I have not used Bitoasis for a long while now, since I had issues converting the BTC to fiat. The process took 10 working days! But yeah, I read they are having issues with banks nowadays.
Bitoasis is actively engaged with UAE regulators. This is what Emirates NBD ‘s spokesperson told Gulf News in a statement that the bank does not restrict customers involving blockchain-based trading platforms including transactions with BitOasis, but it has systems in place to detect and act against any “money laundering, terrorist financing and breaches of international sanctions.”