Recently, everyone is captivated by the hype surrounding cryptocurrencies and we all would like to join the action. To help you out, we have written this step by step guide to help you buy Bitcoin and Ethereum easily in Dubai using BitOasis. Keep in mind that cryptocurrency is a highly volatile and risky investment so be cautious before you enter this market and decide to invest large sums.
We recommend Dubai based exchange BitOasis (https://bitoasis.net/en/) due to its convenience and ease of use. BitOasis is Middle Easts’ first cryptocurrency exchange, headed by Co-founder and CEO Ola Doudin. Residents of UAE, KSA, Kuwait and Bahrain can instantly buy Bitcoin and Ethereum using their credit card or deposit money through a bank transfer to buy your crypto.
Creating your account
Once you go on the website, fill in your details in the ‘Sign Up’ section and create an account. Register using your email address and remember to use a strong password for increased security.
BitOasis will ask you to provide your valid UAE phone number. This is very important, since BitOasis will SMS a unique code to you, which you have to confirm every time you login. This ensures that even if someone gets a hold of your email ID and password, they cannot access your account without the SMS.
Verifying your account
We recommend verifying your account, however as per the notification on the 8th of January 2018, due to a surge in the current applications, BitOasis has temporarily paused account verification’s.
Without verification, you can still buy Bitcoin and Ethereum but you can only buy a maximum of AED 1500 worth of cryptocurrencies every week and you will not be able to sell or withdraw this crypto until you complete the verification.
When BitOasis opens up their verification process, it still takes them up to 10 days to verify your accounts. To help speed up this process and make it smoother, BitOasis recommends avoiding the following mistakes:
- Incorrect First/Last Names: Users enter nicknames or abbreviations (eg: VKK Pillai). Please make sure the name you enter matches your full name as per passport.
- Wrong Company Name and Designation: Users sometimes leave these columns blank or enter abbreviations (example: ADMA, OPCO, ADIA, KNPC, HPE etc). Always enter the full name of the company and your full designation as mentioned in your offer letter.
- Wrong Nationality Selected: Your nationality is the country whose passport you hold. We see lots of users wrongly selecting UAE as their nationality.
- Incomplete Documents: Make sure you submit all pages of your documents. For example: Indian users must submit the front main page and back page of their passports. Similarly, for UAE residents, UAE residence visa is a mandatory requirement.
- Invalid Bank Details: Make sure the bank details you enter on the application form are of a bank account opened under your own name. We do not allow transactions from third-party bank accounts.
Applications containing incorrect details or incomplete documents take longer to process because they need to be manually corrected and sometimes require additional clarification from the user. Hence please make sure your applications are accurately filled and your documents are complete.
How to deposit money
Now that you have created your account and have it verified, you should decide which cryptocurrency you would like to purchase and also the amount that you want to invest. Here is how you would deposit money into your account:
There are 2 methods of depositing money into BitOasis. Firstly, you can do it through your credit card.
Credit card deposits charge a fees of 6% on every deposit. So for example, if you want to deposit AED 1000, you would have to pay a total of AED 1060 through your credit card. However, using this method, you can deposit money instantly and immediately start buying your cryptocurrencies.
The second method is through making a bank transfer. This method would take some time, depending on the time taken by your bank to process the deposit. Please remember to use your User ID as a reference, while making the bank transfer to ensure a smooth completion of the process.
How to buy the cryptocurrency
Click on the access trading exchange button, to arrive at the trading portal. As shown in Step 1, you can select the option to either buy Bitcoin (BTC-AED) or Ethereum (ETH-AED) with your available voucher amount.
On the top of the screen you will see ‘Last price’ which shows what the latest trading price was for the currency. You can also see the price range for the day, and ‘open price’ tells you what the price was at the start of the day (remember, cryptocurrencies is a 24/7 market which means that there is no closing time or day).
As seen in Step 2, you will see two options, ‘Market’ and ‘Limit’. Market means that you are willing to immediately purchase at whatever the current trading price is. This options ensures that your order is swiftly executed.
With the Limit option, you can enter the amount of Bitcoin that you want to buy and at what price. For example, you can enter that you want 1 BTC at AED 50,000. Now this order will get executed only once the price has reached AED 50,000.
Then in the box shown in Step 3, you can type the amount of Bitcoin or Ehtereum that you want to purchase, and the amount in AED shows below. It is very important to note that it is not necessary to buy 1 complete Bitcoin or Ethereum. You can buy any amount that you desire (eg 0.00125 BTC or 0.245 ETH). It is completely up to you!
Now click the ‘Place Order’ button, and your order goes through. Congratulations, you have just purchased your first cryptocurrency!
How to withdraw money from BitOasis
You have to start off with selling some of your cryptocurrency. This step is the same as the purchasing step shown above. The difference is that you click the ‘Sell’ button instead of the ‘Buy’ button. The ‘Market’ and ‘Limit’ concepts are the same as they were for buying your crypto.
Now for withdrawing this money, step 1 is to click on the withdrawal button as shown in the picture above.
Then, you click on the ‘Money Withdrawal’ option as shown in Step 2 in the image above.
Finally, you enter the amount that you would like to withdraw in the box shown in Step 3. You will be charged AED 22 for every withdrawal that you make. The minimum amount that can be withdrawn is AED 222.
Finally, click on the ‘Withdraw’ button shown in Step 4 and wait for a few days for the money to show up in your bank account!
Some additional links for BitOasis
AML compliance policy: https://bitoasis.net/en/front/aml-compliance-policy
Terms of service: https://bitoasis.net/en/front/terms-of-service
If you have any additional questions, please comment below and the Baqqit team will try to answer it as soon as possible. And watch out for our next guide on how to purchase other coins such as Ripple, Litecoin, Cardano, etc!