To date, cryptocurrency is one of the world's most popular currencies, but what is cryptocurrency if it doesn't have a trading platform? It's just empty words, like a heart without a beat. A trading platform is required to conduct anything with cryptocurrency, including trading, swapping, buying, selling, and even simply possessing one. If you live in the United Arab Emirates, you're probably familiar with Binance and BitOasis, and you're probably wondering which one is better. In this essay, we'll go through both BitOasis and Binance in detail, including their supported nations, fees and charges, and, of course, the benefits and drawbacks of each platform.
Overview of BitOasis
Bitoasis is dedicated to provide the best Bitcoin resource in the Arab world. Because it provides both trading and storage, the website is a hybrid of a BTC wallet and an exchange.
This website is wonderful because it has been providing BTC services to the Arab world since 2015 and still provides excellent customer service. Simple account members are subject to a weekly wire transfer and credit/debit card payment limit of 400 AED. The user must first finish the verification process before raising the weekly deposit cap.
Overview of Binance
Binance is the world's largest online cryptocurrency exchange by trading volume. The exchange is also one of the fastest-growing websites in the cryptocurrency business. Binance Coin, the world's largest crypto exchange by trading volume, offers a comprehensive set of services to users and traders.
The Binance gateway is now available on Google Play, the App Store, and Android APK, allowing traders to trade from anywhere. On desktops, the platform works with both iOS and Windows. If a new customer is introduced to Binance and trades on any of Binance's spot or futures markets, the referrer receives a fee commission.
Supported countries for BitOasis
While Bitoasis concentrates mainly on the Middle East, it is open to everyone who wants to deposit and withdraw money in bitcoin. As a result, there are no country restrictions. If you want to deposit funds with a debit or credit card, however, only six countries are sponsored, as noted below:
1. Saudi Arabia
2. the United Arab Emirates
Supported countries for Binance
Visa and Mastercard purchases in the "Pay with Bank Card" option will be temporarily disabled in some countries. The following countries or territories are exempt from this restriction, and users can continue to use the service as usual:
Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, the United Kingdom, and Ukraine In comparison to BitOasis, Binance covers over 180 nations.
Fees & charges of BitOasis
Bitoasis is a very expensive service. If you're a regular investor, you'll have to pay a hefty 0.5 percent transaction tax on every coin you buy or sell. For example, if you buy $20,000 worth of Bitcoin, you'll have to pay $100 in fees. If you sold the same short-term investment for $40,000, you'd have to pay $20 in commissions. Furthermore, to lower trading expenses by merely 0.005 percent, you must deposit more than $250,000 in a single month!
Fees & charges of Binance
Binance offers a tiered trading fee structure depending on 30-day average trading volume or end-of-day Binance Coin balances. Traders are assigned to one of nine VIP levels, ranging from 0 to 9. Depending on the VIP level, trading fees range from 0.1 percent for maker and taker to 0.02 percent / 0.04 percent. Furthermore, both the manufacturer and the taker will receive a 25% discount when using BNB.
Pros and Cons of BitOasis Vs Binance
Advantages of BitOasis
1. Fees for credit and debit cards are accepted.
2. A website with a professional look and feel
3. Users of iOS can make use of a mobile wallet.
4. Ideal for those looking to trade in AED.
Advantages of BitOasis
1. Trading commissions are extremely expensive.
2. Fiat deposits and withdrawals are only available in six countries.
3. No video chat or phone service is available.
4. The price of bitcoin is much greater than the spot market.
5. There are no rules in place.
6. There are only a few cryptocurrencies that are accepted.
Advantages of Binance
1. Fees are really modest.
2. Various coins to exchange
3. By saving cryptos, users can earn interest.
4. Different trading platforms
5. A comprehensive 24/7 customer service center
6. An easy-to-use platform
7. IOS and Android apps are available.
Advantages of Binance
1. There is no customer service phone number.
2. Has been broken at least once (but compensated their users)
3. Separate domains for the United States and the rest of the world