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Tips to trade cryptocurrency safely (and mistakes to avoid)

More inside: Your very own guide on how to prevent an account suspension.  

Your financial safety comes first! 

Towards our mission to build a safe and effortless platform for trading cryptocurrency in the Middle East, so far, we’ve self-regulated ourselves to match the highest international standards of security measures. 

But there’s always room for improvement and that’s why our team has been constantly working with regulators to acquire key regional licenses. Such permits create a safe business environment for BitOasis, and in turn ensures the safety of our customers.  

How BitOasis guarantees your financial safety

Having acquired regulatory approvals in April 2021 from AbuDhabi Global Market (ADGM), BitOasis has also had some big “firsts,” in terms of regional compliances. 

Recently, we became the first crypto-asset service provider in UAE to be linked with an anti-money laundering platform – GoAML. The GoAML platform exists to curb organized financial crimes and was locally launched by the Financial Intelligence Unit of the Central Bank of UAE. 

But keeping the world of cryptocurrency safe is a collective responsibility. Between BitOasis and the community at large, there are several ways our customers can help us mitigate the risks of suspicious activities. 

Having said that, consumer awareness happens to be the most efficient way to keep our community safe. For instance, an alert customer can report suspicious social media accounts, phishing emails, fake exchanges, peer to peer scams, and fraud coin projects. Such reports will help us tackle malpractices better and even help regulators to safeguard the crypto economy in the Middle East. 

Awareness can change the way you trade and invest in crypto assets, and much of this will help you use your BitOasis account in a professional way. 

To start trading professionally and prevent an account suspension, avoid these three common mistakes:

  • Using multiple debit and credit cards to buy cryptocurrency 

Using five bank cards for deposits is the maximum number of cards you can use on the same account.

  • Avoid cards with different names to buy cryptocurrencies

You must use debit/credit cards that are issued under your name.

  • Sharing other people’s information

You must use a personal bank account under your name on BitOasis and avoid using another person’s bank account for fiat withdrawal orders. 

In Conclusion

BitOasis has been working with key policymakers to help them build regulation that will make crypto safe for investors. We are extremely lucky in that regard, because the UAE leadership’s stance towards crypto and blockchain technology has been very progressive. For instance, our terms of service run according to local regulations that have been developed with the relevant authorities. 

Other than regulatory compliance, we recently focused our efforts to make trading experiences more convenient through the launch of our Easy Funding feature for all UAE users. This funding option offers zero fee deposit. Additionally, BitOasis set up a local bank account that enables customers in the UAE to withdraw fiat with 0% fees. 

As we continue to work with policy makers at local and regional levels, we hope to lead by example and help create a more inclusive regulatory atmosphere for crypto to thrive.