Digital currencies have come a long way since the inception of Bitcoin back in 2009. In the Middle East and North Africa (MENA) region, the United Arab Emirates (UAE) has been the leader in taking the initiative and encouraging the development and growth of new technologies in the financial technology (Fintech) and blockchain sectors.
At BitOasis, we are proud to be the largest and most secure digital asset platform in the MENA region. With us, it has never been easier and more secure to enter the world of blockchain. Operating in the region since 2015 and headquartered in the UAE, our platform allows MENA residents and citizens to buy, sell and trade (XRP), along with over 10 other digital assets safely and securely.
What is Ripple?
Ripple is a technology released in 2012 that acts as, both, a digital payment network, as well as a cryptocurrency (XRP). Operating on a peer-to-peer and open-source decentralized platform, Ripple allows for seamless transfer of any type of money, be it fiat (USD, Yen, etc) or digital assets (BTC, LTC, etc).
What is XRP?
In line with its primary function of serving as a digital payment network, Ripple’s digital currency token XRP acts as a bridge between other currencies. The Ripple network, unlike Bitcoin and Nxt, does not operate with a proof-of-work system or a proof-of-stake system. Transactions on the Ripple network rely on a consensus protocol for validation of transactions and balances instead.
As of 2019, (XRP) was the third largest digital asset by market cap, after Bitcoin and Ethereum.
How to buy XRP?
In order to buy XRP in the Middle East, you just need to follow three simple steps:
Step 1: Sign Up for a BitOasis account
- The first thing you need to do is to sign up for a free account on our platform. Simply provide your email address along with your name, and set a password.
- Next, you will be asked to provide your mobile phone number to complete your registration. The phone number is what you will use to confirm your logins, transactions and account changes, so please ensure you provide us with a valid number.
- Congratulations, you now have a BitOasis account!
Step 2: Verify Your Account
After successfully creating your account, you will need to proceed with verifying your account in order to start buying, selling and trading XRP. The verification process is necessary for compliance and local/international regulatory purposes.
- Visit the verification page to begin the process. You will be introduced to three different levels of verification that you can choose from based on your requirements; Tier 1, Tier 2 and Tier 3. Each tier has a different set of documentation and information required from you, as well as a different weekly UAE Dirham (AED) deposit and withdrawal limit.
- Select the verification Tier you would like to proceed with based on your requirements. You will be shown a list of documents that we require from your side in order to proceed with verifying your account.
Please note, verifications are usually processed immediately for Tier 1, and take 24-48 hours for Tier 2 and 3.
Step 3: Deposit AED and buy XRP
Once your account is verified, you are now eligible to buy, sell and trade XRP. In order to perform a transaction, you first need to deposit AED into your account.
You can deposit AED to your BitOasis account easily and securely on the AED deposit page. Simply follow the steps in order to deposit the desired amount through your Credit/Debit card.
- Once the transaction is successful, you will see the deposited AED amount on your Dashboard.
Now that you have AED in your account, you can buy XRP along with the many other digital assets we support. There are two options that allow you to either buy and sell XRP, or trade XRP.
Buying XRP Through BitOasis Core
BitOasis Core is the easiest and most convenient way to buy and sell XRP or any other digital asset we support. In order to buy XRP through BitOasis Core, please follow the below steps:
- Visit the BitOasis Core Page
- Select the digital asset pair you want to transact in. For XRP, you can select the pair XRP-AED from the dropdown menu.
- Enter the desired amount in AED or in XRP
- Hit the Buy button!
Buying XRP Through BitOasis Pro
BitOasis Pro is designed for users who want to trade XRP. Users on the Pro platform can enjoy advanced trading features like trading charts in addition to additional types of orders, such as market orders, limit orders, stop orders and stop limit orders. In order to trade XRP through BitOasis Pro, please follow the below steps:
- Go to the BitOasis Pro page
- Select the trading pair you want to transact in from the drop-down menu on the top left. For XRP you have two options to choose from:
- Select your preferred order type
- After that, enter the amount of XRP you want to buy
- Hit the Buy button!
For more information on BitOasis PRO, including the different order types and how to place a trade, please visit our BitOasis PRO guide.
BitOasis is the largest, most secure, and most liquid digital asset exchange in the Middle East and North Africa (MENA) region, offering over ten (10) digital assets to buy, sell and trade against the UAE Dirham (AED). The BitOasis platform is available to users in the United Arab Emirates (UAE), Saudi Arabia, Bahrain, Kuwait, Oman, Jordan, Egypt and Morocco.