BitOasis: Buy Bitcoin & CryptoApp Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
(Analysis from Android review)
While this might be a good thing:
- External Custodians are usually highly specialized in securing assets
- External Custodians will care about fixing issues with one client, to not lose others
- External Custodians are usually registered businesses under regulatory oversight
- External Custodians will try to protect your funds even from your wallet provider: With fraud detection, they will certainly try to avoid the emptying of all users' wallets at once
- External Custodians are extra intermediaries: Even when the wallet provider wants to let you use your money, they might turn out to be uncooperative
- External Custodians holding custody of many wallets are interesting targets for hackers and thieves
- External Custodians, being publicly registered will not be able to resist if in their jurisdiction rules on the use of Bitcoin get tightened
As External Custodians usually don't publish lists of companies they are working with and past information might be outdated, we have no way of assuring claims by wallet providers to be using their custody solution. Please let us know if you found proof that the provider is being dishonest about their business relation to External Custodians!
From its Google Play description:
With BitOasis, you can buy digital assets safely and securely. Deposit fiat (AED) through your personal debit or credit card.
It further describes itself as:
the Largest Digital Asset Exchange in the Middle East
As this app is a centralized exchange it is likely to be custodial. Furthermore, from the “About Us” page:
The services currently offered by BitOasis are as follows:
- A Bitcoin (BTC) wallet with multi-signature technology for long-term storage of Bitcoin (BTC).
- A platform for basic buying/selling of digital assets (referred to as the “BitOasis Core”).
- A platform for trading in digital assets (referred to as the “BitOasis Pro”).
- A platform that facilitates sending and receiving digital assets.
- A platform that facilitates online and offline storage of clients’ digital assets.
- A platform that facilitates the liquidation of digital assets as Fiat (AED)
With this information it appears you can send/receive and store your BTC under the custody of this platform.
In the Section 23 of the FAQ,
How secure are my digital assets on BitOasis?
Our wallet uses multi-signature technology to secure your bitcoins. With our multi-signature wallet, you will need 2 of your 3 private keys to move or spend any bitcoins. This provides an extra level of security to make sure your funds will not be compromised if one of your private keys is.
Your wallet private keys are three. You and BitOasis have access to one of those keys. As BitOasis, we do not have access or control over the 2 remaining keys and by that, we do not have control over any of our customers’ bitcoins. The second key is held by BitGo, a third-party security company. The third key, or the Recovery key, is a backup for emergencies and is secured under the supervision of an independent law firm that our customers can reach out to in case of any service compromise.
As third parties have the 2of3 quorum - BitGo and “an independent law firm” - and you don’t have it, we qualify this product as custodial and thus not verifiable.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.