Exchanges

Bitso Review

Website : Bitso.com
Established : 2014
Support :
Country : Mexico
U.S. Clients Allowed : No
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Background

Bitso is a pioneering digital assets exchange based in Mexico. The exchange which was established in 2014 by three individuals namely; Ben Peters, Daniel Vogel, and Pablo Gonzalez, is headquartered in Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México. Bitso is the first exchange in the cryptocurrency industry to offer digital currency trading against the Mexican peso. Apart from digital assets trading services, Bitso also provides cryptocurrency payment services from Mexican merchants.

The primary purpose behind the establishment of this exchange is to help  bring  Mexican residents into the fold of the formal economy as Bitcoin is seen as a currency that can help to increase transaction speed as well as decrease transaction cost. Thus by offering a platform for Mexicans to purchase and sell Bitcoin (BTC) and Ethereum (ETH) with support for fiat currencies, Bitso is helping to promote the acceptance of cryptocurrencies in Mexico. You can use the Bitso platform as a wallet or as a crypto-exchange. After you have successfully created an account on Bitso, you will be able to access each of these services. The wallet service provided by Bitso lets you deposit and withdraw digital coins as well as to convert these currencies to other cryptocurrencies. On the other hand, the exchange service is more inclined toward trading cryptocurrencies.

Bitso users can trade with their local currency on the platform, and besides, Bitso now allows free SPEI electronic transfers. Withdrawals and deposits through SPEI previously had a commission of 8 MXN per transaction.Besides supporting bank wire transfers and Fiat currencies, Bitso has a Help center with helpful video tutorials on its website. So, beginners in the field of cryptocurrency investment can easily find their way around it. The Bitso wallet does not only support the most popular digital currency Bitcoin, few Altcoins such as Ethereum, Bitcoin Cash, and Ripple are also available. Apart from just giving you an overview of your balances, the wallet also enables you to check your deposits and withdrawals history.

Account Verification

Creating an account on Bitso is an easy and straightforward process that can be accomplished online in just a few minutes. You can start the process by clicking on the “Open Your Account” key on the homepage of the official Bitso website. From there, you will be required to enter your email, first name, last name, birthday, and country, as well as your cell phone number. You will also be required to choose whether the account is for personal or business purposes. As Bitso support trading in fiat currencies as well, account verification is required to comply with KYC policy as well as AML legislation. Bitso has three levels of account verifications, and each level has its benefits.Regarding the security measures in place at Bitso, the measures utilized include multisig wallets and two-factor authentication.

Trading Platform

With the trading platform offered on Bitso, you can easily convert between cryptocurrencies and fiat currencies. Simply indicate the amount of fiat currency that you wish to exchange for the cryptocurrency of your choice. Automatically, the platform will execute the trade at the latest market price.

The Bitso trading platform also allows you to sell your digital assets so you can get fiat currencies in return. Apart from the simple buy and sell process, the trading platform also comes with additional functionality such as limit order where you can initiate your market order to be processed only at a certain price level. At

You will be able to review some of your past trades on the lower part of the trading screen. Overall, Bitso platform is straightforward and easy to use.

Apart from the web-based trading platform and wallet, Bitso also has a mobile application where users can continue buying and selling cryptocurrencies directly from their mobile devices. The application also lets users receive and send digital currencies anywhere in the world.

Bitso Fees

Generally, Bitso charges a fixed fee of 1% on trades that meet the minimum trading volume. With volume trading, however, Bitso offers discounts based on the volume traded. The discount provided differs between Bitcoin and Ethereum.

Deposits are free of charge. For withdrawals via SPEI and the Ripple Gateway, there is no fee applicable. However, for withdrawal via Bitcoin and Ethereum, the charges are 0.001 BTC and 0.0025 ETH respectively.

Deposits and Withdrawals

As Bitso is centered on the Mexican cryptocurrency market, it has provision for deposit and withdrawals via the Mexican SPEI banking network. The deposit methods supported by the exchange consists of the following:

  • International Bank Wire
  • Ripple Gateway
  • SPEI Network

These methods are available for withdrawals:

  • Bitcoin Withdrawals
  • Ether Withdrawals
  • International Bank Wire
  • Ripple Gateway
  • SPEI

Is Bitso Safe?

Established in 2014 and based in Mexico, Bitso was created for the sole purpose of bringing the potential of cryptocurrencies to Mexico and it appears it has succeeded, as it is currently said to be the biggest crypto exchange in Latin America. However, Bitso does not accept clients from the US or any other country apart from Mexico. Overall, Bitso is a safe and secure crypto-exchange. The fact that it also supports fiat currency deposits is an added advantage even though it is only Mexican peso. The fact that Bitso’s fees are low and it supports trading for several types of cryptocurrencies and not just Bitcoin.

The help center on the website is also fairly comprehensive with adequate materials to give any newbie a good idea what cryptocurrency trading is all about.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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Bitso Rating

Bitso Rating
7.8

Ease of use

Fees

Support

Security

Pros

  • Good Customer Service
  • Fiat accepted
  • Wallet service available
  • Beginner-friendly

Cons

  • High trading fees for MXN pairs
  • No leveraged trading
  • Few altcoins available