Bitso is a pioneering Mexican cryptocurrency exchange. It was founded in 2014 by three men named Ben Peters, Daniel Vogel, and Pablo Gonzalez. Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México serves as the headquarters of the exchange. Bitso exchange also happens to be the first cryptocurrency exchange to provide cryptocurrency trading in Mexican Pesos. In addition to cryptocurrency trading options, it also offers bitcoin payment services from Mexican retailers.
This Bitso review focuses on the various features of the platform along with the pros and cons. It also provides other relevant and necessary information that would help users make the right decision regarding trading on the site.
|Listed Cryptocurrency||BTC, ETH, USDT, XRP, DAI, LTC, MANA, BCH, & BAT.|
|Supported Fiat Currencies||USD|
|Supported Countries||Brazil, Mexico, and Argentina|
|Deposit Fees||Depends on currency|
|Transaction Fees||Maker – 0.095% |
Taker – 0.099%
|Withdrawal Fees||Depends on currency & Payment Method|
|Customer Support||FAQs, Support Centre, & Social media Support|
However, users should do their own research even after reading this detailed Bitso review to ensure they make the right decision.
What Is Bitso Exchange?
Bitso is a first-of-its-kind cryptocurrency exchange platform based in Mexico. In spite of the tense political climate between the two nations, it encourages US investors to trade on its platform. However, US investors should independently examine any specific difficulty that may arise as a result of their domicile or citizenship.
Bitso exchange primarily stands out for five reasons. The first is their process of exchange. It is simple and easy to follow. The second feature is that customers may easily fund and withdraw money from their accounts. The third crucial element is its security, which is powered by the most advanced technology. Its use of multisig wallets is another reason for its popularity. Choose the best online or offline crypto wallet for storing your cryptocurrencies. The powerful Bitso exchange APIs add to its credibility. It indicates that the platform allows people to create effective apps.
The third crucial element is its security, which is powered by the most advanced technology. The powerful Bitso APIs add to its credibility. It indicates that Bitso allows people to create effective apps.
Bitso Platform Interface
How Does Bitso Work?
Bitso is not a complicated platform and the process of initiating trade on this cryptocurrency trading site is quite simple. As the first step, users will have to register themselves on the site. Once that is done, they need to complete their KYC and this will enable users to deposit their selected amount in Bitso exchange and start trading.
Features of Bitso Exchange
Some of the key features of Bitso are mentioned below:-
- User friendly and easy to understand interface
- Very efficient customer support system
- Low trading fee
- Easy registration process
- Availability of a number of cryptocurrencies to trade
Products and Services Offered by Bitso
Unlike many reviews on the internet and our research, we can say that Bitso happens to offer a number of attractive products and services to its consumers and are listed below:-
- One of the best services offered by the cryptocurrency trading site is its low trading fees that naturally attract a lot of consumers to trade on the site.
- Navigating through the site is also quite easy and this is another useful service that the trading platform offers.
- The customer care service provided by Bitso exchange is one of the best in the industry and makes sure that every customer on the platform gets help with whatever they need.
- The mobile application developed by the site is also one of the primary services that make it stand out.
- Consumers can trade anytime anywhere from their phones through the mobile app. This naturally enhances the usability of this crypto trading platform.
Bitso Review: Pros and Cons
|Bitso offers top-notch customer care services.||The site only supports the usage of the Mexican Peso.|
|The Bitso fees on the site are low in comparison to other platforms.||The choice of available cryptos might sometimes appear limited when compared to other trading platforms.|
|Bitso supports fiat currencies as well.|
|There are a number of cryptocurrencies to choose from.|
Getting Started With Bitso Registration Process
Getting started with Bitso is easy and users have to follow the steps are mentioned below:-
The first step of using Bitso is registering on the platform. On landing on its website, users will have to click on the ‘Create an Account’ tab. The next step is filling in a few important details like the user’s email address and creating a strong yet easy to remember password. Finally, users will have to click on the ‘Start’ button.
Once that is done, the user will receive an OTP on the provided email address. It needs to be entered in the designated field.
Users won’t be able to deposit or trade anything after registering since the limit is zero. They will need to fill in a few more details to boost the monthly deposit and withdrawal limit to $185.00.Users must fill in their name, date of birth, gender, employment, source of money, PEP status, and phone number.
The limits of monthly withdrawal and deposit can be increased to $750.00 and $1,500.00, respectively. To avail of this feature, users are required to provide a few legal documents to verify themselves.
Start Depositing in Bitso
Once they are done with the above-mentioned steps, users are eligible to start depositing their desired amounts in Bitso. There are two ways to do this:-
One way is to deposit the selected amount through wire transfer and the other option is to deposit through stablecoin. Selecting a wire transfer will give the user the opportunity to deposit any amount straight from their bank. However, if they select the latter, then they will be able to choose among Binance, Paxos, USD coin, USD, and HUSD as the depositing currency.
Process to Get Started with Bitso
Bitso Fees & Charges
Trading fees on Bitso vary depending on the user’s selected trading volume and currency. For users who choose USD as their currency, the maker and taker prices are 0.095 percent and 0.099 percent, respectively. Users who use Bitcoin as their fixed currency must pay the lowest charge of 0.075 percent for the minimum trading volume and 0.098 percent for makers and takers.
The costs for deposits and withdrawals vary depending on the method and currency used. For example, there are no additional costs when depositing Bitcoin, but customers must pay 0.00016442 BTC when withdrawing it. This charge is excessively low in comparison to the market average, making the platform competitive. Know more about its fee structure from here.
Bitso Deposit and Withdrawal Method
Since Bitso primarily deals with the Mexican cryptocurrency, withdrawals and deposits are done through the SPEI banking network of Mexico.
Supported Deposit Methods
- International Bank Wire
- SPEI Network
- Ripple Gateway
Supported Withdrawal Methods
- Bitcoin withdrawals
- International bank wire
- Ether withdrawals
- Ripple gateway
Bitso Accepted Payment Method
Unlike many exchanges, Bitso accepts a number of payment methods for both deposits and withdrawals. A few of them are International Bank Wire, Ripple, Either Withdrawals, SPEI, etc.
Bitso Supported Currencies and Countries
Bitso currently supports customers based in Brazil, Mexico, and Argentina for crypto exchange. However, the company aims to spread its business to other parts of the world. Bitso primarily supports 9 types of cryptocurrencies. They are Bitcoin, Ethereum, TrueUSD, Ripple, DAI, Litecoin, Decentraland, Bitcoin Cash, & BAT.
Bitso Supported Cryptocurrency
Bitso Mobile App
Besides the website, Bitso also offers a very well-built mobile application for its users to trade smoothly. The application is available on both iOs and Android platforms.
The key benefits of the mobile app in crypto exchanges are:-
- It gives the users a chance to trade in a less hectic, smooth manner.
- Completing the KYC process on the application does not take much time and can be done quickly.
- Users may monitor the price of various cryptocurrencies in real-time on the mobile application and decide the ideal moment to buy and sell bitcoin.
- To ensure the safety of the users, the application invites users to set up a code. Users may set their fingerprint and face ID in addition to the code for added security.
Bitso Mobile App
Bitso Security and Privacy
Since Bitso supports fiat currency trading, verification is necessary to comply with KYC and AML regulations. Bitso provides three degrees of verification, each with its own set of perks. Multisig wallets and two-factor authentication are among the security features implemented by Bitso.
Bitso Customer Support
Unlike other cryptocurrency exchanges, Bitso provides high-quality customer support services to its users to ensure that any problems that customers face are solved in a hassle-free manner. The website contains a help center that has necessary information along with helpful videos, social media, and FAQs.
However, in case someone cannot get their queries solved through the material available at the help center, they can create a support ticket and expect help within twenty-four hours.
Bitso Customer Support
Bitso Review: Conclusion
In conclusion, as per many reviews and our research, it can be safely said cryptocurrency exchange. Even though it only supports the Mexican peso, the fact that it accepts fiat currency deposits is a bonus. Moreover, trading costs on the site are minimal and it supports a variety of cryptos apart from Bitcoin. This makes it an attractive site platform to trade on.
Another impressive thing about Bitso is its help center which gives users a fair idea of what cryptocurrency trading is all about and how one should begin trading.
Where Is Bitso Company Located?
Bitso is based in Mexico. The company headquarters are located in Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México.
How Do I Withdraw From Bitso?
Users need to go to the withdrawal section of their Bitso account and type in the amount they wish to withdraw in BTC. After that, one needs to type in the address where the money is to be sent. Finally, the transaction’s unique identifier (NIP) is to be provided. The withdrawal request should be completed within a few minutes if everything is in order. It’s worth noting that the minimum withdrawal is 0.001 BTC.
How Do I Buy Bitcoins With a Bitso Wallet?
In order to buy Bitcoins, users will first have to log into their Bitso account. In case they do not have an account, they will have to create one. After that is done, they will be able to fill the Bitso wallet with Mexican Pesos in which the lowest limit is 100 mxn in cash. Finally, users will be able to buy Bitcoins by creating limit orders or by placing market orders.
Is Bitso a Wallet?
Bitso is a crypto exchanges trading platform that is based in Mexico and allows customers to trade using the Mexican Peso. However, the site does offer a wallet that supports four types of cryptocurrencies; namely, Bitcoin Cash, Bitcoin, Ripple, and Ethereum. Aside from keeping track of user funds, the wallet also allows them to view their withdrawal and deposit history.
What Is the Bitso App?
Bitso has developed a mobile application that works both on Android and iOs. The application helps traders trade smoothly and at their convenience without having to repeatedly visit the website. The app is safe to use and makes sure that the customers do not face any additional trouble while trading through it.
Is Bitso Available for US Residents?
Unfortunately, Bitso currently allows users only from Mexico, Argentina, and Brazil. However, they have plans to expand their business in other parts of the globe as well.