Bitso is a pioneering cryptocurrency exchange based in Mexico, established in 2014 by Pablo Gonzalez, Daniel Vogel, and Ben Peters. It holds the distinction of being the first platform to enable cryptocurrency trading in Mexican Pesos, offering both trading services and Bitcoin payment solutions for Mexican retailers. This review explores the platform’s features, benefits, drawbacks, and overall usability to help you determine if it aligns with your trading needs.
Overview of Bitso Exchange
Bitso operates as a user-focused cryptocurrency exchange designed to simplify digital asset trading. Although it is headquartered in Mexico, it also welcomes users from other regions, including the United States. However, investors should always review local regulations based on their country of residence.
The platform is recognized for its streamlined exchange process, multiple funding and withdrawal options, and strong security measures. It utilizes multisignature wallets and advanced technology to protect user assets. Additionally, Bitso offers powerful APIs, allowing developers to build custom applications on top of its infrastructure.
How Bitso Works
Getting started with Bitso is straightforward. Users need to complete a simple registration process, verify their identity through KYC procedures, and then deposit funds to begin trading. The platform supports both fiat and cryptocurrency deposits, making it accessible to a wide range of users.
Key Features
Bitso offers several notable features that enhance the trading experience:
- User-friendly interface suitable for beginners.
- Efficient and responsive customer support.
- Competitive trading fees.
- Simple and quick registration.
- Diverse selection of cryptocurrencies.
Products and Services
Bitso provides a variety of services tailored to meet user demands:
- Low trading fees compared to industry averages.
- Intuitive website and mobile app navigation.
- High-quality customer support with multiple help channels.
- A functional mobile application for iOS and Android.
- Real-time cryptocurrency price tracking.
Pros and Cons
| Pros | Cons |
|---|---|
| Excellent customer support | Limited to Mexican Peso for fiat operations |
| Low trading fees | Relatively small selection of cryptocurrencies |
| Supports fiat currency deposits | |
| Multiple cryptocurrencies available |
Registration Process
Creating an Account
To sign up, click the "Create an Account" button on the website, provide your email address, and set a password. You will receive a one-time password (OTP) via email to complete the verification.
Identity Verification (KYC)
After registering, you must complete identity verification to increase deposit and withdrawal limits. Providing personal details and submitting legal documents will allow higher transaction caps.
Depositing Funds
Once verified, you can deposit funds via wire transfer or stablecoins. Supported options include USD, USDC, and other major stablecoins.
Fee Structure
Bitso employs a maker-taker fee model. For USD trades, the maker fee is 0.095%, and the taker fee is 0.099%. Bitcoin trades start as low as 0.075% depending on volume. Deposit and withdrawal fees vary by method and currency. For example, Bitcoin withdrawals incur a fee of 0.00016442 BTC.
👉 Compare trading fees across platforms
Deposit and Withdrawal Methods
Bitso supports deposits and withdrawals primarily through Mexico’s SPEI banking network. Other supported methods include:
- International bank wire transfers
- Ripple gateway
- Ether and Bitcoin withdrawals
Supported Currencies and Countries
Bitso currently serves users in Brazil, Mexico, and Argentina. The supported cryptocurrencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- DAI
- Litecoin (LTC)
- Decentraland (MANA)
- Bitcoin Cash (BCH)
- Basic Attention Token (BAT)
Mobile Application
The Bitso mobile app is available for iOS and Android devices. It offers:
- A user-friendly trading experience.
- Quick KYC processing.
- Real-time cryptocurrency price tracking.
- Enhanced security options like biometric login and two-factor authentication.
Security and Privacy
Bitso adheres to KYC and anti-money laundering (AML) regulations. The platform incorporates security features such as multisignature wallets, two-factor authentication (2FA), and three-tier account verification levels.
Customer Support
Bitso provides extensive customer support through a help center, video tutorials, FAQs, and social media channels. Users can also submit support tickets, with responses typically provided within 24 hours.
Frequently Asked Questions
Is Bitso available outside Mexico?
Yes, Bitso currently supports users in Brazil, Mexico, and Argentina. The platform may expand to other regions in the future.
What are the trading fees on Bitso?
Fees vary based on trading volume and currency. For USD markets, the maker fee is 0.095% and the taker fee is 0.099%.
Does Bitso have a mobile app?
Yes, Bitso offers a mobile app for both iOS and Android users, enabling trading and account management on the go.
How secure is Bitso?
Bitso uses multisignature wallets, two-factor authentication, and complies with regulatory standards to ensure user security.
What cryptocurrencies can I trade on Bitso?
Bitso supports several major cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin, and others.
How do I contact Bitso customer support?
You can reach support through the help center, social media, or by submitting a ticket on their website.
Conclusion
Bitso stands out as a reliable and accessible cryptocurrency exchange, especially for users in Latin America. Its user-friendly interface, competitive fees, and strong security protocols make it a solid choice for both new and experienced traders. However, its limited cryptocurrency selection and regional focus may not suit all investors.
As with any financial platform, it’s essential to conduct personal research and consider your investment goals before trading.