Bitso is the first crypto unicorn in Latin America, founded in 2014. The website offers a variety of features that will be presented in our Bitso review, including spot trading, a mobile app, and a Bitso Card, making it a popular choice among users. It’s also regulated by the Gibraltar Financial Services Commission, ensuring secure custody of funds and high-security standards for exchanges.
Moreover, Bitso’s commitment to user satisfaction is evident in its dedication to providing high-quality customer support services, which puts it among the top crypto exchange platforms.
What Is Bitso?
Bitso is a leading Mexican cryptocurrency exchange. The unique thing about Bitso is that it’s the first exchange to offer crypto trading in Mexican pesos. This significant development made it easier for Mexicans to access and use digital assets for exchanges.
It allows users to exchange, buy, and sell a range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, and BitcoinCash. It also supports crypto-to-crypto and crypto-to-fiat pairs, with the US dollar, Mexican peso, Colombian peso, Argentine peso, and Brazilian real as fiat currencies.
Bitso’s primary goal is to bring Mexico’s unbanked population into the formal economy. In addition, the site facilitates the acceptance and adoption of digital assets in Mexico by providing a way for Mexicans to buy and sell cryptocurrencies with fiat currencies.
How to Open an Account at Bitso
Step 1: Click on the “Start now” button
The green button is located in the upper right corner.
Step 2: Provide personal information
You must provide personal information, including country of residence, email, and password. It’s advisable to change passwords regularly, at least every 3 to 6 months. Use unique and alphanumeric passwords to reduce the risk of a security breach.
Step 3: Accept Terms & Conditions
Step 4: Verification procedure
At Bitso, the login procedure is simple. Still, it’s worth mentioning that the website will ask you to provide ID, passport, utility bill, bank statement, or other document issued by a governmental body as proof of identity.
Is Bitso Safe?
Bitso is a regulated crypto-powered financial services provider in Latin America. The Gibraltar Financial Services Commission has granted Bitso a DLT license, making it one of the most innovative financial regulators in the world.
Bitso operates under the GFSC’s principles, prioritizing secure custody of funds and high-security standards. In addition, the company undergoes thorough risk assessments and is audited by a third party to ensure the safekeeping of customer funds.
Bitso is also protected by Coincover, which holds an insurance backed guarantee for almost all digital assets. Moreover, the site uses customer due diligence and KYC strategies to identify and uncover potential risks and request a suspicious withdrawal.
In addition, the Bitso wallet is secure and an all-in-one digital asset storage solution that supports the top four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Ripple.
With its user-friendly interface, the wallet provides a comprehensive overview of your balances and transaction history, making it easy to track deposits and withdrawals.
By advocating for industry best practices and appropriate regulations, Bitso aims to maintain an open dialogue with regulators and make the crypto ecosystem a safe place for its users.
What Are Bitso Features?
One of the most prominent features of Bitso crypto exchange is spot trading, which allows users to exchange, buy, and sell a range of cryptocurrencies, including Bitcoin, Ethereum, XRP, TrueUSD, Cardano, Litecoin, Dogecoin, and Bitcoin Cash.
Bitso supports crypto-to-crypto and crypto-to-fiat pairs, making it a versatile platform for cryptocurrency trading. Users can trade in Mexican Pesos and other fiat currencies like the US dollar, Argentine peso, and Brazilian real.
In addition to spot trading, Bitso also offers a user-friendly mobile app for iOS and Android devices. The Bitso app enables users to manage their accounts and trade cryptocurrencies, making it a convenient option for many.
Bitso Card is a versatile payment method that can be used for both online and in-person transactions. It’s available as a digital or physical card, both of which can be funded with the available balance in MXN.
The physical card works like a traditional debit card and is easy to use. It can be used to make purchases at physical stores worldwide. In addition, you can withdraw cash from ATMs in Mexico and worldwide using the Bitso Card.
Bitso Card is available to anyone with a Bitso account, and there is no annual fee to use the card. For added protection, Bitso Card transactions are protected by Bitso protocols, and you can block, unblock, or re-issue your card at any time through the app.
What Are Bitso Fees?
The site charges trading fees for every transaction. The prices depend on the trading volume in the last 30 days, with higher volumes having lower costs.
As Bitso Bitcoin trading is also available on the platform, users can expect the following Bitcoin fees:
|Maker %||Taker %||Volume|
On the other hand, Bitso, a Mexican cryptocurrency exchange, charges trading prices for transactions made with Mexican pesos:
|Maker %||Taker %||Volume|
The Bitso fees for cryptocurrencies other than Bitcoin on Bitso follow a similar structure. However, it’s important to note that Bitso’s prices are subject to change and may vary based on market conditions and other factors.
Regarding deposit fees, it’s worth stating that it’s free to place a deposit. However, there are additional withdrawal costs for cryptocurrencies, including the following:
- Bitcoin – 0.00019000 BTC
- Ethereum – 0.00120000 ETH
Requesting the withdrawal with Mexican pesos is free, too.
Bitso exchange has competitive prices compared to other exchanges and is designed to encourage users to trade more on the platform while generating revenue.
Bitso Customer Support: Which Options Does It Offer?
Bitso’s customer support is available 24/7 through email and live chat. The site also has a comprehensive Help Center that offers educational resources and answers to frequently asked questions.
The team comprises knowledgeable professionals who can assist users with various issues, including account management, trading, and security. Users can expect high professionalism and courtesy when communicating with Bitso’s customer support team.
Bitso’s commitment to user satisfaction is evident in its commitment to providing high-quality customer support services.
Customer Reviews: What Do Customers Say About Bitso?
Bitso is a popular cryptocurrency exchange that has garnered many positive reviews. Users state that the site has the best service, platform, and exchange, so it’s more than functional. Positive reviews highlight Bitso’s reliability and competitive Bitso prices.
However, like any platform, Bitso has received some negative user reviews. Some users have reported slow customer support response times, while others have experienced technical issues when using the platform. However, this is expected as the platform gained rapid popularity over time.
Final Thoughts: Is Bitso Worth It?
As a reliable and user-friendly cryptocurrency exchange in Latin America, Bitso in Mexico is ideal for residents of Latin America. Moreover, it’s meant for those looking for a user-friendly platform that supports multiple cryptocurrencies and fiat currencies.
Bitso is also designed for those looking for a beginner-friendly platform that prioritizes security and regulatory compliance. However, users who require advanced trading features and tools may find other platforms more suitable.
Is Bitso legit?
Bitso is a fair and regulated cryptocurrency exchange. It is licensed by the Gibraltar Financial Services Commission (GFSC) and operates under strict security and risk management guidelines.
How to buy at Bitso?
You must create an account, verify your identity, and deposit funds. Once your account is verified, you can navigate to the Buy/Sell section of the platform and select the cryptocurrency you want to buy.
Where is Bitso located?
Bitso is located in New Mexico.
Is Bitso a good wallet?
Bitso offers a reliable and secure wallet service for storing and managing cryptocurrencies. Bitso’s wallet is also integrated with its exchange platform, making it easy for users to trade cryptocurrencies.
How much does Bitso charge for fees?
Bitso charges trading costs based on a maker-taker model that varies depending on trading volume. Fees range from 0.065% to 0.000% for takers and 0.075% to 0.050% for makers. For Mexican peso trading, prices range from 0.650% to 0.000% for takers and 0.500% to 0.000% for makers. For additional information, read our Bitso review.