Bitso Exchange Review: Mexican Fiat to Crypto Exchange

Bitso is a well-liked cryptocurrency exchange, praised for its user-friendly interface and efficient trading capabilities. This platform is appreciated by both beginner and experienced traders. However, like any trading platform, Bitso has its pros and cons as reported by various users. In this straightforward review, we’ll delve into the specifics of Bitso, including its fees, features, and trading performance. Let’s dive in and get a detailed overview of Bitso.

What is Bitso?

Bitso is not just your regular cryptocurrency exchange, it’s a trailblazer in its realm. Founded in Mexico City by a dynamic trio – Ben Peters, Daniel Vogel, and Pablo Gonzalez – Bitso burst onto the scene in 2014. This exchange doesn’t merely offer a platform for trading cryptocurrencies, but it also made history as the first exchange to facilitate cryptocurrency trading against the Mexican Peso. But there’s more. Bitso is not content with being just a trading platform; it’s also a provider of cryptocurrency payment services. And to make the deal even sweeter, Bitso has user-friendly mobile apps for both iOS and Android. It’s more than just a cryptocurrency exchange – it’s a complete digital currency solution.

Features

• Trading Platform: Bitso’s trading platform allows the selling of cryptocurrencies for fiat currencies. It offers features like a limit order for setting market orders at specified prices.
• Bitso Wallet: Supports four major cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, and Ripple. It provides an overview of balances, deposits, and withdrawals.
• Security Measures: Bitso enforces Know Your Customer (KYC) standards to safeguard against fraudulent activities such as money laundering. The KYC process includes three levels of verification, defining the limits on a trading account.
• Customer Support: Bitso provides an extensive help center, support ticket system, live chat, an FAQ section, buying guide, video tutorials, and written tutorials.
• Mobile App: Bitso features a native mobile app, allowing users to trade cryptocurrencies on the go.
• Liquidity: Bitso provides good liquidity, enabling users to easily buy and sell cryptocurrencies.
• Fiat Options: Bitso accepts Mexican Peso (MXN), Argentinian Pesos (ARS), Brazilian Reais (BRL), and Colombian Pesos (COP), allowing users to directly buy cryptocurrencies with their local currency.
• Payment Services: In addition to trading, Bitso offers cryptocurrency payment services, facilitating broader usage of cryptocurrencies.
• User Interface: Bitso has a user-friendly interface, making it an easy-to-use platform for both novice and experienced traders.

Supported Cryptocurrencies on Bitso

Bitso boasts a diverse selection of 46 different cryptocurrencies and 85 trading pairs, providing ample options for traders. Some of the popular cryptocurrencies are:

• Bitcoin
• Tether
• XRP
• Ethereum
• Cardano
• Bitcoin Cash
• Litecoin
• TRON
• Chainlink
• GALA
• Fantom
• Shiba Inu 

How to create an account on Bitso?

• Go to Bitso’s official website and click “Sign up.”
• Provide your country of residence and your email address. Make sure to select a strong password.
• Agree to the terms and conditions and privacy policy. Confirm you’re 18 or older.
• Complete the reCAPTCHA verification, then click “Done.”
• Check your email for a confirmation code. Enter this code on the next page and submit.

How to deposit crypto on Bitso?

• Log in to your Bitso account.
• Select the “Wallet” option from your dashboard.
• Click on “Deposit” and choose the type of cryptocurrency you want to deposit.
• You’ll see a unique deposit address. Copy this address.
• Go to your external wallet or another exchange, and paste the copied deposit address to send your chosen cryptocurrency to Bitso.
• Make sure all details are correct, then confirm the transaction.
• Wait for the transaction to be confirmed on the blockchain. Once confirmed, the funds will appear in your Bitso account.

How to withdraw crypto on Bitso?

• Log into your Bitso account.
• Click on the “Wallet” section in your dashboard.
• Choose the cryptocurrency you wish to withdraw.
• Click on “Withdraw”.
• You’ll be asked to enter the destination address (make sure it’s the correct address for the cryptocurrency you’re withdrawing).
• Enter the amount you want to withdraw.
• Double-check the information, ensuring the destination address is correct.
• Click on “Confirm Withdrawal”.
• A confirmation email will be sent. Click the link to approve the withdrawal.
• After approval, your funds will be sent to the specified address.

How to buy crypto on this exchange?

• Log into your Bitso account.
• Click on the “Buy/Sell” option on your dashboard.
• Choose the type of cryptocurrency you want to buy.
• Enter the amount of money you want to spend or the amount of cryptocurrency you want to buy.
• Review the transaction details to make sure everything is correct.
• Click on “Confirm Purchase”.
• Your purchased cryptocurrency will be added to your Bitso wallet.

How to sell crypto on Bitso?

• Log into your Bitso account.
• Click on the “Buy/Sell” option on your dashboard.
• Choose the cryptocurrency you want to sell.
• Enter the amount of cryptocurrency you wish to sell.
• Review the transaction details, including the amount you’ll receive in return.
• Click on “Confirm Sale” to finalise the transaction.
• The funds from the sale will be added to your Bitso account.

Exchange Fee Structure & Supported Payments

Bitso uses a maker-taker system where trading fees get cheaper the more you trade. It has two types of orders, ‘makers’ and ‘takers’. Makers are orders that aren’t immediately matched with an existing one, adding to the market’s liquidity. Takers are orders that match an existing one, removing liquidity from the market. If you trade a lot in 30 days, your fees go down. But remember, it might take about five minutes for any fee changes to show up after you’ve traded a lot. So, if you’re a regular trader, keep an eye on your trading volumes to get lower fees.

Bitso has two fees, those which are calculated in markets against Bitcoin (BTC) and those which are calculated in markets against Mexican Pesos (MXN).

Trading with Pesos

For starters, if you trade less than 1.5 million Mexican Pesos, they charge 0.5% for making a trade and 0.65% for taking a trade. But if you trade a lot, say over 250 million Pesos, they don’t charge anything for making a trade and only 0.13% for taking a trade. 

Trading with Bitcoins

For beginners trading less than 8 Bitcoins, the fees are 0.075% for making a trade and 0.098% for taking one. If you trade more than 950 Bitcoins, your fees drop to 0.05% for making a trade and 0.065% for taking one. So, big Bitcoin traders enjoy lower fees on Bitso.

Customer Support

Bitso’s customer support is pretty good. You can chat with them live if you need help right away. If your problem is a bit more complicated, you can send them an email. They also have a FAQ section where you can find answers to common questions. Plus, they have many blogs and guides to help you understand how to use their platform better.

Conclusion

In conclusion, Bitso provides a comprehensive platform for cryptocurrency trading that’s user-friendly and feature-packed. Its strong focus on security, a diverse selection of cryptocurrencies, and excellent customer support make it a strong contender in the market. It’s clear that Bitso is dedicated to providing a high-quality service to its users, from beginners to seasoned traders. However, it’s always important to do your own research and understand the platform’s terms and policies before trading.

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