Cryptocurrency Exchange

Bitso Exchange Review: Mexican Fiat to Crypto Exchange

Detailed review about one of the top Mexican exchange dealing with Fiat-crypto trades

Overview

Legal NameBitso Exchange
HeadquartersMexico City
CEODaniel Vogel
Year Founded2014
Exchange TypeCentralized
Trading FeesMaker: 0.098%/ Taker: 0.075%
Deposit MethodsWire Transfer and Cryptocurrency
Supported CryptosBitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and True USD
FiatMexican Peso (MXN)
Customer Service Email, Phone
Trading Options Spot Trading, Margin Trading

Bitso is one of the popular crypto exchanges that is widely known for its simple user interface and effective trading. Bitso is a place where both newcomers and trading professionals will be able to trade with ease.

However, like any other exchange, Bitso has its positives and negatives that have been expressed by numerous traders.

In this in-depth Bitso review we will dig into the exchange fees, features, trading, and much more. Let us get started and look in detail in this review now,

What is Bitso?

Bitso is one of the most popular cryptocurrency exchanges based in Mexico. The exchange headquarters is located in Mexico City. Bitso exchange was created by three individuals namely Ben Peters, Daniel Vogel, and Pablo Gonzalez. It was founded in the year 2014.

Bitso is the first cryptocurrency exchange in the industry to offer cryptocurrency trading against the Mexican peso. Apart from cryptocurrency trading services, Bitso also offers cryptocurrency payment services as well. Bitso also has its mobile app for iOS and Android.

Bitso Features

  1. Trading Platform: The platform allows you to sell your cryptocurrencies so you can get fiat currencies in return. The Bitso trading platform also comes with additional features such as limit order where you can set your market order to be processed only at a specified price level.
  2. Bitso Wallet: The Bitso wallet supports four main cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, and Ripple. It enables the overview of your balances and the deposits and withdrawals history.
  3. Security: Bitso ensures the Know Your Customer (KYC) standards. It is used to protect the exchange against fraudulent activity such as money laundering. The KYC process involves three levels of verification, which determine the limits on a trading account.
  4. Customer Support: The customer support service at Bitso is in the form of a comprehensive help center, support ticket, and live chat. It also contains an FAQ, buying a guide, video tutorials, and written tutorials as well.
  5. Mobile App: There is a native mobile app provided by the Bitso exchange where you can continue trading the cryptocurrencies completely from your mobile.

Bitso Fees and Limits

The trading fee for takers in Bitso is 0.075%. There is a slight discount on the trading fee for the makers who trade with a trading fee of 0.098%. These fees are below the industry average which has been around 0.25%.

Bitso charges a convenient withdrawal fee amounting to nearly 0.0003 BTC when withdrawing BTC. The Bitso exchange offers wire transfer and cryptocurrency as the deposit methods.

Bitso Supported Currencies

The Bitso exchange supports the following 6 cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • True USD

The fiat currency supported by the Bitso exchange includes:

  • Mexican Peso (MXN)

Bitso Mobile App

In addition to the web-based wallet and trading platform, Bitso has also a mobile app available which can be used for buying and selling cryptocurrencies directly from your mobile. The app also lets you receive and send cryptocurrencies anywhere in the world.

How to register on Bitso?

  1. Step 1:

    Navigate to the Official Website and then click on the “Sign up” Option

  2. Step 2:

    Enter your country of residence, your email address, and choose a strong password.

  3. Step 3:

    Then you have to check a few boxes, agree to the terms and conditions and the privacy policy, and confirm that you are at least 18

  4. Step 4:

    Tick the re CAPTCHA box, and then click “Done”.

  5. Step 5:

    Now you will be sent a confirmation code to your email. Copy and paste that onto the next page and then submit.
    register-on-Bitso

How to recover the Bitso password?

  1. Step 1:

    Login to your Bitso account, go to the “Profile” section and then to “Settings”. Click on “Reset Transaction PIN”,

  2. Step 2:

    This will send you an SMS message to your cell phone number registered with Bitso.

  3. Step 3:

    Complete the form with your Bitso registration data which includes: email, your date of birth and your country of residence.

  4. Step 4:

    Once you receive the SMS message you will have to enter it in the space provided and click on “Confirm”

How to deposit on Bitso?

  1. Step 1:

    Go to the “Wallet” section, go to the “BTC” option and click on the “Deposit ” button.

  2. Step 2:

    Select the method by which you want to deposit your account.

  3. Step 3:

    Follow the instructions that will appear on your screen to continue with your payment.

  4. Step 4:

    Then enter the amount of Bitcoin that you intend to deposit

  5. Step 5:

    Finally enter your transaction NIP. deposite-on-bitso

How to withdraw on Bitso? 

  1. Step 1:

    Go to the “Wallet” section within Bitso, go to the “BTC” option and click on the “Withdraw” button.

  2. Step 2:

    Now enter the Bitcoin address to which you intend to send your Bitcoins,

  3. Step 3:

    Then enter the amount of Bitcoin that you intend to withdraw

  4. Step 4:

    Finally enter your transaction NIP. withdraw-on-bitso

How to buy cryptocurrencies on Bitso?

  1. Step 1:

    Click on the Wallet option located at the top right of your home page, go to the currency you want and click on “Convert”

  2. Step 2:

    In the case of “Buy” enter the amount of pesos you want to spend.

  3. Step 3:

    When you are sure of the amount you want to buy, click on the “Buy bitcoins”

  4. Step 4:

    Now you will receive a small notification in the lower right part of your screen with the total amount of the transaction.

  5. Step 5:

    You can also verify the transaction in your account history. buy-cryptocurrencies-on-Bitso

How to sell cryptocurrencies on Bitso?

  1. Step 1:

    Click on the Wallet option located at the top right of your home page, go to the currency you want and click on “Convert”

  2. Step 2:

    In the case of “Sell” enter the amount of pesos you want to sell.

  3. Step 3:

    When you are sure of the amount you want to buy, click on the “Sell bitcoins”

  4. Step 4:

    Now you will receive a small notification in the lower right part of your screen with the total amount of the transaction.

  5. Step 5:

    You can also verify the transaction in your account history.

Bitso Pros and Cons

Pros

  • Supportive Customer support
  • Low Fees
  • Mobile App available
  • Support Fiat Currencies

Cons

  • Limited choices of cryptocurrencies
  • Only support Mexican peso

Conclusion

Overall, Bitso is a secure and a reliable cryptocurrency exchange. However, they support Mexican peso as the only fiat currency deposits option. They have very low fees and they support trading for several types of cryptos and not just Bitcoin.

The customer support is fairly comprehensive with sufficient materials to give you a good idea what cryptocurrency trading is all about. Thus the Bitso exchange is one of the best exchanges in Latin America which provides an excellent trading platform for its users.

Bitso FAQs

  1. How can I make a BTC withdrawal?

    Go to the withdrawal section and enter the amount that you want to withdraw. Next, enter the address that you want to withdraw to. Finally, enter in your transaction NIP.

  2. What should I do if I lost my transaction NIP?

    Log in to your Bitso account to reset it. Fill in the details on the reset form and you will receive an email link to confirm your new NIP.

  3. Are there any trading limits in place?

    Yes, there are deposit and withdrawal limits, the scale of which depends on your verification level.

  4. Is there a Bitso API available?

    Yes, The API allows you to integrate Bitso with essentially any third-party application.

  5. Is Bitso Safe?

    Yes, the Bitso exchange is comparatively safe as verification is required to comply with KYC protocols as well as AML legislation

Bitso Ratings  

Reviewed By Qadir AK

Easy to use
Trading
Fees and Limits   
Registration

Summary

Bitso is one of the most popular cryptocurrency exchanges based in Mexico. The exchange headquarters is located in Mexico City.

4.1
bitso - 8.4

8.4

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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