There are many cryptocurrency exchanges in the market. But very few are there who deal in Mexican Peso and allow to buy Bitcoin using Peso. One such exchange is Bitso Exchange. Let us understand more about the exchange in this Bitso review.
Bitso is a Mexican exchange started in 2014. The vision of this company is to focus on bridging the gap between fiat and digital currency. Bitso mainly deals in Bitcoin, Ripple and Ethereum trading and exchange. The exchange was the first to deal with pesos/bitcoin trading in the country.
A group of the crypto enthusiast; Pablo Gonzalez, CEO, and co-founder, Ben Peters, another co-founder, and CTO and Daniel Vogel, co-founder and President together launched the exchange.
The company so far has immense media coverage on several platforms Coin Desk, Fortune, EL Economista, BBVA, CNN expansion. The trading pair is fiat currency to digital currency.
Bitso aims to provide access to cryptocurrency to the individuals in Mexico so they could learn and use digital modes of payments.
Features of Bitso
Now that we know what is Bitso exchange, let’s understand what makes it different from other exchanges.
Bitso is partners with Bitnet, ripple, Bitplay, Digital currency group, Align Commerce, etc. The money can be easily circulated between the Bitso account and bank account of an individual with no transaction cost. The deposits and withdrawals have an easy interface, which makes it user-friendly.
For developers, Bitso provides powerful and robust API’s whether it’s public or private so that it could build and develop applications on cryptocurrency. Bitso provides on REST API to its developers, which is one of the most efficient interfaces.
The platform has its inbuilt web-based Bitso wallet. To start trading, you must fund the wallet i.e. deposit BTC in your account.
Bitso Mobile App
For ease of use of traders, Bitso has a mobile application for both Android as well as iOS version. The app lets you buy/sell the cryptocurrencies through your smartphone anywhere in the world.
Bitso Reward Program
One of the exciting factors of this exchange is its reward or referral program. The referee will receive 10% of the fees generated by the referred person. The only criteria to become a referee and generate fees is the trader should have Level 2 account verification.
How to register a new account on Bitso?
What do you think is the first step while using any crypto exchange? Exactly, it’s Account creation. Our Bitso review walks you through steps to account management.
To register a new account on Bitso, log on to www.bitso.com. Then click on “open account”. The registration occurs on three levels. In the first level, enter the information such as email ID, first name, last name, and date of birth. Select the country and the contact number with country code. Also, the user can select if the account is personal or it’s registered on behalf of the institution.
In the second level, develop a password and a security or transaction pin. Then click on “I agree to T&C” and proceed. Under level third, a user can select his main activity on the Bitso platform such as buying/selling of Bitcoin, trade Bitcoins, and accept payments with Bitcoin.
Once the registration is complete, a client ID is generated. Also, a verification email goes to the registered email ID. The user will have to complete the email verification and later login with the client ID.
Trade and exchange
Any exchange review is considered incomplete without its trading platform description. We will explain how the platform works.
The user can buy and sell the cryptocurrency using this platform. Firstly a user has to add funds in his Bitso account through his bank account. Then he can be involved in an exchange where a fixed amount in Mexican currency can be exchanged for Bitcoins or other digital currencies. Similarly, for selling Bitcoins, the user can decide the amount for which he wants to sell.
Below is a trading platform for the Bitso exchange.
Before trading, there are several tools present on the Bitso platform such as the graph with the market analysis of cryptocurrency and timeline. There are also statistics on 24-hour trade volume, market cap, and daily change. Thus, Bitso is a wonderful and efficient platform for trading and exchange.
Bitso has a very basic trade interface. So, the exchange platform has introduced Bitso Alpha. This is a platform designed for experienced traders.
“Bitso Alpha includes integrated technical analysis and visualization of all trades made allowing traders to make informed decisions about their movements. These characteristics are not possessed by any other platform”, says Pablo González, co-founder of Bitso.
Now that we have understood the trade, next in our Bitso review is the fees. Every trade is associated with fees. So, it’s better to understand what fees are charged. Let’s check on this aspect.
Bitso has a transparent fee structure. Also, it has a dedicated page on the website for the detail fee structure. Unlike other exchanges, Bitso does not have any hidden fees. The minimum trading volume Bitso Fees is 1% fixed. However, there is a discount on the trade volume further.
Deposit/Withdrawal Fees – The Bitso exchange fees vary for deposit and withdrawal based on the payment methods used. Usually, deposits are free.
Trading Fees – Bitso has Maker/Taker fees. This structure provides great liquidity to the exchange. The fees are calculated on 30-day volume trading. The Bitso fees vary based on the trading pair. Fees for trading BTC/MXN is 1% if you are trading 1 BTC and less. The higher the amount, though, the lower the fees. Similarly, other trading pairs have different fees.
Bitso exchange review is incomplete without explaining about its security aspect. Let’s understand is Bitso safe to trade and how security is managed by the platform.
Digital currencies are always saved on the Internet-based network. Therefore they are always at high risk when it comes to volatility and cyber-crime.
When it comes to any exchange, Security is considered to be the deciding factor. Bitso exchange understands this. So, Security is quite efficient on this platform. But Bitso manages the security well. The servers at Bitso are robust and secure. For a high security, Bitso has partnered with Bitgo that provides multi-signature technology. To fulfill the standards of currency security, Bitgo develops solutions for key recovery, protocols for safety.
Other safety measures include two-factor authentication (2fa). Under this security system, the user needs to download the Google authenticator on his device. The QR code of the Bitso account is scanned in the authenticator.
Both authenticator and Bitso accounts are then synced. Thus, every time a user tries to log in, a 6-digit code goes to the registered mobile number or email ID. This adds an extra layer of security in the Bitso account.
- Aug 1, 2019: Bitso became the first Latin American cryptocurrency exchange to get DLT license from Gibraltar Financial Services Commission (GFSC)
- July 9, 2019: Bitso Alpha was introduced, a new platform designed for traders
With the Bitso platform, you can easily convert between fiat currencies and cryptocurrencies. Simply select the amount of fiat currency that you wish to exchange for the coin of choice. The platform will automatically execute the conversion at the latest market price.
Its simple platform, its web-based Bitso wallet, its safety and being the best option available in Latin America are Bitso’s biggest advantages and its main selling points.