Bitso Exchange Review
Bitso is a centralized exchange that occupies #78 on Guru InvestingExchange Tracker. Bitso has trading volume US$53,469,217 in the last 24 hours and US$14,590,323,586 in the last 7 days.
Bitso currently has 57 cryptocurrencies, 4 paper currencies and 97 markets (cryptocurrency trading pairs). The most popular trading pair on Bitso is USDT/MXN.
Compare Bitso next to other exchanges here: Exchange comparison tool.
Bitso cryptocurrency exchange is one of the largest CEX in Latin America. Based in Mexico and claims to have over 5 million users. It offers services of buying and selling digital currencies among its users, deposits in local currency, simple transfers between wallets and earning profits.
Bitso uses KYC verification during registration to confirm the user’s identity. When registering, you must provide a government-issued ID, passport, or any form of identification. The Bitso cryptocurrency exchange accepts investors from all countries and has no regional restrictions.
Bitso offers two main platforms: mobile app for buying, selling and using cryptocurrencies, as well as Bitso Alpha, a cryptocurrency exchange providing speed, accuracy and liquidity, as well as tools for technical and graphical analysis. Its interface includes information about the price of the Bitso cryptocurrency.
Markets
Bitso accepts deposits in 4 fiat currencies: Mexican Peso, Argentine Peso, Brazilian Real and US Dollar.. Additionally, users around the world can link their bank accounts to the exchange and convert their fiat currencies into MXN on the spot for transactions. He supports fiat-crypto, crypto-fiat and crypto-crypto trade. There are a total of 46 assets and over 70 Bitso trading pairs available.
Bitso spot trading and leverage for margin trading are available.. The amount of leverage depends on the specific market and asset. The exchange also allows you to make a profit through a program called Bitso+.
Profit can be obtained by holding USDT, BTCAnd ETH in the Bitso wallet. For any balance, Bitso+ generates daily profits, which are credited to the user’s account every Monday. The balance is always available for withdrawal or conversion, unlike time deposits in traditional banks. The rate is 2% per year, and the program does not incur any additional costs for the investor.
Regarding Bitso exchange fees, almost all deposits are free.. Only bank transfer of USDT stablecoins applies for a $10 fee. Regarding withdrawals, local currency is exempt from any fees. Withdrawal of stablecoin USDT in the form ERK-20 tokens are charged a fee of $0.96. Like many other exchanges, Bitso’s cryptocurrency fees vary depending on the currency chosen and Bitso’s trading volume. For example, Ethereum withdrawals are charged 0.00031800 ETH, while Bitcoin withdrawals are charged 0.00010074 BTC.
other services
Cryptocurrency exchange Bitso offers more traditional financial services such as cashback on transactions made using Bitso Card — digital and physical map. Users can pay for their purchases with the available MXN balance in their wallet and earn BTC for every transaction.
Moreover, it provides international transfers in US dollars. You can send or receive US dollars from your bank account to your Bitso account via SWIFT or IBAN transfer. The received USD deposit is converted into USD stablecoins, but the amount remains unchanged. There is no deposit fee, but there is a $12 shipping fee, regardless of the amount. Bank processing time takes on average 6 business hours.
There is also the possibility Domestic bank transfer to the USA. Users can send and receive US dollars from a US bank account directly to their Bitso account. As with international transfers, fiat currency is converted into USD stablecoins, with no deposit fees and a flat $12 fee for sending.
Finally there is BitsoPay, allowing users to instantly accept Bitcoin payments abroad without incurring fees. A total of 135,000 convenience stores from 7-Eleven and Oxxo have partnered with Bitso, allowing Mexican residents to fund their fiat merchant accounts from these stores.
About company
Bitso cryptocurrency exchange was founded in 2014 Ben Peters, Daniel Vogel and Pablo Gonzalez. Its headquarters are located in CDMX, Mexico.
It was the first exchange to offer cryptocurrency trading for the Mexican Peso. Within a few years, it quickly positioned itself as an alternative to the traditional Mexican financial system, which was often unstable. Bitso co-founders Ben Peters and Pablo Gonzalez have partnered with Ripple use the Ripple gateway and facilitate money transfers from the US to Mexico in pesos, US dollars and bitcoin.
In 2016, the exchange collaborated with a local Zmart Group open over-the-counter Bitcoin sales in convenience stores across the country. In May 2021, Bitso was reported to have nearly surpassed $45 million in volume.
Bitso customer funds have never been hacked or lost. However, in 2017, due to a technical issue, Bitso suffered a security breach, which was quickly acknowledged and apologized for.
Bitso related pages
Read the hottest Crypto news.
Watch the animated crypt Video explanation.
Learn Cryptocurrency From scratch.
A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
