Bitso is a pioneering cryptocurrency exchange based in Mexico, founded in 2014 by three persons named Ben Peters, Daniel Vogel, and Pablo Gonzalez. Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México is the headquarters of the exchange. Bitso is the industry’s first cryptocurrency exchange to allow cryptocurrency trading in Mexican pesos. Bitso offers cryptocurrency payment services from Mexican retailers in addition to cryptocurrency trading services.
The exchange was created with the primary purpose of assisting in the integration of Mexico’s unbanked population into the formal economy, as Bitcoin is viewed as a method that can help boost transaction speed while also lowering transaction costs. Bitso is assisting in the acceptance of cryptocurrencies in Mexico by providing a platform for Mexicans to purchase and sell Bitcoin and Ethereum with support for fiat currencies.
Bitso wallet
Bitcoin, Bitcoin Cash, Ethereum, and Ripple are the four main types of cryptocurrencies supported by the Bitso wallet. Aside from keeping track of your funds, the wallet also allows you to see your deposit and withdrawal history.
You can effortlessly convert between fiat dollars and cryptocurrencies using the Bitso platform. Simply enter the amount of fiat currency you want to trade for your preferred coin. The conversion will be carried out automatically by the platform at the current market price. You may also sell your bitcoins on the platform in exchange for fiat currency. Aside from the straightforward buy and sell process, the Bitso trading platform also includes features such as limit orders, which allow you to limit your market order to only be processed at a certain price level. You can review some of your prior transactions in the lower area of the trading page. Overall, the Bitso platform is simple to use.
Bitso mobile app
Bitso has released a mobile app in addition to its web-based wallet and trading platform, allowing you to purchase and sell cryptocurrencies directly from your smartphone. You can also receive and send cryptocurrency from anywhere in the world using the app.
Deposit and withdrawal options
Because Bitso focuses on the Mexican bitcoin trading sector, it accepts deposits and withdrawals via the SPEI banking network in Mexico. The following techniques are supported by Bitso as far as deposit methods are concerned:
- International Bank Wire
- Ripple Gateway
- SPEI Network
For withdrawals, these methods are available:
- Bitcoin Withdrawals
- Ether Withdrawals
- International Bank Wire
- Ripple Gateway
- SPEI
Fees
The fee payable by Bitso is often fixed at 1% for trades that meet the minimum trading volume. Bitso, on the other hand, offers volume trading discounts based on the volume traded. The discount changes depending on whether you’re buying Bitcoin or Ethereum.
There are no fees associated with deposits. There is no cost for withdrawals made through SPEI and the Ripple Gateway. However, withdrawal costs are 0.001 BTC and 0.0025 ETH for Bitcoin and Ethereum, respectively.
Privacy and security
Because Bitso also supports fiat currency trading, verification is essential to comply with KYC and AML regulations. Bitso provides three layers of verification, each with its own set of perks.
Multisig wallets and two-factor authentication are among the security features implemented at Bitso.
Customer support
Bitso provides customer support with a comprehensive help center, support tickets, and live chat. An FAQ, a purchase guide, video tutorials, and written tutorials are all available in the support area.
Conclusion
Bitso is a safe and secure cryptocurrency exchange in general. Even though it is simply the Mexican peso, the fact that they accept fiat currency deposits is a positive. Furthermore, the fact that their costs are reasonable and that they enable trading for a variety of cryptos other than Bitcoin makes it appealing. Their support center is also rather extensive, with enough information to give you a solid concept of what bitcoin trading is all about.
