Bitso is a pioneering Mexican cryptocurrency exchange. It was founded in 2014 by three men named Ben Peters, Daniel Vogel, and Pablo Gonzalez. Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México serves as the exchange’s headquarters. The Bitso crypto exchange is also the first cryptocurrency exchange to offer cryptocurrency trading in Mexican pesos. In addition to cryptocurrency trading options, it also offers Bitcoin payment services from Mexican retailers.
This Bitso review focuses on the different features of the platform, as well as the pros and cons. It also offers other relevant and necessary information that would help the users to make the right decision regarding trading on the site.
However, even after reading this in-depth Bitso review, users should do their research to ensure they are making the right decision.
What is Bitso crypto exchange?
Bitso is a unique cryptocurrency exchange platform based in Mexico. Despite the tense political climate between the two nations, she encourages US investors to trade on her platform. However, US investors should independently assess any specific issues that may arise as a result of their residency or citizenship.
The Bitso crypto exchange stands out for five main reasons. The first is their exchange process. It’s simple and easy to follow. The second feature is that customers can easily deposit and withdraw funds into their accounts. The third crucial element is its security, backed by the most advanced technology. The use of multisig wallets is another reason for its popularity. Choose the best online or offline crypto wallet to store your cryptocurrencies. The powerful Bitso exchange APIs add to its credibility. It indicates that the platform enables people to create effective apps.
The third crucial element is its security, backed by the most advanced technology. The powerful Bitso APIs add to its credibility. It points out that Bitso enables people to build effective apps.
How does Bitso crypto exchange work?
Bitso is not a complicated platform and the process of initiating trades on this cryptocurrency trading site is quite simple. The first step is for users to register on the site. Once this is done, they need to complete their KYC and this allows users to deposit their selected amount on the Bitso crypto exchange and start trading.
Bitso Exchange features
Some of the key features of Bitso are listed below:-
- User-friendly and easy to understand interface
- Very efficient customer support system
- Low trading fee
- Easy registration process
- Availability of a range of cryptocurrencies to trade
Products and services offered by Bitso crypto exchange
Contrary to many reviews on the web and our research, we can say that Bitso offers its customers a range of attractive products and services which are listed below:-
- One of the best services that the cryptocurrency trading site offers is its low trading fees, which naturally attract many consumers to trade on the site.
- Navigating the site is also quite easy and this is another useful service offered by the trading platform.
- Bitso Exchange’s customer service is one of the best in the business, making sure that every customer on the platform can get help with whatever they need.
- The mobile application developed by the site is also one of the main services that set it apart.
- Consumers can trade anytime, anywhere from their phones through the mobile app. This, of course, improves the usability of this crypto trading platform.
Bitso crypto exchange Review: Pros and Cons
- The Bitso offers top-notch customer service.
- Bitso fees on the site are low compared to other platforms.
- Bitso also supports fiat currencies.
- There are several cryptocurrencies to choose from.
- The site only supports the use of the Mexican peso.
- The range of cryptos available may seem limited at times compared to other trading platforms.
- Getting started with the Bitso registration process
Getting started with Bitso crypto exchange is easy and users need to follow the steps mentioned below:
The first step to using Bitso crypto exchange is to register on the platform. Upon landing on the website, users need to click on the “Create Account” tab. The next step is to fill in some important details like the user’s email address and create a strong but easy-to-remember password. Finally, users need to click on the “Start” button.
Once this is done, the user will receive an OTP to the provided email address. It must be entered in the designated field.
Users cannot deposit or trade anything after registration as the limit is zero. You need to fill out a few more details to increase the monthly deposit and withdrawal limit to $185.00. Users must enter their name, date of birth, gender, occupation, source of funds, PEP status, and phone number.
Monthly withdrawal and deposit limits can be increased to $750.00 and $1,500.00 respectively. To use this feature, users need to provide some legal documents to get verified.
Start depositing in Bitso
Once they are done with the above steps, users can start depositing their desired amounts into the Bitso crypto exchange. There are two ways to do this:
One option is to deposit the selected amount via wire transfer and the other option is to deposit via stablecoin. Selecting a wire transfer gives the user the option to deposit any amount directly from their bank. However, if they choose the latter, they can choose between Binance, Paxos, USD Coin, USD, and HUSD as their deposit currency.
Bitso Fees and Fees
Trading fees on Bitso crypto exchange vary depending on the user’s selected trading volume and currency. For users who choose USD as their currency, the maker and taker prices are 0.095 percent and 0.099 percent, respectively. Users using bitcoin as a fixed currency have to pay the lowest fee of 0.075 percent for minimum trading volume and 0.098 percent for makers and takers.
Deposit and withdrawal costs vary depending on the method and currency used. For example, there are no additional costs when depositing Bitcoin, but customers have to pay 0.00016442 BTC when withdrawing. This fee is too low compared to the market average, which makes the platform competitive.
Bitso Trading Fees
Every trade occurs between two parties: the maker, whose order exists in the order book before the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so-called because their orders create liquidity in a market. Takers are the ones who remove that liquidity by matching makers’ orders to their own.
Bitso’s trading fee for takers is 0.098%. Makers enjoy a slight trading fee discount, trading with a trading fee of 0.075%. These fees are below the industry average, which has historically been 0.25% but is now moving towards 0.10% to 0.15%.
Bitso Withdrawal Fees
Bitso’s trading fees are a little on the high end, but withdrawal fees are on the other end of the spectrum. Bitso crypto exchange charges a dynamic withdrawal fee of around 0.00002 BTC when withdrawing BTC. This fee is well below the industry average and represents a strong competitive advantage over most other top crypto exchanges in the market. The current industry average of BTC withdrawals was 0.00053 BTC per BTC withdrawal.
Bitso deposit and withdrawal method
Since Bitso primarily deals in the Mexican cryptocurrency, withdrawals and deposits are made through Mexico’s SPEI banking network.
Supported Deposit Methods
- International bank transfer
- SPEI network
- Ripple Gateway
- Supported withdrawal methods
- Bitcoin Withdrawals
- International bank transfer
- Ether Withdrawals
Payment method accepted by Bitso crypto exchange
Unlike many exchanges, Bitso accepts a range of payment methods for both deposits and withdrawals. Some of them are International Bank Wire, Ripple, Either Withdrawals, SPEI, etc.
Currencies and countries supported by Bitso
Bitso crypto exchange currently supports customers based in Brazil, Mexico, and Argentina with crypto exchanges. However, the company intends to expand its business to other parts of the world. Bitso mainly supports 9 types of cryptocurrencies. They are Bitcoin, Ethereum, TrueUSD, Ripple, DAI, Litecoin, Decentraland, Bitcoin Cash, and BAT.
Bitso Mobile App
Besides the website, Bitso crypto exchange also offers its users a very well-built mobile application for smooth trading. The application is available on both iOs and Android platforms.
The main advantages of mobile apps in crypto exchange are:
- It allows users to trade less frantically and smoothly.
- Completing the KYC process on the application does not take much time and can be done quickly.
- Users can monitor the price of various cryptocurrencies in real-time on the mobile application and determine the ideal time to buy and sell bitcoin.
- To keep users safe, the application will ask users to set up a passcode. Users can set their fingerprint and Face ID in addition to the passcode for added security.
Bitso security and privacy
Since Bitso supports fiat currency trading, verification is required to comply with KYC and AML regulations. Bitso crypto exchange offers three levels of verification, each with its advantages. Multisig wallets and two-factor authentication are among the security features implemented by Bitso.
Bitso Customer Support
Unlike other cryptocurrency exchanges, Bitso offers its users quality customer service to ensure that any issues customers are facing are resolved without any hassle. The website contains a help center with necessary information as well as helpful videos, social media, and frequently asked questions.
However, if someone cannot resolve their questions through the material available in the Help Center, they can create a support ticket and expect help within twenty-four hours.
Bitso Review: Conclusion
In summary, after many reviews and our research, it is a cryptocurrency exchange. Although it only supports the Mexican peso, the fact that it accepts fiat currency deposits is a bonus. Additionally, the trading costs on the site are minimal and it supports a variety of cryptos in addition to Bitcoin. This makes it an attractive site platform for trading.
Another impressive thing about Bitso crypto exchange is the help center which gives users a good idea of what cryptocurrency trading is all about and how one should start trading.
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