Bitso is a platform with which it is possible to trade bitcoin and other crypto assets. It is the first Mexican exchange to comply with the country’s regulations, and its main objective is to promote Bitcoin technology in Latin America.

Since it was founded, this exchange house has not stopped growing in the region, receiving multiple awards and recognitions. Now, is it a safe and reliable exchange to trade? You will find out in this review that we have for you, where we will tell you everything you need to know about Bitso.

What is Bitso and how does it work?
It is a platform designed to sell, buy and exchange crypto assets , including bitcoin, ether , XRP and litecoin . It was founded in 2013 by Ben Peters, Daniel Vogel and Pablo González, and its headquarters are located in Mexico. The company claims to be the first regulated exchange in the region, licensed by the Gibraltar Financial Services Commission (GFSC).

In recent years, Bitso has grown by leaps and bounds. More than a million clients are part of the platform and it has several recognitions. For example, in September 2019 it obtained one of the first positions in the LinkedIn Top Startups , as the most prominent emerging company to work for in Mexico. And this is just one of the awards it has obtained thanks to the good working conditions that the company provides to its employees.

Bitso claims to offer speed, speed and simplicity with its financial services. Its goal is to make Bitcoin technology available to anyone and boost the acceptance of cryptocurrencies in Latin America. You want crypto assets to be as simple as sending a text message, but safely and reliably.

If you wonder how the platform works, users place their buy or sell orders on the exchange market, where other people can access these orders to trade. The Mexican peso, the US dollar, the Argentine peso and the Brazilian real are the national currencies available for exchanges. Bitso claims not to have control over the price of digital currencies . Rather, the price is determined by supply and demand in the market.

What are the services of this Latin American exchange?
Bitso’s slogan is “Your door to the global economy”. According to its website, there have been more than 19 million trading operations on the exchange , as well as more than 4 million payments with cryptocurrencies. But what specific services can you get from a platform like this? Let’s talk about it.

Bitso’s mobile application is one of its main products. You will have access to the crypto market from the comfort of your smartphone . It allows you to buy, sell, send or save digital currencies simply and quickly. The company claims to have the only app in Latin America with which you can check the market and buy bitcoin and other cryptos at the same time. So no matter where you are, you’ll stay on top of asset price trends and fluctuations in real time.

The app is available for Android and iOS devices, and you can download it for free. As for its language, it is in Spanish and English. To start using the app, you simply have to deposit Mexican pesos, Argentine pesos, US dollars or Brazilian reals from your bank account. You will have access to multiple digital currencies in one place and without complications.

One of the advantages of Bitso Transfer is that it is designed so that you can send or receive payments immediately and without commissions , since the operation does not go through the blockchain.

Even in establishments authorized by the company, such as the OXXO chain and Walmart, you can deposit cash into your Bitso account, simply by showing a funding code generated by the app. Another deposit option is to make a transfer through SPEI (Interbank Electronic Payment System). It is clear that the company has endeavored to provide its clients with multiple alternatives to enter the crypto market.

It is a more advanced version for trading bitcoin. In it you have access to 17 markets and it has technical analysis tools. Although it is a platform made for experts, it is intuitive and user-friendly. In a simple glance, you will find the necessary tools to operate.

If you want to create more complex trading strategies, then its API (Application Programming Interface) is for you. With the API you can integrate Bitso Alpha with third-party trading applications , which means that it is possible to adapt the software to your needs.

What do you need to sell or buy bitcoin with Bitso?
To operate on this exchange, you simply have to enter the Bitso website and register in the “Create an account” section. There you can choose between a personal account and a business account. Then, you must enter the requested data, such as name, telephone number, country of residence, email and others.

When you submit this data, you will be asked to enter the Bitso Pin, an additional password to protect your account. Once you read and accept the terms and conditions of the company, you will receive an email to complete the registration process.

To have full access to the exchange’s services, you have to perform the KYC verification. On the platform, there are three main levels of verification , each with different requirements. This in order to avoid crimes such as identity theft, money laundering and financial fraud.

To go to level 1, from which you can start operating, it is necessary that you provide information such as full name, gender, date of birth, country of birth, state of residence, nationality, occupation, access to geographical location via mobile device , validation in the sanctions lists, email and phone number verification. The monthly withdrawal and funding limit for level 1 accounts is 4,500 MXN, while the maximum balance is 6,000 MXN.

To go to level 2, Bitso requests your address, digitized signature, valid official identification and proof of address less than three months old. In this case, the monthly funding limit is 18,000 MXN and the withdrawal limit is 36,000 MXN.

Level three is divided into 3a, 3b, and 3c. For the 3rd, a telephone number, RFC (Federal Taxpayers Registry) and an interactive questionnaire on the source of income are required. The monthly limits for these accounts are 150,000 MXN for funding and 300,000 MXN for withdrawals.

The requirements of 3b are proof of income, flow diagram of the funds that will enter the Bitso account, bank statement and FEA (Advanced Electronic Signature) certificate. The monthly limit is 1,000,000 MXN for funding and 2,000,000 MXN for withdrawals. The last level is 3c, in which they request proof of income that justifies the client’s activity and additional financial and tax information at the discretion of the company. The monthly withdrawal and funding limit is discretionary .

If you want more information about account levels and limits, the Bitso blog explains in detail.

After opening an account and performing identity verification, you can make a deposit to start trading. You have the option of making a transfer from a bank account or sending stablecoins or cryptocurrencies .

Characteristics of the bitcoin trading exchange
Let us know in detail the characteristics of Bitso, to determine if it is a good alternative to operate with bitcoin in Latin America.

Safety
The KYC verification is mandatory, in this way, the company ensures that it avoids fraud and protects its clients’ funds. An additional layer of security from Bitso is two-factor authentication (2FA). In addition, they keep their clients’ bitcoins in cold storage or offline, to keep them out of the reach of hackers.

It is a regulated exchange, licensed by the Gibraltar Financial Services Commission (GFSC). In fact, the company is in a transitional period to become an Electronic Payment Fund Institution under the Mexican Fintech Law .

Interface
A point in favor of this exchange is that its interface is one of the simplest and most intuitive, even for those who have never used platforms of this type. Buying, selling or exchanging assets is a quick and easy process , which usually only takes a few minutes.

When entering their website, you will notice a minimalist and clean design, which allows you to find what you want at a glance. Its mobile app is another of Bitso’s advantages, as it allows you to operate in a simple and practical way, no matter where you are.

Both the standard version and Bitso Alpha stand out for their functionality and advanced tools. Although for expert traders, perhaps the platform is a bit basic when compared to others designed especially for this type of audience. But if you are starting out in the world of cryptocurrencies, the platform works very well.

Customer service and support
On their website they have a Help Center with a buying guide, tutorials, video tutorials, a section of frequently asked questions and the most common problems. If you can’t find the information you need here, one option is to use live chat or create a support ticket.

But keep in mind that the same company reports that the response can take up to 72 hours due to the increase in requests of this type, which is considered a slow response time. On pages like Trustpilot , Bitso has a good score of 4.3 / 5. And most reviews rate their service as “Excellent”.

Payment methods
The payment methods accepted for deposits with Mexican pesos are Bitso Transfer, funding in cash and bank transfer (SPEI). For withdrawals, Bitso Trasfer, SPEI, debit card and transfer to cell phone. If you want to deposit or withdraw in Argentine pesos, the only option available is bank transfer (COELSA). If it is US dollars, you can withdraw with Ether ERC20 and deposit with this token or bank transfer.

Cryptocurrencies
If you wonder how many cryptocurrencies you can trade on Bitso, the answer is nine . These are the ones that are available:

Bitcoin (BTC)
BitcoinCash (BCH)
BAT
XRP
DAI
Litecoin (LTC)
Ether (ETH)
TrueUSD (TUSD)
Decentraland (MANA)
Additionally , the exchange has 23 pairs , including BTC / MXN, XRP / MXN, ETH / USD, BTC / USD, and BTC / DAI.

Liquidity
According to the website of CoinMarketCap , liquidity Bitso for most traded pair, BTC / MXN is 360/1000 . It is low when compared to other exchanges such as Binance , with an average liquidity of 633/1000 and Coinbase Pro , with an average of 485/1000 to date.

This would be inconvenient if you want to trade large orders, since, due to price differences, you would have to buy or sell at a higher or lower price than what is in the market, which would generate losses.

In which countries is it available
Bitso’s headquarters are in Mexico , and its main market is the Mexican peso. However, it also operates in Argentina and Brazil with their respective national currencies. If you are in other Latin American countries or the United States, then this exchange may not be the most suitable for you.

What are Bitso’s fees and commissions?
The platform charges commissions depending on the type of digital asset. In the case of cryptocurrencies, deposits are not charged. For withdrawals, it is a different commission for each one. For example, bitcoin is 0.00018567 BTC, ether is 0.01159200 ETH, and litecoin is 0.00001179 LTC.

Commissions for deposits in Mexican pesos also vary according to the method. If you use Bitso Transfer or SPEI, you will not pay commission, while if you make a cash deposit at OXXO, it is 2.6% plus VAT. For more details on deposit and withdrawal fees, click here .

For trading commissions, Bitso is based on the Maker-Taker scheme , in which the maker is the one who generates liquidity in the market by creating orders, and the taker is the one who accepts or executes the order created previously. You will find a more detailed explanation about this scheme on the company blog .

The trading commissions of the maker and the taker decrease the greater the volume of your assets in a period of 30 days. To trade bitcoin, the highest commission is 0.075% for the maker and 0.098% for the taker , while the lowest is 0.050% for the maker and 0.065% for the taker . Here you can check the trading commissions of other assets .

Advantages and disadvantages

Advantage
It allows you to exchange cryptocurrencies for national currency, such as the Mexican and Argentine pesos.
You can fund your account with cash in authorized establishments or deposit with SPEI.
It is a regulated exchange, licensed by the Gibraltar Financial Services Commission.
With the mobile application it is possible to make shipments without commissions and instantly.
They have a variety of security measures, such as cold storage and multi-signature wallets.
Their website is in Spanish and English, and they have an API.
They have an advanced cryptocurrency trading platform.

Disadvantages
There are only four national currencies available for buying and selling crypto assets.
There are few crypto assets to operate compared to other larger exchanges.
Not all Latin American countries have access to its services, only Mexico, Brazil and Argentina.
Like many local exchange houses, its liquidity is low.
Conclusion: Is Bitso a good exchange to trade bitcoin in Latin America?
Bitso stands out for being one of the first exchanges in Mexico, and that it also complies with the laws and regulations of the country. You will be able to operate with cryptocurrencies and currencies in a simple and practical way , even from the comfort of your mobile device. It is one of the few exchange houses where it is possible to make deposits or withdrawals in Mexican pesos, and they even offer the option of funding the account with cash in authorized establishments or making bank transfers.

In terms of security, the company complies with all the necessary protocols to keep its clients’ funds safe, such as cold storage. With Bitso Transfer you send funds without commissions and instantly . For more advanced traders, Bitso Alpha is a good trading platform, and they also have an API available for you to adjust the software to your needs.

A negative point of Bitso is the limited number of countries in which it currently operates, only Mexico, Argentina and Brazil, as well as the few cryptocurrencies available. Being a relatively small exchange house, its liquidity is low , which makes exchanges difficult. On the other hand, payment methods are reduced. Despite this, Bitso can definitely be considered a good exchange to start in the crypto market.

Bitso is a platform with which it is possible to trade bitcoin and other crypto assets. It is the first Mexican exchange to comply with the country’s regulations, and its main objective is to promote Bitcoin technology in Latin America.