Pros
Cons
Quick Summary
| Headquarters Location | Mexico City, Mexico |
|---|---|
| Fiat Currencies Supported | USD + 4 others (some through third party apps) |
| Total Supported Cryptocurrencies | 52+ |
| Trading Fees | 0.04% - 0.25% |
| Deposit Methods | Bank Transfer, Debit Card, Cryptocurrency, Payoneer |
| Support | Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Launched in Mexico City in 2014, Bitso uses digital assets in the Mexican cryptocurrency exchange industry. Co-founded by Ben Peters, Daniel Vogel, and Pablo Gonzalez, Bitso sought a platform for crypto trading to address other missions, such as granting access to financial services to Mexico’s unbanked population. It leverages the power of blockchain technology to foster inclusion and create a connection between traditional fiat currencies and digital assets.
Since then, Bitso has grown substantially, becoming a cornerstone of the crypto industry in Latin America. With over 20,000 users actively exchanging currency weekly, the platform facilitates approximately $2.5 million in transaction volume, proving itself a powerful force in cryptocurrency.
Ripple’s technology serves as a gateway for the company’s fiat transactions, further enhancing Bitso’s commitment to providing a bridge between the old and new worlds of finance.
About Bitso
Bitso is more than just an exchange; it represents progress in increasing cryptocurrency usage. The company was born from the recognition that cryptocurrencies could revolutionize our understanding of money.
The company aims beyond offering another wallet or trading venue for Bitcoin cash. It seeks to create a Mexican cryptocurrency exchange promoting broader crypto economy participation.
Bitso has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, Telegram and YouTube.
Bitso has a mobile app on both the Apple App Store and Google Play.
Bitso Supported Cryptocurrencies
Bitso supports trading on over 52 cryptocurrencies on their platform. This exchange currently supports 18 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Bitso supports
Users who explore Bitso’s crypto trading services are greeted with a broad selection of cryptocurrencies. The platform accommodates heavyweights like Bitcoin and Ethereum and allows efficient transactions involving Bitcoin Cash and Ripple’s fluidity.
The Bitso wallet stands out for its commitment to providing service. It supports numerous digital currencies and enables easy conversion between fiat currencies like the Mexican Peso (MXN) and various cryptos. This feature links traditional finance and crypto assets, ensuring that digital currency investments and fiat holdings remain accessible.
Trading Experience
Customers who use Bitso will discover tools designed to enhance their experience with crypto trading. Holding a Bitso account provides traders access to a secure wallet service integrated into the exchange’s system, facilitating smooth transactions for those wishing to maintain, purchase, or sell their digital assets.
Bitso stands out with its Bitso Transfer feature, which enables instant cryptocurrency transfers without suffering from typical network slowdowns or incurring Bitcoin mining fees. This highlights Bitso’s commitment to offering dependable services to meet user demands.
Mobile App Capabilities
The Bitso mobile app delivers the ease and full functionality benefits of trading on the go. Since its launch in February 2018, Android and iOS users can experience a user-friendly trading platform from their devices. The application facilitates spot trades between crypto-to-crypto and fiat-to-crypto pairs and allows for thorough management of one’s Bitso wallet anytime, anywhere.
In addition to these features, the app enhances your control over the Bitso Card by allowing direct oversight of digital or physical cards via your mobile device. With options to secure your Bitso account with pesos or execute swift QR code transfers readily available through the app, it streamlines all cryptocurrency operations smoothly and securely.
Bitso Fees
When considering your first exchange, it’s important to scrutinize the trading fees and costs involved. Bitso implements a maker-taker fee model based on the user’s volume of trade, thus attracting infrequent traders and those engaged in more frequent transactions.
The fee structure for withdrawals is specific to each type of cryptocurrency on Bitso’s platform.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | Free |
| Deposit Fee (Debit Card) | Free |
| Trading Fee | 0.04% - 0.25% |
| Withdrawal Fee (Bank Transfer) | Free |
Bitso supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.00012000 BTC. The average across all other exchanges that we've reviewed is 0.000380 BTC. This means Bitso charges below the industry average by 68.44%.
Bitso has a maker/taker fee schedule which you can see below.
| MAKER % | TAKER % | YOUR VOLUME USD |
|---|---|---|
| 0.250% | 0.300% | < 1,000 |
| 0.210% | 0.260% | > 1,000 |
| 0.180% | 0.220% | > 5,000 |
| 0.150% | 0.190% | > 10,000 |
| 0.120% | 0.160% | > 50,000 |
| 0.100% | 0.120% | > 100,000 |
| 0.085% | 0.095% | > 1,000,000 |
| 0.072% | 0.082% | > 5,000,000 |
| 0.060% | 0.069% | > 10,000,000 |
| 0.050% | 0.060% | > 20,000,000 |
| 0.040% | 0.050% | > 30,000,000 |
Security - Is Bitso Safe?
The platform adopts multi-signature (multisig) wallets to secure customer assets, requiring several private keys to validate transfer actions. These enhanced multisig wallets can be recognized by their initial number 3, in contrast to standard single-signature wallets marked by an initial 1.
Bitso also implements other security measures, including two-factor authentication (2FA), consistent independent third-party reviews, and strong custody services. These protocols protect users’ assets from unauthorized breaches and various threats.
Bitso Customer Support
With support tickets, a live chat feature, and a help center containing FAQs and buying guides, along with various tutorials in video and text format, Bitco strives hard to meet all its users’ needs.
Despite Bitso’s comprehensive measures to uphold quality support standards, some individuals have occasionally reported substandard experiences with unhelpful service.
Even so, Bitso’s dedicated support team remains equipped to address concerns related to account management, trading operations, and security matters. This shows the company’s dedication to maintaining high customer satisfaction.
Bitso Support Channels
Bitso Card
The Bitso Card bridges the gap between virtual and tangible currencies, providing a convenient platform for users to conduct online and in-person transactions. Offered in digital or physical formats, this flexible payment tool can be loaded with funds from the user’s existing MXN balance.
The Bitso Card’s physical version resembles a standard debit card and enables global purchases and ATM cash withdrawals anywhere in the world, including Mexico. It allows users to access various subscription-based services, from streaming platforms to music and entertainment, without imposing an annual fee.
How to Sign Up on Bitso
- Create Account - Visit the Bitso website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Bitso Alternatives
Binance
Total Supported Cryptocurrencies
391+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
282+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
333+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
We’ve looked at Bitso’s offerings, from its wide selection of supported cryptocurrencies to its innovative cryptocurrency trading features and mobile app capabilities. We’ve also examined the trading fees and costs, providing a transparent view of the financial considerations users can expect. Furthermore, we’ve looked into the security measures safeguarding users’ investments and the customer support options available to address any concerns.
All in all, Bitso achieved its goal of bringing Mexico’s unbanked population into the DeFi space. It’s a platform worth checking out if you’re looking for a crypto exchange.
Bitso FAQs
Bitso is a cryptocurrency exchange platform that prioritizes security for its users. It employs a range of security measures to protect customer funds and data.
However, as with any online service, users must use strong passwords, enable two-factor authentication, and exercise caution to safeguard their accounts.
Yes, Bitso requires Know Your Customer (KYC) verification to ensure compliance with regulatory standards. This process involves providing personal information and documents to verify one’s identity, which helps prevent fraud and money laundering.
The monthly withdrawal limit for Bitso can vary depending on the user’s account level, which is determined by the degree of KYC verification completed. Users should check the latest information directly on Bitso’s platform or contact their support for up-to-date limits.
Similar to withdrawal limits, the deposit limit on Bitso may depend on the user’s verification level. Higher levels of verification typically result in higher deposit limits.
Users can find the most current deposit limits by consulting Bitso’s terms of service or contacting customer support.
Bitso is a cryptocurrency exchange that primarily operates in Latin American countries. It has a significant presence in countries like Mexico and Argentina and is focused on expanding its services to other regions in Latin America.
Bitso was co-founded by Ben Peters, Daniel Vogel, and Pablo Gonzalez. The ownership may extend to a broader group of individuals and investors, especially as the company has raised funds from various investors over time.
Bitso operates as a regulated entity in the countries where it offers services. It has complied with local financial regulations and proactively worked with financial authorities to ensure it adheres to legal and regulatory standards.
To deposit money into Bitso, you must create an account, complete the necessary KYC process, and follow the platform’s instructions to transfer funds. This may involve making a bank transfer, using a third-party service, or depositing cryptocurrency into your Bitso wallet.
Bitso User Reviews
4.5 out of 5.0
2 reviews
Showing 2 of 2 Reviews
Santiago (Argentina) 1 month ago
Reliable, Secure, and User-Friendly: My Experience with Bitso
I feel very secure using Bitso as I've been utilizing their services for several years now. Knowing that Bitso is regulated globally and holds a Gibraltar DLT license—the only exchange in LATAM to have it—gives me even greater peace of mind. About two years ago, I made an error and sent around $1,000 USDT to an incorrect network. Despite it being my mistake, Bitso's support team helped me recover the funds. Their assistance was exceptional. I highly recommend Bitso to anyone looking to start in the crypto world. Their app is simple and easy to use, perfect for beginners. For more advanced users, Bitso Alpha offers a straightforward trading experience. Having used other exchanges in Argentina, none have worked as seamlessly as Bitso. I recommend them 100%.
RICHARD (Mexique) 6 months ago
BITSO RELIABILITY
BITSO HAD PROBLEM TO CONFIGURE MY MEXICAN BANK ACCOUNT. AFTER A FEW EMAILS AND DAYS THEY FINALLY SUCCEEDED TO MAKE IT WORK THEIR REPLIES ARE QUITE FAST AND SO FAR I AM SATISFIED WITH THEIR SERVICES
Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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