Bitso is a local Mexican crypto exchange launched in 2014. Let’s repeat where is Bitso located: its main office is in Mexico City. That’s why the platform focuses on local users, accepts MXN, and tries to cover underbanked clients. Bitso reviews ten cryptocurrencies linked in various trading pairs:
- BTC and altcoins to MXN
- Altcoins to BTC
Wait but is Bitso legit? Yes, we think so. The company is officially registered in Mexico and in Gibraltar – for international trading. Bitso scam is barely possible. As well, the team works hard to provide stable services. You can find a unique support center with sensors that show the statuses of various Bitso modules. Thus, you can quickly spot any possible Bitso down issues and ask the staff about problems.
So, how to use Bitso with all these cool things? Firstly, you should obtain your own Bitso login. To do this, move through a quick registration process by submitting your email, name, country of residence, birth date, and phone number. You’ll complete this verification and become a regular user.
As we continue our Bitso review, let’s also check how to buy on Bitso. The platform offers two options: traditional Bitso brokerage and the exchange called Bitso Alpha. Using the first method, you can buy ten cryptocurrencies by paying in MXN, then store these coins using the native app and wallet. The exchange interface offers more sophisticated trading with various coin pairs and order types.
Let’s focus on Bitso fees now. The platform has several modes linked to different currencies like MXN, BTC, or USD. All approaches rely on the same volume- and maker/taker-based structure, though. Thus, your fees will depend on your monthly trading volume and the market role. The highest ones are for MXN links where takers pay up to 0.65%. The lowest fees are for USD makers who pay 0.01%.
There are more commissions for fundings and withdrawals. Feel free to check them right here:
Bitso limits are different for users on different stages of KYC completion. The lowest one has deposit/withdrawal limits of 4,500 MXN per month while the highest can trade without limits at all. Note that amounts may differ for different currencies.
Is Bitso safe?
You can answer the question is Bitso safe by searching and using this site. The support team has several security measures but the main one is 2FA. As well, users can get PIN protection for withdrawals. If you have any concerns, feel free to contact the customer support center.
As long as the exchange offers mobile apps and custody services, we can say that it has a wallet. You can use this Bitso wallet to store all the supported cryptocurrencies and fiat money. The tool supports direct exchanges and transfers. Again, the Bitso support is ready to help you in case of any questions.
It’s the conclusion of our Bitso review 2020 so we want to look at the strengths and downsides of this platform. We also can suggest Bitso alternative solutions such as Coinbase (for easy direct purchases) or HitBTC (for trading). If you suspect Bitso fraud, these competitors can help.
- Convenient for business and individual trading;
- Has in-built wallet features;
- Supports MXN, ARS, and USD;
- Works with major altcoins.
- Highly focused on Mexican users only;
- No leverage;
- Relatively high MXN trading fees.