Looking for a comprehensive review of Bitso? Good timing, we've done the research for you so that you can easily assess Bitso! Our comprehensive analysis covers the different features of this South American exchange. Whether you're a crypto pro or just starting out, our unbiased review will help you decide if Bitso is the right exchange for you. Keep reading to see if Bitso is the perfect fit for your crypto needs!
Bitso exchange was founded in 2014 by Ben Peters and Pablo Gonzalez and is registered in Gibraltar.
From it's headquarters in Mexico City, this exchange has quickly become a top financial services provider in Latin America. With over 6 million users and 5 million downloads on Android, Bitso is on track to become a dominant player in the cryptocurrency industry.
Bitso exchange
Bitso supports buying and selling for 50 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Decentraland and more.
Bitso also offers a variety of tools that make it easy for users to buy, sell and transfer their digital assets. Whether you are a corporate or retail customer, Bitso caters to all types of investors that are looking to get exposure to crypto with reasonable fees.
It's accessible, borderless, secure, and transparent financial products are transforming the financial landscape, especially in South America.
Bitso app
Bitso, the Mexico-based cryptocurrency exchange, offers its platform on both Android and iOS devices, providing a seamless and intuitive trading experience for users on-the-go.
With over 5 million downloads on Android alone, and a 4.1-star rating based on 60,000 reviews, it's clear that the Bitso mobile app is a popular choice for cryptocurrency traders.
The app offers a range of features, including the ability to buy, sell, and transfer over 50 cryptocurrencies, view price charts, and access educational resources.
Bitso KYC Requirements
Bitso requires all users to go through a Know Your Customer (KYC) process before using their services.
The signup process on Bitso only takes 30 seconds and requires users to fill in their full name, email, and date of birth. In order to complete the KYC process takes a few extra minutes as you need to upload the required documents such as ID.
Bitso KYC process
Bitso has a two-tier verification process. The first tier requires users to provide information such as their full name, country of residence, and phone number, which gives them access to crypto deposits and a fiat deposit limit of $1,500.
For those who want higher deposit levels, they have to complete the full KYC process, which means adding their address, official ID, and proof of address. Overall, the KYC process on Bitso is relatively straightforward and can be completed within a few minutes.
Bitso Products & Services
Bitso is an excellent exchange for those looking for more basic features such as buying and selling of cryptocurrencies.
With over 50 cryptocurrencies available to trade, you'll be sure to find the top ones in the market. Bitso also offers a great user experience, with an intuitive interface that makes it easy to navigate and trade.
While Bitso doesn't offer any leverage trading services, they still have an average daily spot trading volume of over $30 million, making them a popular choice for those looking to trade in the spot market. With their user-friendly platform, customers can easily buy and sell their favorite digital assets with reasonable fees.
Buy crypto on Bitso
One of the standout features of Bitso is their Bitso Plus, which allows users to earn a 2% yield by holding USD stablecoins. Bitso+ is a unique offering by the cryptocurrency exchange that allows users to earn yields on their USD stablecoins, regardless of the amount they hold.
With weekly payouts, users can enjoy the benefits of passive income while retaining the flexibility to convert or withdraw their funds at any time. This feature is a great option for those looking to earn interest on their stablecoins without the risk and volatility of traditional cryptocurrency trading.
Earn interest with Bitso Plus
Another standout feature is the the Bitso Card that let's it users make purchases using the MXN balance in their wallet, both in digital and physical form. It's accepted at over 90 million Mastercard-affiliated stores worldwide, making it a convenient option for those who want to use their cryptocurrency for everyday transactions.
Bitso allows users to buy and sell digital assets with fiat currencies such as Mexican pesos and US dollars. One of the main advantages of Bitso is that it offers a wide range of payment options, including bank transfers, debit and credit cards, and SPEI, a real-time payment system in Mexico. Bitso charges a 1.5% spread fee when using the convert option.
Buy Bitcoin on Bitso with USD
Bitso also offers spot trading for a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash, among others. Users can trade these assets against Mexican pesos or US dollars, and benefit from a user-friendly interface.
Bitso has a unique structure when it comes to it's trading fees. Bitso charges a different trading fee depending on whether you are buying with fiat currencies such as USD, MXN, ARS, BRL and COP, or cryptocurrencies such as BTC, USDT and DAI.
When buying crypto with USDT, the spot trading fees range from 0.095% for makers and 0.099% for takers. The more you trade, the lower the trading fee for those who exceed $500,000 worth of 30-day volumes.
Bitso USDT spot trading fees
On the other hand, if you want to trade using fiat currencies such as USD, the maker fee starts at 0.25% and 0.30% for makers. Using MXN comes at an even higher cost with 0.5% spot maker fee and 0.65% taker fee.
So if you decide to trade on Bitso, make sure that you use the trading pair with the lowest trading fees as the fees vary significantly when using cryptocurrencies such as USDT and DAI and fiat currencies such as USD and MXN.
Bitso Deposit Methods
Bitso supports fiat deposits for 5 currencies, USD, MXN, ARS, BRL, and COP. The exchange allows users to deposit fiat currencies via bank transfer which is free of charge for all currencies except USD, which incurs a $10 USD fee. This fee structure is very competitive and it makes Bitso a great option for those who want to deposit fiat currencies without incurring high fees.
How to withdraw from Bitso?
If you're looking for a reliable and convenient way to withdraw fiat currency from Bitso, then you're in luck. Bitso offers fiat withdrawals for USD, MXN, ARS, BRL, and COP.
The process is simple and hassle-free, and bank withdrawals are free for all Latin American fiat currencies, while USD withdrawals come with a minimal $10 fee.
When it comes to withdrawing cryptocurrencies, Bitso has you covered as well. Withdrawing Bitcoin comes with a low 0.00019 BTC fee, while the fee for withdrawing Ethereum is 0.0012 ETH.
For Solana, the withdrawal fee is 0.008 SOL and for Tether USD the fee is 4.2 USDT. Overall, Bitso is a great option for those looking to withdraw fiat currency or cryptocurrencies. Their fees are reasonable, and the process is straightforward.
Is Bitso Safe?
Bitso has never been reported to be hacked, which is a testament to the strong security measures in place.
Bitso has obtained a DLT license granted by the Gibraltar Financial Services Commission (GFSC) which demonstrates their commitment to complying with regulatory standards.
In addition, Bitso holds an insurance-backed guarantee by Coincover that protects almost all of their digital assets. As a further example of their security measures, Bitso has a 24/7 monitoring and alert program for risks and potential security breaches.
All users can enable multi-factor authentication methods for login, which adds an extra layer of protection to their accounts. Bitso is currently working on proof of reserves, which will provide even more transparency and security for their users.
Bitso proof of solvency
It’s worth noting that Bitso does not currently offer proof of reserves, but it's coming soon. Overall, Bitso has established itself as a trustworthy and secure cryptocurrency exchange with multiple licenses and registrations.
In conclusion, Bitso is a reliable, secure, and user-friendly cryptocurrency exchange that offers 50 digital assets for investors to trade.
With over 6 million users and 5 million downloads on Android, Bitso has become a leading financial services provider in Latin America.
Bitso's KYC process is straightforward and can be completed quickly while users can benefit from competitive trading fees that are lower than many other exchanges.
Make sure to trade using USDT, BTC or DAI as the trading fees are significantly lower than using fiat currencies such as USD and MXN.
For those looking to deposit fiat currencies, Bitso offers a variety of payment options, including bank transfers, debit and credit cards, and SPEI, a real-time payment system in Mexico.
And when it comes to withdrawing fiat currencies or cryptocurrencies, Bitso either provides several free options or ways with reasonable fees.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
