Bitso vs Coinbase | Reasons Why Coinbase Is Best Overall
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you considering using Bitso or Coinbase for your cryptocurrency trading? Our detailed comparison takes a deep dive into these popular exchanges, exploring factors such as account setup, regulatory requirements, trading fees and supported currencies. Discover which platform is right for you and easily decide if Bitso or Coinbase makes most sense to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bitso and Coinbase are two popular cryptocurrency exchanges that cater to different regions of the world.
Bitso was founded in 2014 by Ben Peters and Pable Gonzalez and is a leading cryptocurrency exchange in Latin America. Their mission is to provide a simple, accessible and secure platform for trading digital assets in Latin America.
Bitso exchange
The exchange is headquartered in Mexico and mainly targets markets in Latin America. Bitso offers a variety of 50 popular cryptocurrencies such as Bitcoin, Ethereum, and Ripple, as well as numerous local fiat currencies.
The exchange has over 6 million users and over 5 million app downloads with a 4.1-star rating based on 60,000 reviews.
Bitso app
In contrast, Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsa and is a leading US-based exchange and wallet service known for its user-friendly interface, security, and regulatory compliance. The platform supports various cryptocurrencies, including Bitcoin, Ethereum along with multiple fiat currencies.
Coinbase exchange
Coinbase offers services such as spot trading, recurring buys, staking, and Coinbase Learn & Earn, an educational program that rewards users for learning about cryptocurrencies. The exchange caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro, offering additional features and lower fees. Coinbase has over 100 million users mainly based in the US and Europe. It is available on both Android and IOS with 10 million downloads and a 4.1 star rating with over 750,000 reviews.
Coinbase app
Both Bitso and Coinbase have unique features that make them stand out in their respective regions. Bitso's focus on Latin America and its support for local currencies make it an attractive option for users in the region. On the other hand, Coinbase's commitment to regulatory compliance, security measures, and user-friendly interface make it a popular choice manly for users in North America and Europe.
Bitso vs Coinbase Signup & KYC
When it comes to signing up for Bitso or Coinbase, both platforms have similar requirements. KYC verification is mandatory for both exchanges, meaning that users must provide their full legal name and a government-issued ID. However, the time it takes to complete verification varies between the two platforms.
Getting started on Bitso is straightforward and quick. The signup process takes just 30 seconds and KYC verification typically takes just a few minutes to upload the necessary documents. Bitso has a two-tier verification process, with the first tier giving users access to crypto and a fiat deposit limit of $1,500. For those who want higher deposit levels, they must complete full KYC, which requires adding an address and proof of address.
Bitso KYC
Signing up for Coinbase is also quick and users simply have to fill in their full name, email and a password. Once they have verified their email, they can begin filling out the information required for KYC. Coinbase requires that users upload a government-issued ID and provide additional information such as phone number, country of residence etc. The verification process on Coinbase can be approved in 5-10 minutes in the best of cases and up to a few hours when things are moving slower.
Coinbase signup
For those that wish to trade without going through a KYC process, we recommend to exchange in particular where this can be accomplished, OKX and Phemex.
Bitso vs Coinbase Products & Services
When it comes to product offering, Bitso is a user-friendly platform that makes it easy for users to buy and sell over 50 different cryptocurrencies through their exchange or their mobile apps. Users can thus trade popular digital assets like Bitcoin and Ethereum right from their smartphone or tablet.
Buying crypto on Bitso
In addition to trading, Bitso offers a convenient Bitso Card which users can use to spend their cryptocurrencies in everyday transactions, just like a regular debit card. They also have a feature called Bitso+, where users can earn a 2% yield by holding USD stablecoins. This is a great way to generate passive income from digital assets.
Bitso plus
The average daily spot volume on Bitso is over $30 million which is quite small but reasonable once you consider that they don't offer any futures or leveraged products.
Moving on, Coinbase is a top US-regulated cryptocurrency exchange that offers its users a wider range of features and services. These include spot trading, allowing users to buy and sell popular cryptocurrencies like Bitcoin and Ethereum, as well as lending and borrowing options for those who want to earn interest or get loans using their digital assets.
Coinbase products and services
Coinbase also has its own Web 3 wallet, making it safer and easier for users to manage their cryptocurrencies. Similar to Bitso, they even offer a handy Coinbase Card which lets users spend their digital assets effortlessly in everyday purchases.
Coinbase Visa card
Coinbase has also stepped into the world of non-fungible tokens (NFTs) to meet the increasing demand for digital art and collectibles. This NFT marketplace give users the ability to buy and sell some of the most well known NFTs on the market.
Coinbase NFTs
The exchange also offers a "Learn and Earn" program tailored to beginners to help them learn about cryptocurrencies and rewards them with digital assets.
Liquidity on Coinbase is great with daily spot trading volumes frequently exceeding $1 billion. Coinbase Pro customers in 23 U.S. states also have access up to 3x leverage on USD-quoted books.
Coinbase Pro
Coinbase provides a great user experience with a beginner-friendly and easy-to-navigate website. The website does however frequently have connection issues where users have to wait to log in. This is a very frustrating and recurring issues that continues to plague the exchange.
When it comes to trading fees, Bitso and Coinbase have their own unique setup. Let's start with Bitso. Their spot maker fees range from 0.095% to 0.5%, depending on the currency you use to buy, while spot taker fees range from 0.099% to 0.65%. If you use USDT as your trading pair, then you will pay 0.095% as a maker and 0.99% as a taker. These are very low and competitive trading fees.
Bitso spot fees for USDT
If you on the other hand buy and sell cryptos using the Mexican Peso, the fees increase significantly with the maker fee being 0.5% and 0.65% for takers. Bitso also offers trading rebates for those who have high enough trading volumes over a 30-day period.
Now, let's take a look at Coinbase. While they don't offer futures trading, they do offer spot maker fees of 0.4% and spot taker fees of 0.6%. However, these fees can be lowered if your monthly trading volume exceeds $10,000.
Coinbase fees
Both Bitso and Coinbase have their pros and cons when it comes to trading fees. Bitso offers competitive trading fees with some trading pairs like USDT but much higher fees for those buying with fiat currencies. Coinbase trading fees are also quite high when comparing them with alternative exchanges such as OKX, Binance and Phemex.
When it comes to depositing funds on cryptocurrency exchanges, it's important to know the available options and fees. Let's look at what Bitso and Coinbase both offer in this regards.
Bitso supports 5 fiat currencies including USD, MXN, ARS, BRL, and COP. All of these can be deposited via bank transfer at no charge, except for USD which incurs a $10 fee. This is a great option for those looking to avoid deposit fees, especially if they're depositing a large amount.
On the other hand, Coinbase supports only 3 fiat currencies which includes USD, EUR, and GBP. These fiat currencies can be deposited via ACH deposits (free) while wire deposits cost $10 USD and SEPA deposits come with a 0.15 EUR fees. Swift deposits are also available for GBP for free.
Coinbase fiat deposits
Clearly the fiat deposit options for Bitso are more tailored for South American countries like Mexico and Columbia while Coinbase is more tailored to where their userbase lives, in the US, UK and Europe.
When it comes to withdrawing your funds from Bitso or Coinbase, there are a few key differences to keep in mind. Bitso offers fiat withdrawals for several different currencies, including USD, MXN, ARS, BRL, and COP. Bank withdrawals are free for all Latin American fiat currencies while USD withdrawals come with a $10 fee. On the cryptocurrency side of things, Bitso charges a 0.00019 BTC fee for Bitcoin withdrawals, a 0.0012 ETH fee for Ethereum withdrawals and an 0.008 SOL fee for Solana withdrawals. If you're withdrawing Tether USD, you'll face a 4.2 USDT fee.
Now let's move on to Coinbase, they offer fiat withdrawals via ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while wire withdrawals come with a $25 fee. SEPA withdrawals cost 0.15 EUR, while Swift withdrawals cost 1GBP. On the cryptocurrency front, Coinbase charges a 0.0001 BTC fee for Bitcoin withdrawals and free withdrawals for Ethereum. If you're withdrawing USDT, you'll face a $3 fee.
Bitso and Coinbase are two popular cryptocurrency exchanges catering to different regions of the world. Bitso is a leading exchange in Latin America while Coinbase is a US-based exchange known for its user-friendly interface and regulatory compliance.
Both exchanges prioritize KYC verification and users won't be able to use their services without becoming verified. Both exchanges also offer their own unique features and services like Bitso+ 2% yield and Coinbase's NFT marketplace.
When it comes to trading fees, Bitso offers more flexibility with the option for their users to buy and sell cryptocurrencies with stablecoins like USDT and USDC or fiat currencies. The trading fees for those using stablecoins are very low and much more competitive than Coinbase.
On the flipside, those who trade on Bitso with fiat currencies will pay higher fees than the 0.4% maker fee charged by Coinbase.
In terms of fiat deposits and withdrawals, Bitso supports five fiat currencies with free bank transfers, while Coinbase supports three fiat currencies but offers ACH, Wire, SEPA, and Swift deposits.
Both exchanges have naturally tailored their deposit and withdrawal options to the regions they are serving. In terms of cryptocurrency withdrawal fees, both Bitso and Coinbase have done good job of keep those low and reasonable.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
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.
