- 2FA is an advanced level of security.
- Additional security options are available to increase deposits/withdrawals
- Fiat to-crypto pairings with MXN
- Very low fees
- Interface that is intuitive
- Just 16 cryptos
- Fiat currencies are limited to the Mexican pesos and Argentinian reais as well as US dollars.
- Customer support is not available 24/7. It may take some time for a problem to be resolved.
Choosing the exchange to suit your needs among a staggering number of cryptocurrency exchanges out there might take some time and perseverance. If you are a beginner in the sea of crypto or just looking for more info to go with your sophisticated ‘pro’ status, this Bitso review will help you get there.
Bitso, a Mexican cryptocurrency exchange is located in Mexico City. It’s the first crypto exchange to provide cryptocurrency trading in Mexican Pesos and offers bitcoin payment services from Mexican retailers.
Before further detail, here is an initial Pro and Con list to help you make up your mind about the Bitso exchange.
What exactly is Bitso
Bitso provides cryptocurrency trading services, including crypto-tocrypto and crypto-tofiat. It’s the world’s largest exchange for buying and selling Bitcoin with Mexican Pesos (MXN). Bitso offers Mexican residents, searching for an alternative payment method, driven by remittance needs, the devaluation of the Peso, and expensive financial services, access to global financial services built on top of blockchain technology.
Mexico City is the home of Bitso’s headquarters. Local users will benefit greatly from the exchange, which allows them to trade crypto in local stores via their Bitso wallet. They can also make quick transactions in MNX.
Bitso offers transactions in Bitcoin, Ethereum (ETH), Litecoin(LTC), Aave [AAVE], Decentraland (“MANA”) and Litecoin ($LTC). 16 total. The company offers multiple cryptocurrency products and services, among them: the Bitso App that lets users buy, sell, send, or receive bitcoin and 8 other cryptocurrencies; Bitso Alpha, a professional crypto trading platform; Bitso Business, several cross-border products for local enterprises; BitsoPay, a payment platform that allows merchants to accept payments online; Bitso wallets, created as multi-signature wallets to increase security for users’ funds, etc.
It is easy to use, simple and suitable for both beginners and experienced traders. Start with 100 MNX, which is Mexican Pesos. 100 MNX equals 4.7 USD. Any user can connect their bank account with the exchange to convert to MNX their fiat currency on-the-spot.
Bitso allows users instant withdrawals and funding, and they can send or receive funds instantly between Bitso’s bank and Bitso in a matter of seconds.
The exchange follows “the best security practices and processes in the industry.”
Bitso includes a full set of APIs that allow for third-party creation of Bitcoin applications.
Bitso Exchange History
Bitso, Mexico’s first cryptocurrency exchange was established in 2014. Pablo Gonzalez and Ben Peters, cofounders of Bitso, partnered up with Ripple in order to use Ripple’s gateway and allow US-Mexico remittances.
Zmart Group, a local Zmart Group partner, opened OTC (over the Counter) Bitcoin shops in convenience stores all across the nation in 2016. Bitso was home to close to 20.000 users and had a daily transaction volume of $2.5 million.
The daily transaction volume for the platform today is about $41.4 million and it has more 3,000,000 users around the world.
Security and privacy
Bitso had never suffered a hack attack or lost customer funds as of the publication. Bitso experienced a security issue in 2017. Bitso immediately acknowledged it and offered its clients an apology.
Bitso employs KYC (know your customer) verification, which verifies the user’s identity by matching their real name and ID at registration.
Customers have additional security options available, such as two-factor authentication. 2FA is able to generate a 6-digit code in 30 seconds, and it secures your account. Although it is an additional step, exchange strongly recommends activating 2FA.
You can also choose to have a Transaction PIN created by the website. The PIN is activated with each transaction, increasing the account’s security.
Bitso provides the PGP Public Key as an option for encrypting and protecting emails exchanged.
The amount you are able to withdraw and deposit daily will depend on how secure your settings are.
How do I activate 2FA?
To activate the 2FA option, you can download the Google Authenticator app or the Authy App. Once the app is successfully installed, here’s the sequence of steps to follow:
- Go to “Profile” and into your account options
- Go to “Set-up”; click on the “Enable” button next to the 2FA option
- Select “Add account,” then “Scan QR code”
- Scan the QR code in the Bitso app and choose “save”
- You’ll get a 6-digit code
- Enter the code in the “Please write here” field to finalize the process.
Once the setup has been completed, Bitso will ask for the code each time you access the platform. You should also keep the emergency code that Bitso generates in your device’s safe place. If you lose access to your devices for any reason, use the emergency code.
Support for Customers
Bitso offers a variety of tools that can be used to assist customers. For example, if you have a question to ask, or you are experiencing a glitch, you can go to the website’s main page and scroll down until you find the “Support Center” button.
Once you click on it, the interface gives you options to watch specific tutorials, look into frequently asked questions, address the “Buying Guide,” etc.
You can also open a ticket to ask a question. You will receive a response within 24 hours.
Mobile App Review
Bitso can be downloaded via the web wallet and mobile app. Download it on both Android- and iOS-powered smartphones via Google Play or Apple Store.
The app is relatively intuitive and doesn’t require any special knowledge in trading, making it suitable for beginners. Login to view your account. If you are new, create a new account on the app.
It allows you to:
- Sell and buy cryptocurrencies
- Transfer money through stablecoins
- Get the latest crypto-price information in real-time, and then execute the above actions.
- To further protect your account, you can use the enhanced security option.
Note that wire transfers aren’t allowed on the app.
At this point, you have likely made up your mind on whether you want to register and trade with Bitso based on our Bitso exchange review. If you answered yes, then read the following to find out how it works.
How to Trade on Bitso Exchange
Step 1. Sign up
Signing up is easy. First, you’ll be required to provide basic info, and after completing the step, you’ll get an email containing a 6-digit confirmation code. The sign up is done once you enter the code.
Step 2 – Provide KYC
After you have completed the registration you will be able to use the site, search for pairs and so forth. However, trading is not possible yet as you only have a limit of 0. To increase the deposit limit to at least $185, you need to fill in additional information about yourself.
Trading is possible if you supply your complete name, birth date, sex, profession and source of funds.
You can also provide additional information such as legal documentation to prove your identity if you decide to raise the withdrawal and deposit limit to $750 or $1,500.
Step 3: Fund Deposit
Users can deposit money via wire transfer or stablecoin transfer. For $10, a wire transfer costs at least $100. The transfer takes 1-5 working days and can be made from a bank account in your name.
The deposit currency you choose to deposit into Bitso will determine the fees. If you make the payment in Pesos you get it free of charge. The possible deposit currencies are: Bitcoin, Brazilian reais (Mexican pesos), US dollars and Bitcoin.
Step 4: Start trading
After you have made some deposits to your account, it is time for you to start trading. Click on “exchange” in the top right corner. You’ll see two options: Trading and Bitso Alpha. Bitso Alpha, on the other hand, is for advanced users.
Bitso fees are similar to other exchanges. They depend on your currency and trading volume. Bitso allows you to choose the currency that is most convenient for your needs. Bitcoin charges the least fees (0.0975% for takers and 0.078% for makers, respectively) while USD traders pay 0.095% to 0.99%.
Deposits and withdrawals
Bitso allows you to deposit using two methods, as we have already mentioned in our review. Either wire transfer directly to your bank account, or you can use the Ethereum network for cryptocurrency transfers. There would be a difference in withdrawal and deposit fees for each.
Depositing in Bitcoin does not incur any fees. However, there is a 0.00016442 BTC withdrawal fee for Bitcoin.
What exactly is a NIP? And what can I do about it?
The “transaction NIP” is a four or five-digit number that you have to input every time you make a transaction, a withdrawal, or a transfer of any kind. This number increases your account security and protects you from unauthorized activity. Change the transaction ID in your profile settings.
How do I get my NIP back?
To reset your Bitso account, you will need to log into Bitso. You will need to complete the reset form. After submitting the form, you’ll receive an email link to confirm that your NIP has been assigned.
How do I withdraw Bitcoin from my bank account?
You simply need to go to withdrawal and input the BTC amount that you would like to withdraw. Enter the destination address. Next, type your transaction NIP and complete the transfer.
It should only take a few moments for the transaction to go through if everything goes smoothly.
Is it too long?
If your transaction takes longer than 10 minutes, you’ll need to get in touch with customer support.
Are Bitso services available to US citizens?
Bitso is not available to US citizens due to complicated and strict governmental trading rules.
Bitso comes with many benefits and drawbacks. There are only 16 cryptocurrency options on the platform, which isn’t a huge number. It makes it easy to trade for Mexicans, since they can use their cryptocurrency directly to purchase goods and services.
Bitso uses several security measures to prevent unauthorized transactions. It also has low fees and an intuitive interface. If you do use Bitso, don’t forget to connect it to CoinStats: It makes tracking crypto and DeFi 10x more convenient!