Bitso is a virtual currency exchange company based in Mexico. It was founded in 2014 and is regulated by the Comisión Nacional Bancaria y de Valores (CNBV). Bitso offers a range of cryptocurrencies f
⭐Features | Details |
⭐Exchange Name | Bitso |
⭐Founded in | 2014 |
⭐Registered in | Mexico |
⭐Regulatory Authority | GFSC (Exceeded) |
⭐Cryptocurrencies Available | 52 |
⭐Trading Fees | Taker: 0.098%, Maker: 0.075% |
⭐24-hour Trading Volume | $1 billion |
⭐Payment Methods | Bisto Transfer, Bank Transfer, and various cryptocurrencies |
⭐Customer Support | Email: help@bitso.com |
Live Chat | |
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Founded in 2014, Bitso is a cryptocurrency exchange based in Mexico City, Mexico. It is the first cryptocurrency exchange in Latin America to offer fiat-to-cryptocurrency trading pairs. Bitso currently lists over 50 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The 24-hour trading volume of Bitso is over $1 billion. The trading fees for takers are 0.098% and for makers are 0.075%.
Pros | Cons |
User-friendly interface | Weak regulation |
Over 50 cryptocurrencies | Primary focused on the Mexico Markets |
High liquidity | Withdrawal fees can occur |
Support for fiat currencies | Slow customer support |
Lower Fees for large trading volume | Not as many features as some other exchanges |
Bitso excels in these areas:
Bitso lacks these areas:
Bitso is currently overseen by the Gibraltar Financial Services Commission (GFSC) under the Regulation Number 117775. Currently, the exchange has exceeded the regulatory requirements, indicating its compliance with the regulations set forth by the GFSC. The exchange holds a Digital Currency License, specifically issued to The Badger Technology Company Limited.
The Gibraltar Financial Services Commission (GFSC) is like the boss of money stuff in Gibraltar. It makes sure banks, insurance companies, investment firms, and places where you trade cryptocurrencies follow the rules. People like the GFSC because it helps stop bad money things like money laundering and helps keep an eye on the money world. Cryptocurrency exchanges also like the GFSC because it has good rules for them.
Two-factor authentication (2FA): Bitso requires all users to enable 2FA, which adds an extra layer of security to your account. When you enable 2FA, you will be prompted to enter a code from your authenticator app every time you log in.
Cold storage: Bitso stores the majority of its cryptocurrency holdings in cold storage, which means that they are offline and not connected to the internet. This makes them much more secure from hackers.
Hacking insurance: Bitso offers hacking insurance, which means that you will be reimbursed for any cryptocurrency that is stolen from your account if Bitso is hacked.
Physical security: Bitso's offices are protected by 24/7 security and surveillance.
Employee screening: Bitso conducts background checks on all employees to ensure that they are trustworthy.
Data encryption: Bitso encrypts all of its user data, which means that it is scrambled and unreadable to unauthorized individuals.
Bitso offers 52 different types of cryptocurrencies for trading. These include well-known ones like Bitcoin, Ethereum, and Litecoin, as well as others like Ripple, Dogecoin, and Chiliz. On Bitso exchange, the current information shows that Bitcoin (BTC) is priced at $26,027 with a total value of $515,183,966,050 in USD. Similarly, Bitcoin Cash (BCH) has a price of $187.34 and a total value of $5,152,949,952 in USD.
Adding new coins to Bitso happens quite fast. The Bitso team has experts who study new cryptocurrencies before putting them on the platform. They look at things like how much money is invested in the cryptocurrency, how easily it can be bought or sold, and how safe it is. Once they decide to add a new cryptocurrency, it usually takes a few days before you can start trading it on Bitso. Bitso takes adding coins seriously to make sure only good-quality ones are available for trading.
The Bitso App offers a user-friendly and secure platform for buying, using, and storing various cryptocurrencies. With a powerfully simple interface, users can feel like experts within minutes. It provides real-time updates on cryptocurrency prices and market trends, making it convenient for users to stay informed and manage their portfolios on the go. The app is available for download on both the App Store and Google Play, ensuring accessibility for users across different platforms.
The registration process of Bitso can be completed in the following steps:
1. Visit the Bitso website and click on the “Start now” button to start the registration process.
2. Provide your email address and create a strong password for your account. This will be your login credentials for accessing the platform.
3. Verify your email address by clicking on the verification link sent to your inbox. This step is necessary to activate your account.
4. Complete the KYC (Know Your Customer) process by providing your personal information, including your full name, date of birth, nationality, and address.
5. Upload the required identification documents, such as a valid government-issued ID or passport, to verify your identity.
6. Once your documents are verified, you can proceed to deposit funds into your Bitso account and start trading cryptocurrencies.
You can buy cryptos on Bitso following the steps below.
Step 1: Open an Account
Start by downloading the Bitso app or accessing the platform via the web, then you need to fill your information, including Country of residence, Email and Password, to create your account.
Step 2: Make a Deposit
Transfer funds from your bank account to your Bitso account using supported payment methods like bank transfers.
Step 3: Start investing
Now you can select the specific cryptocurrency you wish to buy and confirm the purchase.
Markets vs Mexican Pesos (MXN)
Bitso's trading fees depend on how much you're trading. If you're trading up to 1.5 million MXN, the maker fee is 0.5% and the taker fee is 0.65%. For bigger trades, the fees get lower. For example, if you're trading more than 150 million MXN, the maker fee is just 0.1% and the taker fee is 0.13%. The fees are like a small part of your trade that Bitso keeps.
Maker Fee | Taker Fee | Minimum Volume (MXN) |
0.50% | 0.65% | 1,500,000 |
0.49% | 0.64% | >1,500,000 |
0.48% | 0.62% | >2,000,000 |
0.44% | 0.57% | >5,000,000 |
0.42% | 0.55% | >7,000,000 |
0.40% | 0.52% | >10,000,000 |
0.37% | 0.48% | >15,000,000 |
0.30% | 0.39% | >35,000,000 |
0.20% | 0.26% | >50,000,000 |
0.10% | 0.13% | >150,000,000 |
Markets vs Bitcoin (BTC)
Bitso's trading fees for Bitcoin transactions shift based on the amount you're trading. For trades involving up to 8 BTC, the maker fee equals 0.075%, while the taker fee stands at 0.098%. If your trade volume exceeds 8 BTC, the maker fee reduces to 0.072%, and the taker fee adjusts to 0.094%. These fees continue to decrease as your trading volume grows. For instance, if you're engaged in trading more than 950 BTC, the maker fee becomes 0.050%, and the taker fee settles at 0.065%. Think of these fees as a small portion that Bitso retains from your trade.
Your Volume (BTC) | Maker Fee (%) | Taker Fee (%) |
<8 | 0.075 | 0.098 |
>8 | 0.072 | 0.094 |
> 10 | 0.071 | 0.092 |
>18 | 0.07 | 0.091 |
>30 | 0.067 | 0.087 |
>45 | 0.065 | 0.085 |
>65 | 0.063 | 0.082 |
>180 | 0.059 | 0.077 |
>500 | 0.055 | 0.072 |
>950 | 0.05 | 0.065 |
More details about fees on the Bitso exchange can be found here: https://bitso.com/fees.
Bitso is primarily focused on trading cryptocurrencies in Mexico, so it's set up so you can put money in and take it out using the Mexican SPEI banking network. When it comes to putting money in, they've got a bunch of different ways to make it happen:
· International Bank Wire
· Ripple Gateway
· SPEI Network
For withdrawals, these methods are available:
· Bitcoin Withdrawals
· Ether Withdrawals
· International Bank Wire
· Ripple Gateway
· SPEI
You won't be charged any fees when you deposit money. If you're taking money out using SPEI or the Ripple Gateway, there's no fee either. But, if you're withdrawing through Bitcoin or Ethereum, they'll deduct a small fee of 0.001 BTC and 0.0025 ETH respectively.
Bitso offers a Help Center and a blog channel for clients to gain fundamental knowledge and delve deeper into understanding this exchange.
Bitso is best for experienced traders seeking a platform that offers a diverse array of cryptocurrencies, going beyond the well-established options like Bitcoin and Ethereum. With support for 52 different cryptocurrencies, Bitso provides users with a wide range of choices for trading and investment.
For individuals who prioritize the flexibility of managing their cryptocurrency activities on the go, Bitso's mobile app adds a layer of convenience. The availability of a user-friendly and secure mobile platform allows users to monitor market trends, check prices, and execute trades from the palm of their hands.
Bitso has been involved in a few controversies over the years.
In 2018, Bitso was hacked and $20 million worth of cryptocurrency was stolen. Bitso reimbursed all of the affected users and took steps to improve its security.
In 2020, Bitso was accused of insider trading. The accusation was made by a former employee who claimed that Bitso employees had access to confidential information about upcoming listings and used that information to trade cryptocurrency for their own profit. Bitso denied the allegations and no charges were filed.
In 2021, Bitso was fined $2.5 million by the Mexican government for violating anti-money laundering regulations. The fine was related to Bitso's failure to properly identify its customers and to monitor their transactions. Bitso has since taken steps to comply with the regulations.
Features | ||||
Trading Fees | Takers: 0.098%, Maker: 0.075% | Maker: 0.04%, Taker: 0.075% | Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5% | Up to 0.40% maker fee and up to 0.60% for taker fee |
Cryptocurrencies | 50+ | 500+ | 11 | 200+ |
Regulation | Regulated by GFSC ( Exceeded) | Regulated by NMLS, MAS/FinCEN (Exceeded) | Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS | Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded) |
Q: What payment methods does Bitso accept?
A: Bitso supports various payment methods, including Bisto Transfer, Bank Transfer, and various cryptocurrencies.
Q: Is Bitso regulated?
A: Yes, Bitso is regulated by the Gibraltar Financial Services Commission (GFSC). However, it's important to note that the current regulatory status is listed as “Exceeded.”
Q: How many cryptocurrencies does Bitso support?
A: Bitso supports trading for 52 diverse cryptocurrencies, including Bitcoin, Ethereum and so on.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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