Bitso

What is Bitso？

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 and Cons

Security

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.

Bitso APP

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.

How to Open an Account？

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.

How to Buy Cryptos？

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.

Fees

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.

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.

Deposit & Withdrawal

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.