Bitso cryptocurrency exchange is one of the biggest CEXs in Latin America. Based in Mexico, it claims to have over 5 million users. It offers services of purchasing and selling digital currencies among its users, deposits with local currencies, easy transfers between wallets, and yielding.
Bitso uses KYC verification during registration to verify the user's identity. A government-issued identification card, passport, or any document proving the identity must be submitted upon registration. Bitso crypto exchange accepts investors from all countries and has no restricted regions.
Two main platforms are offered by Bitso, the mobile app for buying, selling and using cryptocurrencies, as well as Bitso Alpha, a cryptocurrency exchange that provides speed, precision, and liquidity, as well as tools for technical and graphical analysis. Its interface includes information on Bitso crypto price.
Markets
Bitso accepts deposits in 4 fiat currencies – Mexican peso, Argentinian peso, Brazilian real, and US dollar. Furthermore, users from around the world can link their bank accounts to the exchange and convert their fiat currencies on the spot to MXN to complete transactions. It supports fiat-to-crypto, crypto-to-fiat and crypto-to-crypto trading. 46 assets and over 70 Bitso trading pairs are available in total.
Bitso spot trading and leverage for margin trading are possible. The size of the leverage depends on the specific market and asset. The exchange also allows yielding through a program called Bitso+.
Yields can be earned by holding USDT, BTC, and ETH in the Bitso wallet. With any balance, Bitso+ generates daily yields, which are deposited to the user's account every Monday. The balance is always available to withdraw or convert, contrary to fixed-term deposits in traditional banks. The rate is 2% annually, and the program does not generate any additional cost to an investor.
About Bitso exchange fees, almost all deposits are free of charge. Only bank transfer of USDT stablecoins is applicable for a $10 fee. Regarding withdrawal, the local currency is exempt from any fees. Withdrawal of USDT stablecoin in the form of ERC-20 tokens is charged with a fee of $0.96. In the same way as in many other exchanges, Bitso crypto fees vary by the currency of choice and Bitso trading volume. For example, withdrawal of Ether is charged 0.00031800 ETH, and Bitcoin – 0.00010074 BTC.
Other Services
Bitso cryptocurrency exchange offers more traditional financial services, such as cashback on transactions performed with Bitso Card – a digital and physical card. Users can pay for their purchases with the available MXN balance in their wallet and earn BTC for every transaction.
Moreover, it provides international USD transfers. It is possible to send USD or receive it from a bank account to a Bitso account by SWIFT or IBAN transfer. The received deposit in USD is converted to USD stablecoins, but the amount remains unchanged. There's no fee to deposit, but the fee to send is $12 fixed, no matter the amount. Bank processing time takes an average of 6 business hours.
There is also a possibility of a US domestic wire transfer. Users can send and receive USD from a US-based bank account directly to a Bitso account. Same as with international transfers, the fiat currency is converted to USD stablecoins, and there is no fee to deposit just a fixed $12 fee for sending.
Lastly, there's BitsoPay, which enables users to instantly accept Bitcoin payments across borders without incurring fees. A combined 135,000 convenience stores from chains 7-Eleven and Oxxo have partnered with Bitso, allowing Mexican residents to fund their fiat trading accounts from these stores.
About the Company
Bitso crypto exchange was established in 2014 by Ben Peters, Daniel Vogel, and Pablo Gonzalez. Its headquarter is located in CDMX, México.
It was the first exchange to offer cryptocurrency trading with the Mexican peso. During a few years, it quickly positioned itself as an alternative to the traditional Mexican financial system, which was frequently unstable. Bitso co-founders Ben Peters and Pablo Gonzalez partnered with Ripple to employ a Ripple gateway and facilitate US-Mexico remittances in pesos, USD, and Bitcoin.
In 2016 the exchange collaborated with the local Zmart Group to open over-the-counter Bitcoin sales in convenience stores across the country. In May 2021, it was reported that the Bitso volume almost exceeded $45 million.
No Bitso customer funds have ever been hacked or lost. However, as a result of a technical issue, Bitso experienced a security breach in 2017, which was quickly acknowledged and apologized for.
