Bitso.com Cryptocurrency Review : Start With as Little as $100 Pesos

About Bitso.com

Bitso.com Established in 2014 by 3 individuals by the name of Ben Peters, Daniel Vogel, and Pablo Gonzalez, Bitso is a pioneering cryptocurrency exchange based in Mexico. The exchange headquarter is located in Campos Eliseos, 400 601B, Col. Polanco Reforma, México DF, México. Bitso is the first cryptocurrency exchange in the industry to offer cryptocurrency trading against the Mexican peso. Apart from cryptocurrency trading services, Bitso also offers cryptocurrency payment services from Mexican merchants.

Bitso is a Mexican Bitcoin exchange that operates a BTC/MXN market with support for instant deposits and withdrawals through Mexico’s SPEI banking system. Bitso is a leading exchange in the Mexican cryptocurrency space. It allows users to exchange Bitcoin, Ether, Ripple and Bitcoin Cash for Mexican Pesos. Coin-to-coin trading is also available at the exchange. Most importantly, Bitso accept Mexican Peso (MXN) bank transfers, and users can also deposit and withdraw directly MXN through the Ripple Gateway.

How To  Start With Bitso.com

To start trading with Bitso.com ,Indian residents first have to sign up for an account by following the steps below.

Step 1. Click on the “Login/Signup” link on the top right hand corner of the ​​Bitso.com website.

Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.

Step 3. If you have a referral code, enter the code while creating your account.

Step 4. Submit the form and wait for an activation email to be sent to you.

Step 5. Click on the “confirm email” link in the activation email.

Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your Bitso.com account.

Trading Fee

Bitso offers a flat trading fee of 1.00%. Bitso does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. Bitso’s 1.00% flat fees are above the industry average. The industry average can be argued to be around 0.25%. One should consider whether Bitso has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.

Bitso Withdrawal fees

Bitso’s trading fees are a bit on the high end, but the withdrawal fees are on the other side of the spectrum. Bitso charges a dynamic withdrawal fee amounting to approx. 0.0007 BTC when withdrawing BTC. This fee is below the industry average and constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.

Deposit Methods

Bitso offers wire transfer as a deposit method, but you can’t deposit via credit card. This might of course be disadvantageous if you would prefer to use your credit card for any reason.

KYC Security

The security of the exchange is achieved through features such as cold storage and multi-signature wallets. The platform enforces Know Your Customer (KYC) standards, which involves three levels of verification for enhanced security. Though Bitso is quite secure, it was one of the several exchanges that suffered an incident of hacking in 2017. The incident tampered with Bitso’s features enough for there to be complaints, to which the exchange replied with an apology.