Bitso Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Bitso, established in 2014, stands out as a pioneering cryptocurrency exchange in Mexico, notably for integrating the Mexican peso into the crypto trading space. This feature not only caters to local demand but also enhances accessibility for Mexican users, potentially drawing a broader audience into the crypto market. The exchange’s robust features, including a diverse range of digital assets, user-friendly mobile apps, and competitive trading fees, underscore its commitment to providing a comprehensive trading experience. Its regulatory adherence further strengthens user trust, which is essential in the cryptocurrency sphere.

However, Bitso’s service is not without limitations. Its focus on the Mexican peso, while beneficial locally, restricts its utility for international traders, which could be seen as a drawback for those outside the covered regions. The limited selection of cryptocurrencies might also deter users looking for a more extensive portfolio. Despite these challenges, Bitso’s strategic positioning and ongoing innovations make it a significant player in Latin America’s cryptocurrency market, especially for users prioritizing ease of access over a vast selection of trading options.

Pros

Cons

3,3

Threenvest Score

Fees

0,075%/0,098%

U.S Legal

With the confidence of Threenvest

Year Founded: Established in 2014, Bitso has a long-standing presence in the cryptocurrency market. This longevity is a testament to its resilience and adaptability in the rapidly evolving crypto environment.

Security Methods: Bitso employs robust security measures including two-factor authentication, cold storage of digital assets, and multi-signature wallets. These practices ensure a high level of security for user funds and transactions.

Possible Regulation: Bitso is regulated by the Gibraltar Financial Services Commission (GFSC), one of the few cryptocurrency exchanges in Latin America to be overseen by such a respected regulatory body. This regulation reinforces Bitso’s commitment to compliance and security standards.

Trading Volume and Liquidity: Bitso provides substantial trading volume and liquidity, making it easier for users to execute trades efficiently and at desired prices. This is particularly beneficial in a market known for its volatility, where trading depth can significantly impact transaction costs and speed.

Customer Service: Bitso offers exceptional customer service with support available 24/7 through multiple channels, including live chat and a comprehensive help center. This dedication to customer support ensures that users’ queries and issues are addressed promptly and effectively, enhancing the overall user experience.

Best Crypto Exchanges

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About bitso

Bitso, established in 2014 by Ben Peters, Daniel Vogel, and Pablo Gonzalez, is a pioneering cryptocurrency exchange based in Mexico. It holds the distinction of being the first platform in the industry to allow cryptocurrency trading against the Mexican peso. This exchange is particularly tailored for Mexican users, aiming to enhance the accessibility of cryptocurrencies within the region.

Background and History Bitso’s inception was motivated by the founders’ vision to integrate cryptocurrencies into the Mexican economy and make them accessible to the masses. Over the years, Bitso has expanded its services beyond simple trading to include payment solutions for Mexican merchants, making it a comprehensive platform for digital finance in the region.
Founders The founders of Bitso bring diverse expertise to the table. Ben Peters, Daniel Vogel, and Pablo Gonzalez have combined their knowledge in technology, finance, and business to create a platform that not only simplifies trading but also promotes the use of cryptocurrencies in everyday transactions.
Interesting Fact Bitso was instrumental in aiding disaster relief efforts by facilitating donations through cryptocurrencies after the devastating earthquake in Mexico. This initiative showcased the potential of digital currencies in real-world applications beyond trading and investment.

Bitso not only serves as a trading platform but also plays a crucial role in the fintech ecosystem in Latin America, driving financial inclusion and the adoption of digital currencies.

Why Choose Bitso?

Firstly, Bitso’s integration with the Mexican peso provides a unique gateway for users in Mexico and surrounding regions to enter the cryptocurrency space, making it simpler to trade and utilize digital assets in everyday transactions. This is particularly beneficial for users who may face barriers with other platforms that do not support local currencies.

Secondly, Bitso’s user-friendly interface ensures that even those new to cryptocurrencies can navigate the platform easily. This ease of use, combined with low fees and a comprehensive help center, enables users to trade confidently and efficiently without the steep learning curve often associated with cryptocurrency exchanges.

Lastly, Bitso’s commitment to security through robust measures like multi-signature wallets and two-factor authentication offers users peace of mind, knowing their investments are well-protected. Coupled with the regulatory oversight from the GFSC, Bitso stands out as a secure and reliable platform in the volatile world of cryptocurrencies.

Where it falls short

Geographic Availability: Currently, Bitso primarily serves users in Mexico, with some presence in other Latin American countries. Expanding its services to include more regions could significantly increase its user base and impact. To improve, Bitso could seek regulatory approval in additional countries, which would allow it to offer its services to a broader audience, enhancing its global footprint.

Limited Cryptocurrency Selection: While Bitso supports major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, its selection is less extensive compared to other global exchanges. This limitation might deter users looking for a more diverse range of trading options. To enhance its appeal and meet the varied needs of its users, Bitso could consider adding more cryptocurrencies, particularly emerging altcoins and DeFi tokens, which are gaining popularity in the crypto space. This expansion would not only cater to the diverse investment interests of its current user base but also attract new users looking for a one-stop-shop crypto exchange.

Features	Explanation
Minimum Trade	The minimum trade amount is low, enabling accessibility for traders of all sizes.
Trading and Transaction Fees	Bitso offers competitive fees, with a sliding scale that benefits high-volume traders.
Number of Cryptocurrencies	Bitso supports major cryptocurrencies but has a more limited selection compared to larger exchanges.
Crypto-to-Crypto Trading Pairs	Offers a moderate range of crypto-to-crypto trading pairs, adequate for most traders.
Website Transparency	Bitso provides clear and detailed information on its operations and security measures.
Credit/Debit Card	Bitso lacks a dedicated exchange card, limiting its utility for in-store cryptocurrency transactions and associated benefits.
Storage Offering	Secure storage with cold wallets and multi-signature technology to ensure safety.
Staking and Rewards	Provides some options for staking and rewards but not as extensive as some competitors.
Mobile App and Desktop	Highly functional and user-friendly mobile and desktop platforms that enhance trading experience.
Customer Service	Excellent customer support with 24/7 access via multiple channels, including live chat.
Deposit and Withdraw	Efficient deposit and withdrawal processes, though mainly tailored to Mexican users.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert reviewer on our website, I find Bitso to be a solid choice for traders, especially those based in Latin America. Its strong regulatory compliance, combined with a user-friendly interface and dedicated customer service, makes it a reliable platform. However, if you’re looking for a wider variety of cryptocurrencies or need more global payment options, you might want to explore other exchanges. Nonetheless, for those new to cryptocurrency or primarily trading in Mexican Pesos, Bitso offers an excellent starting point.

Fees

Bitso maintains a competitive edge in the crypto exchange landscape through its straightforward and relatively low fee structure. The platform employs a maker-taker fee model, which incentivizes market liquidity. Makers, who add liquidity by placing limit orders, enjoy lower fees compared to takers, who remove liquidity by executing against existing orders. Fees can vary depending on the user’s 30-day trading volume, promoting more frequent trading by offering decreasing fees for higher volumes. This tiered approach not only supports active traders but also ensures the platform remains accessible to newcomers, keeping initial costs lower than many other exchanges.

Pros

Volume-based Discounts: Traders benefit from lower fees as their trading volume increases, encouraging more frequent trading and greater liquidity on the platform.
Incentive for Makers: Lower fees for makers help maintain a healthy liquidity pool on the exchange.
Competitive Rates: Even at the base level, Bitso's fees are competitive with global standards, making it an attractive option for traders.

Cons

Product selection

Bitso offers a robust array of services and products that cater to a diverse clientele, making it a standout in the cryptocurrency exchange market, especially in Latin America. The platform supports a variety of trading options including spot trading for a range of cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin. This is complemented by crypto-to-fiat and crypto-to-crypto trading pairs, providing users with flexibility in their trading strategies. In addition to trading, Bitso extends its services to include a wallet feature, allowing users to store, send, and receive cryptocurrencies directly through the platform. This integration of exchange and wallet functionalities enhances user convenience by centralizing their crypto activities. Furthermore, Bitso’s commitment to regulatory compliance and user security is evident in its adherence to KYC standards and the implementation of advanced security measures like 2FA and cold storage of assets. Overall, Bitso’s service offerings are designed not only to facilitate cryptocurrency trading but also to promote broader financial inclusion and accessibility within the regions it serves.

Pros

Comprehensive Trading Options: Bitso offers a diverse range of trading pairs, including crypto-to-fiat and crypto-to-crypto options, accommodating various trading strategies and needs.
Regulatory Compliance and Security: Bitso is regulated by the Gibraltar Financial Services Commission and employs rigorous security measures like 2FA and cold storage, providing users with a safe and compliant trading environment.
Integrated Wallet Services: Users benefit from the convenience of having both a trading platform and a wallet service within the same ecosystem, enhancing the usability and functionality of managing cryptocurrencies.

Cons

Limited Cryptocurrency Selection: While Bitso supports major cryptocurrencies, its selection is relatively limited compared to larger global exchanges, which may deter users looking for more variety.
Geographic Restrictions: Bitso’s services are primarily targeted at the Latin American market, particularly Mexico, which may limit its appeal and accessibility to users outside these regions.

Read more about product selection in Bitso

Bitso provides a comprehensive range of services and products that cater to both novice and seasoned cryptocurrency traders and investors. Here’s an extensive look at what Bitso offers:

Trading Options

Spot Trading: Bitso allows for direct trading of cryptocurrencies against fiat currencies like the Mexican Peso, as well as between cryptocurrencies. This includes major coins such as Bitcoin, Ethereum, Ripple, and Litecoin.
Advanced Order Types: Bitso supports various order types including market orders, limit orders, and more, allowing traders to execute strategies effectively.

Wallet Services

Multi-Currency Wallet: Users can store multiple types of cryptocurrencies within their Bitso account, facilitating easy management and trading.
Mobile App: Both iOS and Android users can manage their assets on the go, enhancing the convenience of accessing and trading their cryptocurrencies anywhere.

Financial Services

Fiat Gateway: Bitso supports several local currencies, providing a crucial bridge between fiat and crypto economies, especially for Latin American users.
Crypto Payments: The platform allows for cryptocurrency payments, making it easier for merchants and consumers to transact using digital assets.

Staking and Earning

Staking Rewards: Bitso offers staking services where users can earn rewards by holding certain cryptocurrencies.
Yielding Pools: In addition to staking, Bitso might provide liquidity pools that allow users to earn interest on their crypto assets.

Additional Services

API Access: Developers can integrate Bitso’s functionalities into their applications using its robust API, opening up possibilities for automated trading and data analysis.
Educational Resources: Bitso provides resources for learning about cryptocurrencies and trading strategies, catering to new users and aiding them in making informed decisions.
Security Features: Robust security measures including two-factor authentication, cold storage for funds, and compliance with regulatory standards ensure that users’ assets are protected against threats.

Bitso Card and Additional Benefits

Debit Card: Bitso may offer a debit card that allows users to spend their cryptocurrency holdings directly, converting crypto to fiat instantly when making purchases.

Community and Support

Customer Support: Comprehensive customer service including live chat and email support ensures users receive timely assistance and guidance.
Community Engagement: Regular updates, community events, and participation in broader crypto discussions keep users engaged and informed.

Through these services, Bitso not only facilitates cryptocurrency trading but also enhances the usability of cryptocurrencies in everyday transactions, pushing the boundary of financial technology especially in regions like Latin America. This suite of services and products positions Bitso as a versatile and dynamic platform in the crypto space.

Account opening

Opening an account on Bitso is a straightforward process designed to be user-friendly, especially for those new to the world of cryptocurrencies. To begin trading, a potential user must go through a series of simple steps which include providing personal information, verifying identity to enhance security and comply with regulatory standards, and setting up security measures for account protection. This process ensures that users can start trading quickly while maintaining a high level of security.

Pros

Streamlined Setup: The account registration process is straightforward and quick, allowing users to start trading in just a few minutes.
No Deposit Fees: Bitso does not charge any fees for depositing funds, making it cost-effective for new users to start trading.
Robust Security Protocols: Bitso requires identity verification and employs robust security measures such as two-factor authentication, enhancing the safety of user accounts.

Cons

Read more about account opening in Bitso

To fully understand the account opening process on Bitso and ensure a smooth start in trading cryptocurrencies, here’s a detailed guide covering the essential steps:

How to Sign Up on Bitso

Visit the Website or Download the App: Start by visiting the Bitso website or downloading their mobile application, available for both iOS and Android devices.
Create an Account: Click on the “Sign Up” button. You will need to provide an email address and create a secure password. Agree to the terms and conditions to proceed.
Email Verification: Verify your email address by clicking on the verification link sent to your email. This step is crucial for the security of your account.

Opening An Account

Provide Personal Information: Fill in your personal information such as your full name, date of birth, and address. This information must be accurate for the KYC (Know Your Customer) process.
Identity Verification: Upload a government-issued ID and possibly a proof of address. Bitso may also require a selfie to ensure that the ID matches the person creating the account.
Complete KYC Verification: Depending on your intended use and transaction volumes, Bitso might require additional verification. This process helps in enhancing the security of your transactions and adhering to regulatory requirements.

How to Buy Your First Cryptocurrency

Deposit Funds: Once your account is set up, deposit funds into your Bitso account. You can do this using bank transfers, credit/debit cards, or through cash payments at supported local outlets.
Navigate to the ‘Buy/Sell’ Page: Select the cryptocurrency you wish to purchase.
Purchase Cryptocurrency: Enter the amount you wish to buy in your fiat currency or specify the amount of cryptocurrency you want. Confirm the transaction details and complete your purchase.

Account Types

Basic Account: Allows you to trade and withdraw small amounts of cryptocurrencies. Verification requirements are minimal.
Advanced Account: For higher trading limits and withdrawal capabilities, this account requires full identity verification.

How to Use Bitso?

Trading: Explore the trading platform to buy, sell, or trade various cryptocurrencies. Use market, limit, and other advanced order types to manage your trades.
Withdraw and Deposit: Learn how to withdraw funds to your bank account or other wallets and deposit additional funds for trading.

Registration and KYC

KYC Levels: Bitso has multiple levels of KYC, each providing different benefits and limits. Higher levels require more detailed information but offer higher limits and functionalities.

By following these detailed steps, users can efficiently set up their Bitso accounts and start engaging in cryptocurrency trading with confidence. Remember, each step in the verification process plays a vital role in securing your account and enabling a broader range of transactions.

Security

Bitso takes security seriously, implementing a range of robust measures to ensure user funds and data are well-protected. The exchange is regulated by the Gibraltar Financial Services Commission (GFSC), which enforces stringent compliance standards. This regulatory oversight provides an additional layer of trust and legitimacy. Bitso employs advanced security protocols such as cold storage for the majority of user funds, two-factor authentication (2FA) for account protection, and high-level encryption for data security. Regular security audits and real-time monitoring systems further enhance the platform’s ability to detect and respond to potential threats swiftly. Despite its strong security framework, Bitso does have areas that could be improved. While its extensive security measures are beneficial, they can be complex and cumbersome for new users, potentially deterring them from fully engaging with the platform. Additionally, although Bitso has maintained a relatively strong security record, any past incidents, even if resolved, can impact user trust. However, the exchange’s commitment to transparency and proactive measures to address and rectify security issues demonstrate its dedication to providing a safe trading environment. Overall, Bitso’s comprehensive approach to security makes it a reliable choice for users prioritizing the safety of their digital assets.

Pros

Regulatory Compliance: Bitso is regulated by the Gibraltar Financial Services Commission (GFSC), providing a structured and secure framework for operations. This oversight ensures that Bitso adheres to international standards of financial security and user protection.
Continuous Monitoring and Regular Audits: The platform's use of real-time monitoring systems to detect suspicious activity and regular security audits helps in maintaining a secure trading environment and quickly addressing any potential vulnerabilities.
Advanced Security Protocols: Bitso employs robust security measures such as cold storage for the majority of user funds, two-factor authentication (2FA) for all accounts, and high-level encryption to protect user data. These practices minimize the risk of unauthorized access and potential theft.

Cons

Complexity for New Users: While necessary for security, the extensive security measures and procedures (like detailed KYC and continuous monitoring) can be overwhelming for new users, possibly deterring them from fully engaging with the platform.
Potential Past Security Incidents: Although Bitso has a strong security framework, any past security incidents, even if resolved, can affect user trust. The impact of historical issues depends on how effectively the platform communicated with affected users and took steps to prevent future occurrences.

Is Bitso Legit?

Bitso is a fully licensed and regulated exchange, overseen by the Gibraltar Financial Services Commission (GFSC). This regulatory oversight ensures that Bitso operates with high compliance standards, providing a secure and reliable platform for cryptocurrency trading.

Regulation

Bitso adheres to strict regulatory requirements, which include maintaining transparent operational procedures and ensuring customer funds are protected. The regulation by the GFSC not only legitimizes Bitso’s operations but also reassures users of its commitment to legal and ethical trading practices.

Licensing

The licensing under the GFSC means Bitso is subject to periodic audits and must comply with a stringent set of rules designed to protect users and their investments. This licensing is critical in establishing trust and safeguarding the platform against financial malpractices.

Is Bitso Safe?

Bitso employs several high-standard security measures to ensure the safety of user assets and personal information:

Cold Storage: The majority of user funds are stored offline in cold storage, significantly reducing the risk of theft by hacking.
Two-Factor Authentication (2FA): Bitso mandates the use of 2FA, providing an additional layer of security against unauthorized access.
Encryption: Robust encryption technologies protect sensitive data transmission across the platform.

Security Methods

Multi-Signature Wallets: For transactions requiring larger amounts, Bitso utilizes multi-signature wallets which require multiple keys to authorize a single transaction, enhancing security.
Continuous Monitoring: Bitso’s security team monitors the system 24/7 for any unusual activity that could signify potential security threats.
User Security Education: Bitso provides resources and best practices to educate its users on maintaining security and recognizing phishing attempts.

Historical Security and Improvements

Although Bitso has a strong track record, like many platforms, it may have experienced security challenges in the past. The platform’s openness about such incidents and its efforts to address them through improved security measures are crucial for maintaining user trust.

Conclusion

In summary, Bitso’s comprehensive approach to security, encompassing rigorous regulatory compliance, advanced technological safeguards, and a proactive stance on user education, makes it one of the most secure platforms in the cryptocurrency space. These efforts demonstrate Bitso’s commitment to providing a safe trading environment, which is crucial for both new and experienced users in the volatile world of cryptocurrency.

Customer service

Bitso excels in providing a secure and user-friendly platform tailored specifically for the Latin American market, with a strong emphasis on Mexico. Its integration with local payment methods and support for the Mexican Peso makes it highly accessible for regional users. The exchange offers a range of cryptocurrencies and robust security measures, including two-factor authentication and cold storage, ensuring user funds and data are well-protected. Additionally, Bitso’s regulatory compliance under the Gibraltar Financial Services Commission (GFSC) further bolsters its credibility and trustworthiness. These features make Bitso an excellent choice for users in Latin America looking for a reliable and locally-focused cryptocurrency exchange. However, Bitso’s focus on the Latin American market means it has limitations in global reach and cryptocurrency offerings compared to larger, international exchanges. It lacks support for some popular cryptocurrencies and does not provide advanced trading tools or a proprietary exchange card for in-store purchases and benefits, which could be a drawback for users seeking a more comprehensive trading experience. Despite these limitations, Threenvest sees Bitso as a strong contender within its niche, offering significant value to its target audience while maintaining high standards of security and user satisfaction. For those within its supported regions, Bitso remains a top choice for entering and navigating the world of cryptocurrency.

Pros

Multiple Support Channels: Bitso offers a variety of customer support options including live chat, email, and a comprehensive Help Center. This diversity ensures that users can choose the most convenient way to get help based on their specific needs.
Responsive Support Team: Users often praise Bitso for its quick response times and the effectiveness of the support team. This responsiveness is crucial in the fast-paced environment of cryptocurrency trading, where issues need to be resolved quickly to prevent potential losses.
User Education: Bitso provides extensive educational resources through its Help Center, which includes guides, FAQs, and trading tips. This not only helps in resolving common issues without needing to contact support but also empowers users to better understand the platform and trading strategies.

Cons

Language Limitations: While Bitso primarily serves Spanish-speaking regions, its customer service might not be as robust in other languages, which could limit the platform's accessibility and usefulness to non-Spanish speaking users.
Potential Overload During Peak Times: Like many customer service departments, Bitso's support team might experience overload during high traffic periods or major market events, potentially leading to longer response times.

Read more about customer service in Bitso

Customer Support

Overview: Bitso emphasizes providing a supportive and responsive customer service experience. This is vital in the cryptocurrency world where transaction issues can lead to significant financial impacts. Support Channels:

Live Chat: Allows users to get immediate help directly on the platform, ideal for urgent issues.
Email: Suitable for more complex inquiries that may require detailed explanations or documentation.
Social Media: Active presence on platforms like Twitter and Facebook, where users can reach out for quick queries.
Telephone Support: For in-depth assistance, though availability may vary by region.
Help Center: A comprehensive knowledge base that provides users with guides, FAQs, and troubleshooting tips.

Reputation and Customer Feedback

General Sentiment:

Users generally appreciate the quick and helpful responses from Bitso’s support team.
The platform is praised for its user-friendly interface and straightforward problem resolution processes.

Common Praises:

Efficiency in handling transaction-related issues.
Polite and knowledgeable support staff who provide clear, actionable guidance.

Common Criticisms:

During periods of high market volatility or technical updates, response times can be slower.
Some users have noted difficulties with account verification processes taking longer than expected.

Contact Methods and Response Time

Methods:

Direct Phone Line: Offers personalized support, particularly for complex issues or account security matters.
Email: Responses typically within 24 hours. Useful for non-urgent, detailed communications.
Live Chat: Immediate response, operational during standard and extended business hours to cater to global users.
Social Media: Quick answers to general queries, with response times ranging from a few minutes to a few hours depending on the traffic and nature of the query.

Response Times:

Live chat and social media are the quickest, with responses typically in minutes.
Emails may take up to 24 hours depending on the complexity of the issue and current queue.

Additional Considerations

Multilingual Support: Ensuring support is available in multiple languages can greatly enhance the user experience for Bitso’s diverse customer base.
Support During Peak Times: Implementing more robust systems or increased staffing during peak times could help maintain response times and service quality.
Proactive Communication: Users appreciate when exchanges proactively communicate about issues, updates, or expected delays, which can alleviate concerns and reduce the volume of inquiries.

Overall: Bitso’s commitment to providing extensive and efficient customer support plays a crucial role in its reputation as a reliable and user-centric cryptocurrency platform. Enhancements in response times during peak periods and expanded multilingual support could further solidify its standing in the global market.

Is bitso Right for You?

1. Your Geographic Location

Bitso is primarily designed for users in Latin America, with a strong focus on Mexico where it offers extensive support for the Mexican Peso (MXN). If you are based in or frequently transact with Latin American currencies, Bitso’s platform is tailored to meet your needs with local payment methods and currency support. However, if you are outside of this geographic area, especially in regions where Bitso does not support local currencies or payment methods, you might find other global exchanges more accommodating.

2. Your Trading Needs and Experience Level

Bitso is well-suited for both beginners and experienced traders due to its user-friendly interface and a wide range of trading options, including basic spot trading and more advanced trading strategies. The platform provides educational resources that are ideal for new users. However, if you are an advanced trader looking for more sophisticated trading instruments like extensive derivatives markets or specialized trading tools, you may find Bitso’s offerings somewhat limited compared to larger international exchanges.

3. Desire for Regulatory Compliance and Security

If security and regulatory compliance are top priorities for you, Bitso might be a good fit. It is regulated by the Gibraltar Financial Services Commission (GFSC), providing a level of oversight that ensures operational compliance and security standards are met. This makes Bitso a reliable choice for traders who prioritize the safety of their funds and personal data. However, users who prefer a more anonymous trading experience without stringent KYC processes may find Bitso’s compliance and security measures restrictive. By considering these points, you can better assess whether Bitso aligns with your trading preferences, geographic needs, and security expectations, making it easier to decide if this platform is right for you.

Bitso compared to other crypto exchanges

Threenvest score

3,3

Fees

0,075%/0,098%

US Legal

–

Security

High 4/5

On the exhange website

Threenvest score

4,8

Fees

≤0,10%

US Legal

Security

High 4,9/5

binance us

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Bitso supports a variety of cryptocurrencies, offering trading for over 30 digital assets. The exchange primarily operates in Latin America, with major services available in countries like Mexico, Argentina, and Colombia.

Main Cryptocurrencies Available

The platform includes popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), catering to the basic and advanced needs of most crypto traders.

Main Cryptocurrencies Not Available

Despite its diverse offerings, Bitso does not currently support some other significant cryptocurrencies like Cardano (ADA), Polkadot (DOT), and Solana (SOL), which might be a limitation for users interested in a broader market portfolio.

Principal Countries Available

Bitso is specifically designed to serve users in:

Mexico: Extensive services including local currency transactions.
Argentina and Colombia: Offers tailored services including local payment options and fiat currency support.

Important Countries Not Supported

Bitso does not provide services to major markets like the United States and countries within the European Union. This restriction can be a significant limitation for potential users residing in or conducting transactions from these regions. This focused approach allows Bitso to tailor its services to the needs of Latin American users but does mean that traders from some major global markets are unable to access the platform.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)
Chainlink (LINK)
Stellar (XLM)
Ethereum Classic (ETC)
Dogecoin (DOGE)
Cosmos (ATOM)
Tezos (XTZ)
Basic Attention Token (BAT)
Uniswap (UNI)
Aave (AAVE)
Algorand (ALGO)
Decentraland (MANA)
Filecoin (FIL)
Dash (DASH)
Maker (MKR)
Compound (COMP)

Main countries where you can open an account

Mexico – As the home base for Bitso, Mexico remains the core market for the exchange, offering full services including local currency transactions.
Argentina – Expanded services in Argentina include local payment options and direct trading with the Argentine peso.
Brazil – Bitso has extended its operations in Brazil, providing services tailored to the Brazilian real and local payment systems.
Colombia – Colombian users can benefit from localized services similar to those in Argentina and Brazil.

FAQs

1. How do I start trading on Bitso?

First, create an account by registering on the Bitso website or through the mobile app. Verify your email, complete the required KYC (Know Your Customer) process, and deposit funds using your preferred method. Once your funds are credited, you’re ready to start trading.

2. What are the deposit methods available on Bitso?

Bitso supports various deposit methods tailored to Latin American users, including bank transfers, credit/debit cards, and cash payments through local stores like OXXO in Mexico. These methods make it convenient for users to fund their accounts.

3. Can I trade cryptocurrencies directly with fiat on Bitso?

Yes, Bitso allows the direct trading of cryptocurrencies with fiat currencies. This includes major pairs like BTC/MXN, allowing users in supported countries to buy and sell cryptocurrencies directly using local currencies such as the Mexican Peso.

4. What are the security measures in place at Bitso?

Bitso employs multiple layers of security including cold storage for the majority of user funds, two-factor authentication (2FA) for all accounts, and encryption technology to protect data and transactions. Regular security audits are also conducted to ensure platform integrity.

5. Are there any countries restricted from using Bitso?

While Bitso primarily serves users in Latin America, it does not offer services to residents of the United States, Canada, European Union countries, and several other regions due to regulatory constraints.

6. What fees can I expect to pay when using Bitso?

Bitso charges trading fees that vary depending on your trading volume, with lower fees available for higher volumes. Deposit fees are generally free, although withdrawal fees vary depending on the cryptocurrency. Detailed fee structures are available on the Bitso website.

7. How can I withdraw my funds from Bitso?

To withdraw funds, navigate to the withdrawal section in your account, choose the fiat or cryptocurrency to withdraw, and follow the instructions to complete the process. For fiat withdrawals, users can opt for bank transfers, while crypto withdrawals require a valid wallet address.

Final opinion on Bitso

Threenvest recognizes Bitso as a standout cryptocurrency exchange, particularly for users within the Latin American market. The platform’s dedication to regulatory compliance and user security sets it apart, with measures such as GFSC oversight and rigorous security protocols instilling confidence among its users. Bitso’s integration of local payment methods and support for local currencies, especially the Mexican Peso, provides a seamless transaction experience that is highly valued in the region. However, its focus on Latin America, while a strength, also limits its accessibility and appeal to international traders, restricting its growth potential in the global cryptocurrency market.

Compared to other exchanges, Bitso shows robust features tailored to its target audience but may not offer the breadth of cryptocurrencies or the advanced trading tools seen in larger, more global platforms. This focused approach ensures excellence in service delivery for its market but might leave more diverse or advanced traders looking for additional options. Threenvest believes that for users in its operational regions looking for a secure and user-friendly platform, Bitso is an excellent choice. However, those outside of these regions or in need of more complex trading instruments might find it necessary to consider other exchanges. Overall, Bitso’s commitment to enhancing the cryptocurrency landscape in Latin America remains clear, making it a key player in the region’s financial technology sector.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.