Bitso.com Exchange Review

Bitso.com Exchange Review
9 Total Score
  • Fund your account from local stores in Mexico
  • Use SEPI system for credit/debit card funding
  • Customer Services has a great reputation
  • Global users can sign up for an account
  • There is a built-in cryptocurrency wallet
  • Instant transactions
  • Alternative to relying on a weak performing Pesos currency
  • The BitsoPay system offers flexibility

Bitso.com Cryptocurrency Review

Trust Score: 9/10

Bitso.com is based out of South America – Mexico to be exact. It is one of the very few digital currency exchanges in the region and has picked up a rapid following due to the fact that you can deal in Pesos.

The company was founded in 2014. Daniel Vogel is the president, co-founder Pablo Gonzalez is the CEO, and Ben Peters is the CTO of the company.

For Mexicans that do not want to deal in dollars or prefer to keep an eye on cryptocurrency prices versus the pesos, this is the perfect cryptocurrency exchange. Bitcoin, Ripple, Ethereum and Litecoin are all tracked and accepted currencies on the Bitso.com exchange.

The site has a lot of information available for its users. Resources include a blog with regular content posted, a Facebook following, Twitter following, and you can sign up for a newsletter to keep up with the latest news and trends.

On the site itself, the founders describe themselves as “the bridge to the new digital economy”. You can buy and sell cryptocurrency with other cryptocurrencies as well as the world-famous fiat currency the Pesos. Since 1994 the Peso has decreased in value versus the US$ and with that, the instability of the Mexican currency has led many Mexicans to invest in cryptocurrency using their Pesos on Bitso.com to do so.

Today, Bitso lays a firm claim as the largest online altcoin marketplace dealing in Mexican Peso (MXN). They also accept over the counter payments in Pesos using local stores in Mexico. The reason for this is because many Mexicans do not have a bank account, and so Bitso realized they needed an easy way for its users to be able to deposit Pesos onto the exchange.

Another reason this exchange has become so popular is due to its innovative BitosPay system that allows merchants to accept payments on e-commerce websites.

  • Mexican based exchange
  • Buy cryptocurrency using Pesos
  • Largest South American Crypto exchange
  • Flexible payment systems

 

Mobile Apps

Bitso does have custom applications designed for the website. These are available on Apple Store and Google Play but they do not allow you to log into the Bitso.com system to trade. They are merely apps available for Bitso.com users that want to quickly check up on the latest market data trends for altcoins.

If you want to log in via mobile, you can do so using the website. The site is fully responsive and works with nearly all mobile browsers whether you have a Blackberry, Windows Mobile, iOS, or Android operating system.

  • Desktop and mobile browser access
  • Customer apps for market data trends
  • Compatible with all mobile browsers
  • Windows, Blackberry, Android, and iOS

 

BitsoPay System

A tool that comes with Bitso is the BitsoPay system. The idea behind the tool is to allow e-commerce websites to accept Bitcoin payments on their website free of charge. Any customers that are using Bitcoin will be able to use their Bitcoins to make purchases on your website. The system can also be used in retail stores if the store sets up the necessary Bitcoin payment system.

Payments via Bitcoin can be instantly changed into local currency. What’s more is that this may sound like a complicated system, but the set-up is extremely quick and very easy. If a store decides it wants to accept Bitcoin, the owner could sign up today and begin accepting Bitcoin payments immediately.

Other advantages of the tool are the 0% commission that comes with transactions. The system also accepts international payments plus the owner of the account can choose which currency he/she would like to be paid in when converting the Bitcoin to fiat currency. This style of set-up eliminates exchange rate issues because the exchange to another currency is based on the current value of Bitcoin versus the fiat currency at the time of the request.

The technology behind the system is known as SPEI. This system guarantees that there is no risk of being charged back and that payouts are extremely quick. On top of this, BitsoPay provides a sophisticated shopping cart interface (SCI) that works in conjunction with all digital merchants.

Whether someone wants to pay via an iOS, Android or another device, BitPay in a store or on an e-commerce website, BitPay has the necessary tools to fulfil any of these arrangements.

  • Allows websites to accept payments in Bitcoin
  • Payments can immediately be converted to cash
  • Instore payment systems available
  • Online e-commerce payment systems available

 

Bitso API

Bitso also provides APIs so developers can build their own cryptocurrency applications that connect to Bitso’s payment system.

 

Coins Offered

Bitso.com offers all the major altcoins, but they have stayed away from offering any of the below mainstream cryptocurrency for the time being. However, the company does have a reputation for adding new coins to its marketplace if the coin becomes a mainstream contender with the likes Bitcoin and Ethereum.

 

Registering at Bitso.com

Registration is very easy and takes less than 5 minutes to go through the entire process of opening an account.

  • Enter your email
  • First Name
  • Last Name
  • Date of Birth
  • Mobile Number

Additional options include whether you are using the account for personal use or business. Once your account information has been submitted, you will just need to confirm your email address and you are all set.

 

Making a Purchase or Exchange on Bitso.com

You can use Bitso.com to exchange your digital currencies from one currency to another. You can also use fiat currency to fund your Bitso.com account. For Mexicans, this exchange will be in Pesos, however, for those outside of Mexico, you can purchase cryptocurrency using US$.

 

You can review Bitso.com market data using their onsite tracking tool as you can see in the screenshot above. You can see trends over time including:

  • 7 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year

If you see a downward trend in one cryptocurrency on the market data tool and an upwards trend in another cryptocurrency available on the exchange, you can quickly trade from one cryptocurrency to another. In addition to this, you can sell your cryptocurrency and have the money paid into your bank account.

 

Bitso.com Crypto Wallet

There is an option to store your cryptocurrency on Bitso.com using their wallet system. Nearly all Mexican members using the exchange will also use the Bitso cryptocurrency wallet. It is a highly secured multi-sig wallet. That means your funds are better secured because multiple signatures are required for your transactions.

The wallet is very easy to use and very safe. There have been no reports of any hacks or thefts thanks to the multi-sig wallet security that has been put in place.

  • Multi-signature wallet
  • Added security

 

Accepted Payment Methods

Payment methods depend on where you are registering from in the world. For Mexicans, they can simply walk into ann Oxxo or 7-Eleven store and pay over the counter. In fact, at the time of this writing, there are over 130,000 locations in the country that accept Pesos and other currencies to pay into an already registered Bitso.com account.

In addition to this, fiat currency and cryptocurrency can be transferred between the bank account and Bitso account making depositing and withdrawing very simple indeed. You will need to make sure your bank account is compatible with SPEI.

You can also use almost any crypto wallet with Bitso to deposit cryptocurrencies into your Bitso account.

  • 130,000 physical locations to make payments in Mexico
  • Deposit using Pesos over the counter
  • Withdraw and deposit using your bank account

 

Transaction Fees

Bitso.com have strived to keep fees on their exchange very low. For the most part, many of the transactions made with the site are free. It is free to deposit in cash or via a bank account, and if you have already about the state-of-the-art BitsoPay system, then you will see that the system does not charge for transactions made in Bitcoin.

In the past withdrawal fees were free on Bitso, but in 2017 the company announced that it would charge 0.0005 BTC per withdrawal. There was some controversy, but when you compare this rate to many other exchanges, it is still one of the lowest withdrawal rates in the world.

The average minimum charge for Bitcoin withdrawals is around $1.80 per transaction; while Bitso is around $0.85 per transaction. In the end, you really cannot grumble considering the flexibility Bitso offers and that members are still getting a great deal.

  • Withdrawal fees apply
  • Lowest withdrawal fees in the world

 

Purchasing Limits

Limits to funding your account vary depending on your level. To raise up a level, you will need to fulfil certain additional requirements. You will need to open an account to begin at level 1. From here, you will be given the option to click on a button to see the requirements to move up to the next level.

  • Level 1

You can fund or withdraw up to $5,300 worth of pesos per day.

  • Level 2

You can fund or withdraw up to $150,000 worth of pesos per day or $480,000 pesos per month

  • BitsoPay

We also saw that with the BitsoPay system, the minimum has been raised to $1.00. in the past, there was no limit on this system, but now very small transactions (when we mean very small, we mean below $1.00) have been restricted due to the rising prices in Bitcoin trades.

  • Minimum/Maximum Purchasing Levels

The minimum number of Bitcoins you can purchase is 0.001 BTC or 100,000 satoshis.

  • Level 1 and Level 2 purchase and withdrawal limits
  • BitsoPay transactions must be a minimum of $1.00
  • Transactions via the SEPI platform are instant

 

Countries Supported

Bitso supports all countries. As long as you are able to link a bank account to Bitso from outside of Mexico, then you can fund your Bitso account.

 

Customer Support

Customer support at Bitso appears to have a lot of gleaming reports. Firstly, they reply publicly to any negative press about their company. There has been a report of one user saying that he changed Bitcoin for Ethereum and claimed he received much less than he should have, but when asked for the username to resolve the problem it all seemed to turn out to be nonsense.

  • Email Support

If you do need support, you can always get in contact with the company at their email address: info@bitso.com

  • Help Centre

By visiting the help centre, you can understand fully how the Bitso website works via articles and video tutorials. This should actually be your first port of call if you need answers about the exchange and Crypto wallet service.

This section is split into 6 areas:

  • Buying Guide
  • Tutorials
  • Video Tutorials
  • FAQs
  • Most Frequent Problems
  • Blog

There is also a search function at the top of the page, so you search the Bitso Help Centre using keywords that can help you find answers to your questions. If you do not find an article that helps, then you can go ahead and search each of the above-mentioned areas for clues to help you.

  • Create a new support ticket

At the bottom of the help centre, there is a section where you can ‘Create a new support ticket’.

 

Safety

Once you have signed up for you Bitso account, you can set up 2-factor authentication. This is a number to access your account. You would need to set this up on your mobile device such as Google Authenticator; although, Bitso recommends that you use an app called “Authy”.

This works as added security, so if someone does manage to get hold of your password on your account, they will not be able to log in. This is because the app is personalized to your mobile and the code generated on your mobile – without both access to your phone and password, your account is effectively impenetrable.

The wallets themselves use a multi-signature wallet. One of the main advantages to multi-sig wallets is that there can be no refund requests and transactions will fail unless all signatures agree on where the transaction is going.

Furthermore, the security and firewall systems, as well as encryption used by Bitso, is state of the art technology above that of the security you would find even on the world’s major stock markets. That is because at least on the stock markets most frauds can be traced back, and money held, but in the crypto world that is not the case.

Bitso knows this, and as such the company have some of the most high-tech security in place to ensure that hackers cannot access their system. Even if a hacker does get in, it is difficult for them to get around the multi-sig security and 2-step authentication.

  • 2-factor authentication recommended
  • Multi-signature wallets
  • High encryption
  • Advanced firewalls

 

Why Choose Bitso.com

Well, if you are Mexican, then quite obviously Bitso.com is should be your number one port of call if you are looking to buy or sell cryptocurrencies. With the Peso also not being so stable rather than keep all your money in Pesos or US$, you can spread your risk by also investing in some of the mainstream cryptocurrencies offered by Bitso.com.

For those in Mexico that do not have a bank account, Bitso.com is an easy solution to store your money. You can open an account and fund the account in just a few minutes even without having a bank account. Just simply sign up, walk into 7-eleven with cash, and top up your Bitso account.

For those that do not use Pesos, the exchange is still a great place to store and move between cryptocurrencies die to its very low fees. If you have a bank account that can be used with the SEPI system, then Bitso.com’s doors will be open.

 

Pros and Cons of Bitso.com

Bitso.com is especially advantageous to Mexicans as the exchange allows cryptocurrency versus Peso tracking and management. In a country where there have been some rocky moments when it comes to having a secure financial system, Bitso.com offers stability and an alternative way for Mexicans to manage their finances.




9 Total Score

PROS
  • Fund your account from local stores in Mexico
  • Use SEPI system for credit/debit card funding
  • Customer Services has a great reputation
  • Global users can sign up for an account
  • There is a built-in cryptocurrency wallet
  • Instant transactions
  • Alternative to relying on a weak performing Pesos currency
  • The BitsoPay system offers flexibility
CONS
  • Dealing Pesos may not be ideal for some traders
  • Using your local currency to fund your account could slow down your initiation onto the bitso.com system.
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