Bitso is the first Mexican cryptocurrency exchange that was a pioneer in offering fiat-cryptocurrency trading with the peso, Mexico's local currency. Having entered the cryptocurrency exchange scene in 2014, its founding team consists of three people with extensive industry experience and expertise: Pablo Gonzalez, Ben Peters, and Daniel Vogel.
The exchange itself is positioned as affordable, fast and secure. Bitso processes 147 BTC in transactions every day, which, while not one of the highest rates in the industry, provides pretty good liquidity. The exchange also offers trading with a large number of other traders, although current data on the number of users is not available.
The platform is quite accessible and easy to use, as their advertising suggests.
The minimum purchase amount is small enough for the exchange to serve a wide range of people from different economic backgrounds. Users can start with as little as 100 MXN, which averages about $ 5.27. Since Bitso is mostly known as the first exchange that allows you to trade pesos / Bitcoin, that is available to trade fiat-cryptocurrency, along with crypto-trading. This is an advantage for new cryptocurrency investors, as the platform allows them to carry out all the necessary trading on one exchange.
There are 27 Bitso trading pairs in total. There is no margin trading.
The deposit in fiat funds is not supported, and the daily withdrawal limit depends on the verification level.
Trading fees on the platform range from a maximum of 1% to a minimum of 0.1%. Taking into account the global industry average of 0.25%, the question of whether trading commissions are an advantage depends on the user's trading volume.
- Maker - 0.05% - 0.5%;
- Taker - 0.065% - 0.65%.
The withdrawal fee is also 0.001 BTX (the exchange's own token), which is higher than the global industry average.
- Maker - 0.075%;
- Taker - 0.098%.
Exchange security is achieved through features such as cold storage and multi-signature wallets. The platform ensures compliance with the "Know Your Customer" (KYC) standards, which include three levels of verification to improve security.
While Bitso is fairly secure, it was one of several exchanges that suffered a hack in 2017. This incident affected Bitso's functions so much that complaints arose, to which the exchange responded with an apology.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.