Cryptocurrency Exchange Bitso

January 30, 2018

Bitso is a Mexican cryptocurrency exchange founded in 2014. It allows users to exchange Bitcoin and Ether for Mexican Pesos. Users can deposit and withdraw MXN through the Ripple Gateway among others. Bitso is committed to developing efficient financial services in Mexico.

Founded in 2014, Bitso set out to bring the potential of cryptocurrencies to Mexico and LATAM. We prioritise security, transparency and best practice operations, while breaking new ground with innovative product development. 

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. 

Users can trade with their local currency at Bitso, and besides, the exchange now allows free SPEI electronic transfers. Previously, withdrawals and funding through SPEI had a commission of $ 8 MXN per transaction. SPEI is an Inter-banking Electronic Payments System developed by the Bank of whose main advantage is that it allows mobile banking.

Apart from supporting fiat currencies and bank wire transfers, Bitso has a Help center with useful video tutorials on its website. So, newcomers in the crypto-verse can easily find their way around it. Apart from the most popular cryptocurrency Bitcoin, Bitcoin Cash, Ethereum and Ripple are also available for trade at Bitso.

Another thing which we like about this exchange is the transparent pricing of its services. There is a clear and precise presentation or the fee structure on Bitso’s website. While transaction fees for pairs with Mexican Peso are quite high (especially for those who don’t trade in large volumes), crypto-to-crypto trading is relatively low-cost, amounting to 0.15% per trade.

Bitso has integrated into the exchange BitGo, a formidable bitcoin wallet. It has also incorporated the Bitirin - multi-signature security through BitGo. 

As Mexican peso is the only fiat currency supported by Bitso and its liquidity is concentrated mainly in MXN pairs, this exchange would not be appreciated outside Mexico and Latin America.  The costs of actually converting your MXN to cryptocurrency (and vice versa) at Bitso reach 1%. This is significantly higher than what other exchanges are charging. As a comparison, Poloniex charges 0.15% (market makers) and 0.25% (market takers). The higher the trading volumes, the lower the fees at Bitso, but this, of course, involves greater risks.

Bitso does not provide leveraged trading, which is not unusual in the crypto world. In case you are interested in the speculative trading in Bitcoin with some leverage, trading with a forex broker, like IG, might be a nice alternative.


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