Bitso is a pioneering cryptocurrency exchange, recognized as the first platform to allow trading against the Mexican peso. With a strong emphasis on security and regulatory compliance, Bitso aims to enhance financial inclusion by providing accessible cryptocurrency services in Latin America.
What is Bitso?
Bitso, founded in 2014, stands as a pioneering force in the Latin American cryptocurrency landscape. Distinguishing itself, Bitso proudly asserts its status as the first and only regulated cryptocurrency platform in the region. Boasting a user base exceeding 6 million globally, Bitso provides a comprehensive suite of services through its mobile app and Bitso Alpha exchange.
Key Products: Mobile App and Bitso Alpha Exchange
Bitso's mobile app serves as a versatile tool for users to seamlessly buy, sell, and utilize cryptocurrencies. Complementing this, Bitso Alpha, the cryptocurrency exchange, offers speed, accuracy, and high liquidity. This exchange facilitates trading activities with advanced tools, including technical and graphical analysis options. Bitso addresses both institutional and retail clients, creating a dynamic environment for diverse user needs.
Supported Currencies and Trading Options
With 47 listed currencies, Bitso covers a broad spectrum, featuring prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more. Users can access on- and off-ramps for multiple fiat currencies, including USD, ARS, MXN, BRL, and COP. Bitso offers trading through its platform, Bitso Alpha, and provides an API for users to implement complex automated trading strategies, allowing for backtesting against historical data.
Mobile Accessibility
Recognizing the importance of mobile trading, Bitso extends its services through a dedicated mobile application. Users can easily download the app from the App Store for iOS or Google Play for Android devices.
Trading Fees: Makers and Takers
Bitso employs a fee structure distinguishing between makers and takers in trading transactions. Takers, initiating orders that match existing ones, face a fee of 0.098%. Makers, contributing liquidity to the market with existing orders, enjoy a slight discount, trading at a fee of 0.075%. These fees notably undercut the industry average, which historically hovered around 0.25%, with the trend now moving towards 0.10%-0.15%.
Withdrawal Fees: Competitive Advantage
While Bitso's trading fees are competitive, its withdrawal fees present a strong advantage. Charging a dynamic withdrawal fee, approximately 0.00002 BTC for BTC withdrawals, Bitso positions itself well below the industry average. This fee structure enhances Bitso's competitiveness among other top crypto exchanges, where the industry average BTC withdrawal fee stands at 0.00053 BTC per withdrawal.
Deposit Methods: Wire Transfer Dominates
Bitso primarily supports wire transfer as a deposit method, limiting the option to deposit via credit card. While this may be a drawback for those preferring credit card transactions, it does not diminish Bitso's overall standing in the market.
Is Bitso safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
