RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Bitso

Bitso Exchange Review

Centralized

Bitso Overview

  • Local/Regional Exchange – cannot be rated at this time.

    Known as the first Mexican cryptocurrency exchange, Bitso was a pioneer in offering fiat-crypto trade with pesos, Mexico’s local currency. Having come into the cryptocurrency exchange scene in 2014, its team is comprised of three people with great experience and expertise in the industry: Pablo Gonzalez, Ben Peters and Daniel Vogel. The exchange markets itself as being accessible, quick and secure. Bitso processes 147 BTC in transactions every day, which, although isn’t one of the highest rates in the industry, allows for pretty good liquidity. The exchange also offers trading with a high number of other traders, though the current user number data is not available.

    The platform is pretty accessible and easy to use, as their advertisements suggest. Firstly, the minimum purchase amount is low enough for the exchange to cater to a wide variety of people from different economic backgrounds. Users can start off with as little as 100 MXN, which averages around 5.27 USD. The trading fees on the platform vary from a maximum of 1% to a minimum of 0.1%. Keeping in mind the global industry average of 0.25%, whether or not the trading fees are an advantage depends on the trade volume of the user. Its withdrawal fee is also 0.001 BTX, as of June 2017, which is above the global industry average. The fees on the exchange are not necessarily user-friendly. As Bitso is predominantly known for being the first exchange to enable pesos/bitcoin trading, it is evident that fiat-crypto trading is available, alongside crypto to crypto trading. This is an advantage for new cryptocurrency investors, as the platform allows them to do all of their necessary trading on one single exchange.

    The security of the exchange is achieved through features such as cold storage and multi-signature wallets. The platform enforces Know Your Customer (KYC) standards, which involves three levels of verification for enhanced security. Though Bitso is quite secure, it was one of the several exchanges that suffered an incident of hacking in 2017. The incident tampered with Bitso’s features enough for there to be complaints, to which the exchange replied with an apology.

    Bitso Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      199.405 BTC

      • Bitso Total Trading Pairs

        16

        • Bitso Margin Trading

          No

          • Bitso Deposit fees

            Free

            • Bitso Fiat Deposit

              Yes

              • Accepted Payment Method

                None

                • Bitso Native token

                  Yes

                  • Native token smart contract

                    N/A

                    • Bitso Trading Markets
                      • Bitso Stablecoins trading

                        Bitso Withdrawals

                        • Daily Withdrawal Limit

                          depends on Verification level. Daily and monthly limits.

                          • Bitso Withdraw fees

                            Full list of withdrawal fees can be found here

                            • Bitso Withdraw fees discount

                              Lower fees for Makers, certain currency pairs and higher monthly trading volumes.

                              Full details can be found here

                              • Proof of Reserves

                                N/A

                                Bitso Exchange Additional Information