A Review of Bitso | Mexican Crypto Exchange

in LeoFinance •  3 months ago 

Thinking of interesting topics to post here on LeoFinance.io I had the idea of making a review about a Crypto Exchange. I was born, and I live in Mexico, so I it would be best to talk about Bitso a Mexican Crypto Exchanges, that it's said to be the best exchange in the country. I'll share with my experience and my opinion about it.


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Bitso Website


Introduction to Bitso


I first used Bitso on January 2017, I remember that I bought some Bitcoin, 100 Mexican pesos in total. If you translate this into US dollars it would be around 5 Dollars. At that moment one BTC was close to 20,000 pesos, so those 5 dollars would have grown a lot, sadly it was not yet my time to join the Crypto World, so I sold right away, I was just testing the platform.

What I love about Bitso is that I can deposit money from my account with a simple transfer. Here in Mexico these transactions are called SPEI (Sistema de Pagos Electronics Interbancarios or Interbank Electronic Payment System in English) and it lets you transfer money from one bank account to another almost instantly with little fees and in my case if I do it from my mobile app there are no fees at all.


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Bitso does not charge me anything when I’m making these type of transfers and as I said they are reflected almost instantly. There are other options where you can make a deposit on a convenience store called OXXO but that one has fees and it’s not convenient unless you are in a hurry and don’t have any other option. I can also receive and make “Bitso transfers” from other users without fees and this is an option how local business could accept payments not only in pesos but in all the different cryptocurrencies and tokens that Bitso has.

In total Bitso has ten different cryptocurrencies and of course Mexican Pesos, Argentinian Peso and most recently the United States Dollar. The Cryptocurrencies are: Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), BitcoinCash (BCH), TrueUSD (TUSD), Basic Attention Token (BAT), DAI (DAI), Golem (GNT) and Decentraland (MANA).


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Their interface is quite friendly and it’s easy to change from one crypto to another and also to deposit and to withdraw. Something that I don’t like a lot is that when you are converting any crypto to Mexican Pesos there are some fees and depending on the amount you could “lose” some value you had. Of course, you could wait for your orders to be filled but to be honest I’m not always that patient or don’t have the time to wait and either way you have to pay fees. The good thing is that when you withdraw via SPEI Transfers there are no charges and transactions are also almost immediately.

The limits on the account are pretty great. I had to go through a simple KYC, which I personally don’t mind, and after that I can make monthly deposits of up to one million pesos, close to 50k USD and I can make withdrawals in MXN of up to two million pesos, 100K USD. I’m not even close to those numbers yet but a man can dream, right? Also, Crypto deposits and Withdrawals are unlimited.

Bitso recently opened USD deposits and withdrawals, I haven’t tried them yet because there it’s really not a use case for me personally but it’s a nice feature. The only thing is that this kind of deposits have a 10 Dollar fee, so I think it’s only worthwhile for people making huge deposits.

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Bitso Alpha

Besides the website: https://bitso.com/, they have Bitso Alpha which is a trading platform for desktop where people can make all kinds of operations with the cryptocurrencies that Bitso has. I really don’t use it because I’m not really a trader but maybe in the future I will test it. And they also have the mobile app which lets you buy, sell and transfer coins. When I’m on mobile I rather use the mobile browser than the app because in the past the app seemed to be limited for some operations, maybe I have to try again. But the app is good to get notifications when deposits and withdrawals go through, that’s the main reason I have it.


How I Buy and Sell Hive Using Bitso

There are a couple of ways to do this. When I’m buying Hive or other coins the first part is the same: I make an SPEI Transfer from my mobile bank app, when it is confirmed I can do two things:


Method One - Binance or Bittrex


Convert MXN into XRP. Send XRP to Binance or Bittrex. Sell XRP for BTC.

Buy HIVE with BTC. Send HIVE to my account.


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Binance


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Global Bittrex


Method Two - @blocktrades


Convert MXN into ETH. Send ETH to Blocktrades and convert it into HIVE.


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Blocktrades


To sell HIVE I follow the same steps but backwards. I have seen that the second method it’s faster and simpler, it was helpful when I was new. The first method while it’s more complicated and with more steps it gives me much better conversion rates both when buying or selling HIVE.


In Conclusion


Bitso it’s a great exchange. It has more positive than negative things. The instant and fee less deposits and withdrawals are one of the best features. There could be more crypto options, if it had HIVE it would be awesome! But I don’t know what would it take to achieve that. Bitso has been in Mexico sine 2014 and it is also in Argentina since February of this year. It is a growing company and I wish them the best.


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Image Source


Which is your favorite exchange?


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Thank you for reading!

My Contact Information

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!BEER

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Thank you!

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Reviewing a crypto exchange is a fine idea for post content. It's an attractive feature that Bitso has with zero fees on the mobile app into and out of fiat.

It's been about two and a half years since I cashed out any crypto. I was charged by Coinbase and my bank to process the transaction. Now we I bank somewhere else, but I bet they also have a charge.

It would be nice if Bitso added more than 10 assets. Coinbase has more than 10, but is also very limited. It's been nice to get my Hodlings off Coinbase and into DeFI. Unfortunately, I'll have to return to Coinbase if I ever do need to cash out some crypto.

Hopefully there are better options by that time. Paypal sounds iffy so far. Nice article.

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I also think that it would be nice for Bitso to add more assets. Since I started using it has added several new coins so I believe that they will continue in the future.

Mexico is not the biggest market for Crypto, there is still a lot of adoption needed. In Mexico a los of people do no believe in digital cash, there are still a lot of people that don't have a bank account, they do everything in cash...

Thank you for your comment and for sharing your experience.

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Crypto reviews are good content for LeoFinance. They're highly searched terms on Google and despite being highly competitive, will still have some sort of long term positive effect on our domain.

For Mexican crypto traders, Bitso looks like a good option. All I want to see is a quick transaction from fiat to BTC (and BTC back to fiat of course), with minimal fees. Once you have your money in BTC, you can easily use other exchanges just like you said.

For MXN > BTC, Bitso, looks a great local option.

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Yes it's a good option and another thing that I did not mention and Bitso does is that they are always sharing useful information about Crypto. They make videos, participate in conferences and share facts about crypto. They are doing great efforts to educate people in these complex topics. Bitso have a big team of experts, and they are very active in social media.

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Excellent review of the BITSO exchange! I like the way you compared your two methods of trading coins with their pros and cons.

I have seen that the second method it’s faster and simpler, it was helpful when I was new. The first method while it’s more complicated and with more steps it gives me much better conversion rates both when buying or selling HIVE.

Have you thought about doing your posts in both English and Spanish? Might be great exposure since The HIVE Blockchain Network is used internationally. Would bring to you a greater audience!

Bendiciones y vibraciones maravillosas para usted, y su familia.

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Great description of Bitso! It could be interesting to know how they create Bitso.

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Look! Pablo Gonzalez (one of the founders of Bitso) liked the tweet where I shared this article.

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I made a little research and Bitso was founded in 2014 by Ben Peters, Daniel Vogel and Pablo Gonzalez. I've seen some interviews of Pablo and Daniel, and they tell the story of how they created Bitso. It's actually the first Crypto Exchange in Mexico.

Also, a friend of mine called @josepimpo who is also on Hive worked on Bitso, and he has done many interviews he even had a chat with the founder of SuperRare.

Long story short Bitso began with two people, little by little it gained the confidence of the people. They started gathering a team of developers and also of people that are experts on security and legal things. So they have made a great work and have help a lot of people enter this world.

I also found this two interviews (they are a little old):

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Interesting to see how Mexicans are innovating and being part of the new tendencies.
Thank you for sharing!

Yes little by little more Mexicans are joining this space. I was talking with a friend, and we got to the conclusion that many of us are still on our comfort zones and that's why there are still few people in crypto in Mexico. For example in Venezuela, their financial crisis pushed them to adopt these technologies. In Mexico the crisis is not that bad yet. Also in Mexico a lot of people done believe in "digital or electronic cash".

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I didn't know Bitso works for Argentina. I'll take a look for sure.

Yes Bitso started operating on March or February of this year in Argentina.

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Seems this bitso exchange have some exciting features that is unique in its own and worth trying out. Though first time I will be hearing about this exchange but it looks pretty cool to want to try out

Bitso it's great. This exchange is only available on Mexico and Argentina atm, but I think it will expand to other countries of Latin America and maybe the US.

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