What is Bitso.com? Is there anything that makes it stand out amongst its competitors? Does it have any significant benefits that you should look forward to taking advantage of right away? This is exactly what we shall be trying to figure out in today’s review. I hope that by the time we are wrapping up this review, that you will have made a solid decision as to whether you want to use Bitso or not. The main information and details about it will be passed to you through the following subtopics:
- What is Bitso.com?
- Bitso Wallet: What is there to look forward to?
- The Bitso Mobile App
- What deposit and withdrawal options does one have when using Bitso?
- The fees and charges you can expect when using Bitso
- Is it genuine or is it a scam?
- Pros and Cons
Name of the platform: Bitso.com
Official Website URL: https://bitso.com/
Overall Rating: (3.9 / 5)
Recommended: Yes (For those living in Mexico mainly.)
What is Bitso.com?
Bitso.com is a Mexico-based crypto exchange and trading platform that was founded in 2013. The platform is the brainchild of Ben Peters Daniel Vogel & Pablo Gonzalez. The three had the vision to bring to Mexico a platform that would enable the unbanked population to gain access to a platform that would help them own and transact using cryptos, as well as incur relatively low fees for their transactions. They went ahead and delivered a platform that would enable the customers to trade cryptos against the Mexican Peso. As of now, Bitso has come up as a viable solution to all customers who are interested in accessing crypto exchange services, as well as those whose main objective is to have payment services, such as the Mexican merchants.
At the time Bitso was being launched, its creators knew that Mexicans needed to adopt the users pretty fast, to be at par with the rest of the world. The platform has served its role effectively so far by accelerating the adoption of several cryptos within the Mexican boundaries.
Bitso Wallet: What is there to look forward to?
Bitso wallet, like most other cryptos that you will find in the market, allows you to access several cryptocurrencies all in one place. For Bitso, you can as of now access the cryptos listed below:
- Bitcoin Cash
Bitso Wallet lets you view the balance of the cryptos that you have in your account, as well as check the deposit and withdrawal history.
With this wallet, you can rest assured that are currency conversions, from fiat to crypto and vice versa can be achieved quite easily. Bitso ensures that such conversion transactions are executed at the current market prices.
Anyone who owns a Bitso wallet can also receive fiat currencies from other people, which is an option that Merchants take advantage of to make payment for products and services quite easy. The limit order feature comes in to let you set the price level at which you are more inclined to have your market orders processed at. This goes along with having a brief overview of the most recent transactions, at the lower part of the screen.
The Bitso Mobile App
Bitso also offers an app that customers can download on their smartphones, and rely on to purchase or sell cryptocurrencies. Like most apps offered by crypto exchanges, this app is meant to make transactions more efficient when customers are on the go. The app allows its users to send and receive the lusted cryptos from any corner of the world that is not limited or blacklisted financially.
What deposit and withdrawal options does one have when using Bitso
As already highlighted, Bitso is mainly meant to help people who are living within the Mexican national borders to access, trade in or exchange cryptos. Most Mexicans can mainly make their deposits to their Bitso accounts through the Mexican SPEI banking network. Some of the other money deposit options that are availed to customers include:
- Ripple Gateway
- SPEI Network
- International Bank Wire
- Crypto deposits
If you want to withdraw your funds from your Bitso account, the options availed to you are:
- BTC Withdrawals
- ETC Withdrawals
- Ripple Gateway
- International Bank Wire
The fees and charges you can expect when using Bitso
Maker and taker fees are the main fees you can expect to get charged as a trader on Bitso. The maker fees are 0.075%, whereas the taker fees are 0.098%. If you have been in the trading world for quite a while, you can easily tell that these fees are significantly below average. This, in my opinion, is a good thing since Bitso has managed to keep its word to its customers, by offering them a platform that has low transaction fees.
Once you have done your exchange or trades, you will want to withdraw your money. Bitso charges withdrawal fees that are barely more than 0.0003BTC. The fees are quite low, and anyone who is serious about cutting down on unnecessary expenses.
Is it genuine or is it a scam?
So far, I have not seen anything that shows that this platform is not genuine. Bitso is out to offer genuine services in the market, and it has been in the market longer than most of the other platforms that would be perceived as its competitors. Even so, there are no major consumer reviews that express how Bitso is doing anything very superior. I do not think this platform has a tarnished reputation so far. I can however point out that it mainly exists to serve the Mexican customers who rely on Mexican Peso. If you want to convert other types of fiat currencies, then you will have to rely on other platforms. Effectively speaking, if you are not a Mexican national, you can do great with my number one recommended alternative to Bitso.
Pros and cons
- The fees on this platform are relatively low
- It supports several cryptos (though they are very few)
- It only supports Mexican Peso as the fiat currency.
Final words and verdict:
Overall rating : (3.9 / 5)
I think Bitso is a reliable platform, but its suitable for those who have access to Mexican Peso, and in this case, that happens to be those who live in Mexico. There’s not much to say against, though I think mosyt people are looking for a wider varirty of cryptos and fiat currencies on such a platform. If you are, therefore looking for an alternative to Bitso, you can have a look at what my number one recommended alternative has to offer.
Here’s my recommended alternative to Bitso (Get Your Free Bitcoin ATM to enhance your crypto-banking activities + $50 worth of Crypto)
That’s all for today with my review about what Bitso.com is all about. I hope you’ve come to a conclusion about whether or not Bitso is for you or not, based on what it has to offer. If you have any questions about it, or you’d like to share your experience about Bitso, then feel free to do so in the comments section. Trade safely and efficiently!
Eric. Bitcoin investor and blogger at Start Make Stop Waste.