BITSO Exchange Review- Is It Safe?

/BITSO Exchange Review- Is It Safe?

BITSO Exchange Review- Is It Safe? 2018-02-22T14:07:21+00:00

Review of Bitso

Bitso is an exchange platform in Mexico that operates a Mexican Peso/BTC market with provision for instant deposits and withdrawals serviced via Mexico’s SPEI banking system. Bitcoin exchange platforms are sites where users can buy bitcoins in exchange for other currencies. For instance, BTC/USD refers to exchange from bitcoin to US dollars, BTC/CNY exchange between the bitcoin and Yuan and BTC/EUR exchange to Euro.

During the inception of Bitso, many users asked themselves the question, ‘Is Bitso legit?’ A common question among investors in the crypto exchange platforms. However, over time, people have come to accept the revolutionizing effect of the bit so platform. The popularity of Bitcoins is increasing each day hence every person needs to be made aware of cryptocurrency and how it operates since it might arguably be one of the most significant developments in the world in recent times. An integral part of the currency world and specifically the cryptocurrency ecosystem is Bitcoin exchanges.

It is through platforms such as the Bitso that buying and selling of currencies take place. The execution of a buy/sell order can be done partially or in full when the price bid matches against a sell/buy order that is exactly at or slightly below the bid amount.

BITSO review

  • Bitso is Mexico’s first Bitcoin exchange platform used for trading the Bitcoin with the Mexican Peso.
  • Bitso was announced in April 2014 and has its headquarters in Mexico City, Mexico.
  • The platform has three founders, Pablo Gonzalel, Ben Peters and Daniel Vogel.
  • The platform allows a coin to coin trading at the exchange.

BITSO Trading

  • Bitso deals in Ethereum and Bitcoin trading and exchange.
  • A buy/sell order is fulfilled in part or as a whole under the conditions that the price bid can be matched against the sell/buy order that is exactly at or slightly below the bid amount.

Adding funds

  • There are no charges payable by users when you transfer cryptocurrency for deposit. After 4 confirms, a process that takes approximately 40 minutes, the funds are available in the accounts.
  • This platform allows users to make instant MXN deposits through the SPEI transfers.
  • In the SPEI transfer, there are no fees payable for deposits and withdrawals.

Withdrawing Funds

  • The Bitso exchange platform allows the users of this system to make instant MXN withdrawals through SPEI transfers at no cost.

BITSO Fees

  • There is a trading fee charged on Bitso.
  • The trading fee is charged payable by each party of the successful trades that have been made through the platform.
  • The fee varies based on the history of a 30 day trading period.
  • Normally, the rate of fees for the new accounts and those with minimum trading volume is fixed at 1%.
  • Bitso trading platform offers discounts according to the given fee schedule for both the BTC/MXN and ETH/MXN

EXCHANGE TRADE FEE (BTC/MXN)

Fee % 30-day trading volume
1.00 0-1
0.95 1-2.5
0.90 2.5-4
0.85 4-6.5
0.80 6.5-9
0.75 9-12
0.70 12-18
0.65 18-25
0.60 25-32
0.55 32-40
0.50 40-55
0.45 55-75
0.40 75-100
O.35 100-125
0.30 125-160
0.25 160-200
0.22 200-250
0.20 250-320
0.18 320-650
0.16 650-750
0.14 750-850
0.12 850-3000
0.10 3000-10000000

EXCHANGE TRADING FEE FOR ETH/MXN

Fee % 30-day trading volume
1.00 0-50
0.95 50-125
0.90 125-200
0.85 200-325
0.80 325-450
0.75 450-600
0.70 600-900
0.65 900-1250
0.60 1250-1600
0.55 1600-2000
0.50 2000-2750
0.45 2750-3750
0.40 3750-5000
O.35 5000-6250
0.30 6250-8000
0.25 8000-10000
0.20 10000-12500
0.15 12500-16000
0.10 16000-100000000

Is BITSO safe?

 Can I trust Bitso?

  • Accounts are protected by the two-factor authorization that requires two components- a password and one another piece of information to grant access to a user’s account.
  • A user can use this optionally available feature to ensure funds are safe and no transfers are made without proper authorization.
  • It hence provides a very secure exchange platform for users’ funds.

Language support

  • The Bitso platform offers support in various languages; Spanish and English.

Unique features of the Bitso platform.

  • It has a fantastic customer support system.
  • Allows for the timely execution of trading transactions.
  • The owners are trying to add to the existing quantity of coins every month.
  • The fees payable by users are very low.
  • It creates a perfect community in the cryptocurrency ecosystem.
  • A major problem inherent to all cryptocurrencies and consequently Bit so is the counterparty risk.
  • Therefore, when encountering this platform, potential users ask themselves, is BITSO scam or is it safe for investment?
  • Security features are up to the task on this exchange platform. The digital funds are always saved on the internet based network. Since the currencies are stored online, they are always under threat from cyber-crime and volatility.
  • The use of safe and robust servers at Bitso ensure top-notch The Bitso platform has also partnered with BitGo to provide a multi-signature system. The exchange platform also has come up with solutions for data recovery and others for safety.
  • The presence of two-factor authentication- the user is required to download the authenticator from google on his device. The authenticator scans the QR code of the Bitso account.

How to use BITSO

Creating your own account on Bitso:

  1. The requirements to open an account include; an email and an operational cell phone to allow receipt of the confirmation code
  2. Login to Bitso and go to the “open your account”
  3. Fill the form that appears on the screen with the correct data as requested including the cell phone
  4. In the next form to be displayed, enter the code that is sent to the cellphone number you entered, choose a password and PIN that you can remember well.
  5. After successful completion of these steps, the user ID will be assigned to you and this will be used to login to your personal account on Bitso.
  6. Check the inbox of your email as fed in the previous forms and you should find a registration notification from Bitso indicating success in the creation of the account, all registration data, and the Bitso user ID.
  7. After this, the process of account creation is completed and you can start using the platform to trade.

BITSO Review Summary

Launched and set into operations in 2014, the Bitso exchange platform has been able to bring out the potential of trading in cryptocurrencies to Mexico. Analyzing the trends of the platform in the country, it can be stated that it has succeeded in bringing out this potential not only in Mexico but has grown to become the leading crypto-exchange platform in Latin America.

Using the Bitso platform, you can trade in bitcoins among other cryptocurrencies such as Ethereum. It is a respite to the rough times that the Mexican Pesos has undergone and comes to provide the much needed alternative form of payment to the Mexicans. The need for an alternative method is evidenced by the record numbers of users of bitcoins in Mexico in recent times.

From the Bitso review, the platform is clearly a suitable platform for Mexicans and citizens of the other Latin nations where the spread and development of Bitso are deep-rooted.

Pros

  • Allows users to trade their local currency, MXN with free SPEI bank transfers
  • Bitso is beginner friendly-offers useful tutorials on its website to help new users find their way around
  • Transparent pricing – concise presentation of charges on its website
  • Provision of a wallet service- Bitso is integrated into the BigGo which is a formidable wallet.
  • Crypto-to-crypto transactions are relatively cheaper amounting to 0.15% per trading transaction
  • There is limited complaints/ negative feedback from their users indicating it is a reliable exchange platform.

Cons

  • Limited to local use- Bitso is most suitable for use in Mexico since the Mexican Peso is the sole fiat currency supported by the platform. The exchange would be of little value outside Mexico and Latin America.
  • High currency fees- the costs of converting cryptocurrency to MXN and vice versa can be as high as 1%. In comparison, other platforms such as Poloniex charge 0.15% for market takers and 0.25% for the market takers.
  • The trading platform is too basic- has a simple web-based platform.
  • No leveraged trading
  • Few altcoins are made available for trading

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