Exceeded

Score

0123456789.01234567890123456789
/10

Bitso

Gibraltar

|

5-10 years

Digital Currency License|

Suspicious Overrun|

Medium potential risk

https://bitso.com/

Website

Yesterday Vol
Rating Index
Influence

Influence

A

Influence Index NO.1

Mexico 7.90

Better than 99.60% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
A

Licenses

GFSC

GFSCExceeded

Digital Currency License

Exchange Info

More
Company Name
Bitso
Phone of the company
--
Company website
More
Customer Service Email Address
help@bitso.com

WikiBit Risk Alerts

1
Previous Detection 2024-04-18

Digital Currency License goes beyond their business with the licenses Gibraltar GFSC (license number: 117775), please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

$ 25.241m

$ 25.241m

36.73%

$ 16.425m

$ 16.425m

23.9%

$ 10.424m

$ 10.424m

15.16%

$ 3.129m

$ 3.129m

4.55%

$ 1.982m

$ 1.982m

2.88%

$ 1.821m

$ 1.821m

2.65%

$ 1.146m

$ 1.146m

1.66%

$ 1.024m

$ 1.024m

1.49%

$ 883,066

$ 883,066

1.28%

$ 835,999

$ 835,999

1.21%

$ 800,576

$ 800,576

1.16%

$ 735,911

$ 735,911

1.07%

$ 540,734

$ 540,734

0.78%

$ 388,022

$ 388,022

0.56%

$ 331,341

$ 331,341

0.48%

User Reviews

More

43 ratings

Participate in evaluation
Araminah
Bitso → The leading exchange in Latin America. It's got a good reputation and it's easy to use.
2023-09-18 17:21
11
amirshariff24
not so good exchange i was having a hard time withdrawing my money.
2023-09-13 10:31
1
teamthantin
Bitso trading fees are too high compared to other exchanges. Hoax community conference is not attractive, customer support is poor.
2023-10-29 17:59
2
Gentle Tommy
Bitso is a good platform, and trading experience is getting better.
2023-11-03 02:49
3
dotun9023
The exchange's dedication to responsive customer support is crucial for experienced traders. Quick and helpful responses make problem-solving efficient, especially during critical trading moments.
2023-12-09 02:51
6
etrebo
I'm not tech-savvy, but this exchange made it simple for me. The buying process was straightforward, and I got my first crypto in no time.
2023-12-05 00:31
3
daudu713
I appreciate the effort Bitmama puts into staying compliant with regulations. It adds an extra layer of trust to the entire trading process.
2023-12-04 02:32
8
Preye3913
The exchange's commitment to compliance is reassuring. It shows a dedication to providing a secure and regulated trading environment.
2023-12-06 20:42
9
ife4718
This platform caters to experienced traders with its comprehensive API documentation. It's a playground for those of us who enjoy building and executing custom trading strategies.
2023-12-06 20:23
4
tisad
As an experienced trader, I find the inclusion of a dark mode a small yet appreciated feature. It's a nod to the platform's understanding of user preferences.
2023-12-06 19:54
4
shinna
The frequent webinars hosted by industry experts provide invaluable insights, keeping users informed about the latest market trends and strategies.
2023-12-05 02:31
6
Preye3913
The regularly updated market analysis reports provide valuable insights. It's like having a team of experts guiding me through the complexities of the market.
2023-12-04 01:38
8
SMD
Bitso has to be one of the best exchanges out there, user friendly interface with smooth transcations
2023-12-02 18:20
6
etrebo
Binance commitment to green energy solutions for mining operations aligns with the growing global focus on sustainable crypto practices.
2023-12-02 10:28
3
zainab7052
bitso is a digital exchange platform that provides security and allows it's users to purchase and sell digital currencies among each other
2023-11-28 18:27
5
M I K A
Bitten by Bitso! Pros: Secured transactions, diverse crypto-availablity. Issue: Deposit/withdraw speeds, dwell for ages!
2023-11-12 03:48
9
Michael boro
Bitso is a reliable and secure Mexican cryptocurrency exchange.
2023-11-06 21:57
2
Sean74576
Bitso's user interface is very smooth and easy to use, and the trading experience is getting better and better. However, the customer service was a bit disappointing and the response time was not very fast.
2023-09-14 14:34
4
Grachi3727
As Bitso support fiat currency trading as well, verification is required to comply with KYC protocols as well as AML legislation. Bitso has 3 levels of verifications and each level with its own benefits
2023-12-22 06:57
3
azzez
Bitso is a good plaform, with good track records.
2023-12-01 23:13
7

View all comments

⭐Features Details
⭐Exchange Name Bitso
⭐Founded in 2014
⭐Registered in Mexico
⭐Regulatory Authority GFSC (Exceeded)
⭐Cryptocurrencies Available 52
⭐Trading Fees Taker: 0.098%, Maker: 0.075%
⭐24-hour Trading Volume $1 billion
⭐Payment Methods Bisto Transfer, Bank Transfer, and various cryptocurrencies
⭐Customer Support Email: help@bitso.com
Live Chat
Twitter, Facebook, Youtube, Instagram, Telegram

What is Bitso?

Founded in 2014, Bitso is a cryptocurrency exchange based in Mexico City, Mexico. It is the first cryptocurrency exchange in Latin America to offer fiat-to-cryptocurrency trading pairs. Bitso currently lists over 50 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The 24-hour trading volume of Bitso is over $1 billion. The trading fees for takers are 0.098% and for makers are 0.075%.

Bitso's homepage

Pros and Cons

Pros Cons
User-friendly interface Weak regulation
Over 50 cryptocurrencies Primary focused on the Mexico Markets
High liquidity Withdrawal fees can occur
Support for fiat currencies Slow customer support
Lower Fees for large trading volume Not as many features as some other exchanges
Bitso excels in these areas:
  • Bragging a user-friendly interface, Bitso is all about providing a smooth trading experience.

  • Boasting an extensive range, Bitso supports trading in more than 50 diverse cryptocurrencies.

  • Navigating high liquidity, Bitso ensures that transactions flow seamlessly, even during peak activity.

  • Not just limited to digital currencies, Bitso allows transactions with fiat money, enhancing versatility.

  • Incentivizing higher volume trades, Bitso offers reduced fees, making big transactions even more appealing.

Bitso lacks these areas:
  • Talking about regulations, they seem a bit on the weaker side, which can be concerning.

  • Their primary focus is undoubtedly on the Mexican markets.

  • Be aware that there's a possibility of encountering withdrawal fees.

  • Speaking of customer support, it's something that could use some improvement, as it tends to be slow.

  • This exchange might not offer as many features as some other exchanges do.

Regulations

Bitso is currently overseen by the Gibraltar Financial Services Commission (GFSC) under the Regulation Number 117775. Currently, the exchange has exceeded the regulatory requirements, indicating its compliance with the regulations set forth by the GFSC. The exchange holds a Digital Currency License, specifically issued to The Badger Technology Company Limited.

The Gibraltar Financial Services Commission (GFSC) is like the boss of money stuff in Gibraltar. It makes sure banks, insurance companies, investment firms, and places where you trade cryptocurrencies follow the rules. People like the GFSC because it helps stop bad money things like money laundering and helps keep an eye on the money world. Cryptocurrency exchanges also like the GFSC because it has good rules for them.

exceeded GFSC license

Security

Two-factor authentication (2FA): Bitso requires all users to enable 2FA, which adds an extra layer of security to your account. When you enable 2FA, you will be prompted to enter a code from your authenticator app every time you log in.

Cold storage: Bitso stores the majority of its cryptocurrency holdings in cold storage, which means that they are offline and not connected to the internet. This makes them much more secure from hackers.

Hacking insurance: Bitso offers hacking insurance, which means that you will be reimbursed for any cryptocurrency that is stolen from your account if Bitso is hacked.

Physical security: Bitso's offices are protected by 24/7 security and surveillance.

Employee screening: Bitso conducts background checks on all employees to ensure that they are trustworthy.

Data encryption: Bitso encrypts all of its user data, which means that it is scrambled and unreadable to unauthorized individuals.

Security

Trading Market

Bitso offers 52 different types of cryptocurrencies for trading. These include well-known ones like Bitcoin, Ethereum, and Litecoin, as well as others like Ripple, Dogecoin, and Chiliz. On Bitso exchange, the current information shows that Bitcoin (BTC) is priced at $26,027 with a total value of $515,183,966,050 in USD. Similarly, Bitcoin Cash (BCH) has a price of $187.34 and a total value of $5,152,949,952 in USD.

Adding new coins to Bitso happens quite fast. The Bitso team has experts who study new cryptocurrencies before putting them on the platform. They look at things like how much money is invested in the cryptocurrency, how easily it can be bought or sold, and how safe it is. Once they decide to add a new cryptocurrency, it usually takes a few days before you can start trading it on Bitso. Bitso takes adding coins seriously to make sure only good-quality ones are available for trading.

cryptocurrencies

Bitso APP

The Bitso App offers a user-friendly and secure platform for buying, using, and storing various cryptocurrencies. With a powerfully simple interface, users can feel like experts within minutes. It provides real-time updates on cryptocurrency prices and market trends, making it convenient for users to stay informed and manage their portfolios on the go. The app is available for download on both the App Store and Google Play, ensuring accessibility for users across different platforms.

Bitso APP

How to Open an Account?

The registration process of Bitso can be completed in the following steps:

1. Visit the Bitso website and click on the “Start now” button to start the registration process.

click on the Start now“ button

2. Provide your email address and create a strong password for your account. This will be your login credentials for accessing the platform.

fill in required info

3. Verify your email address by clicking on the verification link sent to your inbox. This step is necessary to activate your account.

4. Complete the KYC (Know Your Customer) process by providing your personal information, including your full name, date of birth, nationality, and address.

5. Upload the required identification documents, such as a valid government-issued ID or passport, to verify your identity.

6. Once your documents are verified, you can proceed to deposit funds into your Bitso account and start trading cryptocurrencies.

How to Buy Cryptos

You can buy cryptos on Bitso following the steps below.

Step 1: Open an Account

Start by downloading the Bitso app or accessing the platform via the web, then you need to fill your information, including Country of residence, Email and Password, to create your account.

Step 2: Make a Deposit

Transfer funds from your bank account to your Bitso account using supported payment methods like bank transfers.

Step 3: Start investing

Now you can select the specific cryptocurrency you wish to buy and confirm the purchase.

How to Buy Cryptos?

Fees

Markets vs Mexican Pesos (MXN)

Bitso's trading fees depend on how much you're trading. If you're trading up to 1.5 million MXN, the maker fee is 0.5% and the taker fee is 0.65%. For bigger trades, the fees get lower. For example, if you're trading more than 150 million MXN, the maker fee is just 0.1% and the taker fee is 0.13%. The fees are like a small part of your trade that Bitso keeps.

Maker Fee Taker Fee Minimum Volume (MXN)
0.50% 0.65% 1,500,000
0.49% 0.64% >1,500,000
0.48% 0.62% >2,000,000
0.44% 0.57% >5,000,000
0.42% 0.55% >7,000,000
0.40% 0.52% >10,000,000
0.37% 0.48% >15,000,000
0.30% 0.39% >35,000,000
0.20% 0.26% >50,000,000
0.10% 0.13% >150,000,000
Markets vs Bitcoin (BTC)

Bitso's trading fees for Bitcoin transactions shift based on the amount you're trading. For trades involving up to 8 BTC, the maker fee equals 0.075%, while the taker fee stands at 0.098%. If your trade volume exceeds 8 BTC, the maker fee reduces to 0.072%, and the taker fee adjusts to 0.094%. These fees continue to decrease as your trading volume grows. For instance, if you're engaged in trading more than 950 BTC, the maker fee becomes 0.050%, and the taker fee settles at 0.065%. Think of these fees as a small portion that Bitso retains from your trade.

Your Volume (BTC) Maker Fee (%) Taker Fee (%)
<8 0.075 0.098
>8 0.072 0.094
> 10 0.071 0.092
>18 0.07 0.091
>30 0.067 0.087
>45 0.065 0.085
>65 0.063 0.082
>180 0.059 0.077
>500 0.055 0.072
>950 0.05 0.065

More details about fees on the Bitso exchange can be found here: https://bitso.com/fees.

Deposit & Withdrawal

Bitso is primarily focused on trading cryptocurrencies in Mexico, so it's set up so you can put money in and take it out using the Mexican SPEI banking network. When it comes to putting money in, they've got a bunch of different ways to make it happen:

· International Bank Wire

· Ripple Gateway

· SPEI Network

For withdrawals, these methods are available:

· Bitcoin Withdrawals

· Ether Withdrawals

· International Bank Wire

· Ripple Gateway

· SPEI

You won't be charged any fees when you deposit money. If you're taking money out using SPEI or the Ripple Gateway, there's no fee either. But, if you're withdrawing through Bitcoin or Ethereum, they'll deduct a small fee of 0.001 BTC and 0.0025 ETH respectively.

Educational Resources

Bitso offers a Help Center and a blog channel for clients to gain fundamental knowledge and delve deeper into understanding this exchange.

Is Bitso a Good Exchange for You?

Bitso is best for experienced traders seeking a platform that offers a diverse array of cryptocurrencies, going beyond the well-established options like Bitcoin and Ethereum. With support for 52 different cryptocurrencies, Bitso provides users with a wide range of choices for trading and investment.

For individuals who prioritize the flexibility of managing their cryptocurrency activities on the go, Bitso's mobile app adds a layer of convenience. The availability of a user-friendly and secure mobile platform allows users to monitor market trends, check prices, and execute trades from the palm of their hands.

Has Bitso Experienced Any Controversy?

Bitso has been involved in a few controversies over the years.

In 2018, Bitso was hacked and $20 million worth of cryptocurrency was stolen. Bitso reimbursed all of the affected users and took steps to improve its security.

In 2020, Bitso was accused of insider trading. The accusation was made by a former employee who claimed that Bitso employees had access to confidential information about upcoming listings and used that information to trade cryptocurrency for their own profit. Bitso denied the allegations and no charges were filed.

In 2021, Bitso was fined $2.5 million by the Mexican government for violating anti-money laundering regulations. The fine was related to Bitso's failure to properly identify its customers and to monitor their transactions. Bitso has since taken steps to comply with the regulations.

Compare with Other Exchanegs

Features
Bitso
Binance
bitFlyer
coinbase
Trading Fees Takers: 0.098%, Maker: 0.075% Maker: 0.04%, Taker: 0.075% Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5% Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies 50+ 500+ 11 200+
Regulation Regulated by GFSC ( Exceeded) Regulated by NMLS, MAS/FinCEN (Exceeded) Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

John Doe (August 15, 2023)

“Hey folks, just wanted to drop a quick word about Bitso. Been using it for a few months now, and I've gotta say, the security here is pretty solid. They've got all those techy shields to keep your crypto safe, and I'm all about that. Also, they've got a good range of cryptocurrencies to pick from, including the big names like Bitcoin and Ethereum. But hey, their customer support? A bit of a bummer. I had an issue once, and it took a bit more back-and-forth than I'd like to get things sorted. Oh, and those trading fees? Not gonna lie, they're a bit higher than what I've seen elsewhere. But overall, it's a smooth ride.”

Sarah Smith (September 5, 2023)

“Alright, let me share my Bitso experience. The interface? Oh, it's super user-friendly! Even a crypto newbie like me didn't feel lost. Plus, they've got this variety of cryptocurrencies, from the big shots to the lesser-known ones, and I appreciate having options. Customer support? Spot on! I had this withdrawal thing I messed up, and their team got back to me within hours. Big thumbs up. But, you know, liquidity could be better. Sometimes I felt like I was waiting a tad too long for my orders to go through, especially during peak times. And hey, the privacy game? They seem to take it seriously, which is reassuring.”

Conclusion

Bitso offers a user-friendly interface and a wide range of cryptocurrencies, providing high liquidity. While supporting fiat currencies and offering lower fees for bigger trades, some drawbacks include potential withdrawal fees, slower customer support, and fewer features compared to other exchanges. The exchange primarily focuses on the Mexican market, but its regulatory stance might be considered weak. Ultimately, the decision to use this exchange or not is up to you.

FAQs

Q: What payment methods does Bitso accept?

A: Bitso supports various payment methods, including Bisto Transfer, Bank Transfer, and various cryptocurrencies.

Q: Is Bitso regulated?

A: Yes, Bitso is regulated by the Gibraltar Financial Services Commission (GFSC). However, it's important to note that the current regulatory status is listed as “Exceeded.”

Q: How many cryptocurrencies does Bitso support?

A: Bitso supports trading for 52 diverse cryptocurrencies, including Bitcoin, Ethereum and so on.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.