Cryptocurrency Tools: Bitso

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Bitso was established in 2014 by Ben Peters, Daniel Vogel, and Pablo Gonzalez. It was created with the aim of being the leading cryptocurrency exchange in Mexico. Bitso was the first exchange in the country to offer cryptocurrency trading against the Mexican peso. Apart from cryptocurrency trading services, Bitso also offers cryptocurrency payment services from Mexican merchants.

Much of Mexico’s population is unbanked, and so Bitso aimed to bring these people into the fold. Thus by providing a venue for Mexicans to buy and sell Bitcoin and Ethereum with support for fiat currencies, Bitso is helping to facilitate the acceptance of cryptocurrencies in Mexico.

Bitso offers both a wallet and a cryptocurrency exchange, allowing users to access both after singing up. The wallet service always for the deposit and exchange of cryptos. Of course, the exchange itself is purely geared toward trading.

Bitso offers a number of popular cryptocurrencies, such as Bitcoin, Bitcoin Cash, Eth, and Ripple.

The website has fantastic ease-of-use which allows users to simply convert between fiat and crypto. Besides from the simple buy and sell process, Bitso trading platform also comes with additional features such limit order where users can set their market order to be processed only at a specified price level.

Bitso also offers an iOS and Android platform, which functions the same as the desktop version.

The platform allows for a number of deposit methods, including International Bank Wire, Ripple Gateway, and the Mexican SPEI banking network.

Withdrawals are similar, and are carried out via Bitcoin, Ether, International Bank Wire, Ripple Gateway, and the SPEI network.

Normally for trades that meet the minimum trading volume, the fee charged by Bitso is fixed at 1%. However, with volume trading, Bitso do offer discounts based on the volume traded. The discount offered varies between Bitcoin and Ethereum.

For deposits, there is no fee applicable. For withdrawals through SPEI and the Ripple Gateway, there is no fee. However, for withdrawal through Bitcoin and Ethereum, the fees are 0.001 BTC and 0.0025 ETH respectively.

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.

Bitso offers decent protection, with 2FA and multisig wallets.

There is a comprehensive level of customer support, including a help center, support tickets, and a live chat.

Bitso is a reliable and safe cryptocurrency exchange, and an excellent choice for traders in Mexico. The platform is beginner friendly, and merchant support is fantastic for nationwide adoption of cryptocurrency.

Protecting Your Cryptocurrency And Staying Safe on Bitso

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