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Bitso Review - is it scam or safe?

Bitso Review - is bitso.com scam or good cryptocurrency exchange?

RATING: 3 / 2 REVIEWS Bitso

RECOMMENDED BITCOIN BROKERS


Trading Accounts & COnditions

 

Account type Leverage Crypto-to-fiat Fee Crypto-to-crypto Fee Withdrawal Fee
Standard N/A 0.10% - 1.00%* 0.15% 0.0025 ETH, 0.00586633 BTC

 

*Depends on the trading volume for the last 30 days and the cryptocurrency traded.

 

Bitso is a leading exchange in the Mexican cryptocurrency space. It allows users to exchange Bitcoin, Ether, Ripple and Bitcoin Cash for Mexican Pesos. Coin-to-coin trading is also available at the exchange. Most importantly, Bitso accept Mexican Peso (MXN) bank transfers, and users can also deposit and withdraw directly MXN through the Ripple Gateway. 

 

Bitso Advantages

 

Trading against MXN, free SPEI bank transfers

Users can trade with their local currency at Bitso, and besides, the exchange now allows free SPEI electronic transfers. Previously, withdrawals and funding through SPEI had a commission of $ 8 MXN per transaction.

 

SPEI is an Inter-banking Electronic Payments System developed by the Bank of whose main advantage is that it allows mobile banking.

 

Beginner-friendly

Apart from supporting fiat currencies and bank wire transfers, Bitso has a Help center with useful video tutorials on its website. So, newcomers in the crypto-verse can easily find their way around it.

 

Few altcoins available

Apart from the most popular cryptocurrency Bitcoin, Bitcoin Cash, Ethereum and Ripple are also available for trade at Bitso.

 

Transparent pricing

another thing which we like about this exchange is the transparent pricing of its services. There is a clear and precise presentation or the fee structure on Bitso’s website.

 

Low-cost coin-to-coin trading

While transaction fees for pairs with Mexican Peso are quite high (especially for those who don’t trade in large volumes), crypto-to-crypto trading is relatively low-cost, amounting to 0.15% per trade.

 

 A wallet service

Bitso has integrated into the exchange BitGo, a formidable bitcoin wallet. It has also incorporated the Bitirin - multi-signature security through BitGo.

 

Bitso Disadvantages

 

Mainly suitable for locals

As Mexican peso is the only fiat currency supported by Bitso and its liquidity is concentrated mainly in MXN pairs, this exchange would not be appreciated outside Mexico and Latin America.  

 

High trading fees

The costs of actually converting your MXN to cryptocurrency (and vice versa) at Bitso reach 1%. This is significantly higher than what other exchanges are charging. As a comparison, Poloniex charges 0.15% (market makers) and 0.25% (market takers).

The higher the trading volumes, the lower the fees at Bitso, but this, of course, involves greater risks.

 

No trading on margin

Bitso does not provide leveraged trading, which is not unusual in the crypto world. In case you are interested in the speculative trading in Bitcoin with some leverage, trading with a forex broker, like IG, might be a nice alternative.

 

>>Trading Bitcoin with leverage<< 

  

Trading platform too basic

As most exchanges, Bitso offers a simple web-based platform. It has an order book and some basic charting. Basically, that’s it. Here is a preview:

 

 

However, Bitso offers  a mobile application for Android and iOS devices along with Bitso Transfer. The latter allows users to send money to any cell phone number in Mexico or an e-mail, without delay and without confirmations.

 

A few negative reviews

Most reviews we went through focus on the high trading fees. Some users say it is expensive, yet some of the best for Mexicans, as it has no significant peers. Its transaction fees are really high when compared to Bittrex, Bitfinex or Poloniex

 

Conclusion

 

Etsblished back in 2014, Bitso was set out to bring the potential of cryptocurrencies to Mexico it seems it has succeeded, as it is currently a leading crypto-exchange in and Latin America. It accepts deposits in Mexican Peso and facilitates trading in a few of the most popular coins. The costs of trading for this are unfortunately high, but discounts apply to high-volume traders. 

 

 Of course, the key problem with a lot of companies in the cryptocurrency space is counterparty risk and Bitso is no exception. It is not regulated, as is the case with most crypto-exchanges worldwide. On the other hand, trading Bitcoin with a forex broker is generally much safer, as many of those companies are duly licensed by the respective authority. On the other, trading cryptocurrencies with forex brokers differs significantly from actually owning and trading coins at a crypto-exchange.

 

>>Reliable Bitcoin forex brokers<<

 

To summarize the strong and weak sides of Bitso:

 

 Pros

 Cons

 Few negative reviews
 Mainly suitable for Mexican
 Fiat accepted, free-of-charge bank transfers
 High trading fees for MXN pairs
 Transparent pricing, competitive coin-to coin trading fees
 No leveraged trading 
 Beginner-friendly
  Few altcoins available
 Wallet service available
 Trading platform too basic

 

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Traders` reviews for Bitso

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Slippage

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Bitso experience

I use bitso cuz its easy for us the mexicans, i mostly buy xrp and then i whitdraw all of it to my binance account since its the coin with the lowest fee on the exchange, the only bad thing are its high fees

roberto garcia 05/03/2019

Good option

I like Bitso, but I live in Mexico. The fees are arguably higher on a worldwide basis, but you can't beat the ease of finding and withdrawals. Also, your pro/con chart is wrong in a couple of respects. One, limited number of alt coins is a con. The small number of negative reviews is a pro.

Forexbrokerz Team: Thank you, the errors in pros/cons table are now fixed.

ac48328 12/25/2017
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