Bitso is a Mexico-based Bitcoin exchange that has achieved huge growth over the past few years. Find out more about Bitso today in our review.
What is Bitso?
Bitso, found online at Bitso.com, describes itself as “the bridge to the new digital economy”. Using Bitso, you can buy and sell bitcoins with Mexican Pesos.
The past few years have been a rough time to hold Mexican Pesos. The Peso’s value against the dollar has plummeted. In response, many Mexicans have been seeking alternative payment technologies. They’re starting to discover – and use – Bitcoin in record numbers.
There are several other reasons why bitcoin is so popular in Mexico. In a nation of 120 million people, 80 million do not have access to basic financial services – which means they have no bank accounts and no credit. However, the country has 100 million mobile phones, and over 85% of phones sold in 2016 were smartphones. When you consider these things, it’s easy to see why more and more Mexicans are discovering Bitcoin.
Today, Bitso is the world’s largest market for buying and selling bitcoin for Mexican Peso (MXN). The company also offers BitsoPay, a payment platform for merchants that can be used on e-commerce sites or through tablets and smartphones at your place of business.
Bitso has many features that make it a more attractive option for Mexicans who wish to participate in the digital economy:
Easy and Accessible: Fund your account in convenience stores like Oxxo and 7-Eleven. There are more than 135,000 locations across Mexico where you can fund your account.
Fund and Withdraw Instantly: You can send and receive money between your account and your bank in just one second and at zero cost.
Security: Bitso explains that they “follow the best security practices and processes in the industry”.
Useful APIs: You can build bitcoin applications in Mexico using Bitso’s own APIs.
Multi-Sig Wallets: All Bitso wallets are multi-signature, which means better security for your funds.
How to Open a Bitso Account
Opening a Bitso account is a straightforward process that can be completed online in just a few minutes. You start at the official Bitso website here: https://bitso.com/register
From there, you enter your email, first name, last name, birthday, and country, along with your cell phone number. You can also choose whether the account is for personal or business purposes.
BitsoPay is the exchange’s payment platform for merchants. The platform lets you accept Bitcoin payments at zero costs. With BitsoPay, you can accept payments from customers using bitcoin – whether they’re using it at your retail store or through an e-commerce site. Once you accept those payments, you can convert it instantly into local currency. Setup is easy, and you can begin accepting payments today.
BitsoPay comes with advantages like 0% commissions, international payment acceptance, and the ability to get paid in the currency of your choice without worrying about exchange rates. There’s also no charge-back risk and fast payout via SPEI. Merchants also appreciate the sophisticated shopping cart interface (SCI) that’s compatible with any online merchant.
Meanwhile, if you run a retail outlet, you can use the BitsoPay tablet interface, which makes it easy for customers to handle their transactions at the checkout counter.
Or, with BitsoPay Cashier, you can accept bitcoin over any internet-connected cellphone or tablet (including iPhones, iPads, and Androids).
To get started with BitsoPay and the various payment platforms, sign up for an account at Bitso.com.
Bitso was founded in 2014 with the goal of introducing the potential of cryptocurrencies to Mexico and LATAM. The company is also committed to creating efficient, stable financial services in Mexico – a country where citizens have traditionally lacked access to financial services.
Bitso was co-founded by Pablo Gonzalez (CEO), Ben Peters (CTO), and Daniel Vogel (President).
You can contact Bitso by email at [email protected]
Bitso Introduces Mandatory Withdrawal Fees
In May 2017, Bitso ignited a controversy when it introduced mandatory withdrawal fees for Bitcoin transactions. The withdrawal fee sits at a flat rate of 0.0005 BTC.
The company announced the news through a blog post on May 12. In that blog post, Customer Support Manager Paco Martinez explained that staff had to implement the changes “due to huge changes and growth that Bitcoin has been experiencing in recent months, which has resulted in transaction fees increasing significantly worldwide.”
The company also explained that it was common practice in the industry, and that many other exchanges have fluctuating rates or higher rates.
BitPay, for example, recently raised its minimum invoice amount from 4 cents to $1, which transformed the platform overnight. Users could no longer accept smaller payments – or larger micropayments – through BitPay’s service.
Today, the BitPay fixed fee sits at around $0.85. The average transaction fee across major exchanges sits at around $1.70. When you consider these facts, Bitso’s mandatory withdrawal fee doesn’t seem too egregious.
Ultimately, Bitso is Mexico’s most popular Bitcoin exchange. It has provided Mexicans with an alternative payment platform – both online and offline. As long as Mexicans continue to lack access to basic financial services, Bitso’s presence should continue to grow.