Bitso Review

Bitso Review

Bitso Review

Crypto mania is surely exploding all over the world. Respected people in the world of blockchain and cryptocurrencies are convinced that we are still at the very beginning of mass adoption, encouraging people to invest. Lately, we have seen the total market cap skyrocket above 600 billion, so it’s no wonder that everyone is more than optimistic regarding the continued growth of the market in the next year. This is also the reason why there is a growing number of companies providing services of cryptocurrency exchange. Since we always strive to inform our readers only of the best products in the market, today we’ll be dealing with Bitso – a Mexican exchange with growing popularity and some interesting features. Being the pioneer in Mexico regarding trading cryptocurrencies, Bitso has many loyal clients, although its services can be used in other countries as well. If you want to know a bit more about a solid and stable exchange, keep on reading our Bitso exchange review and educate yourself!

Bitso Review | Getting started with Bitso

Naturally, prior to actually using Bitso’s core feature – exchanging fiat money for cryptocurrencies and vice versa – you have to create a trading account. The procedure is actually fairly simple and consists of only three steps. On the first page, you’ll be asked to provide some personal information, such as your full name, email address, country of residence and phone number. Also, here you’ll be able to select your desired account type. Although Bitso offers two account types – Personal for general users and Business for companies and corporations – the nature of cryptocurrency trading ensures that you only need the basic entrance to the market to have same chances of winning like everyone else. Once you provide all required information, the second page will ask you to define your account password and comply with terms of service. Here you’ll also define your transaction PIN, a secondary security code used for verifying withdrawal requests. Since you’ll be dealing with real money here, we must advise you to define a strong master password and never share it with anyone. And finally, on the last step, you’ll be asked to select your main reason for using Bitso platform. Here you can choose Wallet to simply buy and sell Bitcoins, Exchange to engage in cryptocurrency trading, and there is also an option for enabling cryptocurrency payments if you are owning a company. And that’s pretty much it – as you can see, the procedure is fast and simple, and you shouldn’t encounter any problems when trying to open a new account here. Now, let’s see what are your trading possibilities regarding the chosen Bitso product. Keep on reading and find out!

Bitso Account Opening Page

Bitso Account Opening Page

Bitso Review | Wallet and Trading Platform on Bitso

Regardless if you select Wallet or Exchange to be your primary way of using Bitso, both services will be granted to you. While Wallet lets you easily convert among several cryptocurrencies and enables you to deposit and withdraw funds, Exchange option has some advanced trading functionalities that will be appreciated by those longing for better control over each trade. We’ll analyze both usages here, so just keep on reading.

Wallet feature gives you a basic overview of your fiat holdings, and balances of four supported cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum and Ripple. You can also view a history of both deposits and withdrawals for each supported currency. Directly from the main screen, you can deposit, withdraw or convert any of these currencies. Converting between fiats and cryptocurrencies is actually pretty simple and fast – you only need to select desired amount of fiat you want to convert of crypto you want to have, and the platform will automatically make a deal based on newest market price. The transactions can be made both ways – you can buy cryptos and sell them so you can withdraw fiat money from your trading account. This feature is a great way of making a quality investment portfolio for those who don’t have the time or knowledge of trading on the real platform, but want to aboard the speedy crypto train.

Bitso Wallet

Bitso Wallet

For others, Bitso app is a great solution. This is a classic cryptocurrency trading platform enriched with great user interface and stability. It consists of four views, each having their own scope regarding cryptocurrency trading. On the main Trade view, you’ll be able to get a quick overview of the market. Here you can set your buy and sell orders for each supported cryptocurrency by simply setting the amount you want to buy or sell, and the orders will be instantly executed based on the current market price. However, if you want your order to be processed when the specified target price is met, you can use Limit feature. That way, all orders you open will stay opened until the market price reaches the one defined in the order. This is a great way of yielding even more profit if you believe that price will fluctuate in the near future. Available balances of both fiat and selected cryptocurrency are also shown, and you can conveniently top them up right from this view. Along with the list of your currently opened and recently closed trades, there is also an overview of 10 most recent buy and sell orders, so you can keep track of the market price in real time. Also, at the very bottom, there is a section containing 10 most recent completed trades. As you can see, the main view gives you a good overview of the current state of the marketplace, as well as convenient way of placing your own orders.

Bitso Trading Platform

Bitso Trading Platform

If you want even more information and historical data about the market, be sure to open Market Overview tab. Along with already mentioned insight to recent orders and trades, here you’ll be able to access charts of price fluctuations. Also, you can find out information such as total market cap and number of coins for each cryptocurrency, daily trading volume, minimum and maximum price and so on. A convenient candlestick chart is also present, showing the price fluctuation over a selected period of time. Live Trades view will give you even more information about the ongoing trades on the marketplace, while Order Book tab gives you list of all orders, as well as the visual presentation of ratio between the quantity of buy and sell orders. And that’s about it when it comes to common usage of Bitso platform. However, there is still one more feature that we need to cover before moving on to other aspects of this cryptocurrency market – read on and see what it’s all about!

Bitso Review | Bitso business features

Along with the aforementioned common features, Bitso also has one interesting feature for owners of regular or web-based shops. BitsoPay is a great way of going crypto with your business, by introducing cryptocurrency payments to your clients. Setting things up is extremely easy, and the conversion between cryptocurrency and your local fiat currency is done instantaneously, without any need for your intervention. All you need to do is set up your store profile in the Bitso app, and the platform will do the rest. The main advantage of this approach is that you can do your business globally, since nothing stops you from receiving payments in cryptocurrency from anyone, regardless of the buyer’s location. Furthermore, Bitso charges absolutely zero fees for this service, so you don’t have to limit the quantity of money that can be sent via crypto. Fast transfers are ensured by using SPEI feature, and you’ll be granted access to online shopping card interface and tablet-based PoS application for physical vendors. As you can see, this company has proven that business clients are an important part of their vision of providing quality service as well. With this free feature, virtually anyone can transform their business and keep track with significant changes in the way we exchange value. Now that we’ve covered this topic, let’s move on to something important – security. Read on!

Bitso BitsoPay Feature

Bitso BitsoPay Feature

Bitso Review | Importance of verification and security at Bitso

In order to start trading on Bitso platform, as we already mentioned at the very start of this Bitso exchange review, you’ll need to open up a free trading account. However, if you want to make your initial deposit, you’ll be asked to complete verification procedure. There are three levels of verification you can make on Bitso, each of them unlocking some interesting features to you. For instance, the moment your account is activated, your verification will be set to level 0. In order to advance to level 1, which enables you to make deposits and withdrawals from your account, you’ll need to verify your phone number. The process is short and simple – enter your phone number, wait until SMS message is received, and type the code from the message into the appropriate dialog on the Bitso website. After your account is verified, you’ll become eligible to deposit and withdraw funds as you like. However, some withdrawal limits are imposed for each level of verification. For instance, once you verify your phone number, your withdrawals will be limited to roughly 300$ per day, with monthly volume set at approximately 1600$. If this is perfectly fine for your investment appetite, then you’re perfectly fine. However, if your trading plans are bigger, you’ll have to make further verification procedures. This includes submitting your proof of identity and residence, meeting some target trading volume and funding your account with SPEI, a transfer with Mexican banks. Once you’ve done this, your withdrawal limits will be even higher. For unlimited withdrawal amounts, you’ll have to have a signed agreement with Bitso, as well as to provide a source of funds deposited here. The reason for this are strict regulation procedures that are beginning to affect crypto world as well, particularly due to the fact that many crypto traders want to evade taxation of their income. However, due to this policy, at Bitso you’ll be safe of any suspicious behavior, so you can trade freely as much as you want.

Bitso Verification Levels

Bitso Verification Levels

Apart from verification, we should also mention some security schemas implemented here, particularly regarding two-factor authentication. This is a method of adding additional security layer to your account, by requesting a unique, short-lasting code at each login attempt. Codes are generated via mobile app that can be downloaded for both iOS and Android devices, and usually last 30 seconds. Each time you want to login, a new code will be generated, thus reducing the chance of your account getting hacked. There are several applications that are specialized for this purpose, the most popular one being Google Authenticator. However, be sure to always have a backup of the application somewhere, in case your phone gets stolen, lost or broken – without backup file, you won’t be able to access your authentication codes, thus losing access to your trading account. The platform also enables you to activate email authentication as well. Much like with mobile app, a unique, temporary code will be sent to email linked to your account. This will be executed on login attempt, as well as when making deposits and withdrawals to your account. Combining these two features will make your account virtually impenetrable to various security attacks, ensuring the maximum security of your funds. Naturally, you can enable and disable these features as you like, but we strongly recommend you to turn both of these on. Now that we’ve covered the basic security features, let’s continue our Bitso exchange review with yet another important topic – getting help. Read on and learn how to solve any issue you might encounter!

Bitso Two Factor Authentication

Bitso Two Factor Authentication

Bitso Review | How to get help with Bitso?

In addition to already mentioned key features, Bitso sports a well-designed help center that will surely help you with any problem. Information are divided into several categories, making search for a particular solution quick and painless. Buying guide will inform you about the quickest way of purchasing cryptocurrencies by using Bitso platform. Tutorials section, on the other hand, contains vast amount of topics regarding each key part of the platform. Here you can find everything you need to know about creating and updating account, sending and receiving cryptocurrencies, depositing and withdrawing fiat, verification procedures and much more. Video tutorials will redirect you to the official YouTube channel of the company, where you can find rich library of videos covering all key aspects of trading at Bitso platform. Bear in mind that all videos are narrated in Spanish, but also contain English subtitles so you’ll have no troubles understanding them. FAQ section contains everything that clients wanted to know, and what isn’t contained in the Tutorials section. For instance, information regarding Bitcoin history and legality, withdrawal times, fees and cryptocurrency advantages can be found here, along with many others. Most Frequent Problems section contains answers and solutions for common mistakes made by clients, such as loosing access to 2FA device, verification issues, lengthy withdrawals and such. And finally, Blog section contains various articles regarding incoming updates to the platform, news from the cryptocurrency trading market and much more. As you can clearly see, if you get stuck on Bitso with anything, this rich Help Center will surely help you in solving the problem instantly. However, before we conclude our extensive Bitso Review, we still have to cover some other interesting features offered by the company. Stick around and learn all you need to know about them!

Bitso Help Center

Bitso Help Center

Bitso Review | Other interesting features

Although we’ve analyzed all important features of Bitso platform, there are still some interesting ones that we didn’t get the chance to present earlier. We’ll analyze all of them here, one by one, so do stay with us until the end.

The first feature is surely Auto Sell. It is applied to Bitcoin transactions only, and it generates a unique Bitcoin address that will instantly sell all deposited Bitcoins using market order. In other words, all Bitcoins sent to this address will instantly be converted to fiat, using the best conversion rate possible. This bypasses the need of waiting for 4 confirmations before sending Bitcoin transactions, and is particularly useful for PoS devices that need to instantly convert all deposits to fiat currency. Bear in mind that, once this kind of transaction is sent to the market, there is no way of reverting or canceling it, so be careful how you use this feature.

Bitso Auto Sell

Bitso Auto Sell

There is also a referral program offered by Bitso, where you can lure in new clients by offering them to log in using your referral link. If they do so, and they start trading on the platform, you’ll be earning 10% of their total fees paid to the Bitso, forever. However, there are certain conditions that have to be met prior to triggering the referral program. Both referee and referral have to pass a Level 2 validation procedure in order to participate in the program, meaning that both subjects have to send proofs of identity and execute certain volume of trades. Also, this is applied to newly registered users only. As you can see, referral program might come as a handy second income to your trading account – you simply have to convince your friends to start trading on Bitso, and the money will start dropping to your account. Simple as that.

Finally, for those more tech-oriented, API interface is available. This enables developers and those more technologically inclined to incorporate Bitso application features into third-party applications and websites. It also enables other applications to communicate with Bitso platform by linking them with your personal trading account. You can make several API links this way, so you can use the Bitso platform in multiple ways. There is an extensive documentation present in the Developers section on the company’s homepage, making this feature really useful for those interested. And that’s pretty much it when it comes to additional features. We have covered all important topics regarding Bitso app, so now we believe it’s time to wrap up this extensive review.

Bitso Review | Final words

As you have seen in various sections of this Bitso review, we are dealing with a highly secure and trusted broker here. All important features, ranging from login and verification, trading and depositing, all the way to seeking help are well designed and explained to end users. We have tested several verification steps and we can honestly state that no problems or issues were found whatsoever. Furthermore, commencing trades on the fantastic Bitso trading platform is nothing but pure joy, thanks to its ingenious design, great layout and quality features. By using this platform, you can be sure that you’ll always have the best insight to current market moves. Also, advanced security layers embedded by the company itself, paired up with superb 2FA methods that users can incorporate to their account makes the website impenetrable and resistant to all possible attacks. And finally, in your time of need, you can always consult extensive library at Help Center that will surely help you resolve any issue you might have. Having said that, we can only wholeheartedly recommend you to start trading with Bitso now – you don’t find this perfect combo of security and trading experience every day!

Author's overall rating:
Author: Ben Prescott
Updated:

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