Overview
Bitso was founded in 2014 in Mexico City and has grown to become the largest cryptocurrency exchange in Latin America. The platform was built to serve a region where traditional banking access is uneven and where cross-border remittances are a major part of the financial landscape. Bitso's approach combines a full-featured trading platform with accessible onramps that meet users where they are, including an extensive network of cash deposit locations for users who may not have a bank account.
The exchange operates primarily in Mexico, with expanding services in Argentina, Brazil, Colombia, and other Latin American markets. Bitso is licensed by the Gibraltar Financial Services Commission and complies with Mexican financial regulations. The company has attracted significant institutional backing, having raised substantial venture capital from investors including QED Investors, Kaszek Ventures, and Tiger Global, among others.
One of Bitso's most distinctive features is its cash deposit infrastructure. Users can fund their accounts at over 135,000 convenience stores and retail locations across Mexico, including OXXO, 7-Eleven, and other chains. This is a critical capability in a market where a significant portion of the population is underbanked. The ability to walk into a local store, hand cash to a clerk, and have it credited to a Bitso account within minutes removes one of the largest barriers to cryptocurrency adoption in the region.
Bitso supports Mexican peso (MXN) trading pairs along with other regional currencies as it expands into additional markets. The platform offers a range of cryptocurrencies including Bitcoin, Ethereum, and various other major and mid-cap tokens. Bitso also provides a cross-border payments service that leverages cryptocurrency rails to facilitate faster, cheaper international transfers, particularly along the US-Mexico remittance corridor.
The platform serves both retail users and institutional clients. Bitso Alpha, the advanced trading interface, provides order books, charting, and multiple order types for more experienced traders. The standard interface offers a simpler buy/sell experience for casual users. Bitso also operates an API for developers and businesses that want to integrate cryptocurrency functionality into their own products.
Getting Started
Bitso is designed to be accessible to users across the financial spectrum in Latin America, including those who rely primarily on cash.
- Step 1: Download the Bitso app from the App Store or Google Play, or visit bitso.com to create an account. Provide your email address, phone number, and set a password.
- Step 2: Complete identity verification. Bitso requires a government-issued photo ID (INE/IFE credential for Mexican users, passport, or equivalent) and personal information including your CURP (for Mexican residents). Verification is often completed within a few hours.
- Step 3: Deposit funds. You have several options: transfer MXN from your bank account via SPEI (Mexico's interbank transfer system, which typically settles within seconds), make a cash deposit at any participating convenience store (OXXO, 7-Eleven, and others), or deposit cryptocurrency from an external wallet.
- Step 4: Buy Bitcoin. Select Bitcoin from the list of available assets, enter the amount in MXN or BTC, and confirm the purchase. For a simple market buy, the transaction will execute immediately. For more control over pricing, switch to Bitso Alpha and place a limit order.
- Step 5: Manage your assets. Keep your Bitcoin on Bitso, where it is protected by the platform's security infrastructure, or withdraw to your own wallet. Bitso also offers recurring purchase options for users who want to buy a fixed amount on a regular schedule.
Fees & Limits
Bitso uses a maker/taker fee model for its order book trading, where fees decrease as your 30-day trading volume increases. Maker orders (limit orders that add liquidity to the book) receive lower fees than taker orders (market orders that remove liquidity). The tiered structure rewards active traders with better pricing at higher volume levels.
For simple buy/sell transactions through the basic interface, Bitso applies a spread on the market price. This is simpler for casual users but costs more than placing orders directly on the Bitso Alpha order book.
Deposits via SPEI bank transfer are free. Cash deposits at convenience stores carry a fee that is charged by the deposit network, not by Bitso itself. Cryptocurrency deposits are free apart from the network fee paid to miners. Withdrawal fees apply for both MXN bank transfers and cryptocurrency withdrawals, with the specific amounts varying by asset.
Account limits depend on your verification level. Basic verification provides access with lower limits, while completing full verification unlocks higher deposit, trading, and withdrawal limits. Institutional and high-volume accounts can arrange custom limits through Bitso's support team.
Security
Bitso invests heavily in security, which is essential for maintaining trust in a region where cryptocurrency exchanges are still earning their reputation. The company stores the vast majority of customer cryptocurrency in cold storage, with only a small percentage kept in hot wallets to facilitate everyday trading and withdrawals.
The platform uses multi-signature wallet technology, which requires multiple independent approvals to authorize any movement of funds from cold storage. This approach limits the damage that could result from a single point of compromise. Bitso also maintains a reserve that covers all customer holdings, and the company publishes proof-of-reserves information to provide transparency about its solvency.
Bitso is licensed by the Gibraltar Financial Services Commission, which requires the company to meet regulatory standards for security, risk management, and customer asset protection. This offshore regulatory framework complements the platform's compliance with local regulations in the markets where it operates.
On the account level, Bitso supports two-factor authentication (2FA) and strongly encourages its use. The platform also provides session management tools, login notifications, and the ability to restrict account access by device. Bitso's mobile app includes biometric authentication options for added convenience and security.
Bitso has maintained a clean security record, with no reported incidents of customer funds being lost to breaches. The company conducts regular security audits and works with external security researchers through a bug bounty program to identify and address vulnerabilities.
Pros & Cons
Pros
- Cash deposit network: Over 135,000 convenience store locations for cash deposits make Bitso accessible even to users without bank accounts, a critical advantage in Latin America.
- Regional focus: Purpose-built for the Latin American market with MXN trading pairs, SPEI integration, and expanding presence in Argentina, Brazil, and Colombia.
- Cross-border payments: Bitso's remittance and cross-border payment service offers a faster, cheaper alternative to traditional money transfer services.
- Institutional backing: Significant venture capital funding from reputable investors signals financial stability and long-term commitment.
- Proof of reserves: Published reserve data provides transparency about the platform's solvency and custody of customer assets.
Cons
- Geographic limitation: Bitso is primarily useful for users in Mexico and select Latin American countries. Users outside the region will find limited functionality and payment options.
- Cash deposit fees: While cash deposits are a valuable feature, the convenience store network charges fees that add to the overall cost of purchasing cryptocurrency.
- Smaller asset selection: Bitso supports fewer cryptocurrencies than the largest global exchanges. Users seeking niche or emerging tokens may need a supplementary platform.
- KYC required: Identity verification is mandatory, which may be a barrier for privacy-focused users or those without standard identification documents.
- Less recognition internationally: Outside Latin America, Bitso is less well-known, which means fewer English-language reviews, tutorials, and community resources compared to global exchanges.