With Bitso or Bitso.com, traders can purchase and sell Bitcoins using Mexican pesos (MXN). Through this Bitso review, you will find out the immense popularity of the BTC cryptocurrency in Mexico because 80 million out of its 120 million people do not have access to essential financial services like bank accounts and credit cards. Even then, manufacturers of mobile devices have sold over 100 million mobile phones in this country. Smartphones comprise 85% of the gadgets sold in 2016.
A comprehensive Bitso review will tell you that this exchange has become the largest market for BTC-MXN trading globally. The company introduced the payment system known as BitsoPay that vendors can use on e-commerce shops, smartphones, and tablets. The exchange appears secure since it compels users to verify their identities before withdrawing funds. It employs an easy to use interface along with tools that help clients monitor Bitcoin price changes.
The online enterprise makes use of a Bitcoin wallet based on Application Programming Interface (API). You can create Bitcoin apps through these APIs. This multi-signature wallet reportedly ensures better protection for your money. You can read in other independent testimonials that Bitso integrated a robust Bitso Bitcoin wallet and added the multiple signature functions using BitGo, a prominent Blockchain security firm.
Users of the multi-sig Bitso wallet can break up permission required to move digital assets to a specific address. Instead of only a single individual having the capacity to transfer funds unilaterally, the multi-signature app needs two out of three users who hold the keys to permit transactions before assets get transferred. The technology allows another party to safeguard your coins by securing one of the keys without losing or running away with the secret codes.
The Bitso App offers a convenient solution with a classic crypto trading technology enhanced with a functional user interface as well as stability. It comprises four views with each one having a scope about digital currency buying and selling. You will see a brief and prompt overview of the market on the prevailing trade view. You just need to fix the amount of buying and selling to execute orders.
The exchange works with Pademobile, a mobile financial services provider to build an application that would bring Bitso Bitcoin to millions of Mexican mobile users. Users of the Pademobile virtual wallet can remit and receive funds, make purchases, and top up their smartphones. The end-user can use the account with BTC. Consumers can deposit money in many cash-in facilities all over Mexico and receive remittances through applications like Exchange Messenger. Another option includes adding funds from existing Pademobile account credits.
The Bitso app provides for Two-factor Authentication or 2FA that creates an extra security layer to your crypto account. The mobile app generates codes downloaded for Android devices and Internet Operating Systems that lasts for 30 seconds. Another exciting feature refers to Auto Sell which applies to Bitcoin transactions alone. It produces an exclusive BTC address that sells deposited coins immediately employing market orders. Bitcoins transferred to this address become fiat currency with high conversion rates.
Bitso Supported Coins
The first Bitcoin and Ethereum electronic currency exchange in Mexico enable customers to deposit in MXN, Bitso Bitcoin, ETH, and Ripple. Owners can fund their Bitso accounts from around 135, 000 sites across the country through convenience stores like Oxxo and 7-Eleven. Through the Bitso API, developers integrate apps with features including the capability to view market prices in real-time. The website boasts of outstanding customer service bannered by a knowledge hub that assists first-time clients and updates then of market trends on a regular basis.
Last May (2017), the exchange instituted compulsory Bitso fees for withdrawal covering Bitcoin transactions. The flat rate stands at 0.0005 BTC. The cost of actual conversion for the Mexican Peso to Bitcoin and vice versa amounts to one percent. The price could be higher compared to other exchanges like Poloniex which charges only 0.15% for sellers and 0.25% for buyers. Higher trading volume means lower Bitso fees although this approach implies additional hazards. The Bitso fees for withdrawal translate to US$0.84 at prevailing market price. Although prices remain higher than most virtual exchanges in different parts of the world, the Mexican-based company offers significant discounts to volume traders.
Bitso Scam – Is it Legit?
Is there such thing as Bitso scam? Is Bitso legit? If you read a recent article published online about this leading digital currency exchange Mexico, the company managed to obtain seed-funding from angel investors in that country as well as the Digital Currency Group which supports the Bitcoin cryptocurrency and Blockchain. In fact, the management of Bitso plans to expand and partner with the Mexican government which strives to implement cross-border transactions within the region.
If a Bitso scam exists, then all these alliances will not hold true, and Mexicans will not dare invest in this virtual asset. Without a doubt, counterparty risk stays as one of the leading issues enterprises in the cryptocurrency domain encounter. Is Bitso legit? Yes. Bitso remains unregulated just like the other virtual exchange companies globally. Many people now accept as real that trading Bitcoin, Ethereum, Altcoin, or any other crypto tender can be more lucrative, safer, and faster than a traditional medium of exchange.
You can register an account at Bitso.com within a few minutes by proceeding to the company’s website at http://bitso.com/register and providing your essential details like complete name, country of origin, and birth date.