Founded in 2014, Bitso is set to bring efficient financial services to Mexico. With problems in remittances between the US and Mexico, Bitso offered a solution for this issue by letting people freely trade their peso and dollars in and out of Bitcoin anywhere in the world. It had also helped increase Bitcoin adoption in the Latin American community by providing relevant services to help ease financial transactions.
In this article, we review Bitso exchange about what products they offer and how we find using the website.
Signing up an account with Bitso is easy. You will only need an email address and a phone number. You will be provided with a client ID which you will be using every time you login. You will be asked to create a password and a transaction ID of your choice.
Bitso account comes with three different level and limits:
Level 1 would require your to verify your cellphone number with fund and withdraw limits of $5,300/day and $32,000/month.
Level 2 would require you to submit a scanned official ID or passport and a proof of residency. This level has fund and withdraw limits of $150,000/day and $480,000/month.
Level 3 has fund and withdraw limits of $1,000,000/day and no monthly limit. It would require a signed service contract to Bitso and occupation or source of funds documents.
A user can choose freely if they would want to upgrade their account level and operating limits. Basically, a user would need to be in Level 1 to be able to fund or receive bitcoins.
The products they offer include Bitcoin wallet, Bitcoin exchange and Bitcoin merchant platform.
The Bitcoin wallet has a very user friendly interface. You get a Bitcoin balance section and a Mexican Peso section. In the Bitcoin balance section you will find a receive and a send button, so you can easily make transfers of your BTC fund. For the Mexican Peso balance section, you will find a fund and a withdraw button.
Funding methods includes bank transfer from any bank in Mexico, cash payment via convenience stores such as Oxxo and 7-Eleven and coupon code through Bitso coupon system.
You can withdraw your funds via bank transfer in any bank in Mexico, a Mexican cellphone number, a Mexican debit card or you can create a coupon code using the Bitso coupon system.
The wallet also has a buy/sell button where you can instantly buy or sell Bitcoins using your account balances.
The Bitcoin exchange platform is also user friendly. You will find the Buy and Sell sections right away on the trade page. You can choose whether you want a Limited or a Market order. You will also be able to see your account balances on the right side of the page.
Bitso offers merchants a way to accept Bitcoin or Mexican Peso most likely at no cost. BitsoPagos will allow businesses to accept Bitcoin and convert them instantly to any currency of your choice without the worry of exchange rates. There is also no chargeback. Setting up the app will just take a few minutes. You can access the Bitso payment platform using any tablet or cell phone (iOS and Android) that has internet access.
Overall, the website seems not overwhelming when it comes to the design and colors used. The user interface is very easy to go around with. It is available both in Spanish and English languages. It is pretty much good for beginners.
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