by Team AllYourVideogames | Dec 16, 2022 | Brokers | 3
The cryptocurrency market continues to grow, more and more people are becoming interested in this subject and, as a result, new investors are emerging. And to keep up with this progression, companies offering services for digital currencies are also growing, as is the case with Bitso.
In this way, Bitso is yet another Exchange option on the market. It offers very advantageous services to its users, so much so that it quickly managed to conquer its space in our country. To give you an idea, this company became the first unicorn in the cryptocurrency segment in Latin America, being valued at US$ 2,2 billion.
Bitso was born in 2022, being the first company in the field of Bitcoin Exchange to operate in Mexico, and is still the leader in this segment in its country of origin. With this, Bitso can be defined as a financial services tool structured on Blockchain technology. But it is worth saying that in practice the platform offers much more functionality.
Learn more: What is Bitcoin? Know everything about digital currency
Bitso was founded by Ben Peters and Pablo Gonzalez, and a year later, Daniel Vogel joined the team as an equal partner and CEO. The group brought consolidation in the cryptocurrency market in Mexico, in addition to expanding its financial services by making the international remittance tool available, aiming at the flow of resources that Mexican immigrants send to their family members who live in another country. With this service alone, $1,3 billion went through the Exchange tool, in which the total capital sent in 2022 was $40 billion.
Still in 2022, Bitso entered Argentina with the Exchange service as its flagship, but it also brought updates, for example, the option to create an account that monetizes user resources with interest.
In 2022, the company raised around BRL 1,5 billion in a round led by Tiger and Coatue. The amount of capital was dedicated to the Brazilian market, and the goal is to consolidate in our national territory in the coming years.
How does Bitso work?
Bitso has a very simple operation. In it, users can buy, sell, store, send and receive crypto-assets. Therefore, it is a good alternative for people who are starting to invest in digital currencies because of its good accessibility.
It is also worth noting that the company is focused on offering the maximum possible security for its users, having this measure as one of its main banners to captivate customers.
Thus, in order to start using the company's services, the first step is to register in the tool, which can be done through the website or through the application available for cell phones with the Android or IOS system.
Requirements to create a Bitso account
The process for creating a Bitso account is the same on the website or in the app, so you can choose the way to do it. So, regardless of the platform, it will be necessary to fill in some information, such as: full name, email, mobile number, and some other data.
It is worth noting that if you are using your cell phone to create the account and your device has biometrics technology, you can use this feature to access your profile on the platform.
With your account already activated, you need to make a deposit to start buying and selling cryptocurrencies on Bitso. On the platform, users can start their investments from a deposit of R$ 25, which can be paid by Pix or via TED.
It is only noted that this deposit necessarily needs to be made from a bank account in which it is the same holder at Bitso.
What cryptocurrencies are accepted at Bitso?
Bitso recommends that users start buying virtual assets only after knowing the cryptocurrencies and knowing which ones fit their investment profile.
Learn more: How to mine Bitcoin
With that in mind, here are the digital currencies that are accepted on the platform:
- Bitcoin Cash
- Axie Infinity
- Chainlink tOKEN
- Teather USD
It is important that you are aware that the price of some digital currencies, for example, Bitcoin, suffers from a lot of variations in their values, and can increase or decrease quickly. As a result, the cost of your transfer or your corresponding cash balance in reais may change.
On the other hand, there are virtual currencies that are more fixed and follow an equality with other cryptoassets, as is the situation of Dai, TrueUSD and Tether, in these cases, the equality is with the United States dollar.
What are Bitso's fees?
Bitso does not charge fees for opening the account or for maintenance. On the other hand, the platform charges fees based on purchase and sale transactions carried out in the tool, and also on withdrawals.
Accordingly, the fees charged by the company are as follows:
In the fees charged for withdrawals, the platform provides some free fees and others need to be paid, according to the form of transfer and the selected cryptocurrency, as shown in the following table:
You need to be very careful with trading fees, as in this case they can decrease according to your volume or increase in thirty-day periods, in addition to being structured in a Maker-Taker format.
In this way, taker orders are responsible for assuming market liquidity when receiving a buy or sell order previously arranged by a Maker.
In parallel with this, it is important to highlight that the differences offered vary according to the currency. So, in the following table, you can see Bitso’s trading fees for Real and Bitcoin.
If you want to check all the fees charged on the platform, click here. Keep in mind that on the left side at the top of the page you can choose between trading fees and deposit and withdrawal fees.
Is Bitso Trustworthy?
Bitso is a company that arrived in our country with the goal of providing people with a service that goes beyond the traditional one already offered in the financial sector, having as its great differential the promise of gaining the user's trust by providing a secure platform for carry out cryptocurrency transactions.
So, in terms of security, you can rest assured that the company meets all the features required for a cryptocurrency exchange to work perfectly. This means that the platform complies with all the regulatory requirements of each country in which it operates and checks each user to confirm that everyone who uses the tool receives a safe service.
It is also important to make it clear that, in addition to the regulations of each country to authenticate security measures, Bitso also complies with the orders of the Gibraltar Financial Services Commission (GFSC), an entity that has strict and current determinations, which are specifically established for platforms that work with crypto services, which ensures that Bitso has the authorization of the entity for the custody of cryptocurrencies.
Learn more: What is the best site to buy and sell Bitcoin?
Another very cool aspect of Bitso is that the platform provides free insurance for selected digital currencies, thus protecting the cryptoassets that are stored in the company's digital wallet.
Due to all the aspects mentioned, it is possible to understand in practice that Bitso is a reliable company and brings security to its users. In any case, it is important that you visit the platform's website yourself, test the application, contact the support team, keep an eye on social media and draw your conclusions to see if Bitso fits the bill. your investor profile.
Bitso do not claim here
Bitso had a very nice attitude towards its communication, even though it has been present in our country since January 2022, right at the beginning of its operations in our country it already created a profile on Reclame Aqui.
Because of this, it is necessary to show that the company does not have so many complaints from users. Still, its reputation on Reclame Aqui is considered excellent, because it has an overall rating of 8.2.
Among the users' questions, the most recurrent complaints are due to problems with money transfer and withdrawal.
In any case, the company has a high consumer rating of 7.85, with 75% of people doing business with the platform again.
With this, the numbers are excellent, but it is important to emphasize that there are few questions, which may not show all the data necessary for a more detailed analysis. Therefore, Bitso's qualification on Reclame Aqui can be considered positive and the expectation is that it will remain so.
In addition to the website, Bitso has an application that is available for mobile phones with the Android and IOS system. The application allows the user to make deposits, carry out the sale and purchase of cryptocurrencies, check the real-time values of digital currencies, among other features.
A positive point is that the application has a good rating from users, for example, in the Google Play Store it has 4,2 stars (out of a maximum of five) in more than 31 thousand reviews.
In the comments it is possible to notice praise regarding the intuitiveness and good accessibility that the application has. However, there are questions about the transfers and, mainly, the deposits made. It is also worth noting that Bitso responds to virtually all comments, whether positive or negative, which shows the concern with communication between company and user.
How to contact Bitso support?
If you have any questions or are experiencing any problems regarding the platform, the first step is to go to the Bitso Help Center, on this page you will find a series of questions and answers that may fit your situation, as well , you may not even need to contact support.
Now, if you don't find a post that will help you, go to the Help Center and click on “Create a new support ticket”. A new tab will open for you to fill in your data and detail the problem you are experiencing.
After sending your request to support, keep an eye on your email, because a document about opening your request will be sent with the service protocol number, which is important to note and save. Remembering that Bitso sets a deadline of up to 72 hours to send a response.
One of Bitso's great strengths is to offer a series of tutorials for its users, all very detailed and with photos. If you have any questions, it's worth checking out the clarification page.
Learn more: How to invest in Bitcoin: Where to start your investment portfolio?
In this way, see some of the main Bitso tutorials:
- What is Bitso Transfer?
- How to buy and sell Bitcoin through the Bitso website?
- How to buy and sell bitcoin through the Bitso app?
- How to create a business account at Bitso
- How to Send/Withdraw Reais through the Bitso App?
- How to send Bitcoin through the Bitso website?