As the cryptocurrency market matures, value rising, and more institutional firms and investors interested in it, so does the amount of crypto exchanges that now floods the internet. One nation in North America has even enacted a law that regulates the use of crypto in the country. Even though cryptocurrency is still not considered a legal tender, the crypto community in Mexico is still continuously growing and maturing. To facilitate the growth and to drive crypto-based innovations forward, Bitso was founded. The company traces its root back to 23 January 2014, when the online exchange was launched for the first time. The original objective of Bitso is to facilitate remittance flow from the United States to Mexico. Later, as the company grew, they began to focus more on their online crypto exchange business.
Daniel Vogel, a businessman, joined the team a year after its founding. He became an equal partner, and later, the CEO of the company. Bitso acquired Unisend, a smaller Mexican-based crypto exchange, in the same year. Jose Rodriguez, the former CEO of Unisend later took the role of vice president for payments. In 2016, Bitso, in cooperation with Zmart Group, began selling bitcoins over-the-counter in more than 29,000 convenience stores in the country. At this time, the company stated that their goal is to provide financial services to Mexican people who have no bank accounts, which include more than half of the country population. The exchange currently has around 4.4 million visitors per month, with people from Mexico accounted for more than 80% of its traffic.
As a leading crypto exchange in Mexico, Bitso designed their website with a simple and easy-to-understand interface, enabling even novice crypto users to quickly adapt and find their own way around the site. Currently, Bitso supports only nine crypto assets: BTC, ETH, TUSD, XRP, DAI, LTC, MANA, BCH, and BAT. The trading platform on Bitso is called Bitso Alpha. It has all the features and tools even professional crypto traders needed to turn in a quick profit. Various charts, indices, live price trackers, and a separated technical analysis pane are provided for crypto traders. As for the fee, the platform has the standard 30-day trading volume applied. That means the more a trader use the trading platform, the fewer the fee will be. There's also fee differences based on trade pairings and Maker-Taker scheme. There's no deposit fee, but the platform does charge a small fee for withdrawals. The amount of fee is different based on which crypto users want to withdraw. Meanwhile, there's no withdrawal fee exclusively for XRP.