Is Bitso A Scam? Read To Be Aware Of This Exchange!!!

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Mrcoin

Bforum Member

Bitso website “Bitso.com" is well-known and has an excellent reputation as a high authority website. However there are arguments happening everyday whether Bitso is a scam or not. Let's find out the details here.

Overview about Bitso

Launched in 2014, Bitso is a digital exchange designed to enable the seamless trade of cryptocurrencies with the Mexican peso and vice versa. Bitso uses Ripple payment gateway for deposits and withdrawals.

Apart from the desktop version, Bitso also offers a mobile version to trade tokens by Bitso app on both Android and IOS devices. Bitso is very popular among Mexican citizens because the price of Mexican peso has decreased dramatically relative to the U.S dollar.

Furthermore, most Mexicans don't have bank accounts so cryptocurrency is the best choice for them that can help to keep them away from the volatility with low Bitso fees.


On 5 May 2021, Bitso announced it raised $250 million in Series C investment, putting the company’s valuation at $2.2 billion, making it one of the largest fintechs in the region and its first crypto unicorn.

There are some features which Bitso provides for their customers:​
  • Minimum purchase amount is around 5.27 USD with trading fees from 0.1% - 1%.​
  • Bitso has cold storage and multi-signature wallets.​
  • Enforce Know-Your-Customer (KYC) standard.​

Is Bitso exchange safe or not?

Bitso claims themselves as a secure, accessible and easy-to-use exchange platform and the project is used widely in the Mexican region, however,

Bitso was hacked in 2017 according to Cointellegence. Even though the company of Bitso reported they had set up all security protocols to protect funds of users, the news about the "hacked" spread all over the crypto community and unjustly harmed the exchange's reputation. It is a sign that the source cannot be trusted.

Otherwise, some scam detectors websites ensure that Bitso is legit. Firstly, Cryptogeek website showed that Bitso has followed regulations and law to enhance security through it is licensed by the Gibraltar Financial Services Commission thus made an application with the local National Banking and Exchange Commission to be authorized and provide services in the Mexican financial sector.

Furthermore, Bitso uses multi-signature wallets which is hard for intruders to steal the money from hot wallets. Thus customer's account is secured via enabling 2-factor authentication (2FA).

Secondly, Bitso got a highest score at 100 on website “scam-detector.com” which means that this project is safe, secure and being the most reputable. They explained that there are 53 factors of our algorithm checked good on every box on Bitso website.


Thirdly, the website called “islegitsite.com” reported Bitso is potentially legit. They have mentioned Bitso website domain was created 19 years ago and Bitso has an authentic HTTPS connection which assures that all the traffic between you and the website is encrypted.

Moreover, the website is ranked #11,009 among millions of other websites according to Alexa traffic rank which means it has very good traffic.

Though the exchange platform got an average rating star on Trustpilot at 2.9. The positive votes took over 67%.

To conclude, although Bitso got a bad reputation because of their security problems that they were hacked, there are still many sites and reviewers trusting on this exchange. Notably, the project currently has reached more than 1 million users in Brazil that means it is getting more popular worldwide.

“Is Bitso a scam?” we couldn’t confirm yet so we would like to hear your opinion about Bitso. If you have any further information about Bitso, don’t hesitate to tell us by leaving your comment below. Thank you!
 

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