Bitso
Bitso is Latin America's largest regulated crypto exchange, serving Mexico, Colombia, Argentina, and Brazil. It is the go-to platform for near-zero-fee cross-border transfers and local currency on-ramps. This review covers everything you need to know before using Bitso to move money or hold stablecoins.
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What is Bitso?
Bitso is a crypto exchange founded in 2014 in Mexico City. It is the largest regulated crypto platform in Latin America by users, with over 9 million accounts across Mexico, Colombia, Argentina, and Brazil. It has processed more than $60 billion in transactions and is backed by investors including Tiger Global and Coinbase Ventures.
Unlike most crypto exchanges, Bitso's primary audience is not traders. It targets everyday consumers who want to send money across borders cheaply, protect savings from inflation, or access the digital dollar economy using their local bank account. The platform is available in Spanish and Portuguese, and its local bank integrations (SPEI in Mexico, PSE in Colombia, Pix in Brazil) make it accessible to people who have never used crypto before.
Bitso is licensed by Mexico's CNBV (Comision Nacional Bancaria y de Valores) under the Fintech Law, making it one of the few crypto exchanges in the world with a full national banking regulator licence. In Colombia, it operates under the SFC (Superintendencia Financiera de Colombia) regulatory sandbox.
Cross-border transfers: how it works
Bitso's most popular use case is international money transfers. The process replaces a traditional wire transfer (which costs 5-8% and takes 1-5 business days) with a stablecoin transfer that costs under 1% and settles in minutes.
| Step | Action | Time |
|---|---|---|
| 1 | Deposit local currency via SPEI (Mexico), PSE (Colombia), or Pix (Brazil) | Instant |
| 2 | Convert to USDC or USDT on Bitso | Seconds |
| 3 | Send stablecoin to recipient's wallet or Bitso account | Under 1 minute |
| 4 | Recipient converts to local currency and withdraws to bank | Instant to 1 hour |
The total cost is typically under 1% of the transfer amount. For a $500 remittance, that is under $5 in fees, compared to $25-40 via Western Union or a bank wire. For freelancers receiving payments from US or EU clients, Bitso is one of the most cost-effective ways to convert and withdraw earnings in local currency.
Bitso in Mexico
Mexico is Bitso's home market and its strongest. The platform is CNBV-licensed, supports SPEI instant bank transfers, and is available at over 20,000 OXXO convenience store locations for cash deposits. This makes it accessible to the roughly 40% of Mexican adults who are unbanked or underbanked.
Mexico receives approximately $63 billion per year in remittances, mostly from the United States. Bitso is one of the most cost-effective ways to receive those funds: a sender in the US can send USDC to a Bitso wallet, and the recipient in Mexico can convert to pesos and withdraw via SPEI in under an hour, paying under 1% in fees.
Bitso in Colombia
Colombia is Bitso's second-largest market. The platform supports PSE (Pagos Seguros en Linea), Colombia's national instant bank transfer system, for COP deposits and withdrawals. This means Colombian users can move between pesos and USDC in minutes without a crypto-specific bank account.
Bitso operates in Colombia under the SFC regulatory sandbox, which is the formal approval framework for fintech companies operating in the Colombian financial system. While it is not a full banking licence, it is a meaningful regulatory signal that distinguishes Bitso from unregistered exchanges.
For Colombian freelancers and remote workers, Bitso is a practical tool for receiving USD payments from international clients, converting to USDC, and withdrawing in COP via PSE. The alternative, a traditional wire transfer, typically costs 3-5% and takes 2-5 business days.
Bitso vs other LatAm platforms
Bitso is the strongest choice for cross-border transfers and local currency access. For yield, other platforms are better suited.
| Platform | Best for | Yield | Regulated | Countries |
|---|---|---|---|---|
| Bitso | Transfers, on-ramps | None | Yes (CNBV) | MX, CO, AR, BR |
| Nexo (LatAm) | Stablecoin yield | Up to 13% APY | Yes (MiCA) | AR, MX, CO, CL |
| Lemon Cash | Argentine savings | Up to 9% APY | CNV (AR) | Argentina |
| Ripio | Local currency stablecoins | Varies | CNV (AR) | AR, CO, BR |
How to get started with Bitso
Getting started takes about 10 minutes. The process is the same across Mexico, Colombia, and Brazil.
Download the Bitso app (iOS or Android) or sign up at bitso.com. You will need a valid email address and a government-issued ID for KYC verification. Verification typically takes 5-15 minutes.
Use SPEI (Mexico), PSE (Colombia), or Pix (Brazil) to deposit your local currency. Deposits are instant and free. There is no minimum deposit amount.
On the exchange screen, convert your local currency to USDC or USDT. The spread is typically 0.5-1%. You now hold digital dollars that can be sent anywhere in the world.
Send your stablecoins to any wallet address or another Bitso user. Transfers between Bitso users are instant and free. For yield on your stablecoins, consider transferring to Nexo after your initial on-ramp.
Open a Bitso account in 10 minutes
Available in Mexico, Colombia, Argentina, and Brazil. CNBV-regulated. Local bank on-ramps. No crypto experience needed.
Get started with BitsoFrequently asked questions
Is Bitso safe?+
Bitso is regulated by the CNBV (Mexico's banking regulator) under the Fintech Law, making it one of the few crypto exchanges with a full national banking regulator licence in Latin America. It has processed over $60 billion in transactions and serves 9 million+ users. It is not a bank and funds are not government-insured, but it is the most regulated crypto platform in the region.
How does Bitso cross-border transfer work?+
Deposit local currency via SPEI, PSE, or Pix. Convert to USDC or USDT. Send to the recipient's wallet. The recipient converts to their local currency and withdraws to their bank. Total fee is under 1%, compared to 5-8% for traditional wire transfers. Transfers settle in minutes.
Is Bitso available in Mexico?+
Yes. Bitso is headquartered in Mexico City, is CNBV-licensed, and supports SPEI instant bank transfers. It is also available at 20,000+ OXXO locations for cash deposits.
Is Bitso available in Colombia?+
Yes. Bitso supports PSE bank transfers in Colombia and operates under the SFC regulatory sandbox. Colombian users can buy USDC and USDT directly with pesos.
Does Bitso offer interest on stablecoins?+
Bitso does not offer a dedicated high-yield savings account. For stablecoin yield in Latin America, Nexo (up to 13% APY) is the better option. Bitso is best used as the on-ramp and off-ramp layer.