Bitso - The Largest Crypto Exchange In Mexico - My First Trade On Bitso
I live in Mexico and found a great way to buy and sell bitcoin. You may have read the post I made about my BitPay card account being closed on me. If you didn't you can get the whole story at My Bitpay Debit Card Account Was Closed And I Need An Alternative Asap
This left me with no access to cash and not able to pay bills. Luckily my friend @mithrilweed had a BitPay card and was good enough to come to my house and help me out.
I transferred some bitcoin to his card and pulled some cash out of an ATM to get some cash in my pocket until I figure out what to do. Thanks @mythrilweed! You are a true friend.
One option was to sell bitcoins through LocalBitcoins.com which I have used once to buy some bitcoin from the local OXXO store (like 7-Eleven) but am not verified to sell bitcoin there yet. It would take a while to do that so I found another way.
Bitso.com is the largest exchange in Mexico and I started an account there which links up with my Mexican bank account. Now I can sell bitcoin and transfer it right to my bank account to pay bills and with my debit card can order things online and use ATMs.
It worked great when I used it for the first time today. With reasonable fees to trade and no fees to transfer money in or out of my account, I'm very pleased with how it works.
Bitcoin was selling today for just over $80,000 pesos for 1 bitcoin!
They also have a tab to translate the site to English. The video tutorials on how to set it all up is in Spanish though, but even without the tutorial, it was pretty intuitive and easy to figure out how it worked.
There is a 5300 peso per day limit once I verified with my cell phone (about $286 USD) but I will be able to lift that soon. I just need to send them a picture of my ID, a copy of my recent water or electric bill, and make a transfer from my bank to the exchange one time.
Then they will lift my limits to 150,000 pesos per day ($8112 USD/day) with a monthly max of 480,000. ($25959 USD/month) They do have a higher level than that but it's more than I will ever need.
So, not only is the problem fixed but I can pay all my bills automatically now. Viva Mexico!
Someone without a bank account could still fund it by depositing cash at a local store like OXXO and buying bitcoin just to have some crypto so you don't need to be banked if you're only going to buy bitcoin.
Bitcoin, Ripple, and Ethereum are the only coins they have on the exchange at the moment and they can all be bought and sold both with pesos and with the coins as well. Once you turn them into pesos though, you must either buy some coins or transfer the pesos to your bank within 24-hours.
Crypto can be held in your accounts longer but pesos must be used or transferred within 24-hours because they are not a bank. You can also fund your account with cash deposited at any OXXO and a few other popular stores in Mexico, and once in your Bitso account you can use it to buy crypto.
If you're in Mexico and you're looking to trade Bitcoins, Ethereum, or Ripple for Mexican pesos or visa versa then I recommend trying Bitso.com
Related Posts
My Bitpay Debit Card Account Was Closed And I Need An Alternative Asap --- by @luzcypher
My First Time Using LocalBitcoins.Com To Buy Bitcoins --- by @luzcypher
Thats the with coin.ph here the Philippines. A only site where you can buy and sell btc.
Great informative post. If I come across someone who is in your situation and lives in Mexico, I will be sure to direct them to you.
Thanks for taking the time to read this post. I made it because some of my expat Steemit friends here in Mexico have been asking me about starting a Bitso account and until now I have not needed one.
Figure when they ask me now I can just send them this link.
hola, se que este post es viejo pero no sabrias de algun lugar en donde pueda vender litecoin en mexico, ya que el fee del bitcoin es muy alto
Estoy en México y compro y vendo Litecoin en Bittrex, una bolsa de EE. UU. Pero solo lo cambio por bitcoin, no por decreto. No sé dónde comprar y vender Litecoin para Fiat en México.
si tambien hago eso pero bittrex cobra .001 bitcoin por transaction fee entonces queria encontrar algo para vender litecoin pero al parecer seguire usando bitso
:(
aquí, saludos https://bitso.com/trade/ltc/mxn
wow, this makes me really grateful for that fact that where im at , the only limit is based on your income and word. i lived in peru for 3 months and it was amazing but it is limited.
crazy how in the limited countries, the people work the hardest and appreciate the most. i have to say all the best to you my friend.
with what youre doing, soon Mexico will be a powerful house to reckon with. Its great to see crypto currency revolutionizing the world one country at a time.
Crypto is really catching on here. There are people using Dash, Bitcoin, Ethereum, and Steem mostly from what I can see.
There is a very active group of Dash users in Cancun you can read about here. Bitcuners Invite Me To Speak At An Upcoming Dash Sponsored Event In Cancun Crypto Grows In Mexico
Awesomeness. You are resourcwdd8
Very Resourceful information. You have done a good job sharing this.
https://steemit.com/cryptocurrency/@crobizz/tutorial-2-firstcoin-is-new-bitcoin-buy-and-selll-firstcoins-with-atm
Randomly curious: when you say the pesos must be moved or traded within 24 hours....what happens if you do not?
They can close your account according to the TOS. They just don't want to be holding cash as they are not a bank. I never leave crypto in an exchange either so I will be in and out within 15-20 minutes whether it is crypto or fiat.
Transfering fiat in or out only takes 3-seconds and has no fees from my bank or the exchange. Sweet.
good post
Im very curious my friend, do you live in mexico because you were born there? or did you move there later on?
I moved here in 2003.
wow. very good post @luzcypher ..
dont forget to follow my posting https://steemit.com/video/@mocin1993/memories-of-lectures-laboratory-practices
thanks @luzcypher