How to Buy Bitcoin on Bitso in Mexico

Bitso is one of the most popular cryptocurrency exchanges in Latin America, especially in Mexico. It provides a user-friendly platform for buying, selling, and storing cryptocurrencies, including Bitcoin. This guide will walk you through the process of buying Bitcoin on Bitso in Mexico, from setting up an account to completing your purchase.

Step 1: Setting Up a Bitso Account

To start, you need to create an account on Bitso. Follow these steps:

1. Visit the Bitso website or download the Bitso app: You can access Bitso through their official website or download the app from the App Store or Google Play.

2. Sign up for an account: Click on the “Sign Up” button and enter your email address and a secure password. You’ll also need to accept the terms and conditions.

3. Verify your email: Bitso will send you a verification email. Click on the link in the email to verify your account.

4. Complete your profile: After verifying your email, log in to your Bitso account and complete your profile. You’ll need to provide personal information, including your full name, date of birth, and a valid identification document, such as a passport or a national ID card. This is required for identity verification.

5. Enable two-factor authentication (2FA): For added security, it’s recommended to enable 2FA on your account. This adds an extra layer of protection by requiring a second form of authentication when logging in or making transactions.

Step 2: Depositing Funds into Your Bitso Account

Once your account is set up and verified, the next step is to deposit funds into your Bitso account. You can deposit Mexican Pesos (MXN) into your account through several methods:

1. Bank Transfer (SPEI): This is the most common method. Log in to your Bitso account, go to the “Deposit” section, select Mexican Pesos (MXN), and choose SPEI. Bitso will provide you with the necessary banking details. Use these details to complete a transfer from your bank account.

2. Oxxo Pay: Another option is to deposit cash at any Oxxo convenience store. Select “Oxxo Pay” as your deposit method, and Bitso will generate a payment reference. Take this reference to an Oxxo store and pay in cash. The funds will appear in your Bitso account within a few minutes to a couple of hours.

3. Debit Card: You can also deposit funds using a debit card. Select “Debit Card” as your deposit method and follow the prompts to complete the transaction. Note that debit card deposits might incur additional fees.

Step 3: Buying Bitcoin on Bitso

With funds in your account, you can now buy Bitcoin:

1. Go to the “Buy/Sell” section: In your Bitso dashboard, navigate to the “Buy/Sell” section.

2. Select Bitcoin: From the list of available cryptocurrencies, choose Bitcoin (BTC).

3. Enter the amount: Decide how much Bitcoin you want to buy. You can enter the amount in Mexican Pesos or specify the amount of Bitcoin you wish to purchase.

4. Review and confirm the purchase: Bitso will display the current exchange rate and the total cost. Review the details and confirm your purchase. The Bitcoin will be added to your Bitso wallet immediately.

Step 4: Storing Your Bitcoin Safely

After purchasing Bitcoin, it’s essential to store it securely. Bitso offers an integrated wallet for storing your Bitcoin, but you may also consider transferring your Bitcoin to an external wallet for added security. There are several types of wallets available:

1. Hot Wallets: These are software-based wallets connected to the internet, making them easy to access but slightly more vulnerable to hacking. Bitso’s integrated wallet is an example of a hot wallet.

2. Cold Wallets: These are offline wallets, such as hardware wallets or paper wallets, which are much more secure against online threats. However, they are less convenient for frequent transactions.

3. Custodial vs. Non-Custodial Wallets: Bitso’s wallet is custodial, meaning Bitso holds the private keys for you. In contrast, non-custodial wallets give you complete control over your private keys and funds.

Step 5: Selling or Transferring Your Bitcoin

When you’re ready to sell or transfer your Bitcoin, Bitso makes the process simple:

1. Selling Bitcoin: Go to the “Buy/Sell” section, select Bitcoin, and choose the “Sell” option. Enter the amount of Bitcoin you want to sell, review the exchange rate and fees, and confirm the sale. The proceeds will be deposited into your Bitso account as Mexican Pesos.

2. Transferring Bitcoin: If you want to transfer your Bitcoin to an external wallet or another Bitso user, go to the “Withdraw” section. Enter the recipient’s wallet address, specify the amount, and confirm the transaction. Make sure to double-check the wallet address to avoid any mistakes.

Conclusion

Buying Bitcoin on Bitso in Mexico is a straightforward process that involves setting up an account, depositing funds, making the purchase, and securely storing your Bitcoin. Whether you’re a beginner or an experienced trader, Bitso provides a reliable platform with various features to help you manage your cryptocurrency investments. Always remember to practice good security habits, such as enabling 2FA and considering the use of cold wallets for long-term storage. Happy trading!