The platform is currently a standard exchange service between bitcoins and Mexican Pesos.
Bitcoin Magazine™ reports that Bitso, the only platform on which to exchange bitcoins for Mexican Pesos is going live today. Interested parties will be able to register at bitso.com. The company emphasizes that its platform has been designed with ease of use and power in mind.
The company already has over 1,000 pre-registered users. It expects these parties to gradually begin using the new exchange platform from Wednesday. It is expected that trading activity will increase as participants become more comfortable with the exchange and the company, and as they get to know more about Bitcoin. During its beta period Bitso will be offering 0% commission on trades.
To buy Bitcoins, you fund your Bitso account with Mexican Pesos using any number of funding options. Bitso offers several funding and withdrawal options such as Bank Wire and Mexican SPEI Transfers. Additionally, users can fund their account in person at over 130,000 locations nationwide, including Oxxo, 7/11, Elektra, and Walmart.
To buy bitcoin, you place a buy order on the open market. Your buy order will then be fulfilled as soon as a seller is willing to sell at the agreed price. If you choose to buy Bitcoins using a market order, your order will be processed instantly at the current market rate.
The process of selling works the same. Users fund their Bitso account with bitcoins, and then place a sell order on the open market. When a buyer is willing to pay the price at which you have agreed to sell, the order will be processed. Users can then withdraw Mexican Pesos using one of the many withdrawal options.
Bitso is a Mexican-based company and provider of crypto-currency services, including remittance facilities and consultation. The company operates from offices in Mexico City, Puebla and Vancouver.
As part of the new generation crypto-currency exchanges the company fully recognizes the importance of adhering to applicable regulations. Bitso wants its potential clients to know that it is focused on ensuring full adherence to AML/KYC regulations.
Security of funds is also a key issue for consumers looking to utilise the services of any exchange provider. Bitso stores up to 98% of customers’ funds offline, air-gapped and under AES-256 encryption, in multiple locations. The site runs entirely over SSL and has two-factor authentication available for all accounts.
On the technical and process side of the exchanges operations, bitcoins are automatically added to a user account after six confirmations. Bitcoin withdrawals under five coins are usually processed instantly. Withdrawals that exceed five coins may be manually verified, and make take a few hours to be sent. User verification is not required to trade, it is only required for certain funding options, as well as internal funds transfers that exceed a certain threshold.
Parties interested in trading between Mexican Pesos and bitcoins are encouraged to contact the company directly for further advice or for clarification on any issues.
As of April 9, 2014, 1 Bitcoin equals 5929.56 Mexican Peso
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.