Why use Bitso to transfer cryptocurrencies (Latinoamerica)
This is oriented for new Latinoamerica Crypto enthusiast that wants to purchase new coins and have to deal with some crypto exchanges sites that are creating more fear or giving the idea that is very difficult to use or purchase crypto coins on those sites.
These are personal experiences using Bitso, focusing on how to transfer from Bitso to other crypto exchanges(Binance, Kucoin) that have a bigger catalogue of crypto coins.
Bitso is a Mexican cryptocurrency exchange based in Mexico. this site begin in 2014 and since then they have been adding more and more cryptocurrencies, Is used in a lot of the Latinoamerica countries because of the accessibility and easiness to move money from Latinoamerica to them and how you can add them to your bank for any transaction, however, they are still new or doesn't have a big catalogue of coins.
Thanks to the easiness of moving fiat to it are the most used site for Latinoamerica users, I have to admit they have fewer options than the bigger crypto exchanges but they have a great design and simplicity that is better for the new crypto enthusiasts.
In Latinoamerica, we have problems purchasing crypto coins in some crypto exchanges and is not only problems with the verification but with really expensive fees or conversions from the exchanges since they use dollars or Euros to purchase the coins.
Using as an example Binance, if a user tries to move money to or purchase a coin with fiat, you have a bigger fee than it should be, is difficult to validate your person and to make a deposit you have to pay taxes or euros instead of dollars with a bad conversion rate, another issue is that you cant access Binance from USA even if your account was open on Mexico.
In the case of this example I was trying to look for how much they fee me with a transaction I did for dogecoins since at that time I wanted to purchase them and it was very difficult to add currency to Binance.
The other thing is now I don't remember when I did it so I thought ok I have to look at my history a lot of users or crypto enthusiasts buy a crypto coin and leave it there for months or years and forget about them and in the case of Binance you cannot know when you did the transaction since they only have a range history of 3 months, It was faster to look on Gmail when the purchase was done than on the site. Is a Knightmare looking for this type of info, for a new user on that exchange not knowing how to put some money on Binance is the basic thing and is difficult...
There are more complex and difficult things for example to see the wallets addresses you need Binance Pay and probably you don't want to set a lot of things or you don't know how to transfer the coins or how much gas fee you have to pay for the transfer so you do the mistake of paying with a card thinking is only going to be the conversion of FIAT to the coin however they add a fee and a higher conversion from your currency to EUR.
Maybe is safe to make a deposit of cryptocurrency but is a lot of steps and confusion so you make the mistake of purchasing with a Card transaction and then they add you a 2EUR fee (the other mistake was putting money on an ATH to a shitcoins but that’s a different topic).
How Bitso help on this case
So the option is to send money to your Bitso account and then purchase any crypto coin that you have there however there is the option of using it as a gateway to other crypto exchanges like KuCoin, in the case of KuCoin you have a lot of more options, however, the register and to look for wallet address to make a deposit is a lot easier than on finance or others something similar to BlockFi.
In the case of Bitso, there are higher commissions than other crypto exchanges but we can transfer the money buying a crypto coin and pay the gas fee of transaction in the case of Bitso the cheaper or best option to buy and transfer is Ripple(XRP), you can see on the list on Bitso that is without cost
So you look on the other crypto exchange for the wallet address of Ripple(XRP) and make the transaction they took minutes to transfer the coin so is a good way of populating your other crypto accounts.
Why not use Bitso only?
The first problem with Bitso was that they don't have a lot of coins to purchase or get/transfer/trade so you are very restricted on your options, the other problem is that you don't have different type of options is only wallet and trading on the bigger crypto exchanges sites they have options like staking, bots, margin and more stuff that you will not know maybe as a beginner or if you only want to buy and forget it for years however with staking or with sites like Blockfi and Kucoin you prefer to have them working for you and not only growing in value.
P.D. I know the dogecoin is a shitcoin and I really don't see anything outside of the pump and dump schema, but most of the new meme coins are only for this and these are going to continue around so I am waiting to get back some of the initial investment.
