Buy Bitcoin in Mexico

Fintech Ranking in Latin America

1. Mexico: 238 startups
2. Brazil: 219 startups
3. Colombia: 124 startups

Remittance Highlights

• U.S. accounts for 95% of remittances to Mexico.⁽²⁾
• Mexicans in Canada sent $231 million in Q2 2022.⁽³⁾
• Expectation of rising numbers due to migration trends.
• Predicted rise in crypto usage for transfers.

Mexican Peso and Crypto Adoption

• Decline of peso and strong dollar influence.
• Distrust in banks catalyzing crypto adoption.
• Crypto remittances gaining traction.

Official Regulation in Mexico

• 2018: Introduction of Ley Fintech.⁽⁴⁾
• Supported by Comisión Nacional Bancaria y de Valores (CNBV).
• CNBC praises law for modernizing online financial services, crowdfunding, and crypto platforms.

Bitcoin in Mexico

• Availability of various international and local exchanges.
• Notable local exchanges: Bitso and Bitlem.
• Bank of Mexico Governor's 2021 stance: Bitcoin likened to "a dimension of precious metals".
• Approximately 2.5% of Mexico's population owned Bitcoin by end of 2021.⁽⁵⁾

Guidelines for Buying Bitcoin in Mexico

• Several exchange options to choose from.
• Considerations: transaction fees, limits, payment methods, verification.
• Recommendation: Use a personal wallet for security, preferably a hardware wallet.

Bitso

Bitso is the largest Mexican exchange, serving over 80,000 customers in Mexico and more than half a million across Latin America. Bitso offers a full suite of trading products, including a beginner-focused offering as well as Bitso Alpha, which is targeted to advanced and professional traders.

Bitso Alpha

With 206 BTC of 24 hour trading volume on the BTC/MXN pair, there is ample liquidity for small to medium sized traders and investors.

As proof of its commitment to broadening its services across Latin America, Bitso also has a Bitcoin/Argentine Peso (ARS) trading pair.

Bitso allows you to fund your trading account via bank SPEI transfers, or via OXXO Pay.

Bitso's mobile app is available on the Apple App Store as well as the Google Play Store.

Depending on the specific trading pair, Bitso's fees range from very competitive to relatively high.

Fees for Mexican peso (MXN) markets - i.e. BTC/MXN, ETH/MXN, etc. - start at 0.65% for taker orders on accounts with less than 1,500,000 MXN 30 day trading volume.

BTC market - i.e. ETH/BTC - fees start at 0.098% and go as low as 0.05% for traders with >950 BTC 30 day trading volume.

Taker fees on Argentine Peso (ARS) markets start at 0.6% for taker orders and 0.3% for maker orders.

Cryptocurrency deposits are free of charge. Withdrawals can be somewhat pricey - withdrawing DAI to an external wallet currently incurs a fee of 4.56 DAI - though this is not far above the industry average.

Bitlem

Bitlem is a Mexico City based exchange.

Bitlem's head office, which also houses a physical over-the-counter trading desk, is just across the road from the Mexican stock exchange (la Bolsa Mexicana de Valores). Clients can walk in and buy Bitcoin in a face to face transaction with a real person, something which the company says is appreciated by many first time Bitcoiners.

What the majority of new people to the Bitcoin ecosystem want are security, trust and customer support. This is why we decided that it was important to launch our company with an office and telephone lines open to the public. This way, our clients come to our office or call us to ask questions or to find help to solve their doubts and problems; and above all, buy and sell Bitcoins with the confidence that they will always have a human face willing to help them.

Jorge Chavez Martinez General Director, Bitlem

With 0.1% fees on all trades, telephone support, and a professional traders' platform, Bitlem is going after all corners of the market.

Bitcoin debit cards are a very convenient product born from the combination of the crypto world and legacy finance. They allow you to load crypto (almost always Bitcoin, and often with other supported assets like ETH or DAI) and spend it anywhere that debit cards are accepted. If the crypto is not automatically converted to fiat at the time of payment, you will need to pre-convert it, usually within your card provider's app.

Most cards issued are Visas, though recently MasterCard has been accelerating its offerings in the space and in July partnered with Wirex - a crypto card service.

There are a range of providers out there, and most of their products are relatively similar. As card issuers generally take the same cut of transaction fees - with their share called the interchange - there is little room for much difference on pricing, fees, etc. Differences arise more often based on the country in which the parent company is located.

This means that it's mostly a matter of picking which provider best serves your locality.

That said, not all card issuers serve Mexico. Options are more limited than in the US or EU, with Europe especially being spoiled for choice with options like non-custodial decentralized payment providers.

Available in Mexico

Bitpay's offering will be hard to beat once it is released, while Uquid's debit card is the only option in Mexico right now. With Revolut's recent expansion into the U.S., it's worth keeping your fingers crossed that Mexico will be the next market for the fintech pioneer.