Founded in 2014, Bitex.la claims it is the first real time bitcoin exchange in Latin America. It ofefrs a Bitcoin-buying service aimed mostly at novice crypto investors in Argentina, Chile and other Latin American countries.
One of the major benefits of using Bitex is that this exchange works with fiat currency (USD). This basically means easy access to Bitcoin, which is usually appreciated by newcomers in the crypto-world.
Bank transfers supported
Cleints of Bitex can deposit or withdraw fiat currencies via bank transfers. As this exchange has a focus onn Latin America, its users can purchase Bitcoin directly with a Argentine Pesos, Chilean Pesos or US Dollars via a local bank transfer or a DEBIN. Debin is an immediate debit payment method introduced by the Central bank of Argentina that can also be requested by PC or cell phone.
Solid track record
Bitex has been running smoothly since 2014, without any major hacks. Besides, it is being audited by Deloitte.
According to the information on Bitex.la’s website, all funds at the exchange are kept offline, in cold storage. Furthermoere, it also uses Google Authenticator for extra layer of security when accessing their accounts (2FA).
Only Bitcoin offered
The altcoin market keeps expanding and gaining popularity, yet some entry-level services like Bitex.la offer solely Bitcoin – the first cryptocurrency that is still No 1 by value. So, if you wish to trade in Ripple, Stellar lumes or another coin, you have to sign up with yet another exchange.
Limited payment methods
The only payment method for fiat currencies this exchange supports is bank transfer. This is quite inconvenient, as the bank transfers, especially the international ones, are far from instant and come with saltyfees. In the case of Bitex.la transfers take up to 5 business days and are charged with $10 each.
Bitex.la charges a transaction fee of 0.5% of the exchange value, which is two times higher than the fees of most exchanges. Nonetheless, such fees seem average for Latin America, as BitcoinTrade and FoxBit both applly a fee of 0.5% per trade.
In addition, Bitex.la charges $10.00 per deposit and withdrawal via wire transfers.
No leverage available
Like most exchanges, this one also doesn’t offer margin trading. Forex brokers, on the other hand, are used to dealing with leveraged trading, and some of them also offer trading in Bitcoin. So, if you need some leverage.
ID verification and approval required
Those who wish to remain anonymous or register and start trading immediately, should go elsewhere. Bitex.la has strict and lengthy verification requirements, as well as KYC and AML policies. Clients of thie exchange must be verified and approved before they get access to Bitex.la services.
Minimum deposit/withdrawal and trade amounts set
This is not a amajor disadvantage, but is kind of restrictive. Minimum deposit is 0.005 BTC or $1, and minimum withdrawal – 0.001 BTC. Besides, you can not trade with an amount smaller than 0.01 BTC.
Bitex.la is a Latin American entry-level crypto service that has been operating for 4 years. It basically offers Bitcoin purchases and sales against US dollars.
What we like about this exchange is that it seems secure, works with “traditional” money and accepts international bank tranfers. On the other hand, we find its offering quite limited, as the only trading pair available at Bitex.la is BTC/USD. In addition, trading on the exchange is not low-cost, and it requires lengthy verifivcation procedure, as well as an approval.
In general, the main risk involved with all crypto-exchanges is security. Many exchanges get hacked and their users lose their coins. Some forex brokers also offer Bitcoin trading and provide much higher protection, so maybe you shoud check them out.
Bitex.la Review Conclusion
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