With Bitpoint lending, users earn interest for the loan of their funds.
Bitcoin, ether, tether, and dogecoin are some of the cryptocurrencies available at Bitpoint.
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Finding a platform to trade bitcoin (BTC) can be a real headache due to the wide variety of alternatives that exist. And when it comes to exchanges, it seems that every day there are more in the market, especially in Latin America. One of the options available for the purchase and sale of cryptocurrencies with national currency is Bitpoint.
Is an exchange from Japan which offers its financial services in countries such as Argentina, Brazil, Colombia, El Salvador, Mexico, Peru and Venezuela. Is this platform the most suitable for you? Find out in the following review, where we will analyze the most relevant aspects of Bitpoint LATAM.
What is Bitpoint LATAM?
With Bitpoint LATAM you can buy bitcoin with national currency. Source: Bitpoint.
Bitpoint is a platform for trading with bitcoin and tokens. The exchange allows the purchase and sale of digital assets with 8 national currencies, including the US dollar (USD), the Mexican peso (MXN), the Dominican peso (DOP), the quetzal (GTQ), the Peruvian peso (PEN), the Colombian peso (COP), Argentine peso (ARS) and the Brazilian real (BRL). Bitpoint is of Japanese origin, and is a subsidiary of Remixpoint Inc., a business group listed on the Tokyo Stock Exchange.
The exchange has a license from the FSA (Japanese Financial Authority) to offer financial services with cryptocurrencies. Bitpoint has alliances with more than 15 banks in Latin America for making deposits and withdrawals. Apart from the sale of bitcoin and tokens, we were struck by the lending service, with which we can earn interest of up to 5% for lending our funds to a liquidity group, although today the commission is 0.5 % per year.
This Bitpoint LATAM service is available for four cryptocurrencies: bitcoin, tether, dogecoin and ether. The funds are guarded by the platform and it is not necessary to freeze them. Users who activate this feature earn daily interest on the chosen cryptocurrency. Profitability is automatically calculated every 24 hours, and distributed to Bitpoint users proportionally according to the volumes that each one has chosen to lend.
What you need to buy and sell bitcoin at Bitpoint
The registration process in Bitpoint LATAM is similar to that of other exchanges. Source: Bitpoint.
To register at Bitpoint we had to follow the same steps as in most exchanges. They asked us for information such as name, surname, email, telephone number and password. Then we receive an email to finalize the registration process.
It is mandatory to enable two-factor authentication once the account is created. So we had to download the Google Authenticator app on our mobile device and provide a code. Although we know that it is an additional security measure to protect our funds, we would like it to be optional to activate two-factor authentication and not a requirement to operate on Bitpoint.
Next up is the Know Your Customer (KYC) verification. There are three levels. The first allows us to deposit and withdraw cryptocurrencies, buy and sell cryptocurrencies with national currency up to USD 1,000, and deposit and withdraw in national currency.
To pass the first level we must provide data such as our country of residence, full name, date of birth, address, email, proof of address and an identity document. At Second level, the limit for buying and selling cryptocurrencies with national currency increases to USD 50,000.
The Bitpoint team analyzes and processes the data, which takes an average of 24 business hours. During this time we can continue to operate on the platform as usual. The company claims that the personal information of its customers remains in a secure and private system.
There are three levels of verification at Bitpoint LATAM. Source: Bitpoint.
Bitpoint exchange features
When creating an account, it is mandatory to enable two-factor authentication with the Google application and it is not possible to disable it. Other Bitpoint security measures are encryption and SSL protocol, which encrypt data and transactions, anti-hacking system, which prevents and detects cyber attacks, multi-signature wallet and cold or offline storage.
Bitpoint claims to keep client and company assets separate. The exchange states on its website: “Management stores our assets and clients’ assets separately. We separate and manage the assets deposited by clients and our own assets. Also, virtual currencies are managed separately. This is done in order to avoid confusion of company assets and customer assets. “
Bitpoint’s interface has charts that are ideal for advanced trading. Source: Bitpoint.
Bitpoint’s interface is attractive and simple enough for beginners, although it includes most of the tools for advanced trading. The desktop version of the exchange is divided into six sections: wallet, summary, advanced trading, lending, easy buy / sell, and setup. Since each section is clearly identified, it is easy to know what to do.
Buying or selling bitcoin and other cryptocurrencies is a quick process and quite simple. We just had to select between the option “buy” or “sell”, choose the asset and the quantity. The platform automatically calculates the commission.
We were pleased that the exchange includes a free academy where you can learn from basic concepts related to cryptocurrencies and blockchains, to advanced trading. A negative point of the platform is the few configuration options, so it is not possible to get a fully personalized experience.
If you are one of those who like to operate from the comfort of your smartphone, we regret to tell you that, for the moment, Bitpoint does not have a mobile application, which is definitely a disadvantage. Although all is not lost, since you can access the exchange in its mobile version from a search engine, but it is not as practical and fast as directly accessing an app.
Customer service and support
Support and customer service is average. The exchange has a support ticket, in which we must provide information such as name, email, country of residence and telephone number. Using this method, the response took longer than expected and was not as specific as required.
Another means available for customer service is the email email@example.com, apart from instant messaging applications such as WhatsApp and Telegram. But, when testing the service on WhatsApp, we never got a response.
The methods to withdraw and deposit in national currency include bank transfer, Visa card, MasterCard and Paypal. In Colombia there are additional options, such as Tpaga and Movii. Payment methods are varied, which is a positive point for Bitpoint LATAM. When depositing or withdrawing bitcoins and other cryptocurrencies, you can do it directly with a wallet.
In the trading platform there are a total of 11 cryptocurrencies, which is a low number compared to other exchanges like Binance or Uphold. Available assets are bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), tether (USDT), EOS, chainlink (LINK), cardano (ADA), dash, USDC, and binance coin (BNB).
As for the national currencies available are the US dollar (USD), the Argentine peso (ARS), the Mexican peso (MXN), the Dominican peso (DOP), the quetzal (GTQ), the Peruvian peso (PEN), the Colombian peso (COP) and the Brazilian real (BRL).
In Bitpoint LATAM there are 11 cryptocurrencies to trade, in addition to national currencies. Source: Bitpoint.
In which countries is it available
Bitpoint provides its financial services in most Latin American countries, including Argentina, Mexico, Colombia, Venezuela, El Salvador, Ecuador, Brazil, Peru, the Dominican Republic, Chile and Guatemala.
What are Bitpoint LATAM’s fees and commissions?
Bitpoint LATAM’s spot trading fee is 0.99%, quite high if compared to those of other exchanges such as Kraken, with a commission of 0.16% for the maker and 0.26% for the taker, or Bitpanda, whose fee is 0.1% for the maker and 0 , 15% for the taker.
Now, the commissions for deposits, withdrawals and sale of bitcoin and cryptocurrencies vary according to the country in which you operate. In the case of Argentina, the commission for dollar deposits is USD 5, plus 10% of the amount deposited. For withdrawals it is USD 10, plus 1.21%. The platform does not charge a commission for depositing cryptocurrencies, but for withdrawing them, with a fee of 0.5%.
The commissions for deposit and withdrawal of cryptocurrencies in Colombia are the same as in Argentina. For deposits in local currency, the platform charges USD 5 plus 0.9%. For withdrawals, the fee is USD 10 plus 1.69%. In Mexico, the same rates are maintained for deposits and withdrawals of cryptocurrencies. When depositing in Mexican pesos, Bitpoint charges USD 5 plus 0.58% and USD 10 plus 1.16% for withdrawals.
Find out about all Bitpoint commissions on their website.
Bitpoint LATAM commissions for El Salvador. Source: Bitpoint.
Conclusion: Should you buy or sell bitcoin on Bitpoint LATAM?
Is Bitpoint LATAM a good option for trading bitcoin? It depends on your needs. If you want to buy or sell digital assets with national currency, this platform will probably be useful for you, especially if you take into account that it has the main payment methods. Besides, With the lending service you can get commissions for the loan of your funds.
Among the disadvantages that you should consider, one of the most important is the high trading fees. Also, KYC verification is mandatory for trading and there is no mobile app for the exchange yet. However, Bitpoint is a platform that has a lot to offer you.
Allows you to buy bitcoin with national currency. Lending service available. It has a trading academy in Spanish. Variety of deposit and withdrawal methods.
Few cryptocurrencies. Mandatory KYC verification. High trading fees. No mobile app.