Investing in Bitcoin (BTC) may first seem challenging, but as we break it down into its component elements, it gets simpler. For instance, in order to invest in or trade Bitcoin (BTC), a service or exchange account is needed, and extra safe storage options are recommended.
Today, Mexican bitcoin users may choose from a variety of services. Locally, a variety of foreign exchanges are accessible (including Coinbase, Coinmama), along with several reliable in-house options like Bitso and Bitlem. If you reside in Mexico and want to learn how to buy bitcoin in Mexico. Then you are in the right place. In this article, we will cover how to buy bitcoin in Mexico
How To Buy Bitcoin In Mexico
Below we have listed four steps on how to buy Bitcoin in Mexico. Simply follow the steps to proceed.
Step 1: Choose A Cryptocurrency Exchange
There are several different exchanges vying for the business of each new prospective Bitcoin buyer. Numerous variables must be considered while selecting the best one, with its location perhaps the most crucial. Exchanges operate under a variety of legal frameworks across the globe, each of which has its own Know Your Customer and Anti-Money Laundering requirements. This is why, depending on the exchange and your area, you may be required to supply personal information in order to open up an account and begin trading on some centralized exchanges.
This introduces the subject of exchange type. Centralized exchanges, decentralized exchanges, or DEXs, and peer-to-peer exchanges are the three main forms of crypto exchanges. Using your preferred login information, you may establish an account on centralized cryptocurrency exchanges on internet platforms. Depending on the exchange and the area, you may additionally be required to supply certain personal information.
Centralized exchanges allow you to transfer money to the platform in the form of cryptocurrencies or traditional currency and then use that money to trade, including buying and selling Bitcoin. You may trade a variety of various crypto asset kinds on one primary platform, depending on the exchange. The fact that you don’t actually hold your money while it’s on the exchange is one of the problems with this concept.
Conversely, DEXs enable you to execute transactions directly from your wallet. Decentralized exchanges, or DEXs, are essentially collections of pooled liquidity for various assets on the blockchain where the DEX is situated. Trading for assets based on Ethereum is made easier by DEXs, for instance. Although there are workarounds, Bitcoin cannot be exchanged on an Ethereum-based DEX directly.
Trading amongst peers, or P2P, is another way to purchase and sell bitcoin. There are several platforms that may help with such transactions and provide an escrow service to safeguard both parties’ money. Clients have the option to purchase Bitcoin on PayPal in addition to native cryptocurrency markets. However, the site does not offer users access to their private keys and does not let users transmit their Bitcoin outside the network’s ecosystem.
Step 2: Select A Method Of Payment
The permitted forms of payment vary across exchanges as well. You may, for instance, connect your bank account for wire transfers and your debit card or credit card on the majority of large sites. PayPal payments are accepted by some, and Apple Pay is also accepted by Coinbase.
Regardless of the option you choose, you must validate your identity when you initially create an account and register a payment method. In Mexico, for instance, a scan of a state-issued ID is often needed, such as a driver’s license or identity card. Depending on your jurisdiction and the platform you choose, you may also be asked to provide scanned copies of other papers, such as your passport and proof of residence.
Step 3: Place An Order
After your account has been funded and you have been authenticated, you may begin purchasing Bitcoin. Depending on the exchange you choose, you may be able to buy or sell BTC by simply clicking the “Acquire” or “Sell” button and inputting the amount you want to acquire (or sell).
Market orders, stop orders, and limit orders are the most common order types offered by the majority of cryptocurrency exchanges. To carry out any of these choices, click the Buy, Trade, or New order buttons on the exchange’s main page. After that, before clicking the “Submit” button, you may choose one of the three previously indicated alternatives.
Step 4: Keep Your Bitcoin Safe
Larger exchanges are becoming safer, but fraud and hacking still plague the business. This is why serious Bitcoin investors should think about keeping their BTC in their own personal storage. An experienced trader with excellent cybersecurity abilities may choose to own their wallets since it frees them from the restrictions of exchange and enables them to transfer their cryptocurrency anytime they want.
Best Place To Buy Bitcoin In Mexico
1. Coinbase
The biggest Bitcoin (BTC) broker in the world is called Coinbase. They stand for a quick and simple solution for new customers to buy bitcoins. Over a hundred nations can use Coinbase, including Canada, Mexico, the United States, Europe, and the United Kingdom. Customers may buy bitcoins in the aforementioned nations using a debit card, bank transfer, SEPA transfer, and other methods.
2. CEX.io
You may purchase bitcoin on CEX.io with a credit card, cash, AstroPay, an ACH bank transfer, or a SEPA transfer. You get quick access to your bitcoin while making purchases using a credit card. Mexico, the United States, Europe, and other nations are served by CEX.io
3. Paybis
A well-known cryptocurrency exchange is Paybis. They are a more reputable, regulated exchange since they are registered with FinCEN and provide services to 180 countries as well as 48 US states. Paybis provides very large limits, lightning-fast payments, ID verification that takes just five minutes, and Trustpilot review ratings that are almost flawless.
5. Airtm
A peer community is offered by Airtm. Dollars and cryptocurrencies may be bought and sold in exchange for various types of value. By identifying users and creating a higher level of identity validation for the peers that facilitate the transactions, the platform promotes trust and transparency. In order to ensure fair value transfers and timely completion of contracts, Airtm offers an escrow mechanism.
6. Bitso
Located in Mexico, Bitso is a Bitcoin exchange. You may deposit cash into your account via SPEI Transfer, Oxxo, or any 7-Eleven in Mexico. They provide more withdrawal options.
7. Bitex
Brazil, Mexico, Argentina, Chile, Peru, and Uruguay are just a few of the South American nations that Bitex.la serves as a Bitcoin exchange and broker. You may add money to your exchange account via AstroPay or cash.
8. Coinmama
Customers may purchase bitcoin on Coinmama practically anywhere in the world. They impose a 4.9%–5.9% fee on each purchase (depending on volume). Customers in Europe may now buy bitcoins for less money through SEPA transfers.
Frequently Asked Questions
Yes, it is. But it comes with risks. It might be tempting to buy in the well-known cryptocurrency when its price soars. Although it could be a profitable investment, you should exercise caution: Due to its extreme volatility, experts advise against investing a significant portion of your portfolio in this dangerous asset type.
Consider meeting with a financial advisor who can help you determine where cryptocurrencies fit into your investment strategy if you’re wondering if investing in Bitcoin or other cryptocurrencies is a suitable choice for your requirements.
The consensus among experts is that you shouldn’t have more than 5% of your portfolio in cryptocurrency. Bitcoin might very well make up a significant chunk of its assets, given its status as the first and biggest cryptocurrency.
Experts disagree that Bitcoin and other cryptocurrencies should make up the majority of any investor’s portfolio for a variety of reasons. One explanation is that, although profitable for some long-term investors, cryptocurrencies nevertheless experience very high volatility.
Cryptocurrency miners use a proof-of-work consensus process to verify bitcoin transactions. A team of miners validates each block on the blockchain as part of the proof of work procedure.
This procedure for Bitcoin often takes up to 10 minutes. That’s much slower than several other cryptocurrencies, let alone traditional payment networks. Nevertheless, several shops and stores, like Microsoft, Overstock, and Whole Foods, to mention a few, accept Bitcoin as a means of payment.
Bitcoin is a decentralized digital currency that runs independently of banks and governments. It was introduced in 2009 and bore the distinction of being the first cryptocurrency ever. Bitcoin was developed to enable “online payments to be transmitted directly from one party to another without passing via a financial institution,” according to its inventor Satoshi Nakamoto.
Creating an account with Bitso, a Mexican exchange with more than 500,000 clients in Latin America, is the easiest method to purchase Bitcoin using an OXXO invoice. After creating an account, you may use OXXO to add pesos to your balance.
References
- https://buybitcoinworldwide.com/mexico/
- https://cointelegraph.com/bitcoin-for-beginners/how-to-buy-bitcoin-a-step-by-step-guide-to-buy-btc
- https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-bitcoin/
- https://www.thebalance.com/best-places-to-buy-bitcoin-4170081
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