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Bitso Leads Mexican Cryptocurrency Market With 99.5% Trading Dominance
- Bitso dominates cryptocurrency trading in Mexico with a 99.5% market share, handling MXN 4,215.4 million in transactions in 2024.
- Lower fees on BTC exchanges contribute to Bitso’s popularity over competitors like Binance and Bitfinex.
In Mexico, Bitso holds a staggering 99.5% market share in cryptocurrency trading volume, as revealed by Kaiko’s “The State of LATAM Crypto Markets” report. Over the course of 2024, Bitso facilitated a total of MXN 4,215.4 million in transactions, underscoring its dominance over competitors like Binance and Bitfinex, which reported significantly lower trading volumes in the country.
As in other studies we have covered at CNF, the report attributes Bitso’s appeal to its competitive fee structure, with maker and taker fees set at 0.075% and 0.098%, respectively, for BTC markets, compared to 0.5% and 0.65% for MXN-denominated markets. Monthly trading volumes in Mexican pesos have shown steady growth since September 2023, although below early 2023 levels.
Kaiko’s analysis points to favorable political and monetary conditions that are driving cryptocurrency adoption in Latin America. The region has already seen cryptocurrencies being leveraged to fight inflation, particularly in Argentina, as we wrote previously on CNF.
This trend could potentially drive wider adoption across the region, with stablecoins currently dominating exchanges, while Bitcoin gains traction as a store of value against volatile local currencies.
So following our previous news In Crypto News Flash on LaTam, the research team highlights that the Latin American cryptocurrency market is a nascent but promising segment, supported by economic conditions ripe for expansion.
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