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Volabit Exchange Review

Volabit – Is It Good?

Founded in 2014, Volabit was the first cryptocurrency exchange giving service to Mexican people.

With a very simple and streamlined platform and very convenient top-up options, Volabit is a very popular option for any Mexicans looking to trade their pesos for Bitcoin. Volabit is also looking to expand into other Latin American countries soon.

Since Barry Silbert’s investment in Volabit during 2014, Volabit has become one of the most popular exchanges in the country.

So, how good is Volabit? Is Volabit a scam? How convenient is the platform? And, most importantly, how does Volabit stack up against other platforms?

What Does Volabit provide?

Volabit is a simple exchange that makes it easy to buy and sell Bitcoin and a few other cryptocurrencies in Mexico.

Here’s what it’s like to use it:

Currencies and exchanging process

With volabit, you can only trade Mexican Pesos for Bitcoin, Litecoin, Bitcoin Cash, XRP (Ripple) and USD Coin. These alt-coins are not very varied, but they are some of the most popular ones to buy and sell.

Easiness is the bases if Volabit. Volabit exchanges your currencies for you, so you can buy and sell at a fixed price more easily than trading with other people in a marketplace.

You can top up your account in multiple ways. If you want to top up your wallet directly, you can simply send crypto from other wallets to the wallets Volabit gives you. You can also send money via digital transfer.

Once you have your Mexican Pesos in your account, you can buy your crypto. However, to withdraw your crypto, you’ll first have to exchange it into USD Coin, and then transfer the equivalent to your Mexican bank account. This extra step can become a hassle and adds a very small commission, since you have to exchange your crypto into USD Coin, and your USD Coin into Mexican Pesos.

Volabit used to offer purchase of cryptocurrencies through convenience store payments. However, the option was removed during early 2020 and hasn’t been added back since at the time of writing this article.

Navigation

Volabit is a great platform for any beginners, but not as great for experienced crypto enthusiasts. The platform helps newbies through a Whatsapp bot called “Jaime”, which can guide newbies through the most common transactions.

The clean and simple design is very intuitive and makes it easy to navigate through the few options Volabit gives its users.

That being said, Volabit isn’t optimized for trading. Your dashboard shows a very simple chart of crypto fluctuations with no zoom-in or personalization options. If you want to trade, you’ll have to use Volabit’s partner Vexbi

Security

Volabit follows common security industry practices. It has SSL connections and keeps its funds separated in hot and cold wallets, although Volabit hasn’t revealed which percentage of its digital assets is kept in cold storage.

You can also activate 2FA for your Volabit account.

The platform is so stable and secure, that is one of the only two Mexican platforms listed in Bitcoin’s Mexican exchange options.

Verification process

Signing up to Volabit is free and simple, and you can sign up using only your email address. However, you’ll need to verify your account before making your first purchase.

There are two verification levels:

 

  • Basic Level: Obtained by linking your phone number to your account. With it, you can deposit and withdraw up to $7000 MXN (around $320 USD) per day.
  • Pro Level: Obtained by uploading an ID and a bank account statement. You get a $500,000 MXN (around $22,300 USD) per day.

Supported Countries

Volabit is only available for Mexican users.

Volabit Rates and Buying Limits

Volabit has no hidden fees, what you see is what you pay.

Volabit fee: 0.8%

Volabit’s small 0.8% is applied when selling or exchanging crypto. This fee does not apply when exchanging your currency into USDC. You also don’t get a funding or withdrawal fee.

The minimum amount of withdrawal is $61 MXN (around $3 USD)

When transferring Bitcoin, you get these limitations:
From Volabit to external BTC wallet: 0.00065460 BTC
From external wallet to Volabit wallet: 0.0005 BTC

There’s no minimum transfer amount between Volabit accounts.

Volabit Pros

  • Low commissions: At only 0.8%, Volabit offers lower commissions than average.
  • Great for beginners: Few options and straightforward navigation makes for a very simple and easy experience.
  • Good security: Cold storage and 2FA available to keep funds safe.
  • Fairly private for small amounts: Mexican people can just get a burner phone and exchange anonymously to take advantage of its low fees.

Volabit Cons

  • Little privacy: Any transactions of over $7000 MXN will require the user to go through the full verification process
  • Low amount of options: Besides BTC, there are only three altcoin options plus USDC.
  • Only available for Mexicans: The platform is currently not available for any other country.

Go to Volabit

Is Volabit Good For Bitcoin?

Volabit is definitely not a scam. It’s a great option for any Mexican people looking to purchase their first share of Bitcoin. If you’re a Mexican citizen, and you don’t mind not being able to do anonymous or serious crypto trading, Volabit is definitely worth your time.

That being said, if you want more private options, you should check our anonymous Bitcoin trading sites list.