Bitcoin has rapidly gained popularity in Mexico over the past decade. In 2024, its adoption rate is higher than ever, with more people looking for ways to purchase Bitcoin as a store of value, an investment, or even for everyday transactions.

Compared to just 2 years ago, Bitcoin adoption in Mexico has increased by 35%.

Over the past 5 years, the rate of adoption has surged by nearly 200%, and since 2014, the growth is staggering at over 1,000%.

This surge is attributed to a combination of economic shifts, growing tech literacy, and increased access to cryptocurrency platforms and services.

We will explore the different ways you can buy Bitcoin in Mexico, breaking down the options available for beginners and seasoned investors alike.

1. Buying Bitcoin with Bitcoin Vouchers

One of the easiest ways to buy Bitcoin in Mexico is through Bitcoin vouchers. These vouchers are prepaid cards that can be purchased from authorized vendors or convenience stores. Similar to a gift card, you can buy a voucher, then redeem it for Bitcoin on a platform that supports voucher redemption. This method is popular because it’s simple and doesn’t require a bank account, making it accessible to a wider audience. However, the fees on these vouchers can be slightly higher than other methods.

2. Using Crypto Exchanges

Crypto exchanges are by far the most common and reliable method of purchasing Bitcoin in Mexico. Some of the best crypto exchanges in Mexico allow users to trade a variety of cryptocurrencies, including Bitcoin. Exchanges provide users with real-time price tracking, ease of trading, and security features. You can deposit pesos via bank transfer or other payment methods, convert them to Bitcoin, and store it in your digital wallet.

One prominent example is SLEX, a licensed cryptocurrency exchange based in Costa Rica. SLEX stands out for its simplicity and flexibility, offering users the ability to buy Bitcoin without KYC (Know Your Customer) verification for purchases up to $900. For larger purchases, however, users are required to complete KYC, a process where users provide identification documents to comply with anti-money laundering regulations. This ensures both the security of the platform and its users.

Banks That Support Cryptocurrency Purchases in Mexico

In Mexico, some banks are more crypto-friendly, allowing users to buy Bitcoin directly or indirectly through bank transfers. While no major Mexican bank has integrated direct Bitcoin purchases into their platforms, several banks support deposits to crypto exchanges, making the purchase of Bitcoin easier. Here are a few banks that have become known for their crypto-friendly stance:

  • BBVA México: BBVA allows customers to make wire transfers to cryptocurrency exchanges like SLEX, Binance, and Bitso. Though the bank itself does not offer direct Bitcoin purchases, it facilitates deposits to these platforms, enabling users to convert their pesos into Bitcoin.
  • Banorte: Banorte is another large Mexican bank that supports transfers to crypto exchanges. Many Mexican users have successfully used Banorte to fund their crypto accounts on exchanges like SLEX and Bitso.
  • Santander México: Santander Mexico allows account holders to send funds to crypto exchanges via bank transfers. It’s a commonly used bank for funding exchange accounts in MXN.

It’s important to check with your bank regarding any additional fees or restrictions related to cryptocurrency purchases, as some banks may have specific policies on transferring funds to crypto exchanges.

Buy Bitcoin in Mexico ATM

3. Crypto ATMs in Mexico

Another convenient method is buying Bitcoin through crypto ATMs. Mexico has seen an increase in Bitcoin ATMs, particularly in major cities like Mexico City, Guadalajara, and Monterrey. These ATMs allow you to purchase Bitcoin with cash, making the process straightforward for those who prefer a hands-on transaction. All you need to do is enter the amount of Bitcoin you want to purchase, insert your cash, and provide your Bitcoin wallet address. However, keep in mind that crypto ATMs often have higher transaction fees compared to online exchanges.

Locations of Crypto ATMs in Mexico

For those who prefer a more hands-on approach to buying Bitcoin, crypto ATMs (also known as Bitcoin ATMs) are a convenient option. Below are specific locations where you can find crypto ATMs in Mexico:

    Mexico City (CDMX):
  • Address: Av. Paseo de la Reforma 222, Juárez, Cuauhtémoc, 06600
  • Located in the heart of Mexico City, this crypto ATM is accessible and supports Bitcoin purchases with cash.
    Guadalajara:
  • Address: Plaza Andares, Av. Patria 888, Puerta de Hierro, 45116 Zapopan, Jalisco
  • This ATM is located in one of Guadalajara’s major shopping areas and allows users to buy Bitcoin using Mexican pesos.
    Monterrey:
  • Address: Av. Eugenio Garza Sada 2408, Tecnológico, 64700 Monterrey, Nuevo León
  • A popular spot for Bitcoin buyers in Monterrey, offering an easy cash-to-Bitcoin service.

You can use websites like CoinATMRadar to track other Bitcoin ATMs throughout Mexico, as the number of machines is steadily increasing in both urban and rural areas.

4. Peer-to-Peer (P2P) Platforms

Peer-to-Peer (P2P) platforms provide another way to purchase Bitcoin in Mexico, allowing you to buy directly from other individuals. Popular P2P platforms match buyers and sellers and facilitate the trade through an escrow service. One advantage of P2P trading is that it allows for more payment methods, including bank transfers, PayPal, and even cash deposits. This method gives you more privacy and flexibility, but it’s crucial to verify the reputation of sellers to avoid scams.

slex crypto exchange

How to Buy Bitcoin on SLEX: Step-by-Step Guide

One of the easiest and most secure ways to buy Bitcoin in Mexico is by using SLEX, a licensed cryptocurrency exchange based in Costa Rica. Follow these steps to purchase Bitcoin on SLEX:

Sign Up: Create an account on the SLEX platform by visiting their website and registering with your email.

Choose Your Payment Method: SLEX accepts bank transfers and credit/debit cards for depositing Mexican pesos (MXN). Select your preferred payment option.

Deposit Funds: Deposit up to $900 worth of MXN without needing KYC. If you’re buying over $900, you’ll need to complete the KYC process.

Select Bitcoin: Once your funds are available, go to the “Buy/Sell” section and choose Bitcoin (BTC).

Enter the Amount: Enter the amount of MXN or Bitcoin you wish to purchase and confirm the transaction.

Receive Bitcoin: After completing the purchase, your Bitcoin will be transferred to your wallet on SLEX. You can then withdraw it to your personal wallet for added security.

What is KYC?

KYC (Know Your Customer) is a regulatory process where financial institutions and cryptocurrency platforms verify the identity of their users. This typically involves submitting a government-issued ID and proof of address. KYC is designed to prevent illegal activities such as money laundering and fraud. On SLEX, users can buy up to $900 worth of Bitcoin without KYC, but for larger amounts, completing this verification process is mandatory.

FAQ

Can I buy Bitcoin with cash in Mexico?

Yes, you can buy Bitcoin with cash in Mexico through crypto ATMs. These ATMs allow you to deposit cash and convert it directly into Bitcoin. You simply enter the amount of money, scan your Bitcoin wallet address, and complete the transaction. Locations for these ATMs include Mexico City, Guadalajara, and Monterrey.

Which bank is best for buying Bitcoin in Mexico?

Several banks in Mexico support transfers to crypto exchanges, which makes purchasing Bitcoin relatively easy. BBVA México, Banorte, and Santander México are among the most reliable banks for sending funds to cryptocurrency platforms. They allow deposits into popular exchanges like SLEX and Bitso, giving you the flexibility to buy Bitcoin.

Can I buy Bitcoin without KYC in Mexico?

Yes, you can buy Bitcoin without KYC on some exchanges, but only for small amounts. For example, SLEX allows users to buy up to $900 worth of Bitcoin without requiring KYC (Know Your Customer) verification. KYC is required for larger transactions to comply with anti-money laundering regulations.

Are there any risks associated with buying Bitcoin in Mexico?

As with any investment, buying Bitcoin carries certain risks. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Additionally, you should always ensure that you are using trusted exchanges, such as SLEX or Bitso, and secure your Bitcoin in a wallet to avoid the risk of theft. Using a reputable bank for transfers also minimizes financial risk.

What are the fees for buying Bitcoin in Mexico?

The fees for buying Bitcoin in Mexico can vary depending on the method you use. Crypto exchanges like SLEX generally charge a small fee for trades, typically around 0.1% to 0.5% per transaction. Bitcoin ATMs, on the other hand, may have higher fees, ranging from 5% to 10%. It’s also important to account for any transfer fees your bank might charge when sending money to an exchange.

Conclusion

Whether you’re new to cryptocurrency or an experienced trader, buying Bitcoin in Mexico has never been easier. From Bitcoin vouchers to crypto exchanges like SLEX, each method has its own benefits depending on your preferences and the amount of Bitcoin you want to purchase. With the rapidly growing cryptocurrency market in Mexico, now is an excellent time to start exploring your options.

Author

james roy

James Roy. An expert in trading and cryptocurrency at our company, leveraging his extensive experience to develop a deep understanding of market dynamics and trends. Also a prolific author, using his expertise to create insightful content for our company blog, where he shares valuable knowledge with the community and contributes to the ongoing conversation in this rapidly evolving industry.

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