Cryptocurrencies have experienced substantial market growth in the Philippines in recent years. Nowadays, it is not an unusual scenario in the Philippines for people to frequently use Bitcoin, Ethereum, and other popular cryptocurrencies to make merchant payments or pay bills. As of April 2022, Filipino investors are holding up to 2% of their total investments in crypto savings, reported Bloomberg. This may easily reach 5% within 2027, as forecasted by industry experts.
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, took a significant step in 2017 by legalizing and regulating crypto trading platforms to facilitate cryptocurrency transactions in the country. BSP is acting as the regulatory body for crypto trading in the Philippines under circular no. 944, dated 6 February 2017. The circular requires all the local cryptocurrency exchanges in the Philippines to register with BSP as remittance and transfer service providers.
BSP has legalized 16 cryptocurrency exchanges to operate as crypto trading platforms in line with local regulations. They also removed a few providers like Bitan Moneytech for non-compliance. Thus, if you live in the Philippines and are interested in trading cryptocurrencies, you will get a lot of favorable options and a welcoming legal environment.
This article has compared the best crypto platforms in the Philippines based on their features, level of security, fee structure, and pros and cons.
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Cryptocurrency is a virtual currency system that does not have physical existence and is not controlled by any central authority like central banks. Unlike PHP, USD, or other fiat money, cryptocurrencies are not backed by any physical assets.
There are several ways to create cryptocurrencies. For example, Bitcoins are created through the mining process, where individual miners solve complex mathematical problems and receive awards for their efforts.
Cryptocurrencies are usually limited in supply, so their values tend to rise over time. The currencies or coins are released in the market through Initial Coin Offering (ICO), which is a similar process as Initial Public Offering (IPO).
Market values of the cryptocurrencies are usually determined by peoples’ overall perception of the currency. Also, the number of merchants or businesses willing to accept payments in cryptocurrencies plays a significant role in the crypto market.
The legal and market environment of the Philippines is generally welcoming toward cryptocurrencies. Government-approved cryptocurrency exchanges let you buy, sell, or hold crypto as savings. You can use it for merchant payment as well.
Now, let’s find out how to buy cryptocurrencies in the Philippines.
You can easily visit any local crypto brokers or agents in the Philippines and buy cryptocurrencies with cash. Coins PH has over 30,000 agents, and BloomX has several physical stores that sell Bitcoins and other cryptocurrencies.
PDAX, another popular crypto trading platform in the Philippines, caters to small investors through Paxful, a well-known P2P marketplace for crypto trading. You can also find thousands of individual sellers on Paxful to buy crypto.
However, most customers in the Philippines may choose one of the crypto exchanges to buy for better security, liquidity, and convenience. Ideally, you will follow the below steps to buy crypto from an exchange:
Philippine Digital Asset Exchange (PDAX) was founded in 2017 as a cryptocurrency exchange by the Filipino company Fyntegrate Inc. It is one of 16 local cryptocurrency exchanges in the Philippines to receive regulatory approval from the BSP.
As a crypto exchange based in the Philippines, PDAX provides an excellent level of local support to Filipino customers that you won’t get in the global ones. For example, you can deposit funds in PHP, and you can always discuss any issues with the Filipino customer support representatives.
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Betur Inc. of the Philippines founded Coins PH in 2014, and it is one of the approved cryptocurrency exchanges by the BSP. Gojek acquired Coins PH in 2019 for USD 79 million. Coins PH has served over 10 million customers to date and is one of the most popular crypto exchanges in the Philippines.
One of the main reasons behind the popularity of Coins PH is its integrated crypto wallet facility. You can store your cryptocurrencies safely in the Coins PH wallet and use it for paying bills across the Philippines.
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Bloom Solutions from the Philippines founded BloomX in 2015 as a blockchain-based remittance service provider. Since then, BloomX has expanded its operation to become one of the leading crypto exchanges in the Philippines. It also received regulatory approval from the BSP.
BloomX supports over 250 cryptocurrencies, and you can buy them directly with PHP. Bloom X also expanded its portfolio into money transfer (BloomRemit), business payment gateway (BloomPay), and forex (BloomX Teller).
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Founded in midland China in 2013, Huobi is now one of the most popular cryptocurrency exchanges globally, with regional offices in the USA, Japan, South Korea, and Hong Kong. In 2021, Huobi included support for PHP as a fiat currency and mode of payment.
Huobi has a 24-hour trading volume of over USD 4 billion, and you can trade over 500 digital assets on this platform, including over 100 coins.
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Coinbase is one of the world’s leading cryptocurrency exchange and storage platforms, with over 98 million registered users. The US-based company was founded in 2012 in a distributed structure without a physical headquarter. All of the company employees work remotely and collaborate over a shared network.
With a minimum deposit requirement of only USD 2, it is effortless for any beginner to start their investment or trading portfolio at Coinbase. At the same time, since the exchange has an integrated software wallet, users won’t have to worry about connecting to any external wallets.
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eToro started its journey back in 2007 from Tel Aviv, Israel, as a multi-asset investment company. After a decade of successful operation, it expanded its domain into the crypto world in 2018 and became an industry leader within a short time.
eToro is unique in introducing a social-trading feature that lets over 25 million global users connect and share their trading strategies in a collaborative network. Also, it allows beginners to learn trading with a USD 100,000 virtual portfolio. .
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Gemini was founded in 2014 in New York, USA, by the famous Winklevoss twins. The company is regulated by the New York State Department of Financial Services. Gemini also owns Nifty Gateway, a premier NFT marketplace letting you buy and trade digital assets.
The cryptocurrency exchange does not have a minimum deposit requirement so beginners can explore the market potential and get their feet wet without a hefty investment. click here to read the Gemini review.
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Founded in 2017 by Changpeng Zhao, Binance is among the leading global cryptocurrency exchanges with over 90 million users and more than 600 listed cryptocurrencies. A trading fee of less than 0.1% is one of the lowest in the world.
The developer of Binance developed a software system to match high-speed traders. Binance is also very welcoming to beginners, and you can start your first trade within minutes of signing up. click here to read the Binance review.
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Kraken is a US-based cryptocurrency exchange established in 2011 by Jesse Powell. The exchange is an excellent choice for buying cryptocurrencies in the Philippines as it has accumulated a user base of over 8 million.
At present, Kraken supports over 65 cryptocurrencies, and it has a competitive fee structure. The exchange is welcoming toward entry-level investors with a minimum deposit requirement of only USD 10. click here to read the Kraken review.
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Launched in 2013, Cex.io is a UK-based cryptocurrency exchange headquartered in London. The platform has served over 4 million users to date since its launching. Cex.io has an excellent security reputation as the marketplace has never been hacked by any cyber security attacks.
The marketplace is partially regulated by the UK’s Financial Conduct Authority (FCA), and they generally follow international standardized business practices.
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[maxbutton id=”3″ url=”https://cex.io/r/0/up149733641/0/” text=”Trade with Cex” ]
There are several ways you can buy cryptocurrency in the Philippines. One of the easiest ways is to use the Coins PH app, which works like a mobile wallet. You can visit one of their agents for cash in and then use the fund to buy popular cryptocurrencies from the app. Alternatively, several physical shops in the Philippines run by BloomX (Bloom Solutions) also allow you to visit and buy cryptocurrencies.
Cryptocurrencies are prevalent in the Philippines. Many prominent local crypto trading platforms operate in the Philippines, including several international ones. Coins PH, PDAX, and Binance have a large user base in the Philippines as they receive PHP deposits.
Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines, which is also the country’s regulatory body for cryptocurrency exchanges. BSP has approved 16 local cryptocurrency exchanges to operate in the Philippines. They all have physical offices in the country and comply with local rules and regulations.
Coins PH is one of the best crypto apps you can use in the Philippines. They have over 30,000 agents countrywide who help you load funds into your account. Moreover, you can pay thousands of merchants using your Coins PH mobile wallet. The verification process is very minimal for low-volume traders.
You can visit one of the physical stores run by BloomX (Bloom Solutions) in the Philippines and buy crypto with cash (PHP). You will need to bring your proof of ID. In addition, you can send crypto to people living in the Philippines and abroad from these agents.
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