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Different Ways to Buy Bitcoin in the Philippines

2021-02-04

If you’re reading this article, you may be among the people who are interested in investing in bitcoin but find the idea complicated or difficult. Thankfully, there are now many easy ways for anyone to acquire cryptocurrency.  We have identified a few simple ways for people to buy Bitcoin and get into crypto without fees, so they can start spending on and investing in bitcoin right away.

Where bitcoin is accepted

With the vibrancy of  the crypto market today with its has recent growth and gains, there has been a renewed interest in the Bitcoin market. Simply trying to “get in” may be the most difficult first step for people who are new to cryptocurrency. Even if certain aspects of crypto may require a learning curve, having it bought, stored, and used should not be too complicated. Here are five of the ways people can purchase Bitcoin and get into crypto without fees. However, before you can move forward, you need to become aware of which Bitcoin you desire to purchase. 

Bitcoin with PayPal: Get into a P2P Trading Platform

One way you can directly buy is to get connected with a seller through a peer-to-peer platform similar to local Bitcoin. Here, buyers can choose from different payment methods like cash-in-person, bank transfer, and PayPal. It can even be possible to have goods traded for crypto using the site. Every user may have various rates and offers. Ensure that you select a seller that provides a great price with a good history of trades that he completed and an excellent reputation.

GCash

The Bangko Sentral ng Pilipinas has decided to avoid regulating virtual currencies such as Bitcoin. BSP has rather focused on regulating these cryptocurrency exchanges to prevent money laundering. Compared to other countrieslike Vietnam, India, Russia, and Chinathat made cryptocurrencies illegal,, the Philippines holds a progressive stance.

The digital wallet that holds PHP, or the Philippine Peso, is GCash. As for exchanges that allow the conversion of PHP to BTC (Bitcoin), a customary review online will show that there are several options, like Binance, Coins.ph, and PDAX, any of which could be used to purchase BTC.

If you want to have your money earned from profit or gains into your GCash account, there are numerous options to cash in. You may even use bank transfers from any bank application so you can fund your G-XChange wallet through Instapay.

Face to Face

Among the private, direct, and more rewarding ways anyone can purchase bitcoin is to transact with a seller directly. That person can either be an acquaintance or a well-known friend who lives nearby. It can even be a person that you met at a meeting on Bitcoin as he wants to have his crypto sold for cash. We recommend local meetups on  Bitcoin in places where people connect with others over their interest int crypto. Members usually want to trade when they attend meetings. While not a lot of people in the Philippines, especially those outside urban areas, hold such meetings, you also need to safely become aware of the best tips and practices to deal with cryptocurrency in-person.

Credit Card

Using a credit card is among the easy ways people can purchase bitcoin. People can do this through Bitcoin.com. People can choose to buy either bitcoin cash or bitcoin core.

After clicking the buy button, there’s a prompt to enter a Bitcoin wallet address. It includes instructions linked via the “Need a Wallet?” option that can facilitate a free for users without a Bitcoin or cryptocurrency wallet. This buy option has a set service fee charged, but it allows convenient and quick transactions. Also, the only thing you often need is an email address.

Bitcoin Exchange: Binance

We recommend an established and reputable cryptocurrency exchange. It can be a relatively simple and convenient way to buy bitcoin with a credit card or bank account. As with peer-to-peer trading platforms, each trade will have different KYC/AML requirements, fees, capabilities, and special offers, so it’s essential to research any potential choice before deciding carefully.

Crypto exchanges for very popular beginners include Binance, Coinbase, and Kraken. Bitcoin.com now also has its crypto exchange. Mainstream exchanges usually allow buying bitcoin with a credit card or through a bank account deposit.

It is vital to note about exchanges, however, is that if your bitcoin is stored https://academy.binance.com/en/glossary/custodycustodialmeaning you don’t have the private keysand the entity or institution is hacked or experiences problems, you may lose your money. That is why it is advisable to move funds to a personal, non-custodial wallet as soon as possible after purchasing bitcoin and only keeping the bare minimum of what’s needed to transact on a centrally managed exchange.

Binance

Buy Crypto with : Crypto without Fees

A prominent cryptocurrency exchange for Filipinos in terms of users and trading volume is Binance. With a P2P (peer-to-peer) crypto  trading platform in PHP or Philippine Peso,it is now possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using local currency. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. It also enables the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet at no additional cost.

Because of the platform’s zero transaction fees, it offers an escrow servicewhich aims to ensure that all of the cryptos will go to the users’ wallets. Binance has a P2P platform that lets users gain more access to various financial services, likespot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefitsexclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by downloading the Binance mobile app now.