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How to Buy Bitcoin in the Philippines

2021-03-04

According to CoinMarketCap, the crypto price tracker, Binance is among the biggest cryptocurrency exchanges for bitcoin in the Philippines. It was able to become a P2P or peer-to-peer platform. This platform is a trading form wherein the seller and buyer directly exchange their fiat and crypto assets through an escrow platform or online marketplace. In P2P, it is separate from the order book exchange of Binance. Here, the individual seller and buyer directly negotiate and trade cryptocurrency on the marketplace of Binance.

To make things simpler, buying USDT or Bitcoin on the P2P platform of Binance allows people to buy bitcoin in the Philippines from a seller directly. That person can be anyone located anywhere in the world who will have their cryptocurrency exchanged for your fiat. Nowadays, this is what people are doing in the P2P marketplace. The platform aims to provide escrow for protecting the buyer and the seller. It keeps the fiat or crypto and releases it when both parties are able to fulfill their obligations.

Direct Exchanges and Spot Trading VS P2P

Like direct exchanges such as Coins.ph and the major cryptocurrency exchange of Binance, spot exchanges are not the same as the P2P marketplace. That is because of the following:

Like the central exchange of Binance, Spot exchanges have its users’ “buy'' order at a specific price that combines with the other users that buy with the same price. It gets placed in an order book where it gets matched with sellers that want to sell for the same price. Since it happens electronically, the buyer and the user do not directly interact with one another.

For direct exchanges such as Coins.ph, the user either sells or buys cryptocurrency that has a basis on the platform’s set price.

When it comes to P2P, the buyer is the one who directly negotiates with the seller. The platform will become the escrow that will have the funds kept until both the seller and the buyer can fulfill their obligations to one another.

Before you can proceed with using Binance to buy cryptocurrency, you need to make sure that you do the following first:

  • Get verified and registered on the Binance platform

  • Have sufficient funds, so you go on a transaction

  • Know enough about the way trading works

Manage your risks by checking out our Tips on Doing P2P so you can avoid scams.

Ways to Buy Bitcoin in the Philippines Through P2P

Typically, people use P2P to purchase USDT to take advantage of Binance’s full platform. After buying the USDT, this crypto asset will get parked in the user’s P2P Wallet. It will then get transferred to the spot wallet of that user. Since Binance is an exchange that has an order-book style, you can use USDT to purchase Bitcoin at the user’s set rate.

Whenever the bitcoin has a current price of 10,000 USDT and only has 1,000 USDT, they can have the buy order set a lower price. For example, instead of immediately purchasing at the current high 10,000 USDT, you can buy 8,000 USDT. At this rate, 1 BTC has a price of 10,000 USDT. At 1,000 USDT, the user can buy 0.1 BTC. If the rate is at 1 BTC = 8,000 USDT, the user has funds to buy 0.125 BTC.

Accepted Payment Methods for bitcoin in the Philippines

P2P sellers of bitcoin in the Philippines offer their cryptocurrencies such as USDT for an exchange to PHP. Often, the following payment methods are what these sellers accept:

  • Bank Transfer (like InstaPay)

  • PayMaya

  • GCash

There may be other available payment methods, but the ones stated above are those that sellers are usually offering. When it comes to bank transfers, many sellers are using UnionBank.

Steps on How to Buy bitcoin in the Philippines Through Binance P2P:

1. Check out the “Buy Crypto” found on the upper left of the Binance homepage.

2. Click on P2P Trading.

3. Choose “I want to Buy.”

4. Click on “USDT.” Make sure you’re on Fiat: PHP.

5. Check out the offers.

Offers may be different depending on the seller. Make sure to note the limitations, prices, and maximum amount available that the seller could accommodate. Some sellers have Php 1,000 as a minimum. Whenever that gets indicated, you won’t be able to buy anything lower than that.

6. On the offer that you choose, click on “Buy USDT.”

7. Indicate the price you are willing to buy. 

8. Click on “Buy Now”

9. Follow the seller’s instructions

10. After transferring the amount, have it marked as “Paid.” Do this by clicking on “Transferred, Next.”

11. Wait until the seller confirms it.

12. When the seller has it confirmed, the cryptocurrency will get transferred to your P2P Wallet.

13. Check out your P2P Wallet and have the funds transferred to your spot account. In Binance, your main Wallet is the spot account. Whenever you are trading on the Binance platform, your spot account’s cryptocurrencies will be what they will use.

Advantages of Binance P2P

  • You may select from various sellers to get the best rate.

  • You can buy through mobile wallet transfer or bank transfer.

  • You will have access to trade in a cryptocurrency exchange that is highly liquid: Binance.

  • The seller, buyer, and the platform will agree that would act as the escrow.

  • Having an escrow means that both the buyer and the seller will get protected whenever there are disputes.

The escrow service of Binance P2P can protect both the buyer and the seller. It makes sure that both of them would have their obligations fulfilled.

Every time a seller has an “Ad” or offer posted, the cryptocurrency’s amount will automatically get reserved from their fiat wallet. Whenever the seller ends up running away with your money without having the cryptocurrencies released, the Customer Support of Binance will have it removed from the seller’s reserved funds.

Tips on P2P Trading for bitcoin in the Philippines with Binance

Here are great tips on what you need to watch out for whenever you undergo P2P Trading for bitcoin in the Philippines on Binance:

Only Get into Transactions with Reputable Sellers

Even if Binance requires all sellers to have their identities verified, it would be better for first-time buyers to transact with reputable sellers. These are people who have a lot of successful transactions. For first-time buyers, having peace of mind can be essential. Because of this, we recommend that you transact with sellers who have an excellent track record. These are people who have transacted with many buyers in the past.

Have the Person’s Identity Verified

Before having a transaction with a seller, ensure that you verify that person’s identity. Please do this by reviewing the payment details that they asked. It needs to match their identity on the platform. Do this to avoid triangulation fraud wherein the scammer uses another person’s payment account. That scammer can eventually claim that the buyer has never sent anything to their account.

Only Have Deals Inside Binance

In Binance P2P, there is a chat system wherein the seller and buyer can contact each other. Whenever either party attempts to convince the other to make a deal that is not within the platform, immediately have an appeal opened so you can report them.

Make Sure to Review the Existing Exchange Rate

Since pegged to the U.S. Dollar is USDT, ensure that you get the most USDT from your PHP by checking the current Peso-Dollar exchange rate. Go for sellers who offer close to the going rate you can see online.

Even if P2P facilitated an on-ramp that allowed the quick transfer of funds, the buyer would be the one who will use the funds for trading cryptocurrencies. That person will ultimately become responsible for their actions and trades on that platform. Since Binance is a highly sophisticated platform, people need to study it first. Users need to make sure that they researched thoroughly before considering any trade.

Get into the P2P Trading of bitcoin in the Philippines with Binance

The prominent cryptocurrency exchange in terms of users and trading volume is Binance. It announced the launch of a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency. 

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Having this integrated will enable the user to trade crypto in their preferred prices and modes of payment. They can even have their crypto assets transferred to a Binance wallet without an added cost. 

Because of the platform’s zero transaction fees, it offers an escrow service. It aims to make sure that all of the cryptos will go to the wallets of the users. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, 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 benefits. It includes exclusive 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.