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What is the Best Cryptocurrency Exchange in the Philippines?

2021-01-27

There is a continuous growth in cryptocurrency exchange in the Philippines. It happened even if there was a downturn in their value last year. That is because of the regulators’ improved leniency and increased demand. 

According to Bitcoin, the Philippine Central Bank now has 16 approved Cryptocurrency Exchanges. The country also has 37 crypto exchange operators that the CEZA or Cagayan Economic Zone Authority licensed.

How to Buy Bitcoin in the Philippines

If you want to know how to buy bitcoin in the Philippines, check out the best crypto exchange and wallet on this list! It includes the best crypto exchange with the most coins and crypto exchange with the lowest fees. Our list can help you in determining which crypto exchange is best. It can even help you check out which crypto exchange is the safest. These exchanges were able to increase the development of this quickly expanding financial technology sector. Since it appears that Fintech is highly advanced in the Philippines, consumers are starting to check out its mobility by having them in their mobile wallets. Having this can provide people with enough flexibility to use their money.

Binance

Binance is the best crypto exchange and wallet regarding users and trading volume. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company now aims to provide Filipinos access to cryptocurrency in their local currency. 

 

With Binance, 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 payment modes. It is the crypto exchange with the lowest fees. They can even have their crypto assets transferred to a Binance wallet without an added cost.

 

The platform has zero transaction fees. It offers an escrow service that ensures 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. 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.

Advantages

Improved Liquidity: Binance US offers excellent liquidity to its clients because trading began on the platform.

Speed: Binance is capable of processing 1.4 million orders every second.

Minimal Fees: In the US, Binance charges transaction fees of 0.1% or less if you pay in BNB.

Excellent Reputation: Binance is famous for paying attention to its users’ security. Because of that, the business works on innovating continuously. 

Incomparable Customer Service: In the US, Binance provides the best customer service by considering the customer to be always right.

Disadvantage:

Beginners may not find its interface user-friendly.

P2P Exchanges

P2P or peer-to-peer exchanges are marketplaces that allow people to have crypto traded directly with one another. These provide the buyers and sellers a technical platform that will enable trades’ settlement on their preferred terms. It is not the same as any traditional exchange as they are not holding the funds of users in their custody or processing any fiat payments. It has a light set-up that allows people to virtually operate anywhere and becomes subject to minimal regulation compared to the common exchanges in cryptocurrency.

Advantages

Cheaper than the regular exchange

Since computer software runs P2P Exchanges, there are minimal expenses.

Improved Security

You will know who you are exchanging with, so it’s more secure.

No need for producing an identity

It is excellent for people who want to remain anonymous.

It doesn’t need a third party.

People consider this beneficial as it lessens expenses and avoids personal information access.

Provides better protection

Since an intuitive software runs this, the government can exploit or impose restrictions on it.

Disadvantages:

Still undergoing development

As a new service, it is still under the development period, which needs many improvements.

Long Trading Times

Traders need to wait to complete actual fiat and Bitcoin transactions before the conclusion of a trade.

Minimal Liquidity

P2P exchanges may not be great for professional traders who want to have timely deals and quick transactions. These exchanges may only be useful for people who wish certain advantages like payment freedom, security, privacy, and resilience at their existing state.

Less Intuitive

It aims at specific audiences without considering newcomers making it less intuitive to use.

Coins.ph

The Southeast Asian fintech company Coins allows people to access financial services from their phone even if they don’t have a bank account. Its foundation in 2014 now serves more than 10 million customers. It is among the first platforms backed by blockchain that reached a significant mainstream in consumer adoption. Coins is a company with a mobile application that allows consumers to directly access digital payment and banking services that include online shopping, game credits, bill payments, mobile air-time, and international and local remittances.

The company has also built one of the country’s largest cash distribution networks, operating through over 33,000 partner locations domestically and over 500,000 locations worldwide.

Regulated by the Bangko Sentral ng Pilipinas (BSP), Coins.ph is the first-ever blockchain-based company in Asia to hold virtual currency and Electronic Money Issuer licenses from a central bank.

Advantages

No Lines so No Stress

You can immediately receive money transfers through Western Union to your Coins.ph wallet wherever you are and any time of the day. You wouldn’t have to spend on your commute, and there are no lines as well!

Free to Set-Up and Receive

Sign up on the Coins.ph website to create an account for free. You can also receive money transfers from Western Union to your Coins.ph wallet. You need to ask for the MTCN and estimated amount from the sender, and you can have that information in your Coins.ph app. In just a few taps, you can receive the funds in your Coins.ph wallet immediately.

Allows You to Get Paid Straight from Your Phone

After getting the funds in your wallet, you can immediately have them used to purchase game credits, pay bills, buy prepaid load, and a lot more. Because of this, you wouldn’t have to get away from your home to pay for any living expenses. Having this can easily allow anyone to make payments.

Safe to Go Cashless

With Coins.ph, you wouldn’t have to carry so much money. You can also get your funds wherever you are, any time of the day.

Sends to Your Bank Account for Free

Whenever you have accounts designated for living expenses, emergency funds, and savings, you can use your wallet in Coins.ph to cash out funds for free.

Enables the Quick Sending of Funds During Emergencies

There are some events when you can’t go out to claim or wait for a wire transfer that could happen for days from any family emergency, like sudden hospitalizations. Coins.ph allows people to get remittances from more than 200 territories once they get the estimated amount and MTCN.

Disadvantages:

May Be Used as a Scamming Medium

People can use this as a way to scam others for money.

Irreversibility of Transactions

Whenever you make a mistake and send money to the wrong bitcoin wallet, you won’t get it back.

Too Risky

It comes with so many risks that if you have a lot of money in your account and it goes under, it may be hard for you to get it back. 

Pdax

Pdax is a cryptocurrency exchange that allows investors to have digital assets directly traded in an open market at highly competitive prices and in Philippine Peso. Bangko Sentral ng Pilipinas regulated and licensed this, making them fully compliant with the country’s regulations and laws that they make sure to maintain the best industry-standard in security. 

For experienced and beginner traders, they have a platform that allows everyone to securely and safely invest in various cryptocurrencies like XRP, bitcoin, including other digital assets anytime, wherever they may be. 

Advantages

Experienced

PDAX has a highly experienced core team in having products built for any emerging market. It was among the strongest to take the Philippines’ quickly developing market to its advantage. It did this in terms of investment and securitization of assets.

Reliable

The Bangko Sentral ng Pilipinas Licensed allows people to have digital assets bought and sold at the best market rates.

Transparent

Provides a fully compliant platform to onboard retail users and investors, allowing them to take advantage of having increased access and transparency to these assets.

Disadvantages:

Limited

Has transaction limits for unverified, verified, and premium users

EToro 

The cryptocurrency trading platform, eToro, supports 15 currencies and virtual trading accounts with social features and user-friendly web and mobile trading platforms. It has fees built into the prices of cryptocurrency through spreads from 0.75% to 5%, depending on the traded currency. Overall, it can be an excellent choice for enthusiasts and cryptocurrency traders who want to improve their market knowledge.

Advantages

Has Social Features

It comes with multiple social features that can allow people to learn from the other traders

Easy to Use

Has mobile platforms that are relatively easy for anyone to use

No Commission Fees

Allows people to trade 15 cryptocurrencies without any commission or fees for every trade

Disadvantages:

Limited offerings

It only has 15 currencies that may not be enough for serious crypto traders.

High sell fee

It comes with a 5% fee charged whenever you are selling cryptocurrencies.