How To Buy Bitcoin in the Philippines?
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Easiest and cheapest ways to buy crypto in the Philippines
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in the Phillippines is a bit harder than in some other countries so we have compiled a list of exchanges where Filipinos can buy bitcoin.
eToro
Ease of Use – Easy Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP + more
eToro is one of the leading crypto exchange platforms that offer its users social and copy trading. This platform was founded in 2007 in Cyprus and has amassed more than 20 million users in 140 different countries. As of lately, the US has joined the list of supported countries as well.
More info +
Deposit fees:
Free Withdrawal fees:
$5 Trading fees:
0.75 % – 4.9 % spread depending on the cryptocurrency Payment Methods:
15+ (Credit Cards, MasterCard, Visa, EWallets, etc.) Supported fiat:
USD, EUR, GBP, and 20+ more
“Virtual Hub” feature
It is regulated
Several security measures
Easy-to-use
Few available cryptos
Scalping isn’t enabled
Binance
Ease of Use – Medium Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, AUD, RUB
Binance was launched back in July of 2017 and very quickly became the world’s largest cryptocurrency exchange by trading volume with more than $1 billion on a daily basis.
More info +
Deposit fees:
Free Withdrawal fees:
Vary from crypto to crypto Trading fees:
0.1% Payment Methods:
Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more Supported fiat:
USD, EUR, GBP, AUD, RUB, and 15+ more
The largest cryptocurrency platform
Various advanced services and features
Low fees and high liquidity
A large number of cryptocurrencies supported
Not fully registered
Hacked in 2019
Uphold
Ease of Use – Easy Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, GBP, EUR + more
Uphold is one of the most unique crypto platforms because it integrates both digital and physical asset trading. It was launched in 2015 in New York, and it quickly gained recognition by using proprietary technology and various e-money apps as the foundation. Commodity trading is one more unique feature that makes this crypto exchange stand out.
More info +
Uphold is supported in more than 180 countries worldwide, and it has around 10 million registered users. However, as of 2022, UK and EU users can no longer create accounts on the platform. The users from these countries that already have accounts will not be affected.
Deposit fees:
Free Withdrawal fees:
Free Trading fees:
Based on spreads Service fees:
1% – 3% Payment Methods:
Debit/credit cards and (SEPA) bank transfers. Supported fiat:
USD, GBP, EUR, and 15+ more
Cross-asset trading feature
Simple registration process
Extremely low fees
More than 60 supported cryptocurrencies
No live chat support
No fixed trading fees
Best Bitcoin Wallets in Philippines
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body etc). That is why you should use one of the wallets we list below to store your digital assets. Safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
No major flaws
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Not completely open source
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Small display
complicated to setup for newbies
Kraken
Ease of Use – Easy Fees – Average Verification – 2-3 Days Reputation – Trusted Supported fiat – USD, EUR, GBP, JPY, CAD
Founded in 2011 in San Francisco, California, Kraken is one of the oldest and largest crypto exchanges in the business. This centralized cryptocurrency exchange allows its users to quickly and securely buy and sell over 90 cryptocurrencies.
More info +
Deposit fees:
EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) Withdrawal fees:
Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) Trading fees:
Maker: 0.16%Taker: 0.28% Payment Methods:
Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko Supported fiat:
USD, EUR, GBP, JPY, CAD
Available almost worldwide
High security
Over 90 cryptocurrencies
Various payment methods
Fees slightly above the industry average
No tax support
Coinbase
Ease of Use – Easy Fees – High Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, RUB
Founded in 2013 in London, UK, and with over 4 million users, Cex.io is among the oldest cryptocurrency exchange platforms on the market. On Cex.io, you can buy, sell, trade, and store over 100 cryptocurrencies.
More info +
Deposit fees:
0 – 3.99 % Withdrawal fees:
0 – 3 % Trading fees:
0 – 0.25 % Payment Methods:
Credit Card, Bank transfer, ACH, Epay, Skrill, SEPA, Faster Payments Supported fiat:
USD, EUR, GBP, RUB
Regulated and licensed
Well Established Company
Mobile App (Android and iOS)
Great support
Lower liquidity than other exchanges
Extensive Verification Process
Coinmama
Ease of Use – Easy Fees – High Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, CAD, AUD
Coinamma is one of the oldest cryptocurrency exchanges since it was launched back in 2013. The headquarters of the company is in Slovakia and its founders are Laurence Newman, Nimrod Gruber, and Ilan Schuster.
More info +
Deposit fees:
0 – 5 % Withdrawal fees:
None Trading fees:
2.9 – 3.9 % Payment Methods:
Bank Transfer (SEPA), SWIFT, Fedwire, Bank cards, Open Banking, Google Pay, Apple Pay, Skrill Supported fiat:
USD, EUR, GBP, CAD, AUD
Simple, user-friendly interface
Various ways to deposit such as bank transfers or via credit card
Suitable for beginners
No withdrawal fee
Available in almost all countries
No mobile app and no staking
No phone number for customer support
Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944; however bitcoin and other “virtual currencies” are not recognized by the BSP as currency.
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Basically, all you have to do is add GCash to your Binance app, so you can start buying and selling Bitcoin and other cryptocurrencies.
You can do it on the exchanges mentioned n this article or through the coins.ph platform.
1. Sign up for a cryptocurrency exchange (Coins.PH, Binance, Coinmama, etc.)
2. Submit your details for verification.
3. Create your cryptocurrency wallet if a wallet has not been automatically created.
4. Submit your funds into your account/deposit funds into your new cryptocurrency wallet.
You can do it on the exchanges mentioned n this article or through the coins.ph platform.
If cryptocurrency is received, without any cost incurred by the taxpayer, the value of the cryptocurrency is taxable. In the Philippines, however, the BIR has not yet issued specific guidelines on the classification of cryptocurrencies and the taxation of income earned from such.
In its current form, Bitcoin presents three challenges to government authority: it cannot be regulated, it is used by criminals, and it can help citizens circumvent capital controls. Until the time that Bitcoin’s ecosystem matures, it will continue to be viewed with distrust by established authorities.
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