How to Buy Cryptocurrency in Phillippines

Buying cryptocurrency in Phillippines

Buying cryptocurrency in PhillippinesRecently, Bangko Sentral ng Pilipinas (BSP), the Philippines central bank, released new guidelines regarding virtual asset service providers (VASPs) to help combat money laundering. The BSP stated that VASPs will have to apply for a license, also called a certificate of authority, to be able to function and perform as a money sending business. Adding to this, they will also have to be in agreement with the central banks existing regulations for financial service providers in terms of various risks, liquidity, consumer protection, internal controls and, of course, anti-money laundering. Now, a minimum of 50 million Philippine pesos (over $1 million) in capital requirement will be required for VASPs if they offer custody services, and 10 million pesos ($208,000) if not. In a policy statement, the central bank’s governor’s office declared that it helps an environment which promotes financial innovations while maintaining the stability and integrity of the financial system.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Phillippines. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Binance

Binance is one of the largest crypto exchanges with low fees, 100s of coins, and high trading leverage. It is one of the easiest & cheapest exchanges for crypto trading.

Pros
  • Hundreds of coins and pairs
  • Very low fees
  • High liquidity
  • Trade without verification
Cons
  • No US residents
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eToro

An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.

Pros
  • Fully regulated financial institution
  • Free stock and ETF trading
  • Ability to follow expert traders
Cons
  • Fees (spreads) are high
  • Only USD as base currency
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Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Poloniex

Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending

Pros
  • No verification required
  • Low fees
  • Margin trading and lending options
Cons
  • Not regulated
  • No Fiat deposits
  • No US users
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Coinmama

Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.

Pros
  • Receive coins to your wallet instantly.
  • High limits for buying bitcoin
  • Faster customer service
  • High levels of security
Cons
  • No option for trading with other users
  • Higher fees
  • No mobile app
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Bittrex

Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.

Pros
  • Strong security features
  • Faster transaction & withdrawals
  • Compliant with US laws
  • Inexpensive bank card deposits
Cons
  • No leveraged margin trading
  • Intrusive verification process
  • Unexplained closure of account