On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) stated risks associated with Bitcoin trading and usage. 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 cryptocurrencies are not recognized by the BSP as currency as it is neither issued or guaranteed by a central bank nor backed by any commodity. However, if you want to buy Bitcoin in the Philippines, you can still use the following methods.
Where to buy Bitcoin in the Philippines?
If you’re in the Philippines, there are several ways to buy Bitcoin. Such as through licensed cryptocurrency exchanges, ATMs, peer-to-peer (P2P) markets, and Abra services. Several banks and retail chains, such as 7-Eleven and Cebuana, have also partnered with several cryptocurrency exchanges to provide you with easy ways to buy Bitcoin.
For those who prefer to purchase from regulated companies, Bangko Sentral ng Pilipinas (BSP) has licensed cryptocurrency service providers since 2017. So far, the central bank has approved The 13 companies adhere to their rules and regulations, but only some of them provide simple ways to buy and sell Bitcoin and other cryptocurrencies.
Thirteen registered BSP cryptocurrency providers are Coins.ph, Rebittance (Rebit, Buybitcoin.ph), Bloomsolutions (Bloomx), Virtual Money Philippines (VCHEX), Etranss Remittance International, PDAX, Zybi Tech (Juanexchange), Bexpress, Coin, Aba Global Philippines (Coexstar), Bitan Moneytech, Telcoin, and Atomtrans Tech.
Buy Bitcoin in the Philippines at Coins.ph exchange
One of the easiest ways to buy Bitcoin in the Philippines is through Coins.ph, the first cryptocurrency exchange licensed by the central bank. People have been buying Bitcoin on the platform since 2014. The company says it currently has about 5 million users in the country. In addition to BTC, you can buy ETH, XRP, and BCH with Philippine pesos (PHP) even without a bank account, credit card, or Paypal account.
Buy Bitcoin at Buybitcoin.ph
There are several other BSP approved cryptocurrency exchanges that offer the ability for you to buy cryptocurrencies. Another popular place to buy and sell Bitcoins is Buybitcoin.ph, a service of Satoshi Citadel Industries (SCI) – a significant financial technology company focused on building Blockchain ecosystems in the Philippines.
To buy Bitcoin on this platform, you need to create an account and send the necessary KYC documents. The site offers some FAQs about how to buy Bitcoin on its platform. If it takes you longer than 24 to 48 hours to receive Bitcoin, send a message to them.
Advantages:
- The easiest way to buy Bitcoin in the Philippines.
- Exchange is operated by the popular money transfer service, Coins.ph.
Defect:
- Prices will not be as reasonable as exchanges in the Philippines.
Buy Bitcoin in the Philippines by using Abra
In the Philippines, there is also a service provided by Abra that allows people to buy Bitcoin easily. You can fund your Abra peso wallet with cash in several ways, such as using CLIQQ kiosks, “Abra Tellers,” or from your bank account. The Abra app is available in over 150 countries.
As of September last year, Abra users in the Philippines can use CLIQQ kiosks that are available in ECPAY’s 6,000 retail stores nationwide, including 7-Eleven stores, to deposit funds into their accounts. You can also deposit PHP to your account via Pete’s Trader, make trades directly, set their fees and hours, and can handle cash transactions for you to deposit or withdraw from your wallet.
Abra has also partnered with Unionbank to allow users to deposit PHP into their accounts using this bank. You will need to log into your bank’s website to set this up and pay for the amount you want to deposit into your account.
Buy Bitcoin in the Philippines at Coinmama exchange
Coinmama allows customers in almost every country to buy Bitcoins using credit or debit cards. They charge about 6% for each purchase. European customers can also buy Bitcoin with SEPA transfers for a lower fee.
Advantages:
- Works in most countries.
- Highest limit to buy Bitcoin with a credit card.
- Reliable and reliable broker.
Defect:
- Some of the highest fees among credit/debit card bitcoin brokers.
What Is Coinmama? How To Register On Coinmama?
Buy Bitcoin at Wall of Coins
Wall of Coins is a margin service that makes it easy to buy Bitcoins with deposits in the US, UK, Canada, Argentina, Australia, Brazil, Canada, Germany, Latvia, Mexico, Poland, Philippines, and Romania. This platform offers low fees and is a very private way to buy coins.
Advantages:
- One of the comfortable places to buy and sell Bitcoin.
- Provide privacy when buying Bitcoin; provide your phone number.
Defect:
- Currently limited to 22 countries.
- It is difficult to find large sellers.
Buy Bitcoin at Prepaidbitcoin.ph
Prepaidbitcoin.ph is a unique Bitcoin service in the Philippines. They sell vouchers from two physical locations in Makati City, which can be exchanged online for Bitcoin. Vouchers can also be online bought via Games.ph, using Smart or Sun mobile payment.
Make sure you have a Bitcoin wallet before redeeming the offer, as you will need an address to receive your Bitcoin.
Advantages:
- One of the easy ways to buy Bitcoin in the Philippines.
- The same company runs it as the popular money transfer service, Coins.ph.
Defect:
- Price is not as reasonable as buying directly from Coins.ph.
Buy Bitcoin in the Philippines at Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Read more: What Is Binance? How To Register On Binance?
Link: binance.com
Buy and sell Bitcoin at Remitano
Remitano is an online peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
According to the introduction on the official website, the Remitano exchange is currently providing services in some major countries such as the U.S., Malaysia, Vietnam, Nigeria, Cambodia, China, and some other developed countries. As an online crypto-exchange platform, Remitano has a global reach, servicing clients across more than 30 countries. Remitano is also one of the largest cryptocurrency exchanges in Malaysia, Nigeria, and Vietnam.
What Is Remitano? How To Register On Remitano? How To Buy And Sell Bitcoin On Remitano?
Link: remitano.com
Buy and sell Bitcoin at Huobi
Huobi is an exchange of Chinese origin, but accessible worldwide. Notably, in the market where exchanges are regularly hacked, Huobi has never been attacked during its operation.
Founded in September 2013, Huobi is one of the oldest exchanges in the field. Therefore, the reputation and safety of the exchange has been time tested.
Huobi has two different versions – Huobi OTC (that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro (that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund (ETF) to be named HB10.
One of the reasons for Huobi’s popularity is its massive offering. The exchange features more than 50 trading pairs that are available at all times, just like the exchange’s customer support. All USD fees are 0.1% large, while crypto-to-crypto fees are even lower, at 0.05%.
With all of this combined, in addition to high-quality analytics, an excellent reputation, high liquidity, and more — it is easy to understand why Huobi is advancing as rapidly as it is.
Link: huobi.com
Buy Bitcoin Using P2P Marketplaces: Localbitcoins and Paxful
If you want to deal directly with sellers, Localbitcoin and Paxful are all popular global P2P markets that many people around the world are using to buy Bitcoins.
To buy Bitcoin on Localbitcoin, look for people who sell Bitcoin for PHP. Their list must include the payment method (s) they accept, such as Unionbank, BPI, or AUB cash deposits. Choose a seller whose requirements match what you are looking for.
Source: Localbitcoins
Another P2P market that has become popular is Paxful. To buy Bitcoin on Paxful in the Philippines, browse the list on the website, similar to how you would do so on Localbitcoin. Paxful is proud that more than 10,000 Bitcoin has been purchased in the Philippines on its platform.
However, when dealing with sellers on the P2P market, you need to be cautious. Make sure you double-check the seller’s ratings and ratings for any clues that might mark the seller red before making a transaction. People have been scammed in these markets, and the possibility of getting your money back if you fall into a scam is very slim. However, many people have successfully purchased Bitcoin using these platforms.
- What Is LocalBitcoins? How To Register On LocalBitcoins? How To Buy And Sell Bitcoin On LocalBitcoins?
- What Is Paxful? How To Register On Paxful? How To Buy And Sell Bitcoin On Paxful?
Buy Bitcoin in the Philippines from ATM Crypto
Another easy way to buy Bitcoin is usually to use the Bitcoin ATM. However, in the Philippines, electronic money ATMs are regulated by the central bank, so there are not many machines here.
Source: Coinatmradar
According to Coinatmradar, only two of these machines are in the country. Both are located in Manila, a city in the Philippines Metro Manila area and the country’s financial center. One is at the Sunette Tower, and the other is at the Unionbank branch. Bitcoin ATMs at Sunette Tower is located near P Burgos Street and Makati Avenue. According to Coinatmradar, it is available 24/7, and you can buy or sell Bitcoin or Litecoin with PHP with this machine.
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