Buy crypto in the Philippines: Leading Cryptocurrency Exchanges & Trading Platforms for The Philippines Traders

In 2017, the Central Bank of Philippines, Bangko Sentral ng Pilipinas (BSP), created a regulatory framework requiring crypto exchanges to register as remittance and transfer companies. It has approved over 16 exchanges. As a result, crypto adoption has grown significantly. However, some people are still not well conversant with crypto investment. 

If you are in the Philippines and want to know where and how to buy cryptocurrency, this guide has everything you need. It provides the process of buying crypto in the Philippines and reviews the top Crypto exchanges in the country. Specifically, this article highlights 10+ leading crypto exchanges and trading platforms.

The steps of buying cryptocurrency on each platforms is quite similar. The following is a general guide for investing in cryptocurrency in the Philippines.

If you are interested to trade bitcoin ( BTCUSD) online, view this article: How to Trade Cryptocurrency Online for Profit?

There are many ways to buy cryptos and Bitcoin, such as cryptocurrency exchange, ATMs, and peer-to-peer (P2P) markets. Derivatives crypto trading platforms also provide Bitcoin CFDs, crypto futures, and leveraged tokens.

Below are the leading trusted crypto exchanges and trading platforms in the Philippines from our analysis, based on the critical aspects of regulation, ease of use, and fees.

Top Crypto Exchanges 

Cryptocurrency exchanges are similar to stock exchanges. They allow you to buy or sell cryptocurrencies at the current market prices.

Cryptocurrency Derivatives Trading Platform

Besides cryptocurrency exchanges, you can also buy crypto through trading platforms. They provide derivatives, CFDs, options, futures, volatility products, and leveraged tokens. These platforms allow you to trade crypto with margin and leverage.

 Read more 

>>Top Forex Brokers/Trading Platforms for the Philippines

>>How to Day Trade Crypto Like a Pro

The exchanges mentioned above give you a clear picture of companies to keep on the lookout. Now let’s delve into the comprehensive Philippines crypto exchanges review to help you choose a suitable platform.

#1.  Crypto exchange:  Binance

Binance has a wide coverage (it's arguably the largest crypto exchange globally) and accepts the Philippine traders, making it appealing to local crypto investors. The platform supports day trading and offers margin facilities for traders with a relatively higher risk appetite.

Fees

Binance has only two types of fees; the blockchain fee and the trading charge. The former keeps changing depending on the amount of BTC you wish to trade, while the latter is capped at 0.1% of the trading amount.

Safety

While Binance is not licensed or regulated by any ASIC, AUSTRAC, or any other known body, it is regarded as a safe platform by crypto traders. In particular, it credits 10% of all trading fees into Safety Asset Fund for Users (SAFU), which covers users from losses occurring from unforeseen events.

#2.  Crypto exchange:  Houbi

Originally based in China, Huobi is one of the most popular Bitcoin exchanges in the Asia-Pacific region. It is currently headquartered in Singapore. Huobi is known for Bitcoin and Ethereum trading, but they host 300+ other digital assets.

Fees

Initially, Huobi supported Fiat-for-crypto transactions but stopped after a crypto crackdown by the Chinese government. Currently, you can only deposit and withdraw your money in cryptocurrency, which attracts a 0.2% trading fee on top of the blockchain fee.

Safety

Despite leaving China, Huobi holds a license from the Hong Kong Securities and Futures Commission and its international subsidiaries in countries like Japan and Gibraltar. This means it is legit and duly licensed to operate in these jurisdictions. Additionally, you have open channels to seek legal remedies if you have any concerns or run into problems

#3.  Crypto exchange:  Gate.io.

The Virginia-based Gate.io holds the coveted position of the crypto exchange with the highest number of assets (over 360). The site has relaxed KYC procedures, making it popular among traders who want to open an account, fund it and start trading within the same day.

Fees

Gate.io platform charges 0.2%, which is about the market average. Notably, this does not apply to margin trading, whose charges depend on your trading history.

Safety

While the lack of regulatory approval can be problematic, Gate.io is endowed with top-notch security features to safeguard your digital assets. For one, the site uses 2-Factor Authentication, Login verifications, Blind IP logins, and Anti-phishing code. Of course, none of these methods is infallible, but they certainly provide excellent protection for user holdings.

#4.  Crypto exchange: Pancakeswap

Yeah, I know you're here to learn how to buy Bitcoin in the Philippines but hear me out; Pancakeswap is the future of crypto trading. The site, primarily based on the Ethereum blockchain, is technically a Decentralized Exchange (DEX).   But unlike other exchanges, it does more than just connect buyers and sellers.

In essence, investors (can either be owners of fiat or crypto) loan out their assets to the decentralized Pancakeswap liquidity pool in exchange for tokens, which can subsequently be staked to earn more yields. This means you don't need to sell your crypto to earn profits.

Fees

As mentioned earlier, Pancakeswap is an automated matchmaker (AMM) that runs on the BSC blockchain as opposed to the mainstream chains. Consequently, the fees incurred when trading on the platform are way lower than you would get in many crypto exchanges (averaging $0.04-$0.2).

Safety

As a DEX, Pancakeswap is not licensed by any regulatory authority. Nonetheless, the site holds a seal of approval from CertiK- one of the most credible cyber-security firms in the world.

#5.  Crypto exchange:   Coinbase

Widely regarded as the largest crypto exchange in the US, Coinbase offers over 35 crypto and altcoins and allows fiat deposits (albeit in USD). Therefore, it offers plenty of trading options for both sellers and buyers. The exchange has cultivated trust and is used by more than 6 million people.

Fees

All trades completed through Coinbase attract a fee categorized into two: spread and trading fee. The spread is charged to sellers at a flat rate of 0.5. On the other hand, the trading fee charged to buyers varies between $0.99 and $2.99.

Safety

The crypto exchange assures users that all the assets stored in the platform are insured, and users will receive compensation for losses incurred from any security breaches. Further, Coinbase stores only 2% of all user funds in its online servers, with the rest hidden in offline wallets - out of the reach of malicious hackers.

#6.  Crypto exchange:  CoinSpot

CoinSpot was one of the first Bitcoin exchanges to set up shop and is regarded by many as the best crypto exchange. Its attractive features include supporting multiple payment methods, a large selection of cryptocurrencies, and an AUSTRAC license.

Fees

Trading charges on CoinSpot depend on the type of transaction you wish to undertake. Instant sell and buy, whether fiat-to-crypto or crypto-to-crypto, incur a 1% charge. On the other hand, buying the coins listed in the Market section attracts a 0.1% transaction fee. 

#7.  Crypto exchange:  Swyftx

Swyftx is a cryptocurrency exchange with a focus on Bitcoin and Ethereum. It prides itself in offering low spreads. And although it is not a mainstream exchange yet (it has only 30,000 users), it has gained lots of traction in the recent past due to the easy and convenient trading experience.

Fees

Swyftx charges spread and trading fees. The trading fees can go up to 0.6%, although large transactions attract some discounts. The spreads range between 0.45% (for Bitcoin) and 1.7% lower than the market average.

Safety

As a new entrant to the market, Swyftx has implemented a bunch of security features to assure customers that their funds are safe. These include a security partnership with Chainalysis (the largest blockchain analysis firm in the world), a 2FA feature, and compliance with the stringent AUSTRAC requirements.

#8.  Crypto exchange:  CoinJar

CoinJar is one of the earliest crypto exchanges. The feature-rich advanced trading platform is quite popular among more experienced traders. The site offers a wallet service, extensible API access, and charges Zero maker fees. Like many of the platforms listed above, CoinJar's primary crypto assets are Bitcoin and Ether.

Fees

There are no charges levied on maker or auction trades at CoinJar. On the other hand, Taker traders are charged 0.1%-0.5% per transaction. Withdrawals and deposits are also free.

Safety

Apart from their compliance and due accreditation by AUSTRAC, CoinJar also implements multiple protocols to ensure the safety of customer funds. These include data encryption, regular security audits, and the integration of Transport Layer Security into the network.

#9.  Crypto exchange:  Bittrex

Although it's based in the United States, Bittrex is an exchange worth consideration by Philippines traders. First, it is a highly secure platform offering a commendable range of crypto coins, including BTC, Ether, and Litecoin.

Fees

There's only one fee associated with Bittrex Exchange - the flat 0.25% trading fee on every transaction. Deposits and withdrawals are free of charge.

Safety

Although it's not regulated in the US, Bittrex is a highly secure and trustworthy site. Its safety features include a multistage wallet that stores 80%-90% of all user funds offline and a mandatory two-factor authentication system covering all withdrawals. Unsurprisingly, the site has never suffered any security breaches in its 7 years of existence.

Mitrade is an award-winning broker focused on online forex and CFD trading. It offers a good choice of trading instruments across different assets, such as forex, indices, commodities, and cryptocurrencies. 

The brokerage firm has simple & intuitive web and mobile trading platforms, offering fast and reliable executions. Users enjoy competitive spreads, zero commissions, and up to 30X leverage,  suitable for swing and short-term traders. You can buy long or short and make profits regardless of the price direction. 

Fees:

Mitrade charges 0 commissions on trades and offers free deposits and withdrawals. The only active charges are the buy-sell spread and overnight funding fee, which depend on your trade amounts.

Safety

Mitrade has held an ASIC license since 2011, which is renewed regularly.  It is also regulated by CIMA and FSC.

    Open Account 

There are different types of crypto exchanges, some listed above. When choosing a suitable platform, the first step is to understand the type of exchange you need. With this information in mind, you can proceed to consider individual platforms. So, here are 4 of the most common categories of crypto exchanges in the market:

Ensure you choose the best exchange that suits your trading strategy. Find a reputable spot exchange if you plan to long-term investment, such as HODL for 5 years. For example, Binance is a good option. If you want to day trade crypto or only trade for a few days, you'd better choose a derivative trading platform, such as Mitrade, allowing you to enter into crypto markets quickly and without complication.

In addition, you should consider these factors:

• Established time of the exchange

• Currency trading volume on exchanges

• The transactions fees 

• Number of supported Cryptocurrencies 

FAQ

Q: What are the best Bitcoin Wallets for Phillippines?

Ledger Nano X: Secure wallets for any cryptocurrencies

Zengo: an easy-to-mobile Bitcoin & crypto wallet.

Electrum:  powerful desktop wallet

Q: How do beginners invest in Bitcoins?

As a beginner, you need to have an account with the Bitcoin trading platform. Ensure the crypto exchange is well regulated and lists Bitcoin as one of the trading instruments. One of the platforms that offer Bitcoin trading in the Philippines is Mitrade.

Q: Is bitcoin taxable in the Philippines?

Cryptocurrencies including Bitcoins are taxable in the Philippines. Therefore, if you receive the crypto without incurring any cost, the cryptocurrency is taxable. The digital asset attracts VAT tax if the amount exceeds three million pesos. Less transactions are charged a percentage tax. 

Conclusion

The information above puts you in a better position to choose a suitable Philippines crypto exchange.  If you want to buy Bitcoin or hold Bitcoin for long-term investment, Binance is the best platform. If you like short-term trading Bitcoin or leverage trading, Mitrade is a good option. Open an account and start making profits. 

What Does Mitrade Platform Include?

• 300+ global markets trading

• Daily Forex Signals with analysis

• 0 commission, low spreads

• 24/7 Customer Support

• Take Profit, Stop Loss for every Trade

• Flexible leverage