How to Buy Bitcoin and Crypto in the Philippines

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With cryptocurrencies gaining traction all over the world, it’s no surprise that the crypto space in 2021 started off with an all time high. It reached a market capitalisation of $880 billion dollars, blazing past the previous total market cap ATH of $830 billion last 2018.

Bitcoin has also hit its ATH at over $31000 or approximately 1.5 Million Pesos at the end of 2020, and Altcoins like Ethereum and Dogecoin are also breaking through every resistance.

From this trajectory and market performance, we could estimate that the cryptocurrency market cap could reach the $1 trillion mark anytime soon despite the gloomy outlook brought by the global pandemic.

While some critics argue that this speculative frenzy is beyond irrationally exuberant, bitcoin’s proponents strongly believe that the hype is well-deserved as this new asset class is a highly valuable digital commodity defined by its scarcity and utility akin to gold.

But of course, the cryptocurrency space is notoriously volatile and the movement of the market could flip in the downside in an instant.

For new investors looking for opportunities to buy cryptocurrencies, it’s always best to be cautiously optimistic about its future and to conduct proper research about financial management before buying crypto.

Cryptocurrencies in the Philippines

Trading and buying cryptocurrencies are legal in the Philippines. In fact, the BSP or Bangko Sentral ng Pilipinas, the Philippines’ Central Bank, has approved over 16 cryptocurrency exchanges for the purpose of trading, buying and exchanging fiat for cryptocurrencies.

Moreover, The BSP has also released Circular No. 944 or specific sets of Guidelines for Virtual Currency (VC) Exchanges last February 2017. This is absolute good news for Filipinos who are interested in buying crypto as this issuance proves that the Philippines is a crypto-friendly country proactive on easing the process of obtaining crypto while minimising the risks of being defrauded by shady exchanges.

The BSP has also seen a robust increase of Crypto start-up companies filing for approval in the Philippines which suggests that there’s also an increase in interest by the public and investors leading to innovation and faster adoption in the future.

How to Buy Cryptocurrency and Bitcoin in the Philippines

There are several legal exchanges, peer to peer platforms and crypto ATM’s where you can easily buy cryptocurrency and bitcoin in the Philippines.

Cashing-in to those exchanges were also made easy with various payment methods.

For now, I will be talking about Coins.ph. I’ve been using Coins.ph since 2015 to buy bitcoin.

*This is not a sponsored post.

Coins.ph

Coins.ph is one of the most popular and reputable cryptocurrency exchanges in the Philippines.

Established in 2014, Coins.ph became one of the most trusted and secure exchanges that enables Filipinos, even those unbanked, to buy bitcoin and cryptocurrencies. As of today, Coins.ph have over 10 million customers and its user base is expected to grow in the following years, catapulting the mainstream adoption of cryptocurrencies in the country.

What are the requirements for signing-up in Coins.ph?

Signing up for a Coins.ph account is quite easy. You can sign-up via their website, or by downloading their app from the Google Playstore or iOS.

For starters, all you need is a valid email address and a phone number for verification. The maximum cash-in for starters is P2000.

However, if you plan on increasing your daily and monthly cash-in and cash-out to Coins.ph, you’d need more requirements.

For Verification Level 2, you’d need a valid government ID and a selfie. For Level 3, they’d have your address verified. For level 4, you will have to fill up their Custom Request Form to start the application process.

Here’s a list of valid government ID’s needed for verification:

Driver’s License or Student Permit with Official Receipt
Passport
SSS ID or Card with visible date of birth
NBI Clearance
UMID ID
PRC ID
AFP ID
PNP ID
OFW ID
DSWD Certification
Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
Police Clearance Certificate or ID
Postal ID
Seaman’s Book

For foreigners in the Philippines, you’ll have to submit your passport to complete the verification process.

Where to Cash-in to your Coins.ph

You don’t need a paypal account, a bank account or a credit card to be able to buy bitcoins from coins.ph

All you need is to cash-in money from different payment partners or outlets:

Instant Options

InstaPay

AllBank (A Thrift Bank) Inc.
Asia United Bank
Bank of Commerce
Card Bank, Inc.
Cebuana Lhuillier Rural Bank
China Bank Savings
China Banking Corporation
EastWest Bank
Eastwest Rural Bank
Equicom Savings Bank, Inc.
GCash
Land Bank of the Philippines
Malayan Bank Savings and Mortgage Bank, Inc.
Maybank Philippines, Inc.
Metropolitan Bank and Trust Company
Paymaya Philippines, Inc.
Philippine National Bank
Philippine Savings Bank
RCBC Savings Bank, Inc.
RCBC/DiskarTech
Robinsons Bank Corporation
Rural Bank of Guinobatan
Security Bank Corporation
Sterling Bank of Asia, Inc, A Savings Bank
Sun Savings Bank, Inc.
Union Bank of the Philippines
United Coconut Planters Bank

PESONet

Camalig Bank, Inc.
CIMB
EastWest Bank
ING Bank N.V.
Land Bank of the Philippines
Metropolitan Bank and Trust Company
Philippine National Bank
Philippine Savings Bank
Union Bank of the Philippines

Other Online Banking Options

UnionBank Bills Payment

Over-the-Counter Bank Cash-In

Remittance Centers

Bayad Center
Cebuana Lhuillier
Hanpass Remittance
LBC Bills Xpress (via Dragonpay) *up to 48 hours processing time
M Lhuillier ePay
PeraHub
Remitly
Ria
Tambunting Pawnshop
Western Union
WorldRemit

Department Store Payment Centers

How to buy bitcoin and crypto from Coins.ph

Buying bitcoin and crypto from Coins.ph consists of 3 very easy steps.

1. Sign-up for a Coins.ph account.

Use a valid email and phone number when signing-up. Complete the verification processes by submitting the requirements for each level as mentioned above.

2. Cash-in to your coins.ph account.

Depending on your verification level, you can cash-in via the payment partners mentioned. Your funds will show up in your Coins.ph account instantly. Some over the counter bank transactions take 24 hours of processing.

3. Convert your money to BTC or any crypto

Check your coins.ph balance from the Coins.ph sidebar.

In this case, my balance is at zero so I’ll have to wait for bank to transfer it.

Once the money shows up, convert the funds you want to convert to bitcoin, ripple, or bitcoin cash. Click on slide to convert to complete the process.

Your crypto balance will now show up in your wallet sidebar.

It’s easy, fast, and hassle-free.