10 Best Crypto Exchanges in Philippines 2024
Bybit - Best Crypto Exchange for 2024 (Philippines)
TOP Crypto Exchanges in Philippines 2024:
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Coinbase – most secure and well regulated crypto exchange;
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OKX – only 0.08% maximum maker's fee and leverage up to 125x;
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Bybit – Best crypto exchange in the Philippines;
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Huobi Global – Best for yield generating opportunities;
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Binance – Best for spot trading.
Cryptocurrencies are becoming increasingly popular every day. Many people are finding incredible opportunities in the crypto world – whether they're investing or mining. The Financial Technology (FinTech) revolution continues to take hold in the Philippines, with a recent study finding that 28% of Filipino adults own digital currencies. This makes them the fifth largest cryptocurrency owners worldwide!
Investors in the Philippines already hold 2% of their assets in cryptocurrencies. Considering crypto's bright future, experts expect this to increase to 5% in the next five years. With this growing popularity, an important question arises: "Which are the best cryptocurrency exchanges in the Philippines?"
If you're looking for the best crypto exchanges in the Philippines, you've come to the right place. This Traders Union guide will list the top ten exchanges perfect for Filipino traders. TU will also provide a brief description of each exchange so you can decide which one is right for you. So, without further ado, let's get started!
Top 10 crypto exchanges in the Philippines
When choosing the best crypto exchanges for the Philippines, it is important to consider several factors. These include the fees charged by the exchanges, the availability of coins and tokens, the security measures in place, users’ experiences, and whether it supports the PHP (Philippine peso).
Crypto traders in the Philippines have plenty of options regarding crypto exchanges. Some offer unique features that set them apart from their competitors; others offer similar services with more competitive rates for traders who want to enjoy low trading fees or enhanced security protection, depending on their preferences.
We have reviewed many exchanges and compiled a list of some of the best crypto trading options currently available in the Philippines. Let's take a look at them in this comparative chart.
| Broker | Best for | (Max) Maker’s fee | (Max) Taker’s fee | Philippine peso (PHP) support | Number of supported coins |
|---|---|---|---|---|---|
Buy, sell, and trade Bitcoin |
0.40% |
0.60% |
Yes |
217 |
|
Buy, sell, and trade Bitcoin |
0.08% |
0.1% |
Yes |
367 |
|
Buy, sell, and trade Bitcoin |
0.1% |
0.1% |
Yes |
298 |
|
Buy, sell, and trade Bitcoin |
0.2% |
0.2% |
No |
595 |
|
Buy, sell, and trade Bitcoin |
0.1% |
0.1% |
Yes |
387 |
|
Buy, sell, and trade Bitcoin |
0.1% |
0.1% |
Yes |
732 |
|
Buy, sell, and trade Bitcoin |
0.2% |
0.2% |
Yes |
46 |
|
Buy, sell, and trade Bitcoin |
0.1% |
0.2% |
No |
171 |
|
Buy, sell, and trade Bitcoin |
0.1% |
0.075% |
No |
15 |
|
Buy, sell, and trade Bitcoin |
0.16% |
0.26% |
No |
205 |
Coinbase - Best for security
Coinbase is a crypto exchange that serves Philippine customers and traders. Unfortunately, Coinbase does not support PHP, but it does support USD, EUR, and GBP. Based on the payment method, cryptocurrency type, transaction size, and platform, this crypto exchange charges a fee of 0.5% to 4.5%.
Coinbase Fees ReviewCoinbase offers several features, including a large selection of crypto, a low minimum account balance, and an intuitive user interface. Coinbase also offers 217+ different crypto coins.
Trading on Coinbase has a few advantages, including cryptocurrency earning opportunities, a useful mobile app, and great educational resources. However, this exchange has some downsides, such as high fees and poor customer support.
👍 Pros
• Coinbase Pro offers lower pricing.
• A wide range of cryptocurrencies is supported.
• Promotions are offered regularly.
• Great educational content.
• Offers Coinbase debit card.
• Easy to use interface.
• Low account minimums.
👎 Cons
• It charges higher fees than most other exchanges.
• Poor customer service.
• Staking and interest opportunities are limited.
OKX (OKex) | Best platform with optimal commissions
OKX (OKex) is a crypto exchange that serves Philippine customers and traders. This platform supports PHP, as well as USD, EUR, GBP, KRW, JPY, RUB, and many more. This crypto exchange has a 0.1% maximum taker’s fee and a 0.08% maximum maker’s fee. The minimum deposit amount on OKX starts from 0.00005 BTC or 0.00000001 USDT.
OKX offers many features, including low fees, leverage up to 125x, staking opportunities, and the availability of various investment programs. OKX also offers 367+ different crypto coins.
A few advantages to trading with OKX include low withdrawal fees and zero deposit fees, multiple payment options, and high-interest staking opportunities. However, this exchange has a downside which is a complex fee structure with multiple tiers and a lack of liquidity for some currencies.
👍 Pros
• Low fees.
• A wide variety of crypto coins are available.
• Offers great educational resources.
• Staking opportunities with a high rate of interest.
• Hundreds of trading pairs.
• Online chat support with a quick response time.
👎 Cons
• No demo account.
• Low liquidity for some currencies.
• Complex fee structure with multiple tiers.
ByBit | Best crypto exchange in the Philippines
Bybit is a crypto exchange that serves Philippine customers and traders. Aside from PHP, the platform also supports BGN, BRL, CAD, CHF, COP, USD, and many other currencies. There is a 0.1% maximum taker’s fee and a 0.1% maximum maker’s fee. Bybit requires a minimum deposit of $1.
ByBit Fees ReviewBybit is a derivatives trading exchange that offers up to 100x leverage on transactions, among other features. Users can also connect bespoke trading bots to conduct many trades. Professional crypto traders and institutional investors would appreciate this feature. Bybit also offers margin trade for users. Additionally, Bybit's customer service department is one of the best in the industry.
ByBit offers a few advantages, including low-risk price manipulations, liquidations, and high bonuses. However, the downside is that the number of pairs is limited, and there are difficult conditions for futures trading.
👍 Pros
• One of the top exchanges for derivatives trading.
• Liquidations and price manipulations are relatively low-risk.
• Contracts can be settled in coins or USDT.
• It offers a high bonus rate.
• Advanced technology and tools.
• Risk-free method of testing strategies and tools.
• Offers great educational resources.
👎 Cons
• The number of pairs available for trading is fairly limited.
• Your personal information may be disclosed to partners for marketing purposes.
• Not suited to spot trading.
Huobi Global | Best for yield generating opportunities
Huobi Global is a cryptocurrency broker that provides crypto services to customers in the Philippines. The platform does not support fiat deposits or withdrawals, including PHP. This crypto exchange has a 0.2% maximum taker’s fee and a 0.2% maximum maker’s fee.
A few features make this platform stand out, such as a user-friendly dashboard and hundreds of tradable assets, including 355 cryptocurrency coins. Huobi Global offers mobile, desktop, and web applications.
Huobi Global offers several advantages, including multiple trading platforms, trade margins, and yield-generating opportunities. Despite its advantages, some disadvantages exist, such as PHP support and withdrawal limits.
👍 Pros
• Over 355 cryptocurrencies and tokens are supported.
• An excellent dashboard with a very user-friendly interface.
• Yield-generating opportunities.
• Leverage and margin trading are available.
• Various trading platforms are available.
• Responsive customer support team.
👎 Cons
• There is no support for PHP or any fiat currency.
• The verification process is lengthy.
• Margin leverage and withdrawal limits are notably low.
Binance | Best for spot trading
Binance is a crypto exchange that serves Philippine customers and traders. Aside from PHP, the platform also supports USD, INR, CNY, EUR, RUB, and many other currencies. For crypto trades under 50 BTC per month, Binance charges 0.1%, and fees decrease with the Binance coin (BNB) investments. The minimum deposit amount on Binance starts from $1.
The platform offers a few more features, such as the option to reduce trading fees when investing in the Binance coin (BNB) and Binance Lite as a beginner. Binance also offers 387+ crypto altcoins. Currently, Binance offers mobile and web applications.
Binance offers even more advantages such as low flat trading fees, low overall fees, staking, attractive savings rates, and access to the major coins. However, the downside to the basic platform is the lack of a user-friendly interface.
Binance Fees Review👍 Pros
• Over 380 altcoins are supported.
• The processing fees are lower.
• Traders can trade in high volumes.
• Allows fiat deposits and withdrawals without fees.
• Staking and savings rates are very attractive.
• Ensures the safety and security of your crypto assets.
• Customer service is available 24/7.
👎 Cons
• The verification process is complicated.
• Newcomers may find some of its advanced trading sites intimidating.
• No margin trading.
KuCoin | Best for the maximum number of altcoins
KuCoin is a cryptocurrency broker that provides crypto services to customers in the Philippines. This platform supports PHP, as well as AED, IDR, INR, and many more. A maximum 0.1% fee is associated with this crypto exchange for both makers and takers. The minimum deposit starts from $1.
This platform has several features that make it stand out, such as a wide range of 732 supported altcoins, leverage up to 1:100, spot trading, and futures trading.
KuCoin offers a few advantages, including real-time spot trading, margin trading, and a detailed guide for novice crypto traders. Despite its advantages, there are some disadvantages, such as fewer investment opportunities, limited payment methods, and limited educational resources.
👍 Pros
• Low fees.
• 732 supported coins.
• Leverage up to 1:100.
• Earn interest on your crypto.
• Adaptive commission calculation based on trading volume.
• Provides anonymous trading.
• Good customer service.
👎 Cons
• Lack of investment programs.
• Limited payment methods.
• Education resources are limited.
Currency.com | Best for negative balance protection
Currency.com is a cryptocurrency broker that provides crypto services to customers in the Philippines. This platform supports PHP, as well as USD, EUR, RUB, and BNY. The fees associated with this crypto exchange range from 0.04% to 0.4% for makers; 0.1% to 0.4% for takers; and 2.99% for credit card purchases. A minimum deposit of 0.001 BTC, 0.03 ETH, 0.05 BCH, or 0.1 LTC is required.
A few features make this platform stand out, such as a wide range of assets, leverage up to 1:500, and easy-to-read trading charts.
Currency.com offers a few advantages, including real-time spot trading, protection from negative balances, and a fully functional demo account. Despite its advantages, there are disadvantages too, such as no cold storage method for cryptocurrencies and minimum withdrawal limits.
👍 Pros
• Provides excellent and very useful trading charts.
• Real-time spot transactions are available to users.
• Traders can trade with leverage up to 1:500.
• Fiat funds can be exchanged for cryptocurrencies for free.
• Fast transaction speeds.
• Negative balance protection.
• Demo account with full functionality.
👎 Cons
• Offers very limited regulatory oversight.
• Minimum withdrawal limits apply to crypto traders.
• It is not possible to borrow, lend, or stake assets.
Bitfinex | Best for Bitcoins
Bitfinex is a crypto exchange that serves Philippine customers and traders. Unfortunately, Bitfinex does not support PHP, but it does support USD, EUR, GBP, JPY, and CNH. This crypto exchange has a 0.2% maximum taker’s fee and a 0.1% maximum maker’s fee. The minimum deposit amount on Bitfinex starts from $10.
Bitfinex offers many features, including bank wire deposit/withdrawals, margin trading, and high liquidity. Bitfinex also offers 171+ different crypto coins.
There are a few advantages to trading on Bitfinex, including low trading fees, margin trading, derivatives, advanced order support, and various payment options. However, there is a downside to this exchange, which is the complexity of the verification process.
👍 Pros
• Leverage up to 1:10 (with derivatives up to 1:100).
• Custom orders are available.
• Easily accessible mobile application.
• Security on a top-tier level.
• Unlimited withdrawals.
• Orders are illustrated in chart form.
• Demo account.
👎 Cons
• Working with fiats involves relatively high fees.
• Email is the only way to contact the customer support team.
• Complex verification process.
BitMEX | Best for long-term investment
BitMEX is a cryptocurrency broker that provides crypto services to customers in the Philippines. Unfortunately, this crypto exchange does not accept PHP as a currency. On this crypto exchange, makers can expect to pay a maximum fee of 0.1%, while takers can expect a maximum fee of 0.075%. The minimum deposit starts from 0.0001 XBT.
BitMEX has several features that make it stand out, such as leverage up to 1:100 on margin trading, easy registration, and tons of crypto trading pairs.
BitMEX offers a few advantages, including a great educational resource and support system, deep liquidity for Bitcoin perpetual, and excellent customer support. Despite its advantages, there are some disadvantages, such as deposits and withdrawals only in Bitcoin, limited altcoins, and no support for PHP.
👍 Pros
• There are a lot of crypto trading pairs available.
• Liquidity and trade value are high.
• Margin trading with leverage up to 1:100.
• There is no deposit fee on deposits.
• Short positions can be used.
• High level of security.
• It has great educational materials and support.
👎 Cons
• Crypto-to-crypto trading is the only option.
• No PHP support.
• The availability of altcoins is limited.
Kraken | Best for beginners
Kraken is a crypto exchange that serves Philippine customers and traders. Unfortunately, Kraken does not support PHP, but it does support USD, EUR, CAD, AUD, GBP, CHF, and JPY. There is a 0.9% fee for purchasing stablecoins on this crypto exchange and a 0% to 0.26% fee for trading. The minimum deposit amount on Kraken starts from $1.
Kraken Fees ReviewKraken offers many features, including a top-notch mobile app, plenty of products, ultra-secure protocols, and a great chat support team. Kraken also offers 205+ different crypto coins.
A few advantages to trading on Kraken include advanced trading features, a beginner-friendly user interface, and high-interest staking opportunities. However, there is a downside to this exchange, which include the fact that it has some of the highest instant buy fees around and it lacks educational materials on crypto.
👍 Pros
• A wide range of trading options is available, including margin trading, futures, and indices.
• Using bank accounts for currency transfers is cheaper.
• Very user-friendly.
• A wide variety of crypto coins are available.
• Massive product selection.
• Great security.
• High liquidity exchange.
👎 Cons
• Higher fees when not using Kraken Pro.
• The instant buy fees are high.
• Education materials are limited.
• No investment programs.
Are cryptocurrencies legal in the Philippines?
Cryptocurrencies are legal in the Philippines. The Bangko Sentral ng Pilipinas (BSP) is the primary regulator of cryptocurrencies in the country. In fact, 17 virtual currency exchanges are registered with the BSP and authorized to operate in the Philippines.
As a result of a positive approach from the Central bank and regulatory bodies, the Philippines has become increasingly cryptocurrency-friendly. A growing number of exchanges are being registered by the Central Bank, along with a variety of crypto-related projects. Meanwhile, regulatory bodies are actively finalizing crypto guidelines.
How to choose a crypto exchange in the Philippines?
While looking for crypto exchanges, there are a few things to keep in mind.
To help you make your decision, here are a few things to keep in mind:
-
Accessibility: Several jurisdictions and nations restrict access to crypto exchanges, so make sure the one you choose is accessible where you live. Users must also search for an exchange that accepts Philippine pesos (PHP) as a payment method.
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Fees: Crypto exchanges charge a commission or fee for each transaction. The fees vary depending on the exchange, so users should compare the costs of using different platforms before deciding.
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Supported coins: Not all exchanges offer the same coins, so users should check to see if the platform they're interested in supports the assets they want to trade.
-
Security: Crypto exchanges hold many users' personal and financial information, so it's important to ensure the platform is secure. Users should look for an exchange with a good reputation and a long security history.
-
Customer support: In case of any problems, users should be able to contact customer support for help. The best exchanges have 24/7 customer support available via live chat, email, or phone.
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Storage: Crypto exchanges offer different methods of storing users’ funds, so users should choose the one that best suits their needs. Some platforms offer online wallets, while others offer offline storage.
Where to store crypto in the Philippines?
Cryptocurrencies can be stored in multiple places in the Philippines. For example, you can store your digital assets on your exchange account balance in hot or cold wallets.
A hot wallet is linked to the internet, while a cold wallet is not. While hot wallets are more vulnerable to online attacks, they are easier to use than cold wallets. Despite being more secure, cold wallets can be difficult to use.
Some people store their cryptocurrency in exchange accounts, while others store it in hot or cold wallets. It depends on your preferences and security needs.
Best Crypto Wallets Security & Fees ComparisonWhere can I use crypto in the Philippines?
In the Philippines, cryptocurrency is gradually gaining traction; crypto can be used in many ways in the Philippines. First, it's completely legal to purchase and sell crypto. Though crypto isn't technically legal tender in the Philippines, it can still be used to buy different products through merchant websites and in-store shops in different areas of the country. There are many places in the Philippines where one can use cryptocurrency, like Bitcoin, to make real-life purchases of goods and services. Many restaurants, cafes, and bars in Manila and Cebu accept Bitcoin payments.
In the Philippines, cryptocurrency can also be used as an investment option. Crypto investors can buy and hold digital assets for long-term gain or trade them on exchanges for short-term profits.
Cryptocurrency Taxes in the Philippines
The landscape of cryptocurrency taxation in the Philippines is still evolving, with no explicit guidelines for cryptocurrency transactions in place as of now. That said, the government has mandated a capital gains tax that could reach up to 15% on cryptocurrency dealings. This tax obligation applies to all Philippine residents who own or trade cryptocurrencies. It should be declared in annual tax returns. It also extends to profits from investments and purchases made using cryptocurrencies.
Earnings from cryptocurrency below $4,500 are not taxed, but any income beyond that threshold could be taxed up to a rate of 35%. The Department of Finance has proposed the introduction of additional cryptocurrency taxes by 2024 as a means to generate revenue and offset debts caused by the Covid-19 pandemic. The tax plan introduced by the Philippines does not specify tax rates on cryptocurrencies. Instead, it emphasizes that the tax policies will be "fair" and encompass the digital domain, which necessitates updated taxation laws.
What Banks Work With Crypto in the Philippines?
Several banks in the Philippines handle cryptocurrency transactions. One of these, Union Bank of the Philippines, stands as one of the country's major banks, providing services such as cryptocurrency trading and custody. In 2019, the bank introduced a Bitcoin ATM at one of its major branches. Over recent years, the bank has embarked on an active journey into the realm of cryptocurrency, launching a payment-centric stablecoin tied to the Philippine peso. The Bangko Sentral ng Pilipinas (BSP), the country's central bank, grants licensure and supervision to Union Bank.
Is crypto a good investment?
Cryptocurrencies are highly volatile and can experience significant price swings both up and down. This makes them a risky investment for those who don't want to risk losing a significant portion of their investment. However, for those who are willing to take on the risk, there is the potential for significant profits. Cryptocurrencies are also in high demand right now. This demand is driven by the increasing use of digital currencies around the world, as well as by speculation. As more people begin to use and adopt cryptocurrencies, the demand will likely continue to increase, leading to even higher prices.
Ultimately, whether you should invest in cryptocurrency depends on your own risk tolerance and goals. If you are comfortable with high volatility and looking to make a short-term profit, then cryptos may be a good investment. However, it may be wiser to invest in stocks if you are looking for less volatility and longer-term stability.
How to Buy Crypto in the Philippines
If you're new to cryptocurrency and want to get started, you've come to the right place. We'll walk you through the steps of buying cryptocurrency in the Philippines. So, let's get started!
Choose a Platform
The first step is to select a reliable cryptocurrency platform or exchange that operates in the Philippines. Take your time to research and compare different platforms based on factors such as security, fees, user interface, and the cryptocurrencies they support.
Account Setup
Once you've decided on a platform, visit their website and begin the account registration process. Typically, you'll be required to submit your email address, create a secure password, and complete the required verification processes.
Deposit Funds
After your account has been successfully set up and validated, you must deposit money into it. Most platforms support various deposit methods, for example, bank transfers. To complete the payment process, choose the option that best suits you and follow the instructions on the platform.
Buy Crypto
With funds in your account, it's time to buy your desired cryptocurrency. Choose the cryptocurrency you want to buy. Specify the amount or the value you want to spend, and review the transaction details before confirming the purchase. Pay attention to any fees or additional charges that may apply during the buying process.
Move Your Crypto Assets to a Secure Wallet
After successfully purchasing your crypto, you must move your funds to a secure wallet. A wallet adds an extra degree of security and gives you complete control over your digital assets.
What crypto exchange is best for beginners in the Philippines?
As a beginner venturing into the world of cryptocurrencies, You need a platform that provides a seamless experience, supports your learning curve, and offers opportunities for passive earning. Let's dive in and discover why these platforms stand out.
ByBit
ByBit is an excellent choice for beginners due to its user-friendly interface and simple registration process. The platform emphasizes ease of use and offers intuitive trading tools, making it accessible even to those new to crypto trading. ByBit also provides a demo trading feature, allowing beginners to practice their trading strategies without risking real funds.
Binance
Binance is renowned for its vast selection of cryptocurrencies and its commitment to user education. It provides a seamless registration process and offers a comprehensive range of educational resources, including articles, videos, and webinars, to help beginners understand the crypto market better. Binance also features a demo trading platform where users can practice trading with virtual funds.
OKX (OKEx)
OKX is a user-friendly exchange that caters to beginners with its straightforward registration process and intuitive interface. The platform offers a dedicated informative section, which provides educational materials such as beginner's guides, video tutorials, and market insights. OKX also offers passive earning opportunities through staking, allowing users to earn rewards for holding specific cryptocurrencies.
How much do I need to start investing in crypto?
When it comes to investing in cryptocurrencies, there is no predetermined amount required to get started. It largely depends on your personal financial situation, goals, and comfort level with risk. A crucial consideration is your risk tolerance. Some investors prefer investing a lesser amount of their wealth in cryptocurrency, but others are willing to deal with higher risks.
Keep in mind that different trading platforms have varying minimum deposit requirements. You can pace yourself by starting with these minimum amounts, then progressively increase the amounts you invest.
Bybit currently allows users to start trading with a minimum deposit of around $1, which is quite reasonable for beginners. On the other hand with OKX, the minimum deposit of approximately 0.00000001 USDT which is a relatively accessible entry point for newcomers.
For beginners, starting with smaller amounts is often a wise choice. Investing a modest sum allows you to gain practical experience in navigating the crypto markets, understand the dynamics of different cryptocurrencies, and assess your risk appetite without exposing yourself to significant financial losses.
Is Cryptocurrency Trading Risky?
Cryptocurrency trading carries inherent risks that must be carefully considered. These risks include cryptocurrency price volatility, a lack of regulation, security flaws, and the absence of intrinsic value. However, with proper research, risk management strategies, and a cautious approach, it is possible to navigate the crypto market successfully.
Let's look at substantial recommendations to help you minimize risks and safeguard your investment.
Educate Yourself:
Learning is one of the most effective approaches to reducing risks. Take the time to learn the foundations of blockchain technology, various cryptocurrencies, and market movements. Keep up with the latest crypto news, and expert analysis to be better equipped to make investment decisions.
Only invest the amount you are willing to lose:
It is important to invest only what you can afford to lose. Since cryptocurrencies can be highly volatile, it is crucial to invest in assets that will not jeopardize your financial well-being or disrupt your daily life.
Diversify Your Portfolio:
Diversification is a key risk management strategy. Allocate your capital across different cryptocurrencies, industries, and investment strategies to potentially reduce the impact of a single asset's poor performance. However, diversification does not guarantee profit or protect against all risks, so thorough research is still necessary.
Use Stop-Loss Orders:
Stop-loss orders are valuable tools that help limit potential losses. By setting stop-loss orders, you establish an exit point to minimize losses in case the market moves unfavorably.
Secure Your Investments:
Use reputable cryptocurrency exchanges that prioritize security measures like two-factor authentication and cold storage. Additionally, consider using hardware wallets or offline storage options to secure your digital assets.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
FAQs
How to Get Rich From Crypto in the Philippines?
To potentially grow your wealth through crypto investments in the Philippines, it's important to approach it strategically and with caution. Begin by educating yourself about cryptocurrencies, blockchain technology, and the latest market trends. Stay updated on news and developments in the crypto space. Set realistic financial goals and develop an investment strategy that includes diversification across established cryptocurrencies and promising projects.
From there, it's important to conduct thorough research before making any investment decisions, always being mindful of the risks involved. Use reputable exchanges or platforms that comply with regulations and prioritize security. Monitor your investments regularly and consider seeking professional advice when needed. Remember, crypto investing requires knowledge, risk management, and a long-term perspective.
How Do I Cash Out Crypto Philippines?
There are several steps involved in cashing out cryptocurrency in the Philippines.. First, ensure that you have a verified account on a reputable cryptocurrency exchange that supports Philippine fiat currency (PHP) withdrawals. Once you have cryptocurrency holdings, initiate a withdrawal request by selecting the amount you want to cash out in PHP. Verify the withdrawal details, such as bank account information, and confirm the transaction. The exchange will process your withdrawal, and the funds should be credited to your bank account within the specified timeframe.
How Many People Use Crypto in the Philippines?
Cryptocurrency adoption has seen significant growth in the Philippines, with an estimated 6.13% of the total population, or roughly 7 million Filipinos, owning digital assets. Among the various cryptocurrencies, Bitcoin takes the lead as the most commonly owned, with approximately 37% of Filipino crypto owners holding Bitcoin.
Interestingly, the majority of cryptocurrency enthusiasts fall within the 18-34 age bracket, accounting for nearly half of the user base at 46%. Additionally, individuals aged 35-54 years old make up 35% of the crypto-owning population in the country. These statistics underscore the rising interest and participation in cryptocurrencies among Filipinos, particularly the younger generation.
What Time of Day is Cryptocurrency Value Typically Highest?
The cryptocurrency market operates around the clock, giving traders the flexibility to conduct transactions at any time. However, in the Philippines, the period from 8 am to 4 pm local time typically sees the most active cryptocurrency trading. During these hours, the market experiences heightened activity, potentially increasing the success rate of trade executions.
Is crypto trading legal in the Philippines?
Yes, cryptocurrencies are legal in the Philippines. In fact, the Philippines is one of the most welcoming countries when it comes to digital assets.
What is the best crypto exchange in the Philippines for beginners?
Kraken is one of the best exchanges for beginners. The platform is user-friendly and has a wide range of features for beginners.
What is the best crypto exchange in the Philippines for experienced traders?
Binance is one of the best exchanges for experienced traders. The platform has a wide range of features and tools that make it ideal for those who are looking to trade professionally.
How can I start trading on crypto exchanges in the Philippines?
There are a few things you need to do to start trading cryptocurrencies on exchanges in the Philippines. First, you must find a good exchange to trade in Philippine pesos (PHP). Once you have found an exchange, you must create an account and deposit some funds. You can do this via bank transfer or cryptocurrency like Bitcoin.
Once you have deposited funds, you can start trading! To buy cryptocurrencies, search for the currency pair you want (ex: BTC/ETH) and place an order. You can also place limit orders, setting the price you want to buy or sell.
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Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.