The Top Cryptocurrency Wallets And Exchanges In The Philippines
The Philippines is quite ahead of most of the world in terms of adopting cryptocurrency. While we’re not yet at the level of El Salvador and announced Bitcoin as legal tender, we do have one of the highest numbers of cryptocurrency users in the world.
In fact, the Philippines is the number one country in the world with the most number of Metamask wallet users. There are also sixteen registered cryptocurrency exchanges that you can now legally take part in. Not to mention, that cryptocurrency is so widespread that the government has already started studying how to tax it.
If you want to take part in this cashless future or you simply want to invest your money in it, we list down the available platforms for you to start.
Cryptocurrency wallets
Cryptocurrency wallets are where you can store your cryptocurrencies securely and grant you easy access to them whenever you need to. Think of them as a checking account, but for your digital cash. Aside from safekeeping, its basic feature is allowing you to buy, sell, and send cryptocurrencies.
These wallets are free to use, not to mention you can easily access them on the internet or through Google Play or App Store. Owning one is the key to owning cryptocurrencies – it’s the starting point and in most cases the endpoint of your transactions.
In the Philippines, these are the most common cryptocurrency wallets that you can use for free now.
Coins.ph
The first and only blockchain-based platform in the Philippines was founded in 2014. It’s the only platform to date that allows Filipinos to buy and sell cryptocurrencies while at the same time granting direct access to digital banking and remittance services. To date, this cryptocurrency wallet app has evolved into a full-blown local e-wallet as well.
While you can register and use this app outside the country, its additional features, like bank transfer feature and bills payment among others are exclusive to the Philippines.
Coins.ph is the only cryptocurrency wallet that lets you buy cryptocurrencies using local bank accounts and other local payment channels such as remittance centers. You won’t even need a credit card to get started with the use of this platform. Trading platforms such as Binance and Pdax may have that capability, but it’s mostly limited to withdrawal features and the experience isn’t as swift and convenient as Coins.ph.
Metamask
This app is primarily an Ethereum-based cryptocurrency wallet in a form of a chrome extension and a mobile app. Unlike our local cryptocurrency wallet Coins.ph, Metamask is primarily used to send, receive, and hold on to cryptocurrencies. It’s also used to connect to blockchain applications mostly around NFTs – games (Axie), marketplaces (opensea.io), and decentralized exchanges (pancake swap).
This app has a more advanced use case than the regular cryptocurrency wallet, and you don’t need to own one unless you’re interested in performing more advanced transactions involving cryptocurrencies like the most recent NFT gaming craze, buying NFTs, or trading lesser-known cryptocurrencies and tokens through decentralized exchanges such as Pancake Swap, Poocoin, and etc.
Its mobile app version has a built-in browser that enables you to link your Metamask account to websites running blockchain applications.
Buy Ethereum from Coins.ph then send it to your Metamask Wallet. Do note that Ethereum transfers are quite expensive to perform.
Trust wallet
This cryptocurrency wallet is close relative to Metamask, however, it’s packed with more practical features such as buying cryptocurrencies with a credit card (not available in the Philippines), storing NFTs, and in-app trading of your crypto. But unlike Metamask, it doesn’t have a browser extension.
If you’re extremely fussy about the security of your cryptocurrencies, it’s worth having this as your secondary crypto wallet for serious HODLing because its encrypts all assets’ private keys to create one master private key, then it uses an algorithm to generate a unique 12-word Recovery Phrase. It’s more tedious to keep maintain but that’s what makes it more secure.
Buy any cryptocurrency from Coins.ph then send it to your Trust Wallet address. For a cheaper transfer fee, use XRPs instead of other cryptocurrencies.
Cryptocurrency exchange trading platforms – buy, sell, and trade crypto
Cryptocurrency exchanges are the best places to trade cryptocurrencies due to lower fees compared to cryptocurrency wallets like Coins.ph. The selection of cryptocurrencies is also vast, it’s basically where you find all other cryptocurrencies aside from the more common ones like Bitcoin, Ethereum, and XRP.
Binance
One of the widely used crypto exchange platforms in the world. What sets it apart from other exchanges is that it is a feature-rich platform that packs an array of features that opens more money-making opportunities. There’s margin and futures trading, P2P trading, staking, crypto loans, and NFT marketplaces and the list goes on. There’s a handful of things that you can do with your cryptocurrency on this platform and perhaps that’s one of the reasons why it’s so popular. Binance lists more cryptocurrencies than other exchanges, even the gaming token of the popular NFT game Axie Infinity can be traded on the platform.
However, Binance suffers in terms of being able to, cash out and withdraw your funds through local banks and payment channels, making it almost nonexistent. You’ll still find yourself moving your crypto to your Coins.ph wallet for encashment unless you’re willing to risk doing Person-to-Person (P2P) transactions.
In a nutshell, the seller approves the buyer’s purchase in the P2P market, but the payment is made outside Binance through local payment channels like e-wallet, bank transfers, remittance, or whatever is the preferred method of the seller.
PDAX
This platform is regulated by the Bangko Sentral ng Pilipinas (BSP), and is purely made for cryptocurrency trading. It’s pretty straightforward and there really isn’t much to do in PDAX other than to buy, sell, and move your cryptocurrency to your bank accounts and other wallets or exchanges.
The good thing about their platform is that it’s fully integrated with the local banks and payment channels, purchasing cryptocurrencies will be easy and hassle-free. The downside is that PDAX is somewhat a watered-down version of the Binance, and while that isn’t necessarily a bad thing, it has limited money-making opportunities.
Different methods on how to buy cryptocurrencies
Despite the adoption of cryptocurrency in the country in recent years, buying cryptocurrencies using Philippine Pesos can still be somewhat complicated. We are still limited to the following options:
Via coins.ph
- Fund your peso account in your Coins.ph account through local payment channels indicated in the app.
- Once done, open the app and click the “Crypto” option.
- Click “Convert” then choose the cryptocurrency you want to trade with your PHP.
P2P in Binance
- Open the app and tap “wallet” which can be found at the bottom menu.
- Scroll the tabs found on top of your screen, look for “P2P”, then tap it.
- Tap “Buy” then a list of cryptocurrencies for sale will appear.
- Choose the buyer you wish to transact with and pay through the indicated payment method usually via bank transfer or G-cash.
- Once the seller receives the payment, the cryptocurrency will be transferred directly to your Binance account.
This method comes with potential risk because payments are made outside the platform. Binance will not be held liable to your money should the buyer or seller doesn’t fulfill your agreement.
Payment-in via PDAX
- Click “Funds” found on one of the heading menus.
- Choose “Payment In” from one of the options.
- Then click “Fiat Currencies”.
- You will be presented with a list of local payment methods such as 7-11, money remittance, and bank transfer.
- Pick one of the following options from the payment method and specific instruction for each type of payment will be provided.
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