How To Invest In Cryptocurrency in the Philippines 2022
In this article, I will be sharing with you the basics of cryptocurrency platforms, cryptocurrency pros and cons, how to invest in cryptocurrency Philippines, and help you figure out how much money you need to start trading cryptocurrency in the Philippines.
What Is Cryptocurrency?
Cryptocurrency (more commonly called as crypto) is a digital currency that is not regulated by any centralized system (like banks) but rather by a decentralized one. Crypto is usually centered around blockchains or a database wherein all transactions are recorded across multiple servers.
In short, cryptocurrency is virtual money; therefore, it has no physical form.
How Does Cryptocurrency Work?
Cryptocurrency works through blockchain technology. As previously mentioned, a blockchain is a decentralized database that stores data and records every transaction that takes place. In other words, a blockchain is a sort of “global ledger” that records every transaction of everyone who uses the same cryptocurrency.
What Is The Best Cryptocurrency In The Philippines?
As of this writing, the top 5 cryptocurrencies (among the 10 listed by Forbes) are:
Bitcoin (BTC)
Created in 2009, Bitcoin has a market cap of $880 billion. Just like any other cryptocurrency, BTC runs on a blockchain. Back in May 2016, you could buy Bitcoin for around $500 (Php 26,100). As of April 2022, 1 Bitcoin is equivalent to $46,300 (Php 2,416,906)!
Ethereum (ETH)
Ethereum is a cryptocurrency and a blockchain platform at the same time. Its market cap is $415 billion and is a favorite among program developers. In April 2016, you can buy ETH for $11 (Php 574). This April 2022, 1 Ethereum is equivalent to $3,450 (Php 180,093)!
Tether (USDT)
With a market cap of over $79 billion, Tether is considered to be more consistent than other cryptocurrencies and is more favored by investors who want to be on the “safer side” of crypto investing. Tether is a stablecoin that is backed by fiat currencies, including U.S. Dollars and Euro.
Binance Coin (BNB)
Binance is one of the largest crypto exchanges worldwide. With a market cap of over $68 billion, Binance Coin can be used not only in trading Crypto but also in making payments and booking travel arrangements. The best thing is that Binance Coin can be traded or exchanged for Ethereum and even Bitcoin!
In April 2017, Binance Coin was worth $0.10 (Php 5.22). This April 2022, it is valued at $445 (Php 23,229)!
U.S. Dollar Coin (USDC)
Just like Tether, USD Coin is backed by U.S. Dollars. With a market cap of over $53 billion, USDC is powered by Ethereum, and you can use it to conduct your transactions worldwide.
What Is The Best Cryptocurrency Trading Platform In The Philippines?
The top-performing (and probably the best) platforms used to trade Crypto in the Philippines are:
Binance
Binance is one of the most used and most popular platforms used to trade Crypto in the Philippines. They have very minimal trading costs (0.1%); however, be on the lookout for their withdrawal costs which vary depending on the type of Crypto you wish to withdraw.
Coins.ph
Coins.ph is a mobile wallet in the Philippines used to transfer money and pay bills. It is also one of the most trusted cryptocurrency exchanges in the Philippines, giving Filipinos a secure way to buy crypto even without a bank account.
PDAX
A BSP (Bangko Sentral ng Pilipinas) regulated exchange, PDAX allows users to directly trade crypto in the Philippines. Aside from making crypto more accessible to all, PDAX is trusted by many since they can be assured that they are trading on a secure, legitimate, and government-regulated platform.
Crypto.com
This platform trades only from crypto to crypto (meaning you cannot use PHP or peso here). The good thing is that you can gain discounts on crypto loans simply by staking their CRO token.
Coinbase
Another commonly used cryptocurrency trading platform in the Philippines, Coinbase has almost the same features as crypto.com, allowing users to trade only from crypto to crypto.
eToro
eToro Philippines offers various services such as trading cryptocurrencies and investing in stocks. It is usually based on USD, but you can deposit in PHP with a minimal conversion fee computed based on the current USD-PHP exchange rate.
Best Cryptocurrency Trading Platforms In The Philippines
1. Coins.ph
· Minimum balance: Php 100
· Trading Fee: Free
· Withdrawal Fee: Starts at Php 10
· BSP Regulated: Yes
· Transfer Methods: Online Transfer, Debit/Credit Card, Mobile Wallet, Over the Counter
1. PDAX
· Minimum balance: Php 200
· Trading Fee: Up to 0.5%
· Withdrawal Fee: Starts at Php 10
· BSP Regulated: Yes
· Transfer Methods: Online Transfer, Debit/Credit Card, Mobile Wallet, Over the Counter
