Top 10 Best Crypto Exchanges in Philippines

Cryptocurrencies are gaining popularity fast. They draw many individuals' attention. These people see potential in investing and mining. In the Philippines, the wave of Financial Technology (FinTech) is surging. A recent study revealed that 28% of Filipino adults are now involved in digital currency. This makes the country the world's fifth-largest holder of cryptocurrency.

Currently, Filipino investors put 2% of their assets into cryptocurrency. Experts predict this share will rise to 5% in the next five years. This shows the bright future of cryptocurrencies. Interest in digital assets is growing. A key question arises: “Which cryptocurrency exchange is best in the Philippines?”

I'm David Wabinz, CEO of  DavidWabinz.com, a key figure in cryptocurrency. I aim to guide you through finding the top exchanges in the Philippines. Let's delve into this article to uncover the best options available.

Are cryptocurrencies legal in the Philippines?

Cryptocurrencies have been given the green light in the Philippines, with the Bangko Sentral Pilipinas (BSP) serving as the main overseer of cryptocurrency activities in the nation. Currently, the BSP has granted registration to 17 virtual currency exchanges, allowing them to conduct operations within the Philippines.

The Central Bank and regulators took a proactive stance. Thanks to this, the Philippines is fostering a welcoming environment for cryptocurrencies. This is shown by the growing number of exchanges getting registration from the Central Bank. They are also launching a diverse array of cryptocurrency-related initiatives. Concurrently, regulatory bodies are diligently working on finalizing guidelines pertaining to cryptocurrencies.

Best Crypto Exchanges in Philippines

Coins.ph

Ranked first on the list that I would recommend is Coins.ph. It is a local cryptocurrency exchange. It has become very popular among Filipino users. It was founded in 2014. It is a pioneer in the Philippine digital asset scene. It stands out thanks to its easy interface and variety of cryptocurrency services.

Notably, Coins.ph caters specifically to the Philippine market, prioritizing accessibility and user-friendliness. It integrates well with popular local payment methods. It has strong security features. These make it an ideal choice for both new and occasional traders. It may lack many trading options on global exchanges. However, Coins.ph is trustworthy and reliable. This is the starting point for those entering the world of cryptocurrency.

MEXC

Ranked 2nd, I would recommend: MEXC Exchange. It founded in 2018. It has a reputation for its high-performance trading engine. It boasts a speed of 1.4 million trades per second. It also supports many cryptocurrencies.

You can trade over 2,245 cryptocurrencies on MEXC. They include majors like Bitcoin and Ethereum, as well as many niche altcoins. MEXC ensures traders have access to a wide range of different assets. Also, the exchange is famous for quickly listing new projects. It gives users early access to upcoming tokens.

Also to basic spot trading, MEXC also offers more features. These include margin trading, derivatives, staking, and a launchpad for new projects. This diverse choice gives Filipino traders many opportunities to explore the cryptocurrency market. Furthermore, MEXC's fees are competitive. Maker and spot taker fees are typically about 0.1%. Futures trading incurs no maker fees and 0% taker fees. 02% fee for recipient. For a full view of MEXC, read our detailed review of the exchange.

Bybit

Like MEXC, Bybit is a widely favored trading platform among Filipino cryptocurrency enthusiasts. Bybit is known for its user-friendly interface. You can buy cryptocurrencies with Philippine Pesos (PHP). You can use easy payment methods like Google Pay and Visa/Mastercard. This makes it easy for newcomers to join the cryptocurrency space.

Bybit offers over 1,148 coins and tokens. They span many niches, including DeFi, AI, meme coins, NFTs, and the metaverse. They cater to a wide range of investor interests. Bybit is famous for its derivatives trading. It lets users trade in futures and options contracts. This provides opportunities for advanced trading strategies. Also, features like copy trading let users learn by imitating seasoned traders.

Also, Bybit serves institutional traders. It has advanced features. These include OTC trading, pre-market investing, and API access. These features add to trading flexibility and efficiency. Furthermore, Bybit offers mobile apps for Android and iOS. They let traders manage their portfolios on the go with ease.

BingX

BingX exchange was founded in 2018. It has become one of the largest global platforms for cryptocurrency trading. The platform offers many trading options. These include spot market trading, conversions, and grid trading. They also include standard and perpetual futures contracts. BingX caters to users in 100 countries, including the Philippines. It enables trading of Bitcoin and major altcoins. The exchange does not support fiat currency exchanges. But, it does allow transactions with USDT, a stablecoin pegged to the US dollar. BingX is further unique. It offers many initial bonuses, including a no deposit bonus, to encourage users. The exchange's social trading platform is lauded for its transparency. It gives an easy and effective way for new investors to earn passive income.

Binance

Binance is a major cryptocurrency exchange. It serves Philippine customers and traders. It has a flexible platform that supports many currencies. These include PHP, USD, INR, CNY, EUR, and RUB. Trading fees start at 0.1% for crypto trades below 50 BTC per month. Binance offers a competitive fee structure. It decreases with investments in Binance Coin (BNB), making it financially appealing. Additionally, Binance has a low minimum deposit requirement of $1. This ensures accessibility for users of varying financial capacities.

It has a fee-reduction feature through BNB investments. It also has the beginner-friendly Binance Lite option. It also has a wide selection. It includes over 387 crypto altcoins. Both mobile and web applications are available for user convenience.

Beyond its fee advantages, Binance offers attractive features. These include low flat trading fees and overall fees that are competitive. They also offer staking opportunities, appealing savings rates, and access to major cryptocurrencies. But, it's important to note, that the basic platform lacks a user-friendly interface.

Bitget

Bitget is a top cryptocurrency exchange. It provides a full platform for trading many cryptocurrencies. A team of early crypto fans founded the exchange in 2018. Based in Singapore, it serves over 20 million users worldwide.

Bitget is one of the top five cryptocurrency derivatives exchanges. It is also the leading copy trading platform. It has a remarkable daily transaction volume of over $10 billion. The platform offers traders access to many products and services. These include diverse crypto trading pairs, lucrative bonuses, and enticing promotions.

Bitget operates under licenses from five countries. These are the USA, Canada, Australia, Lithuania, and Italy. Additionally, the platform holds operational licenses. They let it serve customers in many countries. These include Japan, South Korea, Brazil, Russia, Vietnam, the Philippines, and Singapore. This broad regulatory coverage shows Bitget's commitment to compliance and legitimacy. It provides cryptocurrency trading services worldwide.

OKX

OKX is another top cryptocurrency trading platform in the Philippines. It serves both new and experienced traders. Beginners will find the platform welcoming. It has a user-friendly interface, a simple ‘Buy Crypto' section, and lots of educational materials. Advanced traders have many sophisticated trading tools. These include spot markets, margin trading, derivatives, and trading bots. They use these for automated strategies.

Users want to maximize their crypto holdings. The “Earn” section on OKX offers ways to earn interest. You can do so through staking, savings products, and DeFi offerings. Furthermore, OKX has more features for experienced users. These include an NFT marketplace and a platform to launch their own tokens.

OKX has a big advantage for Filipino users. It offers P2P trading. This lets them directly buy and sell cryptocurrencies using Philippine Pesos (PHP). They can use various popular payment methods, including cash. This feature makes it easier for Filipino traders. It streamlines the process of entering and exiting the cryptocurrency market.

KuCoin

KuCoin has over 300 million users globally. It is a highly popular choice among cryptocurrency fans. KuCoin offers over 700 cryptocurrencies. This gives users many chances to diversify their crypto portfolios and explore investments.

KuCoin has a P2P trading feature. It lets users buy and sell cryptocurrencies directly. They do this with other Filipino users using Philippine Pesos. This feature supports popular payment methods. These include bank transfers, GCash, and PayMaya. They make trading easier and more convenient for Filipinos. Additionally, KuCoin offers customizable trading bots. They let users automate their cryptocurrency trading. Users can also optimize their investment activities.

KuCoin has competitive trading fees of 0.1%. This rate applies to both makers and takers and matches the industry average. Moreover, users holding KuCoin Shares (KCS) may enjoy even lower fees, with a potential discount of up to 20%. For a complete look at KuCoin exchange, see our detailed KuCoin review. It has more insights and information.

Kraken

Kraken is a regulated exchange based in the United States. It extends its services to users in the Philippines. It offers a reliable platform with a track record dating back to 2011. This record shows its stability in the often volatile cryptocurrency market. Kraken supports over 200 popular cryptocurrencies. It provides users with many trading options to explore and invest in.

However, it's important to note that Kraken does not facilitate direct deposits or withdrawals in Philippine Pesos (PHP). For Filipino users, deposits can only be made in USD via credit/debit cards. This means users must convert their PHP to USD. They can use an exchange service or deposit cryptocurrency using a blockchain address. They need to do this to access Kraken's trading platform.

Kraken also offers an advanced trading platform called “Kraken Pro.” It is for experienced traders who want extra features and tools. This platform supports advanced order types. It also supports margin trading with up to 5x leverage. You can trade futures contracts on over 100 tokens. It also has charting tools to aid in technical analysis and decision-making.

Crypto.com

Crypto.com is a well-known cryptocurrency platform. It has gained popularity in the Philippines for its many offerings. These include a cryptocurrency exchange, a mobile app, and various financial services. Crypto.com is renowned for its user-friendly interface and strict security rules. It serves a wide range of users, from beginners to experienced traders.

At its core, Crypto.com provides a full ecosystem for cryptocurrency enthusiasts. It has an exchange platform, a mobile app, and many financial services. Its easy interface and wide range of cryptocurrencies make it a great choice. It appeals to people at all levels of expertise in the cryptocurrency market. Crypto.com's trading fees may be slightly higher than local exchanges. It has strong security and innovative features. For example, the Crypto.com Visa Card.

Compare Crypto Exchanges in Philippines 

How to choose a crypto exchange in the Philippines?

To assist you in making an informed decision, here are some key factors to consider:

• Check that the chosen cryptocurrency exchange is accessible in your area. Some regions restrict access. Also, you need to find an exchange that accepts Philippine pesos (PHP) as payment. This makes transactions seamless for users in the Philippines.
• Remember: cryptocurrency exchanges charge fees for each transaction. Fees vary a lot between exchanges. So, compare costs across platforms before deciding.
• Supported coins: Not all exchanges offer the same selection of cryptocurrencies. So, you must check if the platform you're interested in supports the assets you want to trade. This ensures it works with your investment preferences.
• Security is paramount. Cryptocurrency exchanges handle sensitive personal and financial information. So, they must prioritize security. Choose an exchange with a strong reputation. It must have a proven track record of security. It must protect your assets and data well.
• If you have issues or questions, reliable customer support is invaluable. Look for exchanges with easy ways to get support. They should have 24/7 availability via live chat, email, or phone. This way, they can provide help whenever needed.
• Exchanges offer various ways to store users' funds. These range from online wallets to offline options. Choose the storage option that best fits your preferences and security needs. This will ensure the safety of your cryptocurrency holdings.

What crypto exchange is best for beginners in the Philippines?

Newcomers are stepping into the realm of cryptocurrencies. They need a platform that is smooth, supports learning, and offers passive income. Let's explore why these platforms excel in meeting these criteria.

• ByBit: It is great for beginners. This is thanks to its user-friendly interface and simple registration process. The platform prioritizes simplicity. It provides easy trading tools. They ensure accessibility for those new to crypto trading. Moreover, ByBit offers a demo trading feature. It lets beginners hone their trading strategies without risking real funds.
• OKX (OKEx): It caters to beginners with its user-friendly interface and simple registration process. The platform features a special educational section. It provides useful resources like beginner's guides, video tutorials, and market insights. They help newcomers navigate the crypto landscape. Furthermore, OKX offers ways to earn passive income through staking. It lets users earn rewards by holding specific cryptocurrencies. This setup encourages long-term engagement and learning.

Cryptocurrency Taxes in the Philippines

Cryptocurrency taxes in the Philippines are still in an inconsistent area. It lacks clear guidelines for cryptocurrency transactions now. However, the government has implemented a capital gains tax. It could reach up to 15% and applies to cryptocurrency dealings. This tax applies to all Philippine residents. It covers those involved in owning or trading cryptocurrency. They must declare it in their annual tax returns. Also, profits from investments and purchases using cryptocurrencies are subject to this tax.

Earnings from cryptocurrency transactions below $4,500 are untaxed. But, any income above this threshold may face taxation at rates of up to 35%. The Department of Finance has proposed adding more cryptocurrency taxes by 2024. They are looking ahead. They aim to make money and pay off debts from the Covid-19 pandemic. The Philippines' tax plan does not specify crypto tax rates. But, it stresses the need for “fair” tax policies that cover the digital realm. This underlines the need for new tax laws to address the changing nature of digital assets.

Where can I use crypto in the Philippines?

In the Philippines, cryptocurrency adoption is growing. It offers many ways to use it. Cryptocurrency is not legal tender in the country. But, it is legal to buy and sell digital assets. Despite this, people can still use cryptocurrency to make purchases. They can do this through online merchants and physical stores across the Philippines. Many places in cities like Manila and Cebu accept Bitcoin. This includes restaurants, cafes, and bars. It shows the growing use of digital currencies in daily transactions.

Moreover, cryptocurrency serves as a viable investment option in the Philippines. Investors can buy and hold digital assets for long-term growth. Or, they can trade on cryptocurrency exchanges to profit from short-term price movements. Cryptocurrency has two uses: as a medium of exchange and as an investment. These uses show how its role is changing in the Philippine financial landscape.

How to Buy Crypto in the Philippines

If you're new to the world of cryptocurrency and eager to start your journey, you've landed in the right place. I'm here to guide you through the process of buying cryptocurrency in the Philippines.

Step 1: Choose a Platform

The first step is to pick a trustworthy cryptocurrency platform or exchange. It must operate within the Philippines. Take your time to research and compare different platforms. Base your comparison on factors. These include security, fees, user interface, and the range of supported cryptocurrencies.

Step 2: Account Setup

Once you've chosen a platform, go to their website. Then, start the account sign-up process. Typically, you'll need to provide your email. You'll also create a strong password and complete any needed verification to confirm your identity.

Step 3: Deposit Funds

After your account has been made and checked, you'll need to add funds to it. Most platforms offer various deposit methods, such as bank transfers. Just pick the best deposit option. Then, follow the platform's instructions to pay.

Step 4: Purchase Cryptocurrency

With funds in your account, it's time to buy your chosen cryptocurrency. Choose the cryptocurrency you want to buy. Say how much you want to spend. Then, review the details before confirming. Be mindful of any fees or additional charges that may apply during the buying process.

Step 5: Secure Your Crypto Assets in a Wallet

After you buy cryptocurrency, you must move your funds to a safe wallet. A wallet adds security. It gives you full control over your digital assets. This ensures their safety and shields them from threats.

FAQ

Is cryptocurrency legal in Philippines?

Indeed, people can buy Bitcoin in the Philippines. You can buy and sell cryptocurrency. You can do this through a Filipino cryptocurrency exchange. But, many cryptocurrency exchanges in the Philippines are not yet regulated. The laws have yet to catch up with the changing crypto market.

Is it safe to buy Bitcoin in Philippines?

Certainly, you can invest in cryptocurrency. But, you must use a reliable crypto trading platform. You must choose a platform. It must keep customer funds separate from its own. It must also be transparent about its financial operations. Look for platforms that disclose audited reserves. Reputable accounting firms conduct these audits. This shows the platforms' commitment to accountability and financial integrity.

Can I buy Bitcoin in Philippines?

You can buy cryptocurrency in the Philippines. But, there might be limits to the available methods. The typical approach is to register with a Philippines-based cryptocurrency exchange. Then, you deposit funds into your account. Next, you can buy Bitcoin and other cryptocurrencies. Buy them as you like and need.

Which Bitcoin wallet is best in Philippines?

MetaMask stands out as a top choice for cryptocurrency wallets among Filipino users. Many crypto investors favor it.

What is the best Philippines crypto app to buy Bitcoin?

Bybit emerges as the premier cryptocurrency exchange in the Philippines. It stands out for its low fees and strong security. It also has a wide selection of cryptocurrencies for users to explore and invest in.

What’s the cheapest crypto exchange with the lowest fees in Philippines?

Bybit is the top cryptocurrency exchange in the Philippines. It has low fees and offers a great user experience at a good fees. Users can enjoy transparency and peace of mind. The platform has no hidden charges.

What’s the safest crypto exchange in Philippines?

I have designated Bybit as the safest cryptocurrency exchange in the Philippines. With a commitment to storing customer funds safely and transparently, Bybit ensures peace of mind for users when participating in buying Bitcoin in the Philippines.