4 Major Ways to Buy and Sell Bitcoin in the Philippines
If you are looking for ways to buy and sell Bitcoin in the Philippines, here are four of the best methods I can recommend. I also included the advantages and disadvantages of each one for you to assess which method suits you the best.
Disclaimer: This guide is sponsored by PDAX, a local cryptocurrency exchange platform in the Philippines. This information, however, should not be construed as financial advice. Trading cryptocurrencies offers no guaranteed returns. Also, I may or may not have a financial interest in any company or advertiser referenced. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader.
A few years ago, I used to buy and sell bitcoin (and other cryptocurrencies) in international cryptocurrency exchanges like Bittrex and Binance.
The huge downside of transacting with international crypto exchanges, however, is the huge amount you have to shave off for the transaction fees and conversion fees from Peso to USD and vice versa.
So if you are planning to buy and sell bitcoin in the Philippines, I highly recommend to make use of the local crypto apps or exchanges to directly swap your Peso to bitcoin (and vice versa) for the following reasons:
Advantages of buying and selling bitcoin in local exchanges:
- No currency conversion fees (e.g. Peso to USD and vice versa)
- Lesser transaction fees
- Able to contact local support team should there be an issue with transactions
But before giving you the best options where you can buy and sell bitcoin in the Philippines, I want to make sure you understand what bitcoin really is and not just because someone told you it’s good to “invest” in it.
To help you understand better about this newborn currency, I encourage you to read my comprehensive guide about Bitcoin and Cryptocurrency. I made that guide especially for non-techy peeps. 😊
So where can you buy and sell bitcoin in the Philippines? There are actually four gateways where you can do that:
- Peer-to-Peer Marketplaces
- Cryptocurrency wallet apps
- Cryptocurrency exchange platforms
- Bitcoin ATMs
4 Best Ways to Buy and Sell Bitcoin in the Philippines:
1. Peer-to-peer (P2P) marketplaces
In P2P exchanges, you transact directly with an online peer that buys or sells bitcoin. You can settle transactions on the payment method you agree upon such as:
- Bank transfers
- Online wallet transfers
- Remittance
To ensure your protection against scammers, you are protected by an escrow. Think of escrow as insurance. If the seller runs away with your money without releasing the bitcoins, you will still get your bitcoins from escrow. Just make sure you have your proof of payment with you.
P2P bitcoin marketplaces in the Philippines
2. Cryptocurrency wallet apps
A cryptocurrency wallet is not only good for buying and selling bitcoins but also in storing them. You can download crypto wallets freely. But before doing any transactions, you have to undergo a KYC procedure.
The following are the widely available options for you to fund or cash out in your crypto wallet:
- Convenience stores
- Remittance
- Banks
Cryptocurrency wallets in the Philippines
3. Licensed cryptocurrency exchange platforms
Unlike cryptocurrency wallet apps, crypto exchange platforms offer more cryptos to exchange other than bitcoin.
The price of bitcoin and other cryptocurrencies in crypto exchanges are significantly lower than any other options since the orders are matched in a wider market level. Thus, you could get the best prices of bitcoin in crypto exchange platforms.
If you want to trade bitcoin and other cryptocurrencies, I highly recommend using crypto exchange platforms instead. They have better charts where price data history and trade volume are visible to better time your price entries and exits.
Cryptocurrency Exchange Platforms in the Philippines
The following crypto exchange platforms are regulated by BSP (Banko Sentral ng Pilipinas):
- PDAX (by Fyntegrate, Inc.)
- Coins Pro (by Coins.ph)
- Buybitcoin.ph (by Rebittance)
- Bloomsolutions (by Bloomx)
- VCHEX (by Virtual Currency Philippines)
- JuanExchange (by Zybi Tech)
- Coinvil (by Coinville Phils Inc.)
- Coexstar (by Aba Global Philippines)
- Bitan Moneytech
4. Bitcoin ATMs
A Bitcoin ATM is an internet-connected kiosk that lets you purchase or sell bitcoin. Most kiosks, however, are only designed to let you purchase bitcoins. Only a few have both buying and selling functionalities.
The huge downside of transacting using Bitcoin ATMs, however, is the high transaction fee you have to shave off. A bitcoin ATM charges an average of 7-10% in every transaction.
To date, there are four Bitcoin ATMs available in the Philippines.
Where are Bitcoin ATMs in the Philippines located?
- Manila (2)
- Quezon City (1)
- Taguig City (1)
Check Coin ATM Radar to know the Bitcoin ATMs near you. Also, here’s a detailed guide on how to transact with a bitcoin ATM.
The Pros and Cons of Different Bitcoin Transaction Methods
To help you decide, I summarized the pros and cons of buying and selling bitcoin for each method below:
| Method | Pros | Cons |
| 1. P2P Exchanges | – Is not controlled by central organization – Cheap to use – Has minimal fees – Transaction are secured with an escrow – Freedom to choose payment methods | – It takes longer time to match an order – Low trading volume |
| 2. Crypto Wallet Apps | – Enable faster transactions – Can buy and sell cryptocurrencies other than bitcoin – Convenient to use for on-the-go active trading – Offer additional features like QR code scanning | – Higher risk of security breach like hacks or scams – You can lose your crypto assets if your phone is lost or damaged – Prone to mobile viruses and malware |
| 3. Crypto Exchange Platforms | – Can cashin using credit card – Enhanced security – Better liquidity – Lesser transaction fees – Supports more cryptocurrencies other than bitcoin – Best for cryptocurrency trading – Lesser spreads (price difference between buy and sell orders) | – The setup is quite complicated for beginners |
| 4. Bitcoin ATMs | – Fastest way to buy and sell bitcoin – Security and anonymity – User-friendly | – Less available than online bitcoin exchanges – You need to visit physical kiosk location (of course) – Only available in business working hours – High transaction fees (7-10%) per transaction – Issue on uptime and service reliability – Hard to locate |
Out of these four methods, I only tried local crypto wallet apps and crypto exchange platforms. But I personally prefer a crypto exchange platform more. With this, I get a better picture of bitcoin’s price history and trading volume which helps me decide whether it’s a good time to buy or sell bitcoin (or other cryptocurrencies).
How about you? Have you tried to buy and sell bitcoin in the Philippines? What method did you find the best? I would love to hear your experience in the comment section below!
Sheila
Sheila is a civil engineer by profession but has switched careers to become a copywriter. She loves making sales through stories that are relatable to the average person. She's also a sucker for memes and thinks she’s the funniest person in the world (even though she knows that’s not true). Her favorite drink is Kopiko Brown coffee, but she'll also take tea or beer if it's offered.
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