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Best Crypto Exchanges in the Philippines

Best Crypto Exchanges in the Philippines

Find out which platforms make our list of the best crypto exchanges in the Philippines, designed for both new and experienced traders.

Summary: In the Philippines, obtaining Bitcoin and other digital currencies is simple and safe, thanks to the vigilance of the Bangko Sentral ng Pilipinas, the country's financial regulator. You can use common payment methods such as bank transfers, GCash, PayMaya, and credit cards to deposit Philippine Peso (PHP) and start your journey in buying, storing, or trading digital assets confidently.

Our team has carefully curated a list of the top 5 platforms in the Philippines to help you navigate the crypto world with confidence. These are our premier picks for you:

  1. Bybit - Best Crypto Exchange in the Philippines
  2. OKX - Best for Web 3 and DeFi Compatibility
  3. Uphold - Best Crypto Exchange for Beginners
  4. Binance - Best for Derivatives Traders
  5. KuCoin - Best for Altcoins in the Philippines
Best Crypto Exchange in the Philippines
5.0 out of 5.0 by Datawallet.
Bybit stands out in the Philippines for its easy-to-use platform, wide range of cryptocurrencies, low fees, and support for local payments like GCash and PayMaya, appealing to all types of traders.
Available Markets
1,000+ crypto assets, futures and options contracts.
Trading Fees
Maker fees 0.01% and Taker fees 0.06%.
PHP Deposit Methods
Bank Transfer, Google Pay, Gcash, Paymaya, Coin.ph and more.

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Best Cryptocurrency Exchanges in the Philippines

Following a thorough evaluation of over 15 cryptocurrency exchanges, our findings pinpoint the premier platforms for investors within the Philippines. This assessment meticulously considers several key factors: compliance with the Bangko Sentral ng Pilipinas (BSP) regulations, diversity of digital assets offered, user interface quality, options for Philippine Peso deposits, transaction costs, and additional vital benchmarks. These criteria ensure our rankings offer a trustworthy guide to selecting the most suitable exchange for your investment needs.

Exchange
Cryptocurrencies
Trading Fees
Deposit Methods
Key Features
Bybit
1,000+
Maker Fees 0.01% and Taker Fees 0.06%
Bank Transfer, Debit Card, GCash & More
Staking, Options, Futures, Lending & More
OKX
300+
0.1% Trading Fees and 0.1% Spread
Bank Transfer & Debit or Credit Card
Options, Futures, OKX Wallet, DeFi Support & More
Uphold
250+
1% Fee and 1% Spread
Bank Transfer, Apple Pay, Debit Card & Credit Card
Staking, Gold & Silver Investing & More
Binance
350+
0.1% Spot Fee and 0.5% Spread
Bank Transfer, Debit Card & Credit Card
Derivatives, Earn, Staking, BNB Chain & More
KuCoin
700+
0.1% Spot Fee and 0.5% Spread
Debit Card, Credit Card, Google Pay & Apple Pay
Futures, Staking, Halo Wallet & More

1. Bybit

Bybit is the go-to cryptocurrency exchange in the Philippines, with a platform that's easy to use for the local crypto enthusiasts. It offers a wide selection of over 1,000 digital currencies in a secure, regulated environment. Bybit is ahead of the curve by supporting Philippine-specific payment methods like bank transfers, GCash, and PayMaya, making it simpler for users to deposit Philippine Pesos.

The platform shines with its wide array of cryptocurrencies, staking options, and futures contracts, providing up to 100x leverage and unparalleled liquidity. This range meets the needs of various investment approaches, appealing to a broad demographic. Competitive fees, with a maker fee of 0.01% and a taker fee of 0.06%, along with a global user base of over 20 million, solidify Bybit's position as the top choice in the market.

  • Fees: Maker fee at 0.01%, taker fee at 0.06%.
  • Supported Cryptocurrencies: Offers access to over 1,000 digital assets.
  • Regulation & Licensing: Complies with international regulatory standards, guaranteeing a safe and secure trading atmosphere in the Philippines.
  • Deposit Methods: Provides several local payment options including bank transfers, GCash, PayMaya, facilitating convenient access for Filipino users.
Best Exchange Philippines is Bybit

2. OKX

OKX secures the second position on our Philippine market list, distinguishing itself in the Web3 space. With a portfolio of over 300 cryptocurrencies, OKX enhances the trading experience by offering futures, options, and margin trading. The OKX Wallet facilitates a seamless transition between centralized and decentralized finance, incorporating leading DeFi platforms like AAVE and Uniswap.

OKX prioritizes security, employing strict measures to protect users. Based in Seychelles but open to Filipino investors, it complies with all necessary regulations. The platform is especially attractive to institutional investors and DeFi enthusiasts, owing to its extensive API options, robust liquidity, and Web3 support.

  • Fees: OKX implements a 0.1% maker fee, a 0.2% taker fee, and a general 0.1% fee for spot transactions.
  • Supported Assets: Offers access to over 300 cryptocurrencies and various leveraged trading opportunities.
  • Regulation & Licensing: Operates out of Seychelles, serving the Filipino market.
  • PHP Deposit Methods: Accepts bank transfers, GCash, and debit cards among others.
OKX

3. Uphold

Securing the third spot on our list for Filipino investors is Uphold. With a user base that spans over 10 million people and more than 150 countries, Uphold brings a broad portfolio of more than 250 digital assets to the table. It separates itself from the pack with unique staking features, offering the potential to earn significant yields of up to 25% APY on a curated list of up to 30 cryptocurrencies.

Uphold's transparency and commitment to trustworthiness also stand out. It is registered with top financial regulatory bodies and aligns with global compliance standards. The platform offers audited proof-of-reserves, assuring 1:1 backing for all its listed digital assets. This adherence to transparent operations places it among the most reliable platforms for crypto investment. Available across web, iOS, and Android platforms, Uphold blends versatility and ease of use, making it a strong contender for crypto enthusiasts in the Philippines.

  • Fees: Trading comes with a 1% spread fee.
  • Supported Assets: A comprehensive list of 250+ digital assets, 4 types of precious metals (Gold, Silver, Platinum, Palladium), and 27 fiat currencies.
  • Regulation & Licensing: Regulated by the Financial Conduct Authority and available across Asia, including the Philippines.
  • PHP Deposit Methods: Google Pay, Apple Pay, and credit or debit cards.
Uphold Philippines

4. Binance

Coming in fourth place is Binance, a platform boasting a diverse ecosystem and a whopping user base exceeding 150 million globally. The platform's offerings extend beyond the usual spot and futures trading to include Binance Earn. This distinct feature enables users to accrue returns on a diverse selection of over 180 cryptocurrencies. This is a particularly enticing option for those keen on growing their capital and creating passive income streams.

Although Binance does a commendable job in attempting to meet international financial standards, it's worth mentioning that the platform has faced regulatory scrutiny in various jurisdictions. Filipino investors should consider this when assessing the platform's compliance status. However, what adds to its appeal is a wide array of support for different deposit methods, from bank transfers to credit and debit cards, making it convenient for users in the Philippines.

  • Fees: Binance charges a 0.1% fee for spot trading and has specific maker/taker fees for derivatives trading.
  • Supported Assets: The platform offers an extensive list of over 350 cryptocurrencies.
  • Regulation & Licensing: While not directly regulated in the Philippines, it remains accessible to investors in the country.
  • PHP Deposit Methods: Multiple options, including bank transfers and credit/debit cards, are available for Philippine Peso deposits.
Binance

5. KuCoin

Completing our top five list for Filipino crypto enthusiasts is KuCoin, a platform that originally gained traction in numerous global markets. With a daily trading volume that often surpasses $4 billion and a community of users that extends to over 200 countries, KuCoin stands out for its breadth of offerings and global reach. It hosts a remarkable range of more than 700 cryptocurrencies, becoming a one-stop shop for both established and up-and-coming digital assets.

Safety is a cornerstone for KuCoin, with advanced features like Proof of Reserves (PoR) ensuring a secure trading environment. The platform goes beyond just security; it also offers a variety of trading options and features an innovative Halo Wallet. With round-the-clock customer support and a global user base of 29 million, KuCoin demonstrates a strong commitment to customer satisfaction and community building.

  • Fees: KuCoin has competitive spot trading fees set at 0.1% and maker/taker fees for derivatives trading at 0.02%/0.06%.
  • Supported Cryptocurrencies: The platform boasts over 700 cryptocurrencies, including staking options for over 100.
  • Regulation & Licensing: While KuCoin is not directly regulated in the Philippines, it remains widely accessible to Filipino traders.
  • PHP Deposit Methods: Bank transfers, Gcash, digital wallets, debit and credit cards.
KuCoin

Is Crypto Legal in the Philippines?

In the Philippines, cryptocurrency is regulated under guidelines issued by the Bangko Sentral ng Pilipinas (BSP). These guidelines acknowledge the use of virtual currencies (VCs) for financial services like remittances and payments, despite VCs not being recognized as legal tender. Service providers utilizing VCs for these purposes are required to register with the BSP. This registration process includes adopting measures to manage and mitigate risks associated with cryptocurrencies.

The BSP has set forth Circular No. 944, which particularly targets virtual asset service providers (VASPs). This regulation is part of a broader effort to ensure that the digital asset market does not become a conduit for money laundering, terrorist financing, and other financial crimes. VASPs must obtain a "Certificate of Authority" to operate, adhering to anti-money laundering (AML) standards and the Crypto Travel Rule, which mandates the sharing of transactional information for amounts exceeding a certain threshold.

The Philippines' proactive stance in regulating cryptocurrencies is also highlighted by its membership in the Asia-Pacific Group on Money Laundering (APG) as an FSRB member. This aligns the country with international efforts to secure the financial system against the misuse of digital assets. By requiring VASPs to comply with stringent guidelines, the Philippines aims to balance the innovative potential of cryptocurrencies with the need for financial security and consumer protection.

How is Crypto Taxed in the Phillippines?

In the Philippines, cryptocurrency transactions are subject to taxation, with capital gains tax (CGT) potentially reaching up to 15%. Filipino citizens who engage in cryptocurrency trading or ownership must declare their capital gains during their annual tax filings. The tax implications vary depending on how the cryptocurrency is classified, either as inventory or as an intangible asset, which influences whether it's subject to value-added tax (VAT) or ordinary income tax.

Given the evolving nature of cryptocurrency and the absence of specific guidelines from the Bureau of Internal Revenue (BIR), the taxation of cryptocurrency income hinges on general tax principles. Cryptocurrency can be treated as ordinary assets when held as inventory for trading purposes, subject to ordinary income tax, or as capital assets when held for investment, subject to capital gains tax. This distinction also affects VAT applicability, with transactions possibly facing a 12% VAT if the cryptocurrency is treated as inventory and satisfies the VAT threshold.

Bottom Line

In conclusion, getting involved in the cryptocurrency market in the Philippines is made simpler and more secure with the oversight of the Bangko Sentral ng Pilipinas (BSP). Investors have a range of compliant, user-friendly platforms at their disposal, each offering unique strengths, from diverse asset portfolios to innovative trading tools. 

Bybit leads as the prime choice for its comprehensive services and local payment integrations, closely followed by OKX, Uphold, Binance, and KuCoin, each excelling in their respective niches. This curated list reflects our commitment to providing investors with the information needed to make informed decisions, ensuring a confident and profitable journey into the world of digital currencies.

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