Best Crypto Exchanges in the Philippines
This guide provides a detailed summary of the top five Cryptocurrency exchanges in the Philippines. Compare each platform's features, fees, and security to find the best one for you.
Summary: In the Philippines, crypto trading is secure and supervised by the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC). Philippine investors have a variety of choices such as bank transfers, GCash, PayMaya, credit cards, debit cards, and other methods to deposit Philippine Pesos (PHP) into these platforms for trading digital currencies.
To help you get started on your journey, ur experts present the top five crypto platforms in the Philippines, considered the most reliable for entering the digital asset market:
Top Crypto Exchanges in the Philippines
Our team has diligently evaluated over 15 platforms using our unique assessment method to find the leading crypto exchanges for Filipino investors. Crucial elements in our analysis included Philippine regulation and licensing, diversity of crypto assets, user interface, PHP deposit methods, fees, and extra features. After an exhaustive review, we introduce the top five crypto trading platforms available for users in the Philippines.
1. Bybit
Bybit stands out as the premier cryptocurrency exchange for Filipino investors as the platform can both be used in Tagalog and offers 24/7 Filipino-speaking customer support. They are one of the largest exchanges in the world, boasting over 12 million users in 180 countries. Bybit is a feature-rich exchange, offering instant Philippine Peso (PHP) deposits via bank transfer, debit cards and other methods to trade over 350 cryptocurrencies with industry-leading fees. Outside of this, they also offer staking, lending, futures trading a host of other crypto-native products, making it one of the most comprehensive platforms in the world.
- Fees: Free PHP deposits and withdrawals. The spot trading fee is 0.1% and the futures maker/taker rebate is 0.01%/0.06%.
- Supported Assets: Trade 400+ Cryptocurrencies.
- Regulation & Licensing: Not regulated by any government authority (hence no KYC requirements).
- Customer Support Options: 24/7 Tagalog customer support via live chat, email, and social media including Twitter, Telegram & Discord.
- PHP Deposit Methods: Bank Transfer, Google Pay, Paymaya, Gcash, SEA Bank, PNB, ShopeePay & 10+ more.
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If you're interested in learning more about this exchange, visit our Bybit Review.
2. Uphold
Uphold is the next best option for Filipino investors and is the only regulated and licensed exchange on this list. Although it doesn't offer multiple trading types and many features, it does provide a highly secure and transparent trading platform for residents of the Philippines. Uphold is the only exchange globally that offers complete transparency in its assets by providing regularly audited proof-of-reserves, which highlights that it always holds its user's funds 1:1. Additionally, it offers a Crypto card, which allows users to spend their tokens on real-life purchases.
- Fees: Free PHP deposits and withdrawals, except card deposits which incur a 3.99% fee. Zero trading fees and tight spreads between 0.9% - 1.2%.
- Supported Assets: Trade 250+ Cryptocurrencies.
- Regulation & Licensing: Regulated and Licensed by the FCA.
- Customer Support Options: 24/7 English-speaking customer support via live chat, email, and social media including Twitter, Facebook & Instagram. There is no Tagalog support.
- PHP Deposit Methods: Apple Pay, Google Pay, Bank Transfer, Credit & Debit Card.
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If you're interested in learning more about this exchange, visit our Uphold Review.
3. OKX
OKX is another popular global trading platform that is based in Hong Kong but offers services to 180+ countries including the Philippines. The exchange cannot be used in Tagalog, but they do provide 24/7 Filipino-speaking customer support. OKX is another feature-rich platform that offers multiple trading types (futures, spot, options & margin), several staking options (double and single-sided), Copy Trading, lending and borrowing services, an NFT marketplace, and more.
- Fees: PHP deposits and withdrawals have a spread of 1%. The spot trading fee is 0.1% fee and the futures maker/taker rebate is 0.02%/0.05%.
- Supported Assets: Trade 240+ Cryptocurrencies.
- Regulation & Licensing: Licensed in Malta and has obtained a VFA license.
- Customer Support Options: 24/7 Tagalog customer support via live chat, email, and social media including Twitter, Telegram & Discord.
- PHP Deposit Methods: Gcash, InstaPay & Credit/Debit Card.
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If you're interested in learning more about this exchange, visit our OKX Review.
4. Coins.ph
Coins.ph is the largest Filipino Crypto exchange by trading volume and user base. Unfortunately, it only offers 20 Cryptocurrencies to buy and sell. However, it makes up for its lack of tokens by providing other useful services such as its 'Pay Bills' feature, which allows users to pay for 120+ different types of bills (Utilities, Broadband, Government, Telecom, Credit Card, Insurance, etc) directly through the exchange with their Cryptocurrency. Additionally, it is regulated by the BSP and holds an EMI license.
- Fees: PHP deposits vary between 0% - 3% depending on the payment method, and deposits also vary between PHP10 - 1% depending on the withdrawal method. The trading fee maker/taker rebate is 0.25%/0.3%.
- Supported Assets: Trade 20 Cryptocurrencies.
- Regulation & Licensing: Regulated by BSP (Bangko Sentral ng Pilipinas).
- Customer Support Options: Tagalog customer support via support ticket and social media including Twitter, Facebook & Discord.
- PHP Deposit Methods: InstaPay, eTap, TouchPay, WorldRemit, Western Union & 15+ more.
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5. KuCoin
KuCoin is the most popular altcoin trading platform in the world and is available to use in every country globally. It is another exchange that does not require KYC (identity verification). KuCoin can be used in Tagalog but does not offer 24/7 Filipino-speaking customer support. The reason for this exchange's popularity is largely due to the sheer amount of tokens it offers. It is the first to list popular altcoins, meme coins, dog coins, Metaverse coins, GameFi coins, and NFT coins.
- Fees: Free PHP deposits and withdrawals and a 0.2% fee on spot trading.
- Supported Assets: Trade 600+ Cryptocurrencies.
- Regulation & Licensing: Unregulated hence no KYC requirements.
- Customer Support Options: 24/7 customer support via live chat, email, and social media including Twitter, Telegram & Facebook.
- PHP Deposit Methods: Bank Transfer, BANK, Bank Transfer, Gcash, Apple Pay & Credit/Debit Card.
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If you're interested in learning more about this exchange, visit our KuCoin Review.
Is Crypto Investing Legal in the Philippines?
In the Philippines, Crypto investing is legal, and investors can buy, sell, and hold Cryptocurrencies without fear of legal repercussions. In 2017, the country's central bank, Bangko Sentral ng Pilipinas (BSP) issued Circular No. 944, which recognizes the use of digital currencies as a legitimate means of payment and regulates Crypto transactions.
The Philippine government's recognition of Cryptocurrencies as a legitimate asset class has encouraged the growth of the industry, attracting local and foreign investments. The country's relatively low cost of electricity and favorable regulatory environment has made it an attractive destination for Crypto miners seeking affordable energy sources. The legal framework in the Philippines has fostered a Crypto-friendly environment, providing opportunities for investors to participate in the growing Cryptocurrency market without legal uncertainties.
Is Crypto Taxed in the Philippines?
Cryptocurrency transactions are subject to taxation in the Philippines. The country's tax authority, The Bureau of Internal Revenue (BIR) has issued regulations providing guidance on the taxation of Cryptocurrency transactions. Crypto transactions that result in gains or profits are considered taxable income and subject to income tax. The tax rate for Crypto gains is the same as that for regular income, ranging from 5% to 32% based on income levels.
However, if the token is held as a long-term investment, the investor may be eligible for lower tax rates. Other transactions like swapping tokens are also subject to value-added tax (VAT). The VAT rate for these types of transactions is currently 12%. Additionally, Crypto exchanges and brokers must register for VAT and comply with the BIR's reporting requirements.
How to Buy Bitcoin and Crypto in the Philippines
For those keen on purchasing Bitcoin or other cryptocurrencies in the Philippines, here is a thorough, step-by-step guide to a secure and legal transaction:
- Choose a platform: Pick an exchange supervised by the BSP or AMLC.
- Account setup: Register with your email, set a robust password, and complete the KYC process.
- Deposit PHP: Use online banking, bank transfers, GCash, PayMaya, or cards to add funds to your account.
- Buy crypto: Choose your desired cryptocurrency, indicate the quantity, and confirm.
- Asset security: Move your crypto assets to a secure wallet for enhanced protection.
By adhering to these steps and utilizing a reputable, regulated platform, you can purchase cryptocurrencies in the Philippines safely and effectively.
Bottom Line
In conclusion, cryptocurrency trading in the Philippines is a well-regulated and secure practice, endorsed by significant authorities like the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC). Various platforms such as Bybit, Uphold, OKX, Coins.ph, and KuCoin stand out as the top choices for Filipino investors looking to engage in the crypto market. Each platform offers its unique features and advantages, making it crucial to choose one based on your needs and preferences.
The process of buying Bitcoin or other cryptocurrencies is straightforward, with several options available for depositing Philippine Pesos (PHP). Remember, investments in the crypto space are subject to taxation, with different tax rates applying based on income levels and the nature of the transaction. Ultimately, by using a reputable, regulated platform and following best practices, you can safely navigate the growing world of digital assets in the Philippines.
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