CryptoCurrency 101 is a crash course, about the basics of Bitcoin for the average Juan and Juanita.
If you’re new to the concept of Bitcoin and cryptocurrencies and are interested in buying some, the first question in your mind is where you could buy some over the internet. Luckily, the Philippines is one of the countries that has accepted Bitcoin with open arms (talked about this in a previous article) This short article would be about the common cryptocurrency exchanges available in the Philippines.
- Coins.ph. This is the most popular way of buying bitcoins and cryptocurrencies in general. Coins.ph has their own mobile app specialized in services such as remittances, air-time, bill payments, and online shopping at over 100,000 merchants who accept digital currency. Founded by Silicon Valley entrepreneurs Ron Hose and Runar Petursson, they mainly operate in Thailand and the Philippines. While coins.ph is the best in terms of ease-of-access, the fees are some of the highest among the alternatives. Also, you can seemingly deposit in coins.ph in many ways (7-Eleven, Cebuana, M Lhuillier among others). You can use your fiat or bitcoin to pay bills, buy games and avail of services offered by the site. Pretty useful for buying load in my experience.
- Buybitcoin.ph. Buybitcoin.ph touts itself as one of the first bitcoin exchanges in the country, being in the Philippine cryptospace since 2014. The site is run by Satoshi Citadel Industries or SCI for short. While the site is arguably one that can compete with coins.ph in terms of accessibility and in terms of being user-friendly, they also edge over coins.ph in terms of lower buy and sell prices of bitcoins. The site itself is pretty focused on buying and selling cryptocurrencies rather than offering services, unlike coins.ph. You can even send your BTC to another wallet immediately, a really useful feature for traders. If you want to focus on the bitcoin aspect alone, I would recommend Buybitcoin over Coins.ph. hopefully they can set up their Ethereum and Ripple wallets soon enough.
- Rebit.ph. Rebit.ph is another remittance platform turned bitcoin exchange platform because over time, it acquired Bill Ninja, a Philippine Bitcoin startup which allows users to settle any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which allowed the company to sell itself to Satoshi Citadel Industries. Rebit.ph is mostly SCI’s platform for settling utility bills with ease, just like Coins.ph. The platform is very simple in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Currently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It has similar fees to Buybitcoin, and it can be used to pay bills too. But in terms of services offered and ease of depositing funds, Coins.ph is still the better alternative.
- Coinage.ph. If you wanna go straight to trading BTC, then look no further. Coinage.ph is the first enterprise-grade BTC trading exchange in the Philippines. While is pales in comparison to the big international exchanges, Coinage has established itself to be easy, secure and liquid.
- Abra. Abra is another remittance company that has its own mobile app, making it accessible to users. They also boast the lowest fees in terms of buying and selling bitcoin, and are the first to have a Ethereum wallet in the country. But while it is easy to use, deposit options are limited, and the fees for depositing are more expensive than Coins.ph, making their total cost of deposit only just a tad cheaper than Coins.ph.
- Quoine. Well, not exactly. Quoine may be the first international exchange to enable Filipinos in the country to deposit BTC directly to their exchange. They have partnered themselves with A-SOLUTION to launch their state-of-the-art trading platform in the Philippines. Direct deposits and withdrawals from exchanges to banks and vice versa might happen sooner than you think. It also would open up trading to not just the top coins, but also to other coins available in QUOINEX.