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I’ve been trading cryptocurrencies and NFTs since 2021, and at the time, there were only a few options made available to us traders. Recently, there’s been a slew of new crypto wallets and digital banks (think Maya and GCash Crypto) that now allow all Filipinos to buy & sell crypto.

Here, let’s dive into the top five crypto exchanges and wallets most Filipinos (myself included) use and compare the different pricing, spreads, and rates to see which apps and exchanges have the cheapest and lowest fees.

TL;DR

Let’s review the best cryptocurrency apps in the Philippines:

Coins.ph & Coins Pro

• Launched in 2014, Coins.ph is a fiat and crypto wallet launched in 2014 where Filipinos can buy and sell a variety of different cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP). It’s easy to sign up, verification is fast and you can cash in and out to PHP to crypto via bank transfers, InstaPay and other e-wallets easily. Recently, they received an advanced EPFS license for Coins Pro and Coins Pro now supports 26 crypto to PHP pairs. They have also been increasing the number of tokens that are listed.

Binance

• Binance is the biggest crypto exchange globally. They offer spot, margins and tons of crypto products, even an NFT marketplace, and trading services based on an users’ profile risk. They also have a wide range of coins available and trading options.

PDAX

• PDAX is a BSP-regulated exchange that allows you to trade Bitcoin, Ethereum, and other cryptocurrencies with PHP directly. Founded in 2018, they also have PDAX Prime where users can trade 14 crypto to PHP pairs and 23 crypto to PHPT (their stablecoin) pairs.

Maya

• Maya is the all-in-one money platform and the no. 1 digital bank in the Philippines. It offers 10% interest p.a daily (till end of April 30, 2023 promo). Users can pay bills, earn interest rates on savings balance, spend on their Maya Card and also recently, buy and sell crypto.

Note that:

• For users getting started on cryptocurrencies and wanting to invest a bit of their money to cryptocurrency, fees and pricing is the main consideration especially.

• Disclaimer: I started out using Coins.ph in my early days but trade mostly on Binance spot exchange due to the variety of crypto tokens that are available.

Price comparison when buying USDT/PHP:

• Note: Data accurate as of March 16, 2023

• Assume buying TRC-20 USDT ($0 USDT fees) to lower gas fees versus buying ERC-20 USDT ($3.06)

So, what’s the move?

In conclusion, if you are getting started on your crypto journey, you should consider either Coins.ph or Binance P2P as they are the cheapest exchanges and wallets to buy USDT. Personally, I would choose Coins.ph because it offers unique features like fiat onramps and offramps from InstaPay, Pesonet, e-wallets, and even bank transfers. Plus as a first-time user, you will be dealing with a regulated party instead of an anonymous merchant, which can definitely make you feel a bit more reassured when it comes to transferring your money.

If you are starting to become more advanced as a trader, you might want to consider using Coins Pro, as it is the most competitive when it comes to purchasing USDT with your PHP. In reverse, Maya charges the highest spread fees.

If you need a step-by-step guide and walkthrough to buy crypto, sound off in the replies!

Until next time,

@dom_nft