Coins.ph review – March 2020
Bank without a bank account. Do it all on your phone.
1
Fiat currencies
1
Cryptocurrencies
Details
| Product Name | Coins.ph Bitcoin App |
|---|---|
| Fiat Currencies | PHP |
| Cryptocurrencies | BTC |
| Deposit Methods |
Bank transfer Cash CLIQQ Kiosk DragonPay |
| Trading Fee | None |
| Deposit Fees |
Bank transfer: Up to P40 or 1%
Cebuana: P40 Globe GCash: Up to P40 or 1% 7/11 Seven Connect: None if under P100 2% over P100 |
| Withdrawal Fees | None |
Pros
- Manage your money all in one place
- Buy, sell, send and receive bitcoin
- Cash deposits and pickups available all around the Philippines
- No bank account required to make electronic payments
- Simple to use
Cons
- Bitcoin price is fixed by the app
- Higher fees outside Metro Manila
What is Coins.ph?
It’s a simple money app. With it, you can use your phone to:
- Buy, sell, send and receive bitcoin
- Pay the bills, buy game credits or use other merchant services
- Make payment requests
- Pick up cash from ATMs
You can do it even if you don’t have a bank account.
What countries can I use Coins.ph in and what currencies does it accept?
Coins.ph is mostly designed for use in the Philippines, and it only offers Philippine pesos and bitcoin, but foreign nationals and overseas travellers can still use it if they like.
What payment methods does Coins.ph offer?
Coins.ph lets you make deposits and withdrawals, for putting cash in and taking it out of your account.
Cash in
Log in to your Coins.ph account and then tap Cash In.
For cash into your Coins.ph wallet, you can:
- Receive bitcoin
- Put cash in at a 7-Eleven, Cebuana, M Lhuillier or GCash for instant deposits
- Put cash in through UnionBank, online or offline, and get a 100% fee rebate
- Put cash in at any other suitable bank or payment service
Cash out
To get cash out, log in to your Coins.ph account and then tap Cash Out.
You can see all the available options there, including:
- Bank branches
- ATMs
- Cash card
- Cash pickup
- Mobile money
Fees, costs and transfer times
The fees for putting cash in will be those charged by your payment service. You can use 7-Eleven, Cebuana, M Lhuillier or GCash for no fees, or UnionBank for a fee rebate.
Cash out fees will also depend on the payment provider. There are no cash out fees for banks in Metro Manila.
Cash in is instant if you use one of the above providers. Cash out is same-day if you use a remittance company before 10am, otherwise it’s next-day.
Bitcoin fees and transfer times
Bitcoin transaction times and transfer fees will change depending on how busy the bitcoin network is.
You can see the current fees displayed in the app. Transfers might be minutes, hours or days.
Cash in and cash out limits
The transfer limits depend on your level of account verification. By providing more information, you can unlock higher account limits.
Cash in limits
| Verification level | Description | Daily limit (PHP) | Monthly limit (PHP) | Annual limit (PHP) |
|---|---|---|---|---|
| 1 | Email/phone verified | 2,000 | 50,000 | 50,000 |
| 2 | ID and selfie verified | 50,000 | 100,000 | 400,000 |
| 3 | Address verified | 400,000 | 400,000 | Unlimited |
Cash out limits
| Verification level | Description | Daily limit (PHP) | Monthly limit (PHP) | Annual limit (PHP) |
|---|---|---|---|---|
| 1 | Email/phone verified | 0 | 0 | 0 |
| 2 | ID and selfie verified | 50,000 | 250,000 | 400,000 |
| 3 | Address verified | 400,000 | 400,000 | Unlimited |
How do I verify my account?
You are required to verify your email and phone when signing up, so everyone automatically starts at level 1 verification.
To get a higher level, make a verification request through the Coin.ph site and upload the required information.
Safety, security and privacy
For safety, Coins.ph lets you use two factor authentication. This is not required, but it is strongly recommended.
With it, you will receive a new code through Google authenticator when you need to log in. This adds an extra layer of security to your account.
Pros and cons of Coins.ph
Pros
- Keeps and manages your money all in one place
- Lets you quickly and easily buy, sell, send and receive bitcoin
- Cash deposits and pickups available all around the Philippines
- Don’t need a bank account to make electronic payments
- Quick and easy to get started and use
Cons
- You can’t shop around for the best price on bitcoin
- Higher fees outside Metro Manila
Get started
Get started by downloading Coins.ph.
After that, you’ll need to provide and verify your phone number and email address.
If you want higher limits than those offered by level 1 verification you will also want to unlock a higher verification level.
