How to buy bitcoin in the Philippines

Where and how to buy bitcoin in the Philippines

You keep hearing about it, but what exactly is bitcoin and how do you buy it? Read on for finder’s definitive guide.

There are two main ways to buy bitcoin in the Philippines.

  • Use a bitcoin broker. This is probably the easiest way to buy bitcoin. If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go. The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services.
  • Buy from an exchange. Cryptocurrencies like bitcoin are traded on exchanges. If you want to buy bitcoin as cost-effectively as possible, or plan on doing more trading in future, then choosing a reliable exchange might be what you want to do.

The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) has recently approved two bitcoin exchange operators but has yet to release the names to the public.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

How to begin and what to do first

Before getting started, you need a place to put your bitcoin. That means either getting a wallet, or looking for a broker/exchange that offers you a wallet as part of its service.

Cryptocurrency wallets in the Philippines: How to choose

If you’re a cryptocurrency beginner, there are probably three basic types of wallets you might consider.

  1. Desktop – Simple, secure, easy to use and popular, this wallet is in the form of a program you download to your computer. It’s quick and easy, but you want to be sure that your computer is free of viruses or malware.
  2. Smartphone – The same as above, but it’s an app for your phone instead.
  3. Hardware – An option for holding your currency securely offline in a more physical form. These wallets are like USBs or hard drives that hold your cryptocurrency.

You can compare hardware wallets here. They can be usually a good combination of security and familiarity for anyone who’s not entirely confident with new technology, and they can also be a good physical backup to have on hand.

Where and how to buy bitcoin

Decide whether you’re happy to pay premium prices for a reliable bitcoin seller, or if you’re happy to go on the exchanges and hunt for a bargain instead.

To pick one you should look at the following:

  • Whether they are exchanges or buying/selling services. At an exchange, you’ll be trading with other users, while a buying/selling service, or broker, can simply sell you bitcoin.
  • Accepted payment methods. Coins.ph lets you make quick and free bank transfers and is one of the most widely accepted payment methods when buying bitcoin in the Philippines. If that suits you, then most providers can offer it. If you’re looking for alternatives such as paying with cash, GCash, credit card or PayPal, you might have to search more widely.
  • Whether you need your own wallet. If you have your own wallet, then you don’t need to worry about it. If you don’t, then you might want to start with a provider that offers its own in-built wallet.
  • Whether they require verification. Most reputable services will require you to verify your identity, but some will still let you conduct smaller transfers without verifying your identity, such as PinoyBitcoinExchange. Verification can take a day or two, so if you’re in a hurry or want to transact anonymously, you might want to look for the no-verification providers. Otherwise, simply be ready to provide some identification after signup.

We’ve assembled here a list of some legitimate services for your consideration. All you have to do is pick one that suits your needs, follow the steps provided and transfer some US dollars, other supported fiat currency or cryptocurrency for bitcoin.

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
Bank Wire
USD, EUR, GBP, JPY
BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO & 140+ more
Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Credit card
Debit card
PayPal
Wire transfer
Local Online Banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK, ZAR, JPY, SEK, CNH, TRY, RUB, HUF, MXN, PLN
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ
Disclaimer: Highly volatile investment product. Your capital is at risk. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Copy the trades of leading cryptocurrency investors on this unique social investment platform.
Cash
Credit card
Debit card
Bank transfer (SEPA)
USD, EUR
BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP
Buy coins like Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with credit card.
Cryptocurrency
-
BTC, XRP, BCH, ETH, NEB, XVG, TRX, NEBL, ETH, NEO & 140+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP, JPY, CAD, CHF
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, XMR & 15+ more
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
Express Polish Post Office 24/7
Wire transfer
GBP bank transfers
USD, EUR, PLN, GBP
BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 20+ more
This Polish-based exchange offers a variety of accessible payment methods, including Express Polish Post Office 24/7 service and Express DotPay.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Bank transfer (ACH)
Credit card
Bank transfer (SEPA)
Faster Payments Service
AUD, USD, EUR, RUB, GBP, DZD, AOA, SGD, KRW, CAD & 120+ more
BTC, BTG, BCH, LTC, DASH, ETH, XRP, ZEC & 3+ more
Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Cryptocurrency
-
BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 100+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Cryptocurrency
EUR, GBP
BIX, ETH, BTM, BTC, LBA, FSN, HPB, BOT, BTO, SXUT & 15+ more
Trade crypto to crypto with a choice of over 60 currencies on this global exchange based in China.

Compare up to 4 providers

How to get bitcoin without buying it

There are other ways to get bitcoin as well.

The following are the main ones:

  • Charge bitcoin for goods and services. You can request payment in bitcoin instead of PHP or USD.
  • Mine bitcoin. It’s now extremely hard for any individual to make money from mining bitcoin. However, if you’re still interested, learn more about bitcoin mining here.

How to trade in bitcoin and cryptocurrencies

If you’re interested in playing the market and getting more involved in cryptocurrencies, then the exchanges, rather than the brokers, might be where you want to be.

You’ll find brokers willing to buy bitcoin from you, but typically you’ll probably be able to find better prices by selling to other users on an exchange instead.

A full-feature exchange that lets you set limit orders and do more all round than simply trade at current market value can be exceptionally useful with an asset as volatile as bitcoin.

What’s the cheapest way to buy bitcoin?

The cheapest way is probably to charge bitcoin for goods or services, or receive bitcoin donations. But the most cost-effective way to buy bitcoin might be to purchase them from an exchange during a slump in the market.

What’s the quickest way to buy bitcoin?

The fastest way is probably to use a service like Coins.ph. It is a simple money app that will let you buy, sell, send and receive bitcoin. You can even use even if you don’t have a bank account.

What’s the easiest way to buy bitcoin?

The easiest way to buy bitcoin in the Philippines is probably to use a reliable and simple bitcoin broker service. Some will even let you pay cash over the counter in a bank, or at a Smart ATM. The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) has already approved two cryptocurrency exchange operators but has yet to release the names to the public.

Go to Coinbase's website

Learn more about the history of bitcoin, the technology behind it, and where it might go in the future.

How does bitcoin work?

For users, bitcoin works the same as any other currency. Just like using your credit card or making a transfer for an international transaction, using a bitcoin exchange allows you to send a certain currency digitally to someone else. Bitcoin.com gives each user a digital wallet to store, send and receive bitcoin.

The bitcoin network works by using a public ledger called the blockchain. This ledger contains all processed transactions and is used to check a transaction’s validity by using digital signatures.

The value of bitcoin is established much the same as any other currency, with the exact value depending on the number of people using bitcoin and the number of bitcoin in circulation. The value of bitcoin can also be affected by relatively small events, trades or business activities.

Historical rate chart of BTC and PHP

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Updated: 15 Dec 2019 22:02:13 UTC

Who uses bitcoin?

Although it’s a digital currency, a wide range of businesses who exist both online and offline use and accept bitcoin. Bitcoin can be used to make payments online and in physical stores and any user can make these payments as long as they have the recipient’s address. There is also no need for a merchant account to be set up in order to receive payments.

The table below outlines some other global platforms which facilitate the purchase, exchange and sale of bitcoin.

CoinbaseCoinMamaLocalBitcoins.comLuno
Buy bitcoin and other high market cap altcoins with PayPal, credit card and more.Buy bitcoin and Litecoin with your credit card, Western Union, Moneygram and more.An in-person trading service that trades bitcoin for cash.An exchange servicing parts of Asia and Europe (formerly BitX).
CEX.IO24changeXMLGoldVirwoX
Buy and sell bitcoin at competitive rates using credit card and more.An automated buy/sell bitcoin serviceAn exchange service that works with bitcoin and other digital currencies.Purchase bitcoin with PayPal and credit cards.
SpendBitcoins.comJustCoin.comPaxfulIndacoin
Uses over the counter transfers for bitcoin purchases.Bitcoin exchange based in Norway that supports euros, Litecoin and Ripple.Connect with bitcoin buyers and sellers through this peer-to-peer network.Use a credit/debit card to buy bitcoin and other cryptocurrencies without having to verify your identity.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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