Summary: Safeguarding Bitcoin and other cryptocurrencies in the Philippines has advanced significantly, with reliable exchanges functioning under the oversight of the Bangko Sentral ng Pilipinas (BSP). These platforms facilitate easy deposits of Philippine Peso (PHP) through bank transfers, local online payment systems, or credit card payments, thus enhancing the safe procurement of digital currencies.
Our team has pinpointed the top 5 digital currency exchanges in the Philippines, each providing intuitive interfaces, Tagalog language support, various PHP deposit options, a broad range of trading possibilities, and fair fee schedules.
- Trade over 1000 Cryptocurrencies with up to 100x leverage.
- Free and fast Philippine Peso (PHP) deposits via several methods.
- 20 million+ users in 160 countries globally including the Philippines.
Best Crypto Exchanges in the Philippines
Navigating through the myriad of cryptocurrency trading platforms can be daunting for newcomers. To assist in this process, our committed team has thoroughly reviewed prominent exchanges, identifying the top 5 suited for Filipino investors. We've conducted detailed analyses of each platform, highlighting their advantages and areas for improvement. Here's a summary of the five leading choices in the Philippines, providing crucial details needed for a successful investment experience.
1. Bybit
Bybit has earned the top spot as the best overall cryptocurrency exchange in the Philippines for several reasons. It offers a highly intuitive and multilingual interface, making it accessible for Filipino investors as they have access to 24/7 customer support in Tagalog. It also prioritizes security and transparency, deploying industry-leading safety features like cold storage and providing regularly updated proof of reserves, highlighting users' assets are held 1:1. The platform offers an impressive range of over 1000 cryptocurrencies and several trading options, including derivatives like perpetual futures contracts, plus options, spot and margin trading.
- Minimum Deposit: 570 PHP for first-time deposit.
- Supported Assets: 1000+ Cryptocurrency.
- Regulation: Registered in the Philippines.
- Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals in PHP are completely free of charge.
2. Kraken
When it comes to catering to the needs of institutional investors, Kraken excels with its comprehensive set of offerings. Known for its robust security measures, including end-to-end encryption and cold storage, the exchange gives Filipino investors the peace of mind they require. It supports various cryptocurrencies, trading pairs, and advanced trading options like futures and margin trading. Furthermore, it provides dedicated account managers and an OTC (Over-The-Counter) desk for large-volume trades, specifically tailored to meet the sophisticated requirements of institutional clients. The exchange is highly compliant with regulators in the Philippines.
- Minimum Deposit: 700 PHP for first time deposit.
- Supported Assets: 200+ Cryptocurrency.
- Regulation: Regulated in the Philippines.
- Fees: Costs include a 0.26% fee for spot trading and the maker/taker rebate is 0.02%/0.05%.
3. KuCoin
KuCoin is an ideal platform for those who prefer a non-KYC (Know Your Customer) trading experience. The exchange allows users to start trading without going through extensive identity verification processes yet still maintains good security through its insurance fund and encryption methods. It offers over 700 cryptocurrencies and trading pairs, including some less common tokens like altcoins unavailable on many other platforms. With its user-friendly design and competitive trading fees, KuCoin makes crypto trading accessible while respecting user privacy, making it the top choice for non-KYC trading in the Philippines. We recommend this platform for users who want to invest in digital assets without verifying their identity.
- Minimum Deposit: 1000 PHP for first-time deposit.
- Supported Assets: 700+ Cryptocurrency.
- Regulation: Not registered in the Philippines.
- Fees: Costs include a 0.1% fee for spot trading, 0.02% fee for maker orders, and 0.07% for taker orders on futures markets. Deposits and withdrawals in PHP vary depending on the payment method.
4. Binance
Binance holds the title for being the best platform for trading derivatives in the Philippines. Known for its expansive range of offerings, it provides multiple options like futures, options, and leveraged tokens. It is renowned for its liquidity, low fees, and robust trading tools, which include in-depth charts and a range of technical indicators. These features make it a haven for traders who wish to capitalize on derivative instruments. Moreover, Binance's educational resources and community engagement initiatives ensure traders are well-equipped with the knowledge they need to make informed decisions. It is the world's largest digital asset exchange with over 140 million users.
- Minimum Deposit: 1000 PHP for first-time deposit.
- Supported Assets: 350+ Cryptocurrency.
- Regulation: Registered in the Philippines.
- Fees: Costs include a 0.1% fee for spot markets, 0.02% for maker orders, and 0.06% fee for taker orders on futures markets. Deposit and withdrawal fees vary depending on the method.
5. Coins.ph
Coins.ph distinguishes itself as the best local cryptocurrency exchange as it’s designed to cater to the Filipino market. Its focus on local payment methods makes it unique, including options to fund accounts via convenience stores and bank transfers. It also plays an essential role in financial inclusion, offering services like mobile top-ups and bill payments directly through its platform. Its user-friendly interface is available in Tagalog, ensuring a seamless experience for local users. With its strong focus on customer service and community engagement, Coins.ph is a good option for Filipino crypto enthusiasts seeking a local service.
- Minimum Deposit: 800 PHP for first-time deposit.
- Supported Assets: 20+ Cryptocurrency.
- Regulation: Registered in the Philippines.
- Fees: Costs include a 2% fee for spot trading. PHP deposit and withdrawal fees vary depending on the method.
Is Cryptocurrency Regulated in the Philippines?
Yes, cryptocurrency is regulated in the Philippines under the oversight of the Bangko Sentral ng Pilipinas (BSP). This governing entity mandates that all virtual asset service providers, such as crypto exchanges and digital wallet platforms, must register and comply with Anti-Money Laundering (AML) regulations to operate within the country.
For VASPs located in the ASEAN region, they may operate through a registered branch in the Philippines. However, VASPs from outside of this region must establish a local subsidiary to meet these registration requirements. These regulations are part of the Philippines' broader efforts to ensure a safe environment for cryptocurrency transactions, outlined in the BSP Circular No. 944 of 2017 and further reinforced by a 2019 circular that expanded the framework for digital assets.
How to Buy Bitcoin in the Philippines
For Filipino investors looking to invest in cryptocurrency securely via a trusted exchange, we recommend Bybit. This platform facilitates swift PHP deposits through bank transfers, credit cards, debit cards, and local online payment gateways. It supports an array of digital currencies including Bitcoin, which can be traded on multiple markets with minimal investment fees.
To purchase, sell, and trade BTC, adhere to this easy guide:
- Create Account: Sign up on Bybit and complete the necessary verification steps.
- Deposit Peso: Go to 'Buy Crypto', choose your preferred deposit method, and select 'PHP' as your currency.
- Locate Asset: Select Bitcoin (BTC) as your preferred token and choose a suitable payment method.
- Execute Trade: Input your desired investment amount and click the ‘Buy’ button.
Filipino Tax Requirements
In the Philippines, the taxation aspects of cryptocurrency dealings have become a focal point with the growing relevance of digital assets. The Philippine Bureau of Internal Revenue (BIR) has issued guidelines that define the tax obligations for individuals and entities engaged in cryptocurrency transactions. For individual taxpayers, utilizing crypto for personal transactions does not attract VAT (Value Added Tax).
Nonetheless, when trading cryptocurrencies on a personal basis, capital gains tax is applicable. These capital gains are aggregated with your overall income and are taxed according to the prevailing personal income tax rates, which range from 0% to 35%, contingent on your income bracket. It's important to note that while capital losses can be used to counterbalance capital gains, they cannot be deducted from other varieties of income.
Final Thoughts
To summarize, the digital currency landscape in the Philippines is robust and diverse, with top exchanges like Bybit, Kraken, KuCoin, Binance, and Coins.ph providing secure, user-friendly platforms for Filipino investors. Each one offers unique features tailored to different investor needs, from Bybit's comprehensive service and multilingual support to Coins.ph's focus on the local market. With the Bangko Sentral ng Pilipinas overseeing the regulatory framework, investors can engage in cryptocurrency transactions with confidence.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
