Top 6 Cryptocurrency Exchanges in the Philippines: Trading Digital Coins
Philippines is focused on the active development of DLT and crypto coins. Numerous startups are being established to strengthen the position of the technology in the country’s economy, and Philippines’ authorities work on the development of the regulatory framework.
More than that, in June, the Philippines’ Cagayan Economic Zone Authority (CEZA) has officially announced that it was ready to provide a license to 25 crypto exchanges in total. The companies would be allowed to legally operate in the Philippines and support the trading of digital coins in the country.
Then, according to the chief of CEZA, 10 of the exchanges have been chosen to be given the legal permission to operate. Later, in September, the 6th crypto exchange has already got licensed by the Philippines’ Central Bank. Let’s look what the best exchanges in the country are today.
Coins.pro is the first exchange of digital currencies in the Philippines. The platform belongs to Coins.ph – the most trusted digital wallet and provider of the other financial services.
The trading on Coins.pro is only available to Coins.ph’s users, therefore, it is necessary to get an account there as clients can use it to transfer funds from the app to Coins.pro. In order to do it, users should visit the “Pay Bills” section where the section “Exchange” appears. There, clients can choose to send PHP, BTC, ETH, BCH, LTC or XRP.
According to the exchange’s website, it aims at making digital currency trading cheap and fast, as well as at reducing the costs.
The Philippine Digital Asset Exchange (PDAX) is the platform that has recently received its VCE license from the The Bangko Sentral ng Pilipinas (BSP) in September 2018.
PDAX lets Filipinos trade crypto coins, utility tokens and other digital assets. For October 8th, it is possible to trade BTC, BCH, ETH, LTC and XRP with the national currency of the country – Philippine peso. The exchange plans to add two more coins for trading soon.
Withdrawing cash from the PDAX account is possible through major banks and payment centers at more than 10,000 outlets all over the Philippines.
The platform ensures that the prices remain competitive and assets are always available. Moreover, fees are based on how actively users trade and can be as low as 0.05% per transaction.
Apart from that, PDAX promises asset protection, account security and data privacy.
BuyBitcoin is the first BTC company established in the Philippines. In 2015, it has joined the group of Satoshi Citadel Industries (SCI) – a financial technology company building the Blockchain ecosystem in the Philippines.
Currently, BuyBitcoin is known as one of the fastest and most reliable BTC exchanges in the country.
Coinage is the first enterprise-grade order book BTC exchange platform in the country. It assures its users of sufficient reserves, as well as of safe and easy trading.
The company is headquartered in California, however, it only enables the PHP-BTC trading. According to the company’s website, the platform was created to assist Filipinos and everyone else in the world in trading peso.
Rebittance Inc., or Rebit, has become the second crypto exchange to be registered in the country. It is the subsidiary of Satoshi Citadel Industries (SCI), and it also offers international money transfers and bills payments.
Clients are able to make transactions with BTC, while it is being converted into cash and is sent to the recipient in a form of fiat money. The platform ensures zero fees and claims that it offers the best BTC-to-PHP payout rates in the Philippines.
ETranss has also received the Philippines BSP license (certificate of registration) for Virtual Currency Exchange (VCE). Currently, it is building a Licensed & Regulated ETranss Distributed Exchange (EDE) for Filipinos.
The goal of the platform is to make the cost of overseas remittance lower by using digital currencies.
Digital coins and blockchain technology will be discussed at the Blockchain & Bitcoin Conference Philippines.