Bitcoin offers numerous advantages, and one of the standout benefits is its ability to facilitate cross-border payments. If you’re in the Philippines and interested in buying Bitcoin, this article is tailored just for you.
In the Philippines, getting your hands on Bitcoin is easy and simple. Yet, before you jump in, there are a couple of things you need to have in place. These basics will help make sure your experience with buying Bitcoin goes smoothly. Although the process itself is straightforward, having these essentials ready will make everything stress free for you.
Having a Bitcoin wallet is an important step when it comes to buying Bitcoin. Think of it as your digital wallet specifically designed to store your Bitcoin. Just like a real wallet holds your cash, a Bitcoin wallet keeps your digital currency safe. It’s where you’ll receive and send your Bitcoins. Without a Bitcoin wallet, you won’t have a place to keep your purchased Bitcoins.
Registering on a cryptocurrency exchange can simplify the process of buying Bitcoin. Think of a cryptocurrency exchange as a digital marketplace where you can trade your local currency for Bitcoin. By creating an account on one of these exchanges, you gain access to a platform that connects buyers and sellers of Bitcoin. It’s like having a bridge between your local currency and the world of digital currency.
Here’s a general guide on how to buy Bitcoin in the Philippines:
- Get a Bitcoin Wallet: Before anything else, you’ll need a Bitcoin wallet. Popular ones are Trust Wallet, Exodus, and Coinbase.
- Choose a Crypto Exchange: Register on a reputable cryptocurrency exchange. This platform acts as a marketplace where you can buy, sell, and trade Bitcoin. Among the popular cryptocurrency exchanges in the Philippines are Coins.ph, PDAX and Binance.
- Verify Your Identity: Most exchanges require identity verification for security reasons. This often involves providing some personal information and documentation.
- Deposit Funds: Once verified, deposit your local currency into your exchange account. This will be the money you use to buy Bitcoin.
- Place an Order: On the exchange, you can place an order to buy a specific amount of Bitcoin at the current market price.
- Confirm Purchase: After your order is executed, you’ll see the Bitcoin in your exchange account. You can leave it there or transfer it to your Bitcoin wallet for added security.
Buying Bitcoin involves market risks, so it’s a good idea to do some research and start with a small investment if you’re new to it. As you become more comfortable, you can explore more advanced strategies.
Is Binance Legal in Philippines?
Binance is legal and operational in the Philippines. As one of the prominent cryptocurrency exchanges in the world, Binance complies with the necessary regulations to offer its services in the country. This means that people in the Philippines can confidently use Binance to trade and invest in various cryptocurrencies while adhering to the legal framework in place.
As with any financial platform, it’s advisable to stay informed about any updates in regulations and ensure compliance while engaging in cryptocurrency activities.
Is Coinbase Available in the Philippines?
Coinbase is accessible in the Philippines. As a renowned crypto exchange platform, Coinbase extends its services to users in the country, allowing them to buy, sell, and manage a variety of cryptocurrencies.
This availability provides Filipinos with a user-friendly platform to engage in cryptocurrency transactions, making it easier to be a part of the digital financial landscape.
Bitcoin ATM location in Philippines
Bitcoin ATMs can be found in various locations across the Philippines, offering a way to buy and sell Bitcoin. These ATMs function similarly to traditional ATMs but allow users to exchange cash for Bitcoin and vice versa. With the growing interest in cryptocurrencies, these Bitcoin ATMs provide an option for Filipinos to enter the digital currency market.
Here are two Bitcoin ATM locations as displayed on Coinatmradar website:
- The Bitcoin ATM situated at Sunette Tower is close to P Burgos Street and Makati Avenue. According to Coinatmradar, this ATM operates 24/7 and allows Filipinos buy or sell Bitcoin or Litecoin using Philippine Peso (PHP).
- Another Bitcoin ATM can be found at Unionbank’s Ark Makati branch.
How to Sell Crypto for Naira
You can find many platforms that let you sell cryptocurrencies for Naira. If someone from the Philippines sent you Bitcoin, you can easily exchange it for cash. These platforms make the process simple, helping you turn digital money into real money without any trouble.
If you’re looking to sell cryptocurrencies for Naira, Dart Africa can make the process stress-free. To sell your cryptocurrency on Dart Africa, follow these steps:
- Visit dartafrica.io
- Sign up and complete the registration process to create your account.
- Upon login, you will be prompted to create a 4-digit PIN. This PIN will be used to authenticate your transactions.
- Once you’re on your account dashboard, look for the “sell coin” button. Here, you can select the type of coin you want to trade and the amount in dollars. The rate calculator will then convert this value to Naira.
- After clicking on “sell coin now,” the system will provide you with a wallet address. This is where you’ll send your cryptocurrency.
- Send the specified amount of crypto to the provided wallet address. Your account will be credited based on the crypto amount you send.
- Within minutes of verifying the cryptocurrency transaction, your account will be credited. Keep in mind that the time taken to complete crypto transactions can vary since it depends on the blockchain.
These platforms offer distinct advantages when it comes to trading cryptocurrencies. Taking the time to explore each platform’s features will help you choose the one that aligns best with your interest.