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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a ~6% fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
Wall of Coins is an escrow service that makes it easy to buy bitcoins with cash deposit in the US, UK, Canada, Argentina, Australia, Brazil, Canada, Germany, Latvia, Mexico, Poland, the Philippines, and Romania.
It offers low fees and is a very private way to purchase coins.
BuyBitcoin.ph's brokerage service is the easiest way to purchase bitcoins in the Philippines. The interface is very easy to use for first-time buyers. You can use cash or various online payment methods.
Prepaidbitcoin.ph is a unique Bitcoin service in the Philippines. They sell vouchers from 2 physical locations in Makati City, these vouchers can be redeemed online for bitcoins. Vouchers may also be boght online via Gamex.ph, using Smart or Sun mobile payments.
Make sure you have a Bitcoin wallet before you redeem a voucher, since you'll need an address to receive your bitcoins.
Coinage was the first Bitcoin exchange geared towards traders in the Philippines. You can fund your account via bank transfer or cash deposit.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.
When it comes to Bitcoin and cryptocurrencies, the Philippines is one of those countries that are looking to promote innovation and boost adoption by way of favorable regulations and technological advancements. Recent developments in the Philippines’ Bitcoin scenario clearly indicate that adoption of the digital currency is only going to get better with time.
Let’s take a closer look at what’s fostering Bitcoin adoption in the country and how you can go about buying and spending your digital tokens over there.
The Philippines’ central bank -- Bangko Sentral ng Pilipinas (BSP) -- requires virtual currency exchanges dealing in the likes of Bitcoin to register with it so that they can operate as a remittance and transfer company. Additionally, cryptocurrency exchanges in the country have to follow guidelines related to the maintenance of records and the submission requirements of the BSP.
In February 2019, the country announced some more regulations regarding crypto-assets dealing with the acquisition of cryptocurrencies like Bitcoin, including both utility and security tokens. The Cagayan Economic Zone Authority (CEZA) is the government-appointed regulator to look after the cryptocurrency space in the Philippines, and it aims to regulate the industry, promote innovation, and safeguard the interest of investors at the same time.
The new regulations, better known as the Digital Asset Token Offering (DATO) regulations, requires initial coin offerings (ICOs) in the country to provide clarity with respect to the issuer, the project, and expert certification. The ICOs will be listed on a special exchange that has been set up by the regulator, and the participants need to partner with accredited custodians and wallet providers.
According to Raul Lambino, the CEO of CEZA, “We aim to provide a clear set of rules and guidelines that will boost innovation while also ensuring proper compliance by actors in the ecosystem. We hope that these set of regulatory innovations will promote blockchain and crypto adoption by institutional investors and the financial system.”
In fact, the Far East country is in the process of constituting a financial technology economic zone. It has already provided licenses to 19 cryptocurrency exchanges to operate in the country, and is partnering with local financial technology companies and other stakeholders so that it can gain insights and keep track of the innovations taking place abroad. This clearly indicates the Philippines government’s favorable stance toward cryptocurrencies.
We have already seen that the Philippines’ regulatory authority has awarded licenses to several cryptocurrency exchanges. However, the exchanges differ from each other based on several criteria such as transaction fees, withdrawal limits, payment modes, verification requirements, reputation, and many others.
Choosing an exchange might be a difficult task, which is where our guide to Buy Bitcoin in the Philippines comes in handy. The guide gives potential Bitcoin buyers a bird’s eye view of the several cryptocurrency exchanges operating in the country, with special focus on the pros and cons of each. This makes it easier to choose an exchange based on your requirements.
However, certain exchanges require users to get a cryptocurrency wallet of their own where the Bitcoin purchased is stored. Also, it is advisable to get a separate wallet for security reasons. If you don’t have a Bitcoin wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to take your pick.
Another way to buy Bitcoin in the Philippines is through automated teller machines (ATMs). One of Philippines’ largest commercial banks – the Union Bank of the Philippines – recently launched the first cryptocurrency ATM in the country. The bank intends to make it easier for users to convert fiat currency into Bitcoin and other cryptocurrencies, and vice versa.
In fact, it is a two-way ATM that allows users to both buy and sell cryptocurrencies. The Union Bank has worked in tandem with the Philippines’ central bank to launch the crypto ATM. However, there’s only one Union Bank crypto ATM on offer now, though the bank intends to roll out more units based on demand.
What’s more, the Philippines is one of the most friendly countries when it comes to spending Bitcoin. In fact, it is practical to live on Bitcoin in the Philippines thanks to the Coins.ph mobile application, which allows users to buy or sell Bitcoin through physical bank locations, bank ATMs, convenience stores, and remittance outlets.
Using the Coins.ph application, Bitcoin users in the Philippines can easily meet their daily expenditures. Not surprisingly, the Philippines is touted as one of the most Bitcoin-friendly countries you can come across, and that won’t be changing in the future thanks to the government’s favorable stance toward cryptocurrencies.