5 Top Crypto Exchanges In The Philippines

What Are the Top 5 Crypto Exchanges in the Philippines?

Crypto adoption rate is on the rise in the Philippines, with 10% of Filipinos holding at least one crypto asset. Here is a list of five of the top centralized crypto exchanges that you can use in the Philippines, and sorted by monthly visits based on Similarweb data: Binance, Coins.ph, Bybit, KuCoin, and PDAX.

Key Takeaways

• Philipines ranks 6th in Chainalysis’s 2023 crypto adoption index. In 2023, P2P trading volume in the region jumped by 40%.

• The nation has remained a crypto-friendly region, with over 10% of Filipinos holding at least one crypto asset. 

• Filipino crypto investors moved over $1.5 worth of crypto assets between 2019 and 2020 and executed over 7.2 million transactions during this time period.

According to Chainalysis’ 2023 crypto adoption index report, the Philippines ranks 6th in the worldwide ranking, outpacing countries like the United Kingdom and China. Philippine cryptocurrency investors are the 7th biggest users of decentralized financial services and the region saw 40% growth in P2P trading volume of BTC in 2022. 

State of Crypto in the Philippines

At least one out of every 10 Filipinos own a crypto asset, with a Coindesk report claiming a 16% penetration of crypto and blockchain technology in the region. Based on data from Statista, the average crypto revenue per Filipo crypto investor was $9.60 in 2023, and is projected to grow to $11.80 by 2028.

The rise of interest in crypto in the Philippines coincides with a reported increase in inflation and suggests that Filipinos resort to crypto assets as a hedge against inflation. Based on a study by Statista, the most popular crypto assets in the Philippines include Bitcoin (known by about 93% of respondents), Ethereum, and stablecoins (Binance USD), this is according to data provided by Statista.

Beyond blue chips, there is also an interest in low-cap altcoins, memecoins, and gamefi, with trending searches on CoinGecko including Baby Grok, Innova DeFi, Solidus Ai Tech, BERRY, Smooth Love Potion (SLP) at the time of writing. 

Crypto assets are not recognized as legal tender, but they are legal in the Philippines. The laws on digital assets mandate institutions to adopt an effective KYC policy for customers and to cooperate with national agencies in mitigating money-laundering attempts and investigating cases, especially where it concerns crypto assets. Capital gains taxes on crypto income are as high as 15% in the Philippines, with most trading activities taking place on centralized and decentralized exchanges.

Now, let’s take a look at some of the top crypto exchanges in the Philippines

Binance – Biggest Centralized Crypto Exchange

Binance is the largest cryptocurrency exchange by daily trading volume. It offers crypto trading services for investors in several Asian countries including the Philippines. Most financial services on the platform are available to Filipino investors, however, the Peso (PHP) isn’t supported for routine spot trading as with other fiat currencies like USD, EUR, and NGN. However, investors from this region can enjoy a wide range of services on the platform. The P2P trading platform is available for trading crypto assets and the Peso.

Fiat Deposit Methods and Minimum Deposit

Filipinos can purchase cryptocurrencies directly from their bank via on-ramp services provided by Binance. Direct deposits can also be made through online banking channels and the Transfi wallet.

Trading and Other Fees

A general maker and taker fee applies to spot trading on Binance. This is about 0.1% of the traded amount; lower fees apply when trading fees are paid in BNB. According to a recent announcement, Binance now applies a taker fee for P2P trades involving the Philippine Peso (PHP). Fiat deposit for PHP on Binance is subject to a fee of about 1.8%, although crypto deposits are free of charge. Fees for crypto withdrawals are relative to the asset and presiding network conditions. See a detailed fee structure for available fiat deposit channels on Binance.

Customer Support Channels

Binance has a dedicated Telegram community for Filipino crypto investors. Admins in the general communities are also available to attend to user issues. Users can also create support tickets using the customer support facility available on the official website. 24/7 automated customer support services are also available. Other customer support channels include X (Twitter).

Safety and Security

Binance offers user fund safety and shares Proof of Reserves documentation that proves custody of user assets. Binance also has a SAFU fund to safeguard users in the event of emergencies.

However, in spite of Binance’s popularity in the Philippines, regulators in the country have issued an advisory to the cryptocurrency exchange on November 29 2023 for operating without a license, where a ban on Binance would come into effect three months after the advisory was issued. 

As an investor, do your own research on the regulatory status of Binance before depositing funds with the exchange.

KYC Requirements

In order to use Binance, users must pass KYC verification before they can use the platform, where they have to submit personal information and documentation.

Additional Features

Passive income programs on Binance include asset staking and lending services. Binance also offers other trading programs like derivatives (futures and perpetuals). 

Coins.ph – Crypto Trading and Bill Payment Platform for Filipino Investors

Coins.ph was founded in 2014 and hopes to ‘provide easy access to digital assets to people all over the Philippines. According to information on the platform, over 16 million Filipino investors have registered an account on the platform and over 7 million people use the platform every month. Coins.ph allows Filipinos to purchase crypto assets using Pesos. Each supported asset is paired with the PHP. Coins.ph is primarily a spot exchange for crypto assets, including Bitcoin, Ethereum, Small Love Portion (SLP), stablecoins, and several other cryptocurrencies.

Fiat Deposit Methods and Minimum Deposit

Fiat deposits on the platform are available via several channels. Investors can deposit PHP into their Coins.ph accounts via bank transfers, online banking systems (E-wallet), over-the-counter (OTC) operators, and remittance centers. Cash in operations is available for most banks in the nation, while supported remittance centers include Remitly, WorldRemit, Ria, PeraHub, and others. See a detailed list of available cash-in channels for Coins.ph.

Trading and Other Fees

Coins.ph charges maker and taker fees for regular trading on the platform. Trading fees are relative to the amount transacted, from available information, lesser fees are charged for higher-value trades. In general, trading fees range from 0.3% to 0.05%. Fiat deposit fees vary depending on the channel used. Fees could be as high as 2% of the deposited amount, however, some channels (like InstaPay channels) charge no fees for deposits. Peso.net channels charge no fees for withdrawals, other channels charge as little as PHP15 and as high as 1.6% of the amount involved. Crypto deposits are free of charge but withdrawal fees are subject to the selected blockchain network and presiding network conditions.

Customer Support Channels

Customers can reach out to the support team by creating complaint tickets on the support center. The project also runs a discord channel where users can contact support around issues they face. Users can also reach out to the Coins.ph through social networks where the project is active, this includes TikTok and Instagram.

Safety and Security

Coins.ph is regulated in the Philippines as a licensed virtual currency exchange, electronic money issuer, and remittance and transfer agent. However, Proof of Reserves data is not available for Coins.ph.

KYC Requirements

KYC verification is compulsory for Coins.ph users. Every user must provide the required documents for each verification level before they are able to enjoy the privileges for the concerned level. At least a Level 2 KYC verification, which requires ID and selfie verification, is required to make withdrawals.

Additional Features

In addition to the spot trading service for crypto assets, Coins.ph offers bill payment services for users. The bill payment service allows users to pay over 120 bills from their phone and also purchase load (airtime) for their mobile networks.

Bybit – Centralized Crypto Trading Platform With One-Click Buy

Bybit is a centralized cryptocurrency trading platform that supports spot and P2P trading and is available in over 100 countries including the Philippines. While the Philippine Peso is not supported for spot and derivatives trading on the platform, users can on-ramp with Bybit’s One-Click Buy feature, where crypto can be purchased through bank transfers, credit cards, P2P, or third-party applications.

Fiat Deposit Methods and Minimum Deposit

Fiat deposit for the Philippine Peso is not available on Bybit. Filipino investors can purchase crypto with fiat using the One-Click Buy feature on the platform, third-party applications or via P2P trading. Do note that there are different charges for different payment methods. At time of writing, the cheapest option is to purchase crypto through bank transfer where applicable.

Trading and Other Fees

As in the case of other exchanges, maker and taker fees apply to spot trades on Bybit. On Bybit, P2P trades are free of charge. Crypto deposits are free of charge as well, and withdrawal fees for crypto depend on the asset and associated network. 

Note that fiat deposit and withdrawal are not available for the Philippine Peso.

Customer Support Channels

There are dedicated social media channels for Filipino Bybit users, although it is not certain if these channels are run by the project team. Regardless, users could gain insights from these channels, although caution is advised while using them. Official customer support channels are also available. Users can create complaint tickets on the platform or use the 24/7 automated customer support services for quick response. The customer support team is also available on the official Telegram communities and social media like X, Instagram, and Facebook. 

Safety and Security

Proof of Reserves data for Bybit is accessible, where users can verify that Bybit has a 1:1 reserve on all user assets on the platform. In addition, the platform claims that user funds are stored securely offline in cold wallets that are further protected from unauthorized access through advanced multi-signature schemes.

KYC Requirements

Like other users, Filipino investors must verify their identity by submitting personal information before they can use Bybit. Bybit delineated KYC verification levels with varying privileges for each level, where the main differences lie in withdrawal limits and access to the Bybit card (although at time of writing, the Bybit card is only available to users in eligible EEA countries and the UK).

Additional Features

Bybit offers other services like crypto lending and staking services, where users can generate additional income by staking or lending their crypto assets. 

KuCoin – P2P Trading Service for Crypto Assets

KuCoin is a cryptocurrency exchange that is available in over 180 countries including the Philippines. KuCoin offers spot and P2P trading services for Filipino cryptocurrency investors. PHP is not available for spot trading on the platform; however, PHP can be traded against stablecoins, Bitcoin, and Ethereum on the P2P trading platform. 

Fiat Deposit Methods and Minimum Deposit

PHP isn’t supported for trading on KuCoin. However, Filipino users can purchase crypto directly by going through a third-party finance institution, where charges depend on the provider. Filipinos can also purchase crypto using the Philippine Peso on the KuCoin P2P trading platform. 

Trading and Other Fees

KuCoin charges a maximum maker and taker fee of 0.1% for spot and derivatives trading. Trading fees can vary due to the amount traded, or the amount of KCS held by the account. There are no fees for P2P trades, but fiat withdrawal is unavailable for the Peso. As for crypto withdrawals, these are charged according to the asset and network selected for the withdrawal.

Customer Support Channels

Filipino KuCoin users can reach out to the customer support team via online tickets. They can also contact the support team on any of the project's social media profiles and communities. A 24/7 automated customer support bot is also available for quick response.

Safety and Security

Proof of Reserves data for KuCoin is available. The platform claims to offer true custody of users’ funds and adds an extra layer of security by splitting users’ funds across multiple hot and cold wallets. 

KYC Requirements

As with investors from other regions, Filipino investors must complete basic KYC verification before they can use any service on the KuCoin platform. The KYC process involves the provision of personal information and documents, where higher verification levels offer higher withdrawal limits and more platform features.

Additional Features

KuCoin offers passive income opportunities through staking programs and incentivized promotional programs. There is also an IEO platform accessible to investors from this region who wish to invest in newly launched projects. Other services on the platform include crypto lending services, and derivatives trading (futures and perpetuals).

PDAX – Trade Cryptocurrencies With PHP

PDAX claims to be a partner firm of the Union Bank of the Philippines. It is one of the several cryptocurrency exchanges approved by the Philippines government. PDAX offers spot crypto trading with each asset paired with the Peso (PHP). Assets supported on the platform include LiteCoin, Bitcoin, XRP, Ethereum, and others. The fiat pair system allows Filipino investors to purchase crypto in their native currency. This is in line with the platform’s goal of bringing digital assets to Filipinos. PDAX claims that users can purchase crypto assets with a capital as low as PHP200.

Fiat Deposit Methods and Minimum Deposit

Several fiat deposit channels are available to PDAX users. This facilitates the deposit of PHP to the platform. The PDAX cash-in system supports deposits via online banks, E-wallets, and over-the-counter deposits. Supported online banks on the platform include InstaPay, Metro Bank, Land Bank and Union Banks, E-wallet deposit channels include G-cash, GrabPay, and Maya. Users can also deposit funds via OTC channels like Land Bank and ChinaBank.

Trading and Other Fees

PDAX charges fees for routine trading, fiat deposits, and crypto withdrawals. While this is prone to changes, reported trading fees on the platform are up to 0.5% of the traded amount. Crypto deposits are free of charge, although crypto withdrawal fees depend on the asset and the current network conditions. Fees charged for fiat deposits and withdrawals are not fixed and could vary depending on the financial service provider. See detailed fees for crypto withdrawals and transaction limits for available fiat deposit channels.

Customer Support Channels

PDAX operates a 24/7 automated customer support system on the platform. Users can also reach out to the customer service team directly through support tickets which can be created on the platform. Users can also reach out to the customer support team on the project’s Telegram and social media channels.

Safety and Security

PDAX claims that users’ funds on the channel are secure, as they have an insurance-backed audited wallet solution. PDAX is also a regulated and licensed virtual currency exchange in the Philippines. However, do note that as of time of writing, Proof of Reserves documentation for the exchange is not available. 

KYC Requirements

Users must complete a basic KYC verification level before they can use any of the services offered by PDAX. Level one KYC verification allows users to transact a maximum of PHP20 million per annum. The premium KYC level allows up to PHP50 million annual transactions on the platform.

Additional Features

Additional services on PDAX include Scholar Pay, a special service for the Filipino GameFi community. PDAX claims that this feature allows guilds on Axie Infinity to payout to their Scholars. Also, it runs Mintoo – an NFT facility exclusive to Filipino NFT brands that allows Filipino NFT enthusiasts to trade digital collectibles. Other available features include the PDAX Prime, the highest PDAX account tier which has no explicit limits on withdrawals and deposits. 

Summary Table of Exchanges in the Philippines

See a comprehensive summary of the featured exchanges

Final Thoughts

This article reflects on the state of cryptocurrency in the Philippines and explores some of the most popular financial institutions that offer crypto-related services. It is important to note that the list presented is not exhaustive of the available platforms for trading cryptocurrencies in the Philippines.

However, while exploring centralized exchanges available in the Philippines, investors are advised to enquire about the security provisions and the general reputation of these platforms. As general advice, understand how each institution operates and what it means for you as an investor, and note that crypto investments are volatile, and risk-management measures are advised. 

Also, note that this article only educates readers on the available crypto institutions in the Philippines and is not meant to be considered financial advice. Always do your own research before choosing a centralized exchange.

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Joel Agbo

Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. Follow the author on Twitter @agboifesinachi