TOP > Cryptocurrency > [Updated October 2019] Bitcoin OTC | Buy Bitcoin & Ethereum Over-the-Counter in the Philippines
November 4, 2019 Updated

There are remittance centers and money changers in the country that offer bitcoin and ethereum over-the-counter services. Find them out here.

Updated: October 2019

There are a number of ways to buy bitcoin in the Philippines. The most convenient way is to buy through Coins.ph or Bitbit.cash. Coins.ph allows buying bitcoin through 7-eleven while gCash and bank deposits are accepted at Bitbit.

Most recently, Coins.ph is testing a feature where select users can now buy and sell ethereum within its app.

While these methods are fast and convenient, some users might find better transaction fees by using other methods of purchasing bitcoin.

One method that we are going to talk about today is buying bitcoin OTC, or bitcoin over-the-counter.

bitcoin over-the-counter philippines ethereum otc

How to Buy Bitcoin Over-the-Counter in the Philippines

Bloom Solutions

If you want to purchase bitcoin over-the-counter, Bloom Solutions is a virtual currency exchange (VCE) licensee that powers numerous Bitcoin OTCs in the Philippines.

We will add more companies if there will be future ones who will provide cryptocurrency over-the-counter services.

Bloom-Powered Bitcoin OTC Locations

Site Locations Supported Cryptocurrencies
Palawan Pawnshop Bitcoin
 Czarina
  • Lower Ground Level, Uptown Mall, BGC
  • Unit 1412 Tower One & Exchange Plaza, Ayala Ave
  • Liberty Center, 104 San Agustin St. Salcedo Village, Makati
  • Picasso Residences, 119 L.P. Leviste Street, Salcedo Village, Makati City
  • Estancia, Meralco Ave, Pasig, 1605 Metro Manila
 Bitcoin, ethereum
DA5 Bitcoin

Moneybees.ph

Moneybees.ph, according to its profile, is the country’s first cryptocurrency over-the-counter service. At the moment they have paused their services to wait for their vce license from the Central Bank.

 

 

 

Bexpress

Bexpress is another Virtual Currency Exchange licensee that offers OTC service at their branch in Pasay.

Site Locations Supported Cryptocurrencies
Bexpress G/F UNIT 5 Aseana PowerStation Macapagal, Paranaque City Bitcoin, ethereum

How does it work?

A post on bitcointalk detailed the process of buying bitcoin or ethereum through these centers. The steps below are just a rough representation of how the transaction will work based on the post on bitcointalk.

  1. Specify the amount of bitcoin or ether that you wanted to buy.
  2. Pay the amount. You will get a receipt like this. This photo can be found on the bitcointalk thread.
  3. Present your bitcoin address (or ether wallet address).
  4. The salesperson will reconfirm with you the address, and then proceeds with the transaction
  5. The coins are sent to your address!

Note that the above is just a sample procedure based on this. The process might be a bit different when you try it firsthand.

How fast is the transaction?

The speed will depend on how fast your transaction is confirmed in the blockchain, just like how it is in Coins.ph and other sites. Always check out the current average bitcoin transaction time so you will have a good idea on how fast should the bitcoins turn up in your wallet address.

Is this Legit?

Bexpress is a licensed VCE, so as BloomSolutions.

While cashless payments are popular these days, the trip to a money changer or remittance center is still a familiar sight in the Philippines, what with the millions of OFWs we have. The process should be the same when you try to buy bitcoin or ether via OTC through these centers. Hopefully, more such centers appear in the Philippines, especially in cities outside the metro.

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