TOP > Cryptocurrency > How to Buy and Sell Bitcoins Using Coins.ph
October 10, 2019 Updated

Coins.ph allows you to top of your e-wallet to buy and sell Bitcoin. Read our guide to learn more about the platform’s advantages and disadvantages.

(Updated October 2019) There are many ways to get Bitcoin. You can either mine or buy Bitcoins. But how can you buy Bitcoins in the Philippines? In this article, we will discuss using Coins.ph.

Overview

While there’s an extensive list of places you can buy Bitcoin online, we in the Philippines have the option to top up cash to popular crypto wallets like Coins.ph, which is where we can convert pesos to Bitcoin.

One such website where you can buy and sell Bitcoins is BSP-accredited Coins.ph. Using their site, it is easy for you to convert your pesos into Bitcoin (and vice versa). What’s more, you do not need a bank account or credit card to do so. And while banks do not often allow you to deposit during Saturdays and Sundays, with Coins.ph, you can buy Bitcoin on weekends!

Note that you can also buy and sell cryptocurrency like Bitcoin cash and ethereum as well on this platform.

coins.ph

How to Buy Bitcoins using Coins.ph

  1. Sign up here.
    1. Don’t forget to link your mobile number. You will need it.
  2. Top up your account.
    1. Go to 7-Eleven’s Cliq Kiosk and specify the amount you want to put on your Coin.ph wallet.
    2. Pay the amount to the counter.
    3. The money should then be reflected to your wallet within minutes (sometimes immediately).
  3. Go to the Coins.ph app (or Coins.ph website).
  4. Use the convert button to turn the peso amount into Bitcoins.

That’s it!

How to Sell Bitcoins using Coins.ph

  1. Click your Bitcoin wallet.
  2. Click “Convert”.
  3. Specify the amount in Pesos that you want to be converted from BTC.

Advantages of using Coins.ph

  1. Cash in using 7-eleven. 7-eleven has thousands of stores in Metro Manila and all over the Philippines. There are other cash-in options available
  2. Easy quick conversion tool within the app.
  3. Coins.ph is recognized by the Bangko Sentral ng Pilipinas. This means the business is legally authorized to operate.
    1. Also because of this, you can safely link your bank account so that you can immediately buy Bitcoins with BPI, Union Bank, and Security Bank.
    2. It has VC license and e-money license, allowing it to legally convert Bitcoin to other digital currencies. It also offers financial services such as payment of bills, mobile load, etc.

Disadvantages of Coins.ph

  1. There’s a minimal convenience fee. However, this is still low compared to trying to buy Bitcoins on foreign Bitcoin exchanges.
  2. Needs KYC (Know your Customer). This means Coins identify who you are and asked about your income source. Some people may think this is too sensitive to share, and it really is. But Coins also need to make sure its service is not used by people who want to engage in dubious transactions, which might also affect other customers.
  3. Users complain that their buy and sell rates are widely spread out. i.e. the purchase price of 1 bitcoin is always points above the ongoing global rate found in Coinmarketcap.

With Bitcoin as both private and transparent, some people might not be comfortable with Coins.ph asking for their users to be KYC’d. However, this is something that the BSP instructed Bitcoin services in the Philippines to do. More about this on the next topic:

Coins.ph Cash In and Cash Out Limits and Verifications

Coins Cash In Fees

Cash In 
Payment Method Fees
7-Eleven 7-Connect
P100 – free
P101 – P20,000: 2% of the deposit
7-Eleven CLiQQ Kiosk
P100 – P20,000: 2% of the deposit
Bayad Center
P50 – P100: free
P101 – P50,000: 2% of the deposit
BPI (via Dragonpay)
P15 – P1000: P10 fee
P1,001 – P4,000: fee of 1% of deposit
Above P4,000: P40 fee
Cebuana
P100 and above: 2% of the deposit
Chinabank (via Dragonpay)
P15 – P1000: P10 fee
P1,001 – P4,000: fee of 1% of deposit
Above P4,000: P40 fee
eTap 3% of the deposit
Globe GCash
P15 – P1000: P 10 fee
P1,001 – P2,500: fee of 1% of deposit
M Lhuillier ePay
P15 – P1000: 5% M Lhuillier fee + P10 Coins.ph fee
P1,001 – P4,000: P50 M Lhuillier fee + 1% Coins.ph fee
Above P4,000: P50 M Lhuillier fee + P40 Coins.ph fee
Palawan Express Pera Padala P1 – P500: P20 fee
P501 – P5,000: P30 fee
P5,001 – P50,000: P40 fee
Perahub 2% of the deposit
Robinsons Business Center
P15 – P1000: P10 fee
P1,001 – P4,000: fee of 1% of deposit
Above P4,000: P40 fee
SM Bills Payment Center
P50 – P1000: P10 fee
P1,001 – P4,000: fee of 1% of deposit
Above P4,000: P40 fee
TouchPay
P100 – P20,000: 2% of the deposit
UnionBank of the Philippines
FREE – 100% FEE REBATE
P15 – P1000: P10 fee
P1,001 – P4,000: fee of 1% of deposit
Above P4,000: P40 fee
Western Union
P2,000 and below: Free for domestic cash ins in the Philippines

Coins.ph Cash Out Fees

Cash Out 
Method Payout Fee
Bank
Free for branch of accounts within Metro Manila
BDO Cash Card
PHP 15.00 for PHP 100 up to PHP 25,000
Globe GCash 2% of the cash out amount
LBC Instant Peso Padala
Minimum of PHP 60.00 (rates are calculated based on the cash out amount)
LBC Pesopak (door-to-door delivery)
Minimum of PHP 35.00 (rates are calculated based on the cash out amount)
M Lhuillier Kwarta Padala 1% of the cash out amount
Palawan Express Pera Padala
Minimum of PHP 3.00 (rates are calculated based on the cash out amount)
RCBC MyWallet PHP 20.00
Security Bank eGiveCash Free

Cash in limits based on account verification level:

Verification Level Description Daily Cash In Limit (PHP) Monthly Cash In Limit (PHP) Annual Cash In Limit (PHP)
1 Email/phone verified 2,000 50,000 50,000
2 ID and selfie verified 50,000 100,000 400,000
3 Address verified 400,000 400,000 Unlimited
4 Custom verified Custom Up to 5,000,000 Custom

Cash out limits based on account verification level:

Verification Level Description Daily Cash Out Limit (PHP) Monthly Cash Out Limit (PHP) Annual Cash Out Limit (PHP)
1 Email/phone verified 0 0 0
2 ID and selfie verified 50,000 250,000 400,000
3 Address verified 400,000 Unlimited Unlimited
4 Custom verified Custom Up to 5,000,000 Custom

Verification per Level

  • Level 1 – Valid Email Address and Phone Verification
  • Level 2 – ID and Selfie Verification
  • Level 3 – Address Verification

What you can do with your Bitcoins at Coins.ph

With your Bitcoins tucked at Coins, you can do either of the following

  1. Save and wait for the Bitcoin value to grow against fiat currency
  2. Send Bitcoin to other Bitcoin addresses
  3. Purchase Bitcoin and use it to buy from websites and shopping sites that accept it
  4. Convert it back to Peso on a favorable BTC to Peso exchange rate.
  5. Now, you can also buy, sell, trade, and convert your Bitcoin to PHP, Ether, XRP, and Bitcoin Cash.

Overall

Having an account in Coins.ph is one of the most simple ways to start engaging in Bitcoin transactions in the Philippines. With their verification system and approval from the BSP, there is safety guarantee for everyone who wants to use the service for dealing with Bitcoins and cryptocurrencies like ethereum and Bitcoin cash. While Coins used to have a debit card in the past, you can still pay your bills within the app.

Do you have a Coins.ph account? Do you have questions about it? Or do you use other Bitcoin services? Let us know in the comments below!

More Information about Coins.ph:

  • phone number 02 692-2829 available from 10am – 6pm, Mondays to Fridays
  • You can email help@coins.ph for support and assistance.

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