TOP > Cryptocurrency > How to Sell Cryptocurrency / Altcoins in the Philippines
May 24, 2019 Updated

There are many ways to sell bitcoins in PH in exchange for Php. But altcoins? How do we sell it in exchange for bitcoin? How about in exchange for Php?



Crypto-enthusiasts usually hold (or hodl) their coins. Unless it’s a payment option, many choose to keep it, wait for the value to go up, and once in a while – sell.

But how do you sell your altcoins? In BitPinas, we have focused on buying bitcoins and altcoins in the majority of our articles. In this article, we will focus on the many ways you can sell your bitcoins, ether, or any altcoins you have.

Quick Exchange

This option is usually integrated with many cryptocurrency wallets, like Coins.ph or Bitbit. Note that these are mostly for bitcoins to PHP transactions.

Coins.ph

  • For Coins.ph, you simply click your BTC, ETH, or BCH wallet and then click Convert.

Bitbit.cash

Cex.io

  • At Cex.io, you can sell your bitcoins for a specific amount

Direct Quick Sell

Buybitcoin.ph

  • At buybitcoin.ph, you input the amount of bitcoin you want to sell and they will match it with a corresponding PHP price. Input your bank details before proceeding. For more instructions, follow the procedures here.

Abra

  • For Abra, you can cash out by transferring to a bank or Tambunting. Click “Withdraw” and the options will be there.
  • Check out Abra here.

Selling on Cryptocurrency Exchanges

Selling on a cryptocurrency exchange like Bittrex is a bit different. For one, you can set your own price at which you will sell your coins. Previous examples won’t let you do that and the prices are determined by Buybitcoin, Coins.ph, etc. If you want a better deal when selling your coins, then doing it at the cryptocurrency exchanges is the way to go.

*Note: With the exception of Quoinex, there is no other way to sell your altcoins for USD or PHP in other exchanges. Exchanges like Bittrex only allows you to sell your coins in exchange for Bitcoin or Ether. We have a local exchange for Bitcoin and PHP at Coinage.ph. Quoinex only allows altcoin to bitcoin and then bitcoin to PHP.

Update: We now have more local cryptocurrency exchanges! Check out the full list here.

However, it is a bit complicated. Expert traders will know how to perfectly time the selling of their coins or put an amount where they can profit more. In our article, we will look at selling at cryptocurrency exchanges based on the platform’s 3 preferred price points: 1) Last Price, 2) Bid Price, and 3) Ask Price. Let’s cover them quickly.

  1. Last Price – This is the last price that the coin is sold for in the cryptocurrency exchange.
  2. Bid Price – This is the price of the coin that the top buyer is currently offering to buy the altcoin
  3. Ask Price – This is the lowest offer that a seller is willing to sell their coin.

At Bittrex, you can see these set price points at the buy and sell boxes:

how to sell cryptocurrency philippines
You can choose to sell your coins at those offers.

Other ways to sell coins

If you want to exchange your bitcoin with Php, you are pretty much covered. But you’ll have a hard time doing that for altcoins. The same is true in other countries. In other parts of the world, people can also trade their USD for major altcoins such as ether and litecoin but not for other altcoins. Altcoins’ value is traded mostly against bitcoin. That’s why you can always exchange your altcoin with bitcoins and vice versa.

As an option, you can look at Cryptocurrency Facebook Groups in the Philippines and facilitate transactions with individuals in those groups. Just check out our tips here when you do decide to go with this route.

While we wait for a proper cryptocurrency exchange to arrive in the Philippines know that these options are now available for us:

  1. Buy bitcoin
  2. Buy Bitcoin with Credit Card
  3. Buy altcoins by transferring bitcoins to an exchange
  4. Sell bitcoin in exchange for PHP
  5. Sell bitcoin in exchange for altcoin
  6. Sell altcoin in exchange for BTC.

Useful Resources:

Notes and Disclaimer:

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  • Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!
  • Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.
  • Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.
  • This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.



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