How to Sell Cryptocurrency / Altcoins in the Philippines
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.
This option is usually integrated with many cryptocurrency wallets, like Coins.ph or Bitbit. Note that these are mostly for bitcoins to PHP transactions.
- For Coins.ph, you simply click your BTC, ETH, or BCH wallet and then click Convert.
- For Bitbit.cash, press “Click to Convert BTC Balance” to convert your BTC back to PHP (Update, withdrawals to Peso are suspended for now.)
- At Cex.io, you can sell your bitcoins for a specific amount
Direct Quick Sell
- 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.
- 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.
- Last Price – This is the last price that the coin is sold for in the cryptocurrency exchange.
- Bid Price – This is the price of the coin that the top buyer is currently offering to buy the altcoin
- 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:
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: