The Philippines offers a variety of secure and accessible methods for purchasing Bitcoin. As digital currency gains popularity, both newcomers and experienced users can choose from regulated exchanges, peer-to-peer platforms, Bitcoin ATMs, and specialized financial services. This guide covers the most practical ways to buy Bitcoin in the country, including step-by-step instructions, key platforms, and tips for safe transactions.
Licensed Cryptocurrency Exchanges
The Bangko Sentral ng Pilipinas (BSP) has regulated cryptocurrency service providers since 2017. Currently, 13 companies are licensed, ensuring they meet security and operational standards. These platforms provide reliable ways to buy, sell, and store cryptocurrencies like Bitcoin.
Popular BSP-registered exchanges include:
- Coins.ph
- PDAX
- Buybitcoin.ph (by Rebittance Inc.)
- Bloomx (by Bloomsolutions)
- VCHEX (Virtual Currency Philippines)
These platforms support Philippine peso (PHP) deposits and often allow transactions without a bank account.
Buying Bitcoin via Coins.ph
Coins.ph is one of the most widely used exchanges in the Philippines, with over 5 million users. It supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP).
Step 1: Create an Account
Sign up on the Coins.ph website or mobile app. The platform offers multiple account tiers:
- Level 1: Requires only an email and phone number but has a daily deposit limit of ₱2,000.
- Level 2: Allows higher transaction limits (up to ₱50,000 daily) after submitting ID verification.
Step 2: Fund Your Account
Deposit PHP through:
- Over-the-counter partners like 7-Eleven, Cebuana Lhuillier, or GCash.
- Bank transfers (e.g., UnionBank offers fee rebates for deposits).
- Funds are usually credited instantly at retail partners or within 24 hours via bank transfer.
Step 3: Purchase Bitcoin
Navigate to the “Buy” section, enter the amount in PHP, review the exchange rate, and confirm the transaction. Bitcoin will be deposited into your Coins.ph wallet.
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Using Buybitcoin.ph
Buybitcoin.ph, operated by Satoshi Citadel Industries (SCI), is another trusted platform.
- Register and complete KYC verification.
- Enter the amount of Bitcoin you wish to buy or the PHP value.
- Provide your external Bitcoin wallet address or scan a QR code.
- Choose a payment method: bank transfer, 7-Eleven, Cebuana, or DragonPay.
- Submit the order and await confirmation. Bitcoin is sent after payment clearance.
Bitcoin ATMs
Bitcoin ATMs offer a quick way to buy cryptocurrency with cash, though they are less common in the Philippines. Only two machines are currently operational, both located in Makati:
- Sunette Tower ATM: Available 24/7, supports Bitcoin and Litecoin purchases using PHP.
- UnionBank Ark Branch ATM: Requires a UnionBank account and crypto wallet. Operating hours align with the bank’s schedule.
Each ATM has unique transaction limits and fees. Check CoinATMRadar for real-time updates.
Peer-to-Peer (P2P) Marketplaces
P2P platforms connect buyers and sellers directly. Popular options include LocalBitcoins and Paxful.
- LocalBitcoins: Search for sellers accepting PHP via bank transfer, cash deposit, or online wallets. Review seller ratings and transaction history before trading.
- Paxful: Offers similar services, with over 10,000 Bitcoin trades reported in the Philippines.
⚠️ Caution: While P2P platforms are convenient, always verify seller credibility to avoid scams.
Using Abra for Bitcoin Purchases
Abra is a global app that allows Bitcoin purchases in the Philippines through multiple funding methods:
- CLIQQ Kiosks: Deposit cash at 7-Eleven or other ECPAY partner outlets.
- Abra Tellers: Find nearby agents for in-person cash transactions.
- Bank Transfer: UnionBank users can enroll Abra as a biller for direct deposits.
Once funded, use the “Exchange” feature to convert PHP to Bitcoin.
Frequently Asked Questions
Is Bitcoin legal in the Philippines?
Yes. The Bangko Sentral ng Pilipinas regulates cryptocurrency exchanges, ensuring compliance with financial laws.
What documents are needed to buy Bitcoin?
Most platforms require a valid ID, proof of address, and sometimes a selfie for KYC verification. Requirements vary by service.
How long does a Bitcoin transaction take?
Exchange purchases are often instant. Bank transfers may take 1–24 hours. P2P trades depend on seller responsiveness.
Are there transaction limits?
Yes. Limits depend on your account verification level. Basic accounts may have daily limits of ₱2,000–₱50,000.
What’s the safest way to buy Bitcoin?
Using BSP-licensed exchanges is recommended. For P2P trades, choose highly rated sellers and avoid deals that seem too good to be true.
Can I buy Bitcoin without a bank account?
Yes. Options like over-the-counter cash deposits, P2P trades, and Bitcoin ATMs do not require a bank account.
Conclusion
Buying Bitcoin in the Philippines is straightforward thanks to regulated exchanges, P2P marketplaces, and innovative services like Abra. Whether you prefer the convenience of online platforms or the anonymity of cash transactions, multiple secure options are available. Always prioritize platforms with BSP licensing and robust user reviews to ensure a safe experience.
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