How to Buy Bitcoin in the Philippines Using GCash: A Step-by-Step Guide

Why Buy Bitcoin in the Philippines Using GCash?

The Philippines has emerged as a hotspot for cryptocurrency adoption, with Bitcoin leading the charge. Thanks to platforms like GCash, purchasing Bitcoin has become faster and more accessible than ever. GCash, a leading mobile wallet in the country, allows users to buy Bitcoin securely without needing a traditional bank account. This guide walks you through the process, ensuring you can invest in Bitcoin confidently.

Prerequisites for Buying Bitcoin with GCash

Before you start, ensure you have the following:

1. A fully verified GCash account (upgraded to “Fully Verified” status).
2. A valid government-issued ID for KYC (Know Your Customer) verification on crypto exchanges.
3. A stable internet connection and a smartphone.

Best Platforms to Buy Bitcoin Using GCash

These crypto exchanges support GCash transactions:

• Coins.ph: A local platform offering instant Bitcoin purchases via GCash.
• PDAX: A Bangko Sentral ng Pilipinas (BSP)-regulated exchange with competitive fees.
• Binance: A global exchange that allows GCash deposits through third-party brokers.

How to Buy Bitcoin via Coins.ph Using GCash

1. Sign up for a Coins.ph account and complete KYC verification.
2. Navigate to “Fund” > “GCash” and enter the amount to deposit.
3. Confirm the transaction via GCash app notifications.
4. Go to “Buy Crypto,” select Bitcoin, and enter your desired investment amount.
5. Review and confirm the purchase.

Buying Bitcoin on PDAX with GCash

1. Register on PDAX and verify your identity.
2. Click “Fund” and choose GCash as the payment method.
3. Enter the PHP amount and approve the transaction via GCash.
4. Go to the BTC/PHP trading pair, enter the amount, and execute the trade.

Using Binance to Purchase Bitcoin via GCash

1. Create a Binance account and complete KYC.
2. Go to “Buy Crypto” > “Credit/Debit Card.”
3. Select PHP as the currency and choose GCash (via third-party partners like Advcash).
4. Follow the on-screen instructions to complete the deposit.
5. Buy Bitcoin using your deposited funds.

Safety Tips When Buying Bitcoin with GCash

• Enable two-factor authentication (2FA) on both GCash and your exchange accounts.
• Double-check wallet addresses before sending funds.
• Avoid public Wi-Fi for transactions.
• Start with small amounts to test the process.

FAQ: Buying Bitcoin in the Philippines via GCash

Is it legal to buy Bitcoin with GCash?

Yes. The BSP regulates crypto exchanges, making Bitcoin purchases legal and secure.

Are there fees for using GCash?

GCash deposits may incur minimal fees (e.g., 1-2%), depending on the exchange.

How long do transactions take?

GCash deposits are usually instant, but Bitcoin transfers can take 10-30 minutes.

Can I sell Bitcoin and withdraw to GCash?

Yes. Most exchanges allow withdrawals to GCash after selling Bitcoin.

What’s the minimum purchase amount?

This varies by platform. Coins.ph allows purchases as low as ₱100, while Binance requires at least ₱500.

Conclusion

Buying Bitcoin in the Philippines using GCash is a straightforward process with platforms like Coins.ph, PDAX, and Binance. Always prioritize security by using verified apps and enabling 2FA. Start with small investments to familiarize yourself with the market, and you’ll be trading Bitcoin like a pro in no time!