How to Buy Bitcoin in the Philippines: A Complete Guide for 2023

Why Buy Bitcoin in the Philippines?

Bitcoin has gained significant traction in the Philippines as a digital asset for investment, remittances, and financial inclusion. Here’s why Filipinos are embracing BTC:

• Financial Inclusion: Over 70% of Filipinos lack access to traditional banking. Bitcoin offers an alternative for storing and transferring value.
• Remittances: Bitcoin enables faster, cheaper cross-border transfers compared to traditional services.
• Investment Growth: Many view Bitcoin as a high-potential asset amid rising adoption.
• Inflation Hedge: With the PHP losing value, Bitcoin’s limited supply attracts savers.

How to Buy Bitcoin in the Philippines: Step-by-Step

1. Choose a Platform: Select a licensed exchange like PDAX or Coins.ph.
2. Create an Account: Sign up with your email and phone number.
3. Verify Identity: Submit a valid ID and proof of address.
4. Deposit Funds: Use bank transfers, GCash, or Maya to add PHP.
5. Buy Bitcoin: Place an order at market or limit prices.
6. Secure Your BTC: Transfer coins to a private wallet for safety.

Best Platforms to Buy Bitcoin in the Philippines

• PDAX: BSP-regulated, supports PHP deposits, low fees (0.5% per trade).
• Coins.ph: User-friendly app, allows BTC purchases via GCash.
• Binance: Global exchange with P2P options and 0.1% trading fees.
• eToro: Offers crypto and stock trading, ideal for beginners.
• Abra: Supports 50+ cryptos and PHP deposits.

Popular Payment Methods to Buy Bitcoin

• Bank Transfers: Direct PHP deposits via BDO, BPI, or UnionBank.
• GCash/Maya: Instant top-ups for quick BTC purchases.
• Over-the-Counter (OTC): Platforms like BuyBitcoin.ph offer cash transactions.
• Credit/Debit Cards: Supported by Binance and eToro (higher fees).

Tips for Safe Bitcoin Transactions

• Verify platform licenses with the Bangko Sentral ng Pilipinas (BSP).
• Enable two-factor authentication (2FA) on accounts.
• Use hardware wallets (e.g., Ledger) for long-term storage.
• Avoid public Wi-Fi when accessing crypto accounts.
• Research market trends before investing.

FAQ About Buying Bitcoin in the Philippines

Is Bitcoin legal in the Philippines?

Yes. The BSP regulates crypto exchanges under Circular No. 944.

Are Bitcoin profits taxable?

Capital gains from BTC are subject to a 15% tax if held under 12 months.

What’s the minimum amount to buy Bitcoin?

Most platforms allow purchases as low as ₱100.

Can I convert Bitcoin to cash?

Yes. Sell BTC on exchanges or via P2P platforms like LocalBitcoins.

What are the risks?

Price volatility, hacking, and regulatory changes are key risks.

Final Thoughts: Buying Bitcoin in the Philippines is straightforward with regulated platforms and multiple payment options. Start small, prioritize security, and stay informed to navigate the crypto market confidently.