Crypto Exchanges in the Philippines

For some of you who don’t know, one of the biggest crypto exchange platforms has been outlawed or limited by authorities or the government. One such is Binance, one of the biggest and most well-known cryptocurrency exchanges worldwide, which was recently banned in the Philippines in 2022 for claimed Securities Regulation Code breaches.

What then are the top 8 crypto exchanges in the Philippines that may substitute for Binance? Moreover, in the Philippines, how can one legally and securely acquire, sell, and exchange cryptocurrencies?

Excluding Binance as it is prohibited, this blog article will go over some of the finest crypto exchanges in the Philippines.

MEXC

Our first pick among the finest crypto exchanges available in the Philippines is MEXC. It was founded in 2018 and has built a reputation for its high-performance trading engine, with million transactions per second and an impressive number of supported cryptocurrencies. Additionally, the exchange supports over 2,245 cryptocurrencies along with a ton of more niche altcoins. It is also known for frequently listing new projects and giving early access to upcoming tokens.

MEXC offers more than just basic spot trading. You can also access features like margin trading, derivatives, staking, and a launchpad for new projects. This gives Filipino traders plenty of ways to explore the crypto world.

MEXC’s fee structure is also reasonable compared to other exchanges. Their spot maker/taker fees usually hover around 0.1%. Thus, you will only pay 0% maker and 0.02% taker for futures trading.

Furthermore, MEXC is highly secure, employing features like 2FA, address whitelisting, exchange solvency data (PoR data), etc. It also has 24/7 live customer support that can be reached via email, sms, or social media.

Finally, MEXC offers P2P, credit card, or bank transfer based PHP deposits and withdrawals. Funding your account may also come from other fiat currencies or stablecoins.

Pros of MEXC

• Charges competitive fees for trading transactions
• Provides a secure and reliable trading platform
• Offers prompt and helpful customer support

Cons of MEXC

• Some users may find the advanced charting tools complex
• In some regions, regulatory restrictions may limit the availability of certain assets.

OKX

For Filipino crypto traders, another excellent choice is OKX, particularly those drawn in Web 3 and DeFi compatibility. Well-known as a top worldwide bitcoin exchange, OKX has an amazing collection of about 400 currencies. The business offers other trading products as well: spot, margin, futures, options, swap, and default.

In addition, OKX is one of Web 3 and DeFi integration pioneers, allowing users to access decentralized applications (DApps) and protocols directly from the exchange. You can also stake your tokens, lend or borrow crypto, and participate in governance on OKX.

Moreover, OKX charges 0.1% for spot trading and 0.02% for futures trading, thereby having a cheap and open cost structure. For big volume dealers, it also boasts a tiered VIP system with discounts and advantages.

Finally, MEXC offers P2P, credit card, or bank transfer based PHP deposits and withdrawals. Funding your account may also come from other fiat currencies or stablecoins.

Pros of OKX

• Integrates Web 3 and DeFi features
• Charges low and transparent fees for trading transactions
• Complies with regulatory requirements and security standards

Cons of OKX

• Some users may experience delays or errors in transactions

Uphold

For novices wishing to start their crypto adventure in the Philippines, Uphold is an excellent option. Designed for buying, selling, and trading over 60 cryptocurrencies—including Bitcoin, Ethereum, XRP, and more—this straightforward, user-friendly website enables you Apart from stocks, Uphold may trade many other financial products like commodities, precious metals, foreign currencies.

Furthermore, Uphold offers a special function called Anything-to-Anything that lets you turn any item into any other asset in one transaction, free from intermediaries or charges. This also makes controlling your risk simple and quick diversification of your portfolio straightforward.

The Zero-commission feature of this exchange platform means that trading activities are free of charges. You could, however, pay certain costs for deposits, withdrawals, or conversions depending on the approach and currency you choose.

Following US, UK, EU, and other areas’ norms, Uphold is a safe and controlled platform. Using encryption, biometric authentication, and multi-factor verification, its security system is also really powerful.

Pros of Uphold

• Allows Anything-to-Anything conversions
• Charges zero commissions for trading transactions
• Follows regulatory requirements and security standards

Cons of Uphold

• May charge fees for deposits, withdrawals, or conversions
• On occasion, the customer support team may be perceived as slow or unresponsive.

Bybit

The top crypto exchange available for Philippine future trading. It supports quarterly futures contracts, inverse perpetual, USDT perpetual, On Bybit, you may also access tools such cloud mining, mutual insurance, and a launchpad for fresh initiatives.

Bybit is a safe and reliable platform with cold wallets, SSL encryption, multi-signature verifying, anti-DDoS security. Furthermore accessible 24 hours a day, 7 days a week, the Bybit provides customer help. One may access this via email, live SMS, or social media.

Pros of Bybit

• Supports a wide range of derivatives and trading features
• Provides a fast and reliable trading platform
• Charges competitive fees for trading transactions
• Ensures a secure and trustworthy trading environment

Cons of Bybit

• Does not support PHP deposits and withdrawals directly
• It might not be fit for traders who are risk-averse or beginners.

Kraken

One of the trustworthy and safe crypto trading platforms accessible in the Philippines Supporting more than eighty cryptocurrencies, Kraken is among the most established and oldest crypto exchanges available worldwide. Among their several trading products, Kraken provides spot, margin, futures, options, and staking. Complying with the laws and standards of many countries, it has a rigorous KYC and AML policy.

Charging 0.16% for makers and 0.26% for takers, Kraken has a fair fee schedule. For high volume traders, it also boasts a tiered VIP system with discounts and perks.

Pros of Kraken

• Ensures a secure and reputable trading platform
• Charges reasonable fees for trading transactions
• Provides a 24/7 customer support service

Cons of Kraken

• Does not support PHP deposits and withdrawals directly
• Some users may find the interface complex or confusing

Coins.ph

If you want to buy and sell cryptocurrencies with Peso currency in the Philippines, Coins.ph is a practical choice. Users of this app may purchase, sell, and save altcoins and stablecoins using PHP. Along with other services including bill payment, load purchase, fund transfer, online shopping, coins.ph offers.

For people with little knowledge, the simple and understandable interface helps to start a crypto adventure. Coins.ph also offers rebates, rewards, and referrals among other things.

Charging 1% for buying and selling crypto with PHP, the fee structure is low and clear. It also features a tiered verification system for confirmed users that provides reduced costs and more limits.

Furthermore licensed as a virtual currency exchange by Bangko Sentral ng Pilipinas (BSP), Coins.ph is a safe and controlled platform. Using encryption, biometric authentication, and multi-factor verification, its security system is also rather strong.

• Supports PHP currency
• Simple and user-friendly interface
• Charges low and transparent fees for trading transactions
• Licensed and regulated by the BSP

Cons of Coins.ph

• Supports only four cryptocurrencies
• May have low liquidity or high spreads at times

PDAX

A local crypto exchange that is tailored for the Philippine market. PDAX is a digital asset exchange enabling PHP-based buying and selling of altcoins/stablecoins. You may also exchange pairings of cryptocurrencies (crypto-to-crypto).

PDAX offers a competitive fee structure at 0.5% for buying and selling cryptocurrency using PHP. Additionally it has a tiered verification system for confirmed users that provides reduced costs and more restrictions.

PDAX enables PHP withdrawals and deposits made via bank transfers, InstaPay, PesoNet, or GCash. Funding your account may also come from other fiat currencies or stablecoins.

Pros of PDAX

• Supports buying and selling crypto with PHP
• Supports local tokens and crypto-to-crypto pairs
• Charges competitive fees for trading transactions
• Licensed and regulated by the BSP

Cons of PDAX

• May have low liquidity or high spreads at times
• Sometimes the customer service crew seems indifferent in offering help or responds slowly.

BitMart

A worldwide bitcoin exchange accessible in the Philippines. Among the more than 600 cryptocurrencies BitMart supports are digital assets. It also offers a variety of trading products like stake, spot, leverage, futures.

High liquidity, cheap costs, and sophisticated capabilities of this crypto exchange platform are well-known. Features like BitMart Lending, BitMart Launchpad, BitMart Earn, and BitMatrix Academy are accessible on the trade. Along with lending or borrowing cryptocurrency, you may stake your tokens and take part in BitMart’s governance.

Charging 0.1% for spot trading and 0.04% for futures trading, the fee structure is minimal and clear. For big volume dealers, it also boasts a tiered VIP system with discounts and perks.

Pros of BitMart

• Provides a high liquidity and low fee trading platform
• Offers advanced features and educational resources
• Ensures a secure and trustworthy trading environment

Cons of BitMart

• Does not support PHP deposits and withdrawals directly
• Some users may find the interface complex or confusing

KuCoin

One digital asset exchange supporting more than 400 cryptocurrencies is KuCoin. Exchange allows you access to KuCoin Lending, KuCoin Pool, KuCoin Community Chain, and KuCoin Spotlight. On KuCoin you may also stake your tokens, lend or borrow crypto, and take part in governance.

Charging 0.1% for spot trading and 0.06% for futures trading, KuCoin boasts a cheap and clear fee structure. For big volume dealers, it also boasts a tiered VIP system with discounts and perks.

Pros of KuCoin

• Launches new features and products regularly
• Charges low and transparent fees for trading transactions
• Provides a secure and reliable trading platform

Cons of KuCoin

• Does not support PHP deposits and withdrawals directly
• May not be suitable for beginners or risk-averse traders

Conclusion

Except than Binance, these are some of the greatest crypto exchanges in the Philippines in 2024. Every has benefits and drawbacks; hence, before deciding which one would be ideal for you, you should investigate and weigh them. Your trading objectives, risk tolerance, budget, and degree of expertise should also be factors.

For you, this blog article should have been useful and instructive. Please feel free to remark below should you have questions or comments. Happy Trading!