Best Crypto Exchanges in the Philippines

Best Cryptocurrency Exchanges in the Philippines

After thoroughly reviewing the 24 crypto exchanges available to users in the Philippines, we have identified the top options for local traders. Our evaluation is based on compliance with the Bangko Sentral ng Pilipinas (BSP) regulations, overall costs, supported digital currencies, and Philippine Peso (PHP) deposit options. Below is a detailed comparison of the five best platforms for Filipino traders.

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1. Bybit

‍Bybit is the best exchange in the Philippines, offering free PHP deposits and competitively low fees. The platform has a multilingual interface available in Tagalog and English and provides 24/7 Filipino-speaking customer support. It has over 40 million users in 160 countries and processes an impressive daily trading volume of more than $25 billion.

It supports over 1,400 digital assets across spot, futures, and options markets, with leverage up to 100x. The platform also has staking, lending, and borrowing services, allowing users to earn yields on their idle assets. Additional features include an NFT marketplace, copy trading, TradeGPT, trading bots, a demo account, and a crypto debit card. 

• Fees: Spot trading is from 0.1%, the maker fee starts at 0.02%, and the taker fee is 0.055% for futures.
• Supported Assets: Over 1,400 digital assets.
• Regulation & Licensing: Registered with the SEC in the Philippines.‍
• Deposit Methods: Bank transfers, GCash, PayMaya, Apple Pay, Google Pay, credit cards and debit cards.

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2. OKX

OKX is great for Filipino traders interested in decentralized finance (DeFi) products. The exchange offers a broad range of DeFi features, including yield farming, on-chain staking, an NFT marketplace and a built-in wallet, OKX Wallet, that supports various dApps. It also has its own blockchain, OKT Chain and native token, OKB Coin, which gives users trading discounts.

In addition to DeFi products, OKX provides spot and futures trading, with leverage up to 100x. The platform supports a wide variety of 350 cryptocurrencies and offers innovative tools like copy trading and a crypto loan service. For Filipino users, OKX facilitates PHP deposits through popular local payment methods like GCash.

• Fees: 0.1% maker fee, 0.2% taker fee, and a 0.1% fee for spot trading.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Operates out of Seychelles but serves the Filipino market.‍
• PHP Deposit Methods: Bank transfers, GCash and debit cards.

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3. Coins.ph

Coins.ph is the most widely used cryptocurrency exchange in the Philippines, serving over 16 million users with a platform designed specifically for the local market. It provides a secure experience for trading 89 cryptocurrencies. There are various financial services that enable users to pay bills, buy mobile loads, and send remittances directly from their crypto wallets. 

It is fully regulated by the Bangko Sentral ng Pilipinas (BSP), holding both an EMI and a VC license. The platform also offers Coins Pro, a professional-grade order book exchange that allows for unlimited trading with low fees. As the official crypto partner of the Philippine Basketball Association (PBA), Coins.ph continues to strengthen its presence in the local market.

• Fees: Trading fees start at 0.1%.
• Supported Assets: 89 Cryptocurrencies.
• Regulation & Licensing: Licensed and regulated by the Bangko Sentral ng Pilipinas (BSP).
• PHP Deposit Methods: GCash, PayMaya, 7-Eleven, bank transfers, and over-the-counter cash deposits.

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4. Binance

Binance is one of the most popular exchanges globally and is favoured among futures traders. There are over 210 million registered users across the Philippines and 100 other countries. The platform offers an extensive range of futures contracts with leverage options up to 125x. It also offers spot trading, staking, savings, copy trading, and an NFT marketplace.

For Filipino users, Binance supports PHP deposits through various payment channels, making it convenient to fund accounts and start trading. The exchange is known for its low trading fees, high liquidity, and advanced trading tools, which are accessible through both desktop and mobile applications.

• Fees: 0.1% fee for spot trad,ing and the maker/taker rebate is 0.02%/0.06% for derivatives.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: While not directly regulated in the Philippines, it remains accessible to investors in the country.
• PHP Deposit Methods: Bank transfers and credit or debit cards.

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5. KuCoin

KuCoin is an excellent choice for Filipino traders interested in a wide variety of altcoins. The exchange supports over 700 cryptocurrencies, including many that are not available on other platforms. It generates a daily trading volume that surpasses $4 billion and a community of 30 million registered users that extends to over 200 countries.

Safety is a cornerstone for KuCoin, with advanced features like proof of reserves ensuring a transparent trading environment. It goes beyond security and offers a variety of trading and investment options like staking, crypto loans, a KuCoin trading bot, an NFT marketplace, a KuCoin crypto card and copy trading services.

• Fees: Spot trading fees from 0.1%, and the derivatives maker/taker rebate is 0.02%/0.07%.
• Supported Assets: More than 700 cryptocurrencies.
• Regulation & Licensing: KuCoin is not directly regulated in the Philippines.
• PHP Deposit Methods: Bank transfers, Gcash, digital wallets, debit and credit cards.

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Is Crypto Regulated in the Philippines?

Yes, crypto regulation in the Philippines is defined and overseen by the Bangko Sentral ng Pilipinas (BSP). While cryptocurrencies are not considered legal tender, they are legal for transactions and investments. The BSP introduced guidelines for Virtual Asset Service Providers (VASPs) in 2021, requiring these entities to obtain a Certificate of Authority to operate legally. 

Furthermore, VASPs must adhere to customer due diligence practices to prevent money laundering and terrorist financing, and they must register with the BSP as remittance and transfer companies under Circular No. 944. The Securities and Exchange Commission (SEC) is also critical in regulating crypto-related activities, particularly in investment schemes like Initial Coin Offerings (ICOs).

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How is Crypto Taxed in the Phillippines?

In the Philippines, cryptocurrency transactions are taxed by the Bureau of Internal Revenue (BIR). Cryptocurrency profits are subject to capital gains tax, which can be as high as 15%, depending on the amount and duration of the investment. Approximately 13.4% of the adult population, or around 15.8 million Filipinos, reported owning digital assets to the BIR in 2024.

If an individual or business is actively trading digital currencies with the intent of short-term resale, these assets may be classified as inventory, subjecting any income generated from their sale to value-added tax (VAT) at a rate of 12%. In contrast, cryptocurrencies held for long-term investment are considered capital assets, and any gains from their sale would be taxed as ordinary income.

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How to Buy Bitcoin in the Philippines

For those in the Philippines who are new to cryptocurrency, purchasing Bitcoin through a reputable exchange is an important first step. Here’s a simple guide to help you get started:

1. Create an Account: Begin by selecting an exchange that supports Philippine Peso (PHP) deposits. Sign up for an account and complete the verification process, which usually involves submitting a photo ID and other documents like a selfie or proof of address.
2. Deposit Philippine Pesos (PHP): Go to the deposit section of your account, choose PHP as your deposit currency, and enter the amount you wish to transfer. Deposits can typically be made through bank transfers, mobile payment services, or credit cards.
3. Choose Bitcoin: In the trading section of the platform, search for Bitcoin (BTC). See the current market rate for the PHP/BTC trading pair. You can place various types of orders, such as market or limit orders, based on your trading preferences.
4. Execute the Trade: When ready, click ‘buy’ or ‘trade’ to purchase Bitcoin. Review all order details, including the price and applicable fees, before completing the transaction.

This guide provides a straightforward approach for users in the Philippines to start buying Bitcoin, from setting up an account to making your first purchase.

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Bottom Line

In conclusion, the Philippines is a key player in the global cryptocurrency market, with millions of Filipinos actively involved in trading and investing. The Bangko Sentral ng Pilipinas (BSP) provides a secure regulatory framework for Virtual Asset Service Providers (VASPs). The top exchanges Bybit, OKX, Coins.ph, Binance, and KuCoin offer tailored features and services that make them accessible to Filipino traders.