Best Crypto Exchanges in the Philippines
Get detailed insights into the top cryptocurrency exchanges in the Philippines, focusing on compliance, ease of use, and diverse PHP payment options.
Summary: The Philippines is rapidly advancing in the Asian cryptocurrency sector, backed by the local regulatory body, Bangko Sentral ng Pilipinas (BSP). This oversight provides secure and compliant cryptocurrency exchanges to operate throughout the country. Filipino investors have the ease of funding their accounts in PHP through various methods such as bank transfers, GCash, PayMaya, and credit cards.
For local traders who are starting their journey in cryptocurrency trading, we've created a guide to the top 5 digital currency trading platforms in the Philippines:
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Best Cryptocurrency Exchanges in the Philippines
After examining more than 24 cryptocurrency platforms, we have identified the top exchanges operating in the Philippines. Our review process focuses on compliance with the regulations of the Bangko Sentral ng Pilipinas (BSP), a diverse range of cryptocurrencies, ease of use, PHP deposit options, fee structure, and additional features. The following comparison table offers detailed insight into the 5 best trading platforms for Filipino investors:
1. Bybit
Bybit is the best cryptocurrency exchange in the Philippines with a wide selection of over 1,100 digital currencies for spot and futures trading with 100x leverage. Since its launch in 2018, it has amassed over 28 million registered users in 160 countries. Thanks to its international accessibility, it can be used in Tagalog, provides live customer support in the language and accepts deposits in PHP through local methods like GCash and PayMaya.
The platform supports several staking options, multiple order types, lending and borrowing services, an NFT marketplace, copy trading, a crypto debit card and a demo account. This wide range of features gives local investors diversity in their investment and trading journeys. It has competitive costs with a maker fee of 0.02% and a taker fee of 0.055% for futures markets.
- Fees: Spot trading from 0.1%, maker fee starting at 0.02% and a taker fee of 0.055% for futures.
- Supported Cryptocurrencies: Over 1,100 digital assets.
- Regulation & Licensing: Complies with regulatory standards in the Philippines.
- Deposit Methods: Bank transfers, GCash, PayMaya, bank transfers, Apple Pay, Google Pay, credit cards and debit cards.
2. OKX
OKX is a cryptocurrency exchange founded in Hong Kong but has since expanded its services to over 100 countries, including the Philippines. It enhances the trading experience by offering spot, futures, options, and margin trading on over 300 digital assets, with leverage options up to 50x supported. This platform specialises in Web3 products, such as the OKX Wallet, which facilitates a transition between centralized and decentralized finance.
It prioritizes security, employing strict safety measures to protect users. Based in Seychelles but open to Filipino investors, it complies with all necessary local regulations. The platform is especially attractive to DeFi enthusiasts, thanks to its extensive API options, on-chain staking options, NFT marketplace, robust liquidity, and native blockchain, OKT Chain.
- Fees: 0.1% maker fee, 0.2% taker fee, and a general 0.1% fee for spot trading.
- Supported Assets: Over 300 cryptocurrencies.
- Regulation & Licensing: Operates out of Seychelles but serves the Filipino market.
- PHP Deposit Methods: Bank transfers, GCash, and debit cards.
3. Uphold
Uphold serves a user base of over 10 million people in more than 150 countries, including the Philippines. It provides a multilingual interface in English and Spanish. It offers a broad portfolio of more than 250 digital assets, plus traditional currencies and precious metals like Gold and Silver. It separates itself with unique staking features, offering the potential to earn significant yields of up to 25% APY on a curated list of 30 cryptocurrencies.
The exchange’s transparency and commitment to trustworthiness also stand out. It is registered with top financial regulatory bodies and aligns with global compliance standards. It offers audited proof-of-reserves, assuring 1:1 backing for all its listed digital assets. This adherence to transparent operations places it among the most reliable platforms for crypto investment. Available across web, iOS, and Android devices, Uphold blends versatility and ease of use.
- Fees: Trading comes with a 1.2% - 1.95% spread for cryptocurrency.
- Supported Assets: More than 250 digital assets, 4 types of precious metals (Gold, Silver, Platinum, Palladium), and 27 fiat currencies.
- Regulation & Licensing: Regulated by the Financial Conduct Authority and available in the Philippines.
- PHP Deposit Methods: Google Pay, Apple Pay, and credit or debit cards.
4. Binance
Binance is the largest digital currency exchange worldwide boasting a diverse ecosystem and a whopping user base exceeding 190 million globally. The platform's offerings extend beyond the usual spot and futures trading to include Binance Earn. This distinct feature enables users to accrue returns on a diverse selection of over 180 cryptocurrencies. This is a particularly enticing option for those keen on growing their capital and creating passive income streams.
Although Binance does a commendable job in attempting to meet international financial standards, it's worth mentioning that the platform has faced regulatory scrutiny in various jurisdictions. Filipino investors should consider this when assessing its compliance status. However, what adds to its appeal is a wide range of support for different deposit methods, from bank transfers to credit and debit cards, making it convenient for Filipino investors.
- Fees: 0.1% fee for spot trading and the maker/taker rebate is 0.01%/0.07% for derivatives.
- Supported Assets: Supports 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.
5. KuCoin
KuCoin is a platform that generates a daily trading volume that surpasses $4 billion and a community of 30 million registered users that extends to over 200 countries. It hosts a remarkable range of more than 700 cryptocurrencies, which can be traded on spot, futures and options markets with up to 100x leverage on derivatives contracts.
Safety is a cornerstone for KuCoin, with advanced features like proof of reserves ensuring a secure and transparent trading environment. The platform goes beyond security and offers a variety of trading and investment options like staking, crypto loans, an NFT marketplace, a KuCoin crypto card and copy trading services. With live customer support in multiple languages, it demonstrates a strong commitment to customer satisfaction.
- Fees: Spot trading fees from 0.1% and the derivatives maker/taker rebate is 0.02%/0.07%.
- Supported Cryptocurrencies: 700 cryptocurrencies.
- Regulation & Licensing: KuCoin is not directly regulated in the Philippines.
- PHP Deposit Methods: Bank transfers, Gcash, digital wallets, debit and credit cards.
Is Crypto Legal in the Philippines?
The legal standing of cryptocurrencies in the Philippines is quite clear. The Bangko Sentral ng Pilipinas (BSP) governs them as a form of remittance and transfer, though they are not recognized as legal tender. While these digital currencies cannot be used for official transactions like paying taxes, their use in trading and remittance is permissible and protected under specific regulations.
The BSP has set forth Circular No. 944, which particularly targets virtual asset service providers (VASPs). This regulation is part of a broader effort to ensure that the digital asset market does not become a conduit for money laundering, terrorist financing, and other financial crimes. VASPs must obtain a "Certificate of Authority" to operate, adhering to anti-money laundering (AML) standards and the Crypto Travel Rule, which mandates the sharing of transactional information for amounts exceeding a certain threshold.
The Philippines' proactive stance in regulating cryptocurrencies is also highlighted by its membership in the Asia-Pacific Group on Money Laundering (APG) as an FSRB member. This aligns the country with international efforts to secure the financial system against the misuse of digital assets. By requiring VASPs to comply with stringent guidelines, the Philippines aims to balance the innovative potential of cryptocurrencies with the need for financial security and consumer protection.
How is Crypto Taxed in the Phillippines?
In the Philippines, cryptocurrency transactions face taxes, including a capital gains tax that can reach up to 15%. Filipino citizens involved in trading or owning cryptocurrencies must report their capital gains on their yearly tax returns. The tax rates differ based on whether the cryptocurrency is considered inventory or an intangible asset, impacting its classification under value-added tax (VAT) or ordinary income tax.
Due to the dynamic nature of cryptocurrency and the lack of detailed guidelines from the Bureau of Internal Revenue (BIR), taxation for crypto earnings relies on broad tax principles. If held as inventory for trading, cryptocurrency is taxed as ordinary income. If held for investment, it falls under capital gains taxation. This classification also determines VAT charges, where transactions may incur a 12% VAT if the asset is classified as inventory and meets the VAT threshold.
Bottom Line
In conclusion, the Philippines is a key sector in the Asian cryptocurrency market, thanks to the careful regulation by the Bangko Sentral ng Pilipinas (BSP). For Filipinos eager to start or enhance their crypto trading journey, our comprehensive guide to the top 5 digital currency trading platforms provides a vital resource. Bybit, OKX, Uphold, Binance, and KuCoin exemplify the best options available, catering to various needs from beginners to experienced traders.
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