Coins.ph is a Philippine-made virtual wallet founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson. It is the first virtual currency provider in the country to be licensed by the Bangko Sentral ng Pilipinas (BSP) with a Virtual Currency Exchange license.
This platform allows its users to top up prepaid load; send and receive money; pay bills; avail game credits; store and convert cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Etherium (ETH), and Ripple (XRP).
Almost 5 Million customers have been using the platform in various transactions since 2014.
Since it is regulated and licensed by the Central Bank of the Philippines, safe and secure ways to make digital payments, as well as cryptocurrency buy and sell services is guaranteed to its users.
We are subject to the rules and regulations set forth by the BSP and the Anti-Money Laundering Act (AMLA).
Under strict regulatory requirements, we operate with a very high level of security, with industry-standard measures such as SSL connections to AES-225 Encryption.
- Coins.ph Support Team
https://support.coins.ph/hc/en-us/articles/360000274842-Is-Coins-ph-safe
This can be simply accessed by downloading the App directly from App Store or visiting the link: https://coins.ph
Now, let's talk about the Pros and Cons of this platform.
PROs :
• Cash in and cash out are almost available with over 33,000 partner location throughout the country.
Cash In options includes E-wallet (Coins.ph, GCash, Globe GCASH via Dragonpay, PayMaya Philippines, Inc.); Online Bank Transfer; Over-the-Counter Banking (BPI, Chinabank, UnionBank Cash Deposit); Remittance Center (Bayad center, Cebuana Lhuillier, LBC Bills Xpress, M Lhuillier ePay, Palawan Pawnshop, PeraHub, Tambunting Pawnshop); Department Stores (Robinsons Business Center, SM Bills Payment Center); International Options (Remitly, Ria Money Transfer, WorldRemit); and Kiosk Payment (Posible, TouchPay Kiosk, eTap Deposit)
For Cash Out, options includes Remittance Center (LBC Instant Peso Padala, Palawan Express Pera Padala, M Lhuillier Cash Pickup); Banks; E-wallets (GCash, GrabPay PH, PayMaya); Cash Cards (Coins.ph, BDO, RCBC, Smart Money Card); Door-to-door delivery (LBC Pesopak); Tollway Credits (Autosweep RFID, Easytrip NLEX Toll); and Cardless ATM Instant Payout available 24/7.
• No banks needed to make e-payments
• Account Verification through App or website
• Easy buying, selling, sending and receiving cryptocurrencies (Bitcoin, Bitcoin Cash, Etherium, Ripple)
• User-friendly interface
• Lots of Promotion like instant 10% cashback on prepaid load (rebate); P5 cashback for each unique bill payment and P100 cashback for 5 unique bills; 1:1 pricing for all game credits; sending funds to any bank account via instaPay free of charge; and many more.
• Can be linked to Facebook account
CONs:
• It’s compliance with Know-Your-Costumer regulation requires the users to verify private information in order to maximize spending limits. A selfie while holding government-issued ID card is a must to clear verification stage;
• Minimal range of accepted IDs for verification
• Users can’t shop around for best price on cryptocurrencies
• Higher fees applied for cryptocurrency conversion to fiat money
• Higher fees for sending and receiving cryptocurrencies
Based on the above-mentioned advantages and disadvantages in using Coins.ph, it is therefore concluded that this e-wallet is best for any transactions in PHP like buying prepaid load, paying bills or remittance purposes however, doesn’t work well for crypto-enthusiast dealing with trading cryptos due to the rates and fees.
Speaking from my own experience, coins.ph helped me a lot in saving time, energy and money since I don’t need to come visit the outlets or payment centers to complete my transactions.
Feel free to comment down your experience with Coins.ph!
Thank you for sharing!