Buying, Selling, and storing your favourite cryptocurrencies in Philippines is much easier through the available mobile applications where you can use for these.
The best example for this is coins.pH which one of the popular E-Wallet where you can store or even buy and sell cryptocurrencies in Philippines. The next one is Binance that very popular and oftenly used by many Filipinos for tradings, buying and selling too, p2p transactions and many more.
These two wallets and or trading platform has their different advantages and disadvantages that may serve to their users. And let's give some little comparison about these two due to the fact that I'm one of the users that already experienced both of their services.
We are going to compare everything, the advantages, interfaces, services it can give , compatability etc..This may be give a guide to the other especially to those beginners in Philippines who wants to try these E-Wallets. Which is better and preferable to use.
Contents
What Is Coins.ph E-wallet?
Advantages and Disadvantages
What is Binance Exchange?
Advantages And Disadvantages
Closing Thoughts
Let's get started...
What Is Coins.ph?
Is one of the Virtual Assets Service Provider in the Philippines that had been licensed by Bangko Sentral Ng Pilipinas. That can be use to convert your cryptocurrencies in the local currency Philippine Peso(PHP) and many more services. Coins.ph also comes with many features and partnerships for their customers.
Users can use their both web app and mobile application.
ADVANTAGES
Registration Process
Creating account coins.ph is simple and easy. Choose your country or region, You can use either mobile phone number or email address upon registering, and a strong password for securities.
All right as you can see, the registration is not complex so anyone can create their account without having struggle.
User Interface
It has clean interface that is easy to understand by new users. All the necessary services are all displayed in the homepage. All available currencies are displayed too.
Bunch Of Services
One of the best advantage of coins.ph is its services available. You can buy load or mobile top-up which is my favourite too for my online studies. Game credits for gamers out there, online shopping for all shoppers there, and one of the best is the cash out options where you can choose your desired remmitances where you can pick up your cashouts. In my experience, I love to pick my cashout in MLhuiler due to its conviniency that you can claim it in just 10 minutes.
DISADVANTAGES
Limited Cryptocurrencies Available
Coins.ph has only four available cryptocurrencies to buy and sell BTC, XRP, BCH and ETH. That means, the choices are limited. Users has limitation to choose their desired coins.
Conversion Fee Is Expensive
Transaction fee for buying cryptocurrency is expensive a too much expensive. You need to wait for the bull market in able to totally regain your capital of you think you bought it during bear market. For instance,
You are going to buy a worth 10,000 pesos ($200) of Bitcoin (BTC). Check the image above. Now to get the actual fee, we have to swap the coins from PHP to BTC to BTC to PHP. Just copy the result conversion of 10,000 pesos to BTC like this.
So from 10,000 pesos (209.03) to 9383 pesos or ($196.15) based on the current exchange rate. Approximately $13 for the transactions. The fee is almost the same as the other available cryptocurrencies even it is BCH or XRP.
So basically, its not recommended to buy crypto in coins.ph. Don't!
It has Limited ID Accepted For Verification
One the main problem in coins.ph is that the available IDs for verifications are limited. So no room for users who has school IDs only. LOL
Free Users Can't Deposit Cryptocurrencies From Their External Wallets
The latest update in their system is that the preveledge for the basic user before has been endeed due to the new order for VASP or Virtual Assets Service Provider. In this case, users should pass valid ID in order to deposit their cryptocurrencies from external wallets.
So far, I still love coins.ph due to the fact that I'm still using it and been using it since I started my journey in Bitcoin Cash. And still using it for my cashouts.
Next Binance..
What is Binance Exchange?
According to investopedia, Binance is an online exchange where users can trade cryptocurrencies. They support many of the most commonly traded cryptocurrencies.
I've tried this exchange last week for making my spot tradings and to try other cryptocurrencies in the market. But before the conclusion, let's drop some facts first.
ADVANTAGES
Registration Process
Alright as you can see, registration form is the same as coins.ph. Users can choose email or phone number for registration and a password of course obviously.
User Interface
The interface is not clean as the coins.ph but I found it as its advantage due to the bunch of options that are available for user. Beginners usually found these as complex but it look easy anyways.
Thousands Of Available Coins
It has hundred of available coins to choose from. All your favourite are all there with their trading pairs. So its up to you on what to choose. Also there are new coins to trade with and still increasing. It includes the new coin SHIB and ICP.
Trading Fee Is Cheap
According to them, it cost 0.02% to 0.10% purchase and trading fees, 3% to 4.5% for debit card purchases, free Single Euro Payments Area (SEPA) transfer, or $15 per U.S. wire transfer. So it less and cheap compare to coins.ph.
More Trading Options
It has many options for the users. It has convert where coins.ph only has, spot trading which is our favourite to escape crypto Volatility as beginners and teh most advance margin and future, you can also try the p2p trading .
Basic Users Can Enjoy All Their Services
Basic or unverified users can do trading, freely deposit cryptocurrencies and many more without limitation. Unlike coins.ph, basic users has limitation and not allowed to enjoy their crypto features.
DISADVANTAGES
First, you can't make p2p trading if your are not verified.
It has no loading system where you can reacharge your mobile phone
It has no remittances available unlike coins.ph
Too heavy for low specs devices due to its features
You may lose your money through trying future trading so DYOR is the key.
Final Thoughts
I'm using these two app with their different purposes. They have their uniqueness and attributes. The one app can't do the other can and vice versa.
I love to make trades in Binance using Bitcoin Cash to make some profits and transfering it to coins.ph to if I need to trade it with local currency.💚
How about you? What do you prefer to use? Coins.ph or Binance Exchange? Let me know in the comment section.
Thank you for reading 💚
Basta sakin pag sa Buy and Sell, Binance. Pag sa ibang bagay, or pag magloload, mag lalabas ng pera sa Coins.ph Parehas naman silang maganda, kaso ang CPH nagiging o.a na. Gaya sa oag buy, ang damiii siguro nag babuy lalo na kahpon na namumula ang market kaya nagkaka error na aguyyy. Peri sana all daming BTC, $200+ 😱. Ilan na tinubo mo dun?