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Where to trade your crypto coins in the Philippines?
Whenever I meet or talk with someone, may it be uninterested or not in using cryptocurrencies, the first question they'll throw at me would be "Paano kikita d'yan?" and or sometimes, "May pera ba talaga diyan?"
So cryptocurrencies - in my previous post, I've talked about the meaning of cryptocurrencies: their kinds, risks, uses, and functions. For today, as your The Cryptocurrency Wiz, let us talk about trading and the trading platforms that you can use to have your PHP exchanged into cryptocurrencies or vice versa.
Trading is an exchange of goods and/or services. In simple terms, it's buying and selling thus can be connoted as swapping ofan item. Whenever you exchange goods or services for one another, that can be recognized as a "trade" execution.
There are different types of trading and markets for different commodities. We have stocks that are traded in the stock market commonly with centralized brokers that offer a variety of assets to be exchanged with a fiat per se.
But then, as your The Cryptocurrency Wiz, let's dig deeper into the fascinating world of cryptocurrency exchange.
In the Philippines, there are two major trading platforms or brokers that offer their users to exchange their cryptocurrency coins into Philippine Peso. These are coins.ph and PDAX.
As a newbie Filipino cryptocurrency enthusiast, you can use coins.ph as your gateway to the crypto world. Coins.ph is a cryptocurrency mobile wallet application that is available in the archipelago. Claiming as the first-ever cryptocurrency exchange made available in the country, it is regulated by the Banko Sentral ng Pilipinas.
You can do many things with the application. Like any other mobile wallet available online, you can transfer and send money easily with anyone who has a coins.ph account. Also, you can buy load, purchase in-app game vouchers, pay utility bills, and the most exciting thing— buy and sell your cryptocurrency.
Currently, they offer four cryptocurrency coins that you can hold in the coins.ph mobile and web wallet.
The following are cryptocurrency coins are:
Though coins.ph is an online cryptocurrency wallet application, you can still spot trade easily using their Philippine Peso pair. However, if you want a more advanced trading with lesser fees you can opt to use Coins Pro to trade the local fiat to cryptocurrencies.
Technically, Coins.ph's designated trading platform is Coins Pro. You can trade four cryptocurrency coins the same as the ones in coins.ph, namely Bitcoin, Bitcoin Cash, Ethreum, and XRP Ripple. You can pair it with Philippine Peso or with the designated pairs available on the platform.
So, Coins Pro allows users to check and analyze the market in real-time using graphs and other trading indicators that you can use. Also, you can place market orders, limit, and stop orders. Using these functions, you can set and trade your fiat and cryptocurrency freely.
Philippine Digital Asset Exchange, abbreviated as PDAX is a Philippine-based cryptocurrency trading platform. Same as the Coins Pro, you can trade using advanced features in the platform. You can place market orders, limit, and stop orders meanwhile checking the market using graphs and trading indicators. However, unlike Coins Pro and Coins.ph, there are about seven cryptocurrency coins you can choose from with a diversified range of options.
Namely, these are the following cryptocurrency coins you can choose from:
USD Coin (USDC)
Tether USD (USDT- ERC20)
More likely with Coins Pro, you can pair up these coins with Philippine Fiat, alternatively with one another. There is an advanced graph and a variety of trading indicators and functionalities you can use while trading on the platform. The good part is the fact that you can freely place market orders, limit, and stop orders for your cryptocurrencies using PDAX.
There are different factors that you should consider. However, the answer is it depends. Based on your needs, your initial investment, and knowledge are some of the things you should put up in your mind.
Technicality-wise, both PDAX and Coins Pro are the same but for the total newbies in the crypto world who just want to send or receive cryptocurrency online, the best fit would be coins.ph. But then, based on the level of your trading capabilities and skills, be wise about what will you choose.
There are different platforms that offer cryptocurrency trading in the Philippines. However, most of these platforms are more commonly internationally regulated, with the business located in different territories such as the United States and Europe. By far, the Bangko Sentral ng Pilipinas had only regulated the Coins.ph and PDAX as institutions for cryptocurrency trading in the country.
Both coins.ph and PDAX has great features and wise enough, Philippine-based which makes it easier for Filipinos to use. For starters, you can use coins.ph for your trouble-free crypto needs such as sending and receiving it. Meanwhile, you can also use coins pro and PDAX for lesser fees and of course, to maximize your cryptocurrency trading experience.
The good thing about crypto trading is its 'no sleep' state. Yes, you can trade 24/7, so take your time in planning your investments and analyzing the market. With these two trading platforms, I hope you'll make the best of your cryptocurrency life!
This is the cryptocurrency wiz by @francescawrites, I hope that you'll learn more about cryptocurrencies.
Let's all hodl and hustle!
For the next The Cryptocurrency Wiz article, let us discuss further these shitcoins especially with the booming numbers of these invaluable tokens in the market. We will check out the examples of some projects that will likely and had likely to be a part of the unruly world of shitcoins.
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