Coins.ph Taking 4.41% from exchanging your Crypto to Php

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Avatar for glorybretana0102
Written by
  6
1 month ago

This is corruption! Is this some kind of tax?

What the!!!

I have earned almost $9 in BCH, getting $5 from btcfork, $1.43 in my first article, $1.3 from scanning BitcoinBileto which sj have given us, and $2 from sj (bonus for joining btcfork logo design).

Now, I want to exchange them to Philippine peso so that I can use it. I have two options, it is either trading in Bitcoin.com or using "exchange" feature of coins.ph.

I need them badly and very urgent so I choose coins.ph and using it was very easy and works like sideshift but there is something really really bad in it.

Buying BCH

Buying BCH from them right now will cost you 23,513 pesos.

Selling BCH

Selling your BCH to them for 22, 475 pesos.

Let's do simple math

23, 513 - 22, 475 = 1, 038

And it's value is more than $20 because $20 here is worth 1, 000 pesos

It's already BIG for us

If we are receiving BCH from our hardwork and use coins.ph BCH receiving address, we are like being robbed. And withdrawing that money to remittance centers will also deduct 1% from your withdrawals. This coins.ph is taking away our money too much.

I may have not been too affected right now (soon already cause I'm loving BCH) but what about this people who have been exchanging their crypto into our local currency for so long?

$20 is more than enough for a student like me who had been painstakingly doing labours all around to help my financing my studies. It's a five-day allowance to me.

Buying BTC

Buying it from them for 517,250 pesos.

Selling BTC

Selling it to them for 494,430 pesos.

Let's do simple math

517,250 - 494,430 = 22,820

Now this time it is losing $456.

What a BIG CUT 👊✂️

This is Corruption

Yes it is. Very sure of it. The exchange is powered by coins.pro (a trading platform) which means using coins.pro and coins.ph is still the same. I can't imagine that the people behind this project is taking too much from us.

You can see that almost everything is perfect and very helpful to us Filipinos but it is not really.

$ 0.50
$ 0.50 from @sjbuendia
Avatar for glorybretana0102
Written by
  6
1 month ago
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Comments

really

$ 0.00
1 month ago

Yeah, I have heard they are ripping people off. You should look into uphold wallet. You can transfer the bch, and get PHP or and currency you wish, for a cheap fee. And no withdraw/deposit fee. Here is info on their fees too... https://support.uphold.com/hc/en-us/articles/360038604752?mobile_site=true

$ 0.00
1 month ago

I was so sad to how big is their cut in people's money. I will visit this link... Thank you

$ 0.00
1 month ago
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