Cryptocurrency has been steadily gaining ground in the Philippines for the past few years. A greater shift from agriculture to the manufacturing and service industry along with increasing remittances has furthered this interest in digital assets.
It has been estimated that the Philippines is one of the top countries in cryptocurrency adoption. This is certainly reflected by the number of exchanges, including some home-grown ones that have started operations in the archipelago nation.
Now, while Filipinos may have a great number of options for cryptocurrency trading, wading through to find the right exchange can be overwhelming in the face of so many options. There are several factors to be considered- regulatory status, trading fees, security infrastructure and whatnot.
To help with that, we have tried to compile a comprehensive list of the best crypto exchanges in the Philippines.
Top 9 Cryptocurrency Exchanges Operating in the Philippines
The Philippines has, what the Economist Intelligence Unit(EIU) calls a ‘benign attitude’ towards cryptocurrency. As such, there are a number of exchanges that have started offering their services in the country even though only a few of them are registered by the BSP.
Let us have a look at some such cryptocurrency exchanges in the Philippines:
Coinbase
Coinbase, the world’s second-largest cryptocurrency exchange, also operates in the Philippines. It is different from other major cryptocurrency companies as Coinbase is a publicly listed company on the NASDAQ. This means that it has to adhere to the standards of financial transparency determined by American regulators.
Coinbase has two versions- a basic one for conventional crypto buying, selling and trading and a Pro version with more advanced features. Coinbase Pro, along with lower transaction fees, has multiple portfolio management, advanced charting features and market tracking tools.
Coinbase also has a state-of-the-art risk management system. It auto-enrolls users for 2-factor authentication(2FA) and irreversibly hashes user passwords. The Coinbase Vault is like an extra secure crypto wallet where users can prevent immediate withdrawals if they want to.
Features
✔️NASDAQ-listed company
✔️More than 100 cryptocurrencies available
✔️Basic and Pro version
✔️Native Coinbase Wallet for storing cryptocurrency and NFTs
Pros and Cons
✅User-friendly interface ❌Fees can be high
✅Financially transparent exchange ❌Complaints of poor customer
✅Satisfactory coin selection service
✅Learn to Earn programme
Trading Fees
Coinbase does not have a schedule with maker-taker fees stated like many other exchanges. This is because the final fee on Coinbase can differ according to several factors such as order size and market conditions.
Details of Coinbase fees
Customer Reviews
Coinbase is considered a safe exchange
Coinbase has a rather lousy customer service
Why We Picked It
Coinbase is an established and popular exchange that caters to the needs of both beginner and advanced traders. Beginners will find it easy to use and seasoned traders can take advantage of the advanced tools on Coinbase Pro.
Crypto.com
Singapore-based Crypto.com is meant more for trading with a mobile app and not with a computer. It is one of the fastest-growing crypto trading apps and reached 50 million active users in May 2022.
The app has over 250 cryptocurrencies available for trading and does not charge any fee for depositing cryptocurrency or for crypto-to-crypto exchanges. Crypto.com also has good staking opportunities and its earnings calculator can help you in determining the interest rate and potential earnings.
Crypto.com has a robust security system and it keeps all of the user funds in cold storage which is offline and insured. Multi-signature technologies, address whitelisting and multi-factor authentication are also employed for additional security.
Features
✔️Promotes mobile app-based trading
✔️Over 250 cryptocurrencies available
✔️Offers a prepaid Visa Card
✔️Cronos(CRO) is the native token
Pros and Cons
✅Large selection of coins ❌Fees for non-CRO holders is higher
✅Has a DeFi wallet ❌Not exactly beginner-friendly
✅Perks and rewards with Visa card ❌FAQs and educational resources
✅Lower fees for CRO holders are not very comprehensive
Trading Fees
Crypto.com has different levels as per the 30-day trading volumes. Higher levels with higher trading volumes are generally charged lower maker-taker fees. The fees paid are further reduced for traders who also hold the CRO.
Details of Crypto.com fees
Customer Reviews
Crypto.com has excellent service
Withdrawals may be difficult on Crypto.com
Why We Picked It
Crypto.com has lots of interesting products to offer to its users including a DeFi wallet and a Visa card. Its fees are competitive and it has a secure system in place to prevent cyber attacks.
Kraken
The work for developing Kraken started way back in 2011 just two years after Bitcoin was launched. Debuting in 2013 with Bitcoin, Litecoin, and Euro trades, Kraken is, therefore, one of the oldest cryptocurrency exchanges.
Like Coinbase, Kraken also has a basic and pro version. In addition to regular trading, Kraken Pro offers more advanced features such as nearly five times leverage on margin trading for experienced traders.
Following the industry standard, Kraken employs 2FA for account security and SSL encryption for a safe browsing experience. Further, it is ISO 27001 certified and keeps user assets in cold storage under strict surveillance.
Features
✔️Has a Basic and Pro version
✔️Has 185+ cryptocurrencies available
✔️Has received a bank charter in the USA
✔️Uses maker-taker model for determining fees
Pros and Cons
✅Multiple fiat currencies can be used ❌Higher fee on basic version
✅Supports multiple order types ❌History of loss of funds due to
✅Exchange has high liquidity hacks
Trading Fees
Kraken Instant Buy’s fees are determined by factors like market conditions, payment method and size of the order. Kraken Pro, however, uses the maker-taker model for determining fees.
Details of Kraken Instant Buy fees
Details of Kraken Pro fees
Customer Reviews
Kraken is a reliable platform
There may be high commission losses on Kraken
Why We Picked It
Kraken is a stable exchange and is regulated by the appropriate American authorities. It supports multiple trades including spot trading and FX pairs. The exchange also has some lucrative staking rewards as a bonus.
KuCoin
Aspiring to be the “people’s exchange”, Seychelles-based KuCoin offers a massive variety of 700 cryptocurrencies to users. The exchange is available in multiple languages including Filipino.
The thing about KuCoin is that it allows you to trade without KYC verification to a certain extent. If you want to anonymously do some small trades, it might be the exchange for you.
KuCoin is one exchange that regularly conducts security code audits, penetration testing and architecture review to secure its platform. It uses multi-factor authentication and 24/7 address monitoring for account security. It also sends out alerts to users in case suspicious behavior is detected.
Features
✔️More than 700 cryptocurrencies available
✔️Supports 20+ languages
✔️KuCoin Token(KCS) is the native token
Pros and Cons
✅Extremely large coin collection ❌Fee structure is complicated
✅No hidden charges ❌Problem of scam coins on the
✅Limited anonymous trading platform
Trading Fees
KuCoin’s trading fees itself are quite low at 0.10% or less but the method for determining fees is rather complicated with multiple levels and classes.
Details of KuCoin fees
Customer Reviews
KuCoin has quite low fees
KuCoin has a bad customer support system
Why We Picked It
KuCoin is widely available in multiple languages. It is a good platform for advanced traders who don’t need much hand-holding, want access to a large collection of cryptocurrencies and may want to try out features like trading bots.
Bybit
Bybit, the world’s largest USDC Options market, is one of the top cryptocurrency exchanges as per CoinMarketCap. Apart from a great collection of spot trading pairs, Bybit also has spot grid bots that can execute trades on your behalf.
You can customize your savings plan on Bybit by choosing between fixed and flexible-term products. Nearly all these products have competitive and guaranteed APYs.
For security purposes, data access is strictly controlled on Bybit. Only the users have access to their private information. In addition, 2FA, human-computer authentication and hardware authentication further help in securing user accounts and the platform.
Features
✔️One of the fastest-growing centralized exchanges
✔️270+ spot assets available
✔️Has spot trading, perpetual trading and options trading
✔️Supports multiple languages
Pros and Cons
✅Extremely low trading fees ❌Trade volume statistics are unverified
✅Transactions are settled fast
✅Intuitive design
Trading Fees
Bybit has VIP and non-VIP categories for users. Among other things, VIP users are charged a lower fee than non-VIP users.
Details of Bybit fees
Customer Reviews
Bybit has an active and vibrant social community
There are complaints of Bybit freezing at times
Why We Picked It
Bybit supports multiple order types, has low trading fees and even maintains an insurance fund to protect traders from negative equity. The fact that it has never been hacked also helps in building its image as a safe exchange.
OKX
Formerly known as OKEx, OKX is a Seychelles-registered exchange with its own blockchain, token and wallet. With over 350 coins, it has a healthy collection of cryptocurrencies for users to choose from.
OKX is a platform that is easy to navigate but beyond basic crypto buying and selling, you can also stake your crypto assets in OKX mining pools and earn some income. Beyond that, it also supports spot, margin and derivatives markets and you can explore DApps on it too.
OKX keeps most of the user funds in cold wallets for security. Even then, more than 1,000 BTC are not kept in one cold wallet address. It also has an asset risk reserve fund to protect user assets. Users are also encouraged to switch on 2FA, anti-phishing code and mobile verification for security.
Features
✔️Over 350 cryptocurrencies available
✔️Native blockchain known as OKX Chain and native token is OKB
✔️OKX Wallet supports several networks
✔️Customizable layout on advanced platform
Pros and Cons
✅Spot, futures and options trading ❌Several scandals involving the
✅Multiple options for buying crypto company
✅High APY for staking assets ❌Unsatisfactory customer support
✅Demo trading feature ❌Fee structure is complex
Trading Fees
OKX’s fee structure is a bit complicated with users categorized as Regular and VIP and then further divided into multiple categories to determine trading fees.
Details of OKX fees
Customer Reviews
OKX is a platform that is quite easy to use
Issue of unrelenting spam on OKX
Why We Picked It
OKX’s UI makes it easy to use on both desktop and mobile. It is a good option for beginners due to its simplicity. It has an extensive FAQ section with detailed answers for nearly every possible query.
PDAX
The Philippine Digital Asset Exchange(PDAX) is a home-grown exchange duly registered with the BSP. Its biggest advantage is that it supports PHP as fiat currency. Hence, you don’t need to worry about conversion rates or fluctuations while using PDAX.
On PDAX, you can start training with as little as PHP 200. However, the number of trading pairs available on it is lower than on other exchanges.
PDAX is a safe platform in that it is one of the few exchanges actually registered with the BSP and hence, follows all the laws of the Philippines. It actively educates its users about safe cryptocurrency trading and encourages them to enable 2FA.
Features
✔️Home-grown exchange
✔️Uses maker-taker model for determining fees
✔️Has both web version and mobile app
Pros and Cons
✅Licensed by the BSP ❌Limited cryptocurrencies available
✅Buy crypto with PHP ❌High maker-taker fees
✅Low minimum trading amount
Trading Fees
PDAX charges a 0.5% taker fee and a 0.4% maker fee regardless of the transaction volume.
PDAX trading fee details
Customer Reviews
PDAX has improved its customer service
The PDAX app needs improvements and upgrades
Why We Picked It
PDAX is an exchange by Filipinos for Filipinos. It is regulated by the country’s central banks and hence, adheres to all AML and KYC requirements as prescribed by laws in the Philippines. As a bonus, the trading amount required is quite low and crypto can easily be bought with PHP on PDAX.
Currency.com
Currency.com is a good option if you want a platform where you can access a wide variety of assets including cryptocurrencies. Meant more for intermediate and advanced traders, it has real-time price charts and other advanced tools for traders.
However, beginners can still check out its demo function to get a sense of trading on Currency.com without any risk of losing money.
The exchange complies with all Anti-Money Laundering(AML) and KYC requirements and conducts periodic audits to ensure financial transparency. It also uses firewalls, load balancers and VPNs to protect the platform from cyber attacks.
Features
✔️Tokenized assets and cryptocurrency platform
✔️High transaction speeds
✔️Has a mobile app
Pros and Cons
✅Wide variety of assets ❌Little regulatory oversight
✅Advanced trading tools ❌Does not support crypto staking or
✅Both fiat and crypto accepted lending
for deposits
Trading Fees
The fees on Currency.com depends on the type of asset and the type of trade.
Currency.com fee details
Customer Reviews
Currency.com has a supportive customer service
Currency.com may not have the best trading instruments
Why We Picked It
Currency.com has a large number of assets and you would be spoilt for choice here. It has a demo trading feature where you can practice trading without putting in any real money.
Uphold
Uphold is a platform that not just hosts cryptocurrencies but also has other assets such as precious metals and fiat currencies available for trading. It is a great option for people who want to trade cryptocurrencies along with more conventional assets on a single platform.
Uphold has a good staking program and you can stake most of the popular cryptocurrencies on it. While Upbit’s minimum deposit requirement of $10 is on the lower end, it could become expensive depending on the USD-PHP conversion rates.
For security, Uphold holds the majority of the user assets in cold wallets. It also follows the industry standard of employing 2FA and mandatory KYC verification for safety.
Features
✔️Cryptocurrency, fiat currency and precious metals available
✔️200+ cryptocurrencies available
✔️Has a debit card with rewards
Pros and Cons
✅Wide range of assets ❌Expensive spread
✅Cross-asset trading is possible ❌Security issues
✅Supports crypto staking ❌Customer support is limited
✅Extensive learning material
Trading Fees
Uphold does not charge trading fees or commissions on the platform. Instead, it charges a spread for every trade which can become expensive in case of market volatility.
Uphold spread explained
Customer Reviews
Uphold is easy to navigate
Withdrawals can be difficult on Uphold
Why We Picked It
Uphold has different types of assets including fiat currencies and precious metals. Beyond crypto-to-crypto trades, fiat and crypto and crypto and precious metal trades are also possible.
Best 5 Decentralized Exchanges in the Philippines
Decentralized Exchanges(DEXs) are peer-to-peer trading platforms. This means that they don’t have any intermediary between crypto buyers and sellers to facilitate trades. While they are not as geographically restricted as centralized exchanges, this also means that they are not as rigorously regulated as the latter.
UniSwap
Since its launch in 2018, UniSwap has quickly climbed the ranks to emerge as one of the top DEXs. Developed on Ethereum, it runs on the Automated Market Maker(AMM) model. It is a collection of smart contracts on the basis of which liquidity pools are created, liquidity is provided on the platform and assets are swapped.
UniSwap is a non-custodial platform and does not hold funds on your behalf. You don’t even need to register your account or verify your KYC. Just connect your crypto wallet and you are good to go.
Features
✔️Built on the Ethereum network
✔️Facilitates instant trading
✔️UNI is the native token
✔️Works with most major crypto wallets
Pros and Cons
✅Retain custody of assets ❌Ethereum gas fee can be high
✅Enables ERC-20 token swapping ❌Fiat currencies unsupported
✅Community governance by UNI holders
✅Earn crypto with liquidity pools
Trading Fees
When it comes to fees, UniSwap has three tiers- 0.05% for stable/stable pairs, 0.30% for stable/blue chip pairs and 1% for exotic pairs.
UniSwap v3 fees are three-tiered
Customer Reviews
UniSwap is a DEX that is quite easy to use
There is no complaint mechanism on UniSwap
Why We Picked It
UniSwap is a DEX that is quite beginner-friendly and hence, you can quickly get the hang of it. You don’t need to go through a registration and verification process and can immediately start trading by connecting your crypto wallet.
PancakeSwap
PancakeSwap, unlike the similar-sounding UniSwap, is built on Binance’s BNB Smart Chain. This helps it avoid the problems of high gas fees and slowed down transaction speeds faced by Ethereum-based DApps.
PancakeSwap is compatible with several leading crypto wallets and enables near-instant crypto trading. In addition to trading, you can also stake CAKE tokens, participate in lottery programs and Initial Farm Offerings(IFOs) and explore the NFT marketplace on it.
PancakeSwap’s code is open-source and the public visibility of its smart contracts has helped in ensuring maximum transparency in operations. All the smart contracts are multisig and time-locked for security purposes. There is even anti-flashloan protection for PancakeSwap vault to protect CAKE from flashloan attacks.
Features
✔️Built on Binance’s BNB Smart Chain
✔️Non-custodial exchange
✔️CAKE is the native token
✔️Multisig smart contracts for security
Pros and Cons
✅Enables BEP-20 token swapping ❌Bitcoin and many ERC-20 tokens
✅Has plenty of innovative products cannot be traded
✅Open-source code for transparency ❌No customer support system
✅Governed by CAKE holders ❌Issue of crypto scams
Trading Fees
PancakeSwap has a very simple fee structure as you just pay a flat 0.25% transaction fee for trading.
Breakdown of PancakeSwap fees
Customer Reviews
PancakeSwap is a good exchange for crypto trading
PancakeSwap has no customer support
Why We Picked It
PancakeSwap does not face the problem of high gas fees which is a big plus. It has excellent CAKE staking options and many other interesting products beyond that. It is also open and transparent about how the trading fees are allocated and used.
dYdX
dYdX is a derivatives exchange meant primarily for perpetuals trading though it does support margin trading and spot trading as well. The best thing about dYdX is that it has no gas fee. It can instantly execute trades which are then confirmed within hours on the blockchain.
dYdX can be used with many Web3 wallets such as MetaMask, Coinbase Wallet and Trust Wallet. It has quite competitive borrowing rates and you can also earn interest on your deposited assets here.
Features
✔️Mainly for perpetuals trading
✔️Native token is known as DYDX token
✔️Enables crypto lending and borrowing
✔️Compatible with several Web3 wallets
Pros and Cons
✅Low to zero trading fees ❌Steep learning curve
✅Fast withdrawals ❌Limited number of assets and pairs
✅Mobile-friendly ❌Interest rates can vary greatly and
✅No gas fee for perpetuals trading quickly
Trading Fees
dYdX has a multi-tier fee structure which uses the maker-taker model. The fee is quite low and ranges from 0.005% to 0.020% for the maker fee and 0.025% to 0.050% for the taker fee.
Trading on dYdX is free upto $100,000 volume
Why We Picked It
dYdX is good for intermediate traders who have experience with DeFi. Low-volume trades up to $100,000 are charged no fees and there are some crypto lending options that are worth exploring.
Balancer
Balancer is another DEX developed on Ethereum. What differentiates it from others are its multi-token pools. You can easily add as many as eight tokens in its pools. BAL tokens are given as compensation for depositing tokens in Balancer pools.
Balancer has both public and private pools. In public pools, anyone can provide liquidity and earn interest on small holdings. Private pools are for people with a large portfolio and an even larger risk appetite. Here, only the pool creator gets to add or withdraw liquidity and modify the pool’s parameters.
Features
✔️Developed on Ethereum
✔️Programmable liquidity pools
✔️Native token is BAL
Pros and Cons
✅Withdrawals are easy ❌Impermanent loss in pools
✅Gas fee is on the lower side ❌Educational resources are not up-to-
✅Multiple tokens can be added the-mark
to a pool
Trading Fees
On Balancer, the pool creators decide the fee so it can range anywhere from 0.0001% to 10%.
Balancer fee breakdown
Why We Picked It
Balancer is an exchange worth exploring if you have a big and diverse portfolio. If you can tolerate high levels of risk, you may want to take a look at it since Balancer can have pretty high interest rates.
DODO
DODO is a Proactive Market Maker(PMM) model using DEX. Although built on Ethereum, its adoption of PMM has helped DODO maintain more price stability and better liquidity than AMM-based DeFi projects.
On DODO, anyone can create a liquidity market and even start crowdfunding for the same. Plus, there are no minimum deposit requirements for liquidity providers. You can also participate in Initial DODO Offerings(IDOs) and have a voice in the network’s governance if you hold the DODO token.
Features
✔️Uses Proactive Market Maker model
✔️DODO Coin is the native token
✔️Cross-chain trading is possible
Pros and Cons
✅No risk of impermanent loss ❌No fiat currencies accepted
✅Less slippage
✅Anyone can make liquidity market
Trading Fees
On the transaction fee front, DODO charges a 0.3% fee per trade though according to one of its co-founders, the final fee comes around to be 0.6% per trade.
Details about DODO fees
Why We Picked It
DODO is a platform that is quite easy to navigate if you have experience with DeFi. It has high fund utilization, price stability and products like NFT Vaults and DODO Vending Machine that make it worth exploring.
Is Crypto Trading Legal in the Philippines?
Yes, the Philippines has quite liberal policies towards the use of cryptocurrencies and crypto trading has been gaining popularity in the country. Cryptocurrency exchanges in the country are regulated by the Bangko Sentral ng Pilipinas(BSP) which is the central bank of the Philippines.
The BSP registers cryptocurrency exchanges as Virtual Asset Service Providers(VASPs) and in 2021, even issued guidelines for them. Among other things, the guidelines state that VASPs need to adopt proper measures to mitigate the risks associated with virtual currencies.
The Philippines has over a dozen VASPs though several unregistered exchanges also continue to operate in the country. Post FTX’s collapse in 2022, the Philippines Securities and Exchange Commission(SEC) warned investors not to use unregistered cryptocurrency exchanges operating in the country.
It should be noted here that while cryptocurrency trading is legal in the Philippines, they are not legal tender and are unlikely to get the status of one. The BSP does not hold a favorable stance on cryptocurrencies as a payment method and classifies them as ‘virtual assets’ rather than a currency.
Recognizing the potential of blockchain technology and cryptocurrency, the Philippines seeks to create an enabling environment and better regulate VASPs in the country for consumer protection.
In 2022, the BSP announced that it would not accept new VASP applications for three years beginning September 1, 2022.
In early 2023, the SEC published draft rules for financial products and services including cryptocurrencies and digital financial products. The SEC is also seeking more authority to regulate the local crypto industry.
Conclusion
The Philippines has, till now, adopted a benevolent attitude towards cryptocurrencies. Enthusiasm for cryptocurrency trading has been growing in the country evidenced by the rise of several exchanges.
While the government has recognized the potential of blockchain technology, it also wants to better regulate the crypto industry due to the volatile nature of cryptocurrencies.
In the Philippines, cryptocurrency exchanges are licensed by the BSP and it is better for security and regulatory reasons to trade cryptocurrency on a platform that has been registered by the nation’s central bank. It is also important to do proper and thorough research before starting crypto trading.