How to Invest in Cryptocurrency in the Philippines
Getting around how to invest in cryptocurrency Philippines is easier than you think. First, you just need to sign up for a cryptocurrency exchange like PDAX, Capital.com, and OkCoin, among others. After that, the process is fairly straightforward – sign up, verify, deposit, and invest in your favorite cryptos.
Table of Contents
- How to Invest in Cryptocurrency Philippines – Introduction
- Cryptocurrency Philippines
- How to Invest in Cryptocurrency Philippines – Step-by-Step
- Best Cryptocurrency Exchanges in the Philippines
- What Else You Should Know about Investing in Cryptocurrency Philippines
- How to Invest in Cryptocurrency Philippines – Conclusion
In fact, the biggest challenge is simply deciding the best assets you might want to invest in and the exchange to use. Competition among the best exchanges for crypto investing in the Philippines has never been higher, and the community is growing exponentially. Here is everything you need to know.
How to Invest in Cryptocurrency Philippines – Introduction
With Bitcoin setting up recording-breaking moves every now and then, it comes as no surprise that every smart investor in the Philippines is looking to jump on the crypto bandwagon. However, there is a good chance that your investment journey started with some of the popular exchanges, but not all are available to Filipino people.
So, how to invest in cryptocurrency Philippines? If you already have crypto in mind, your journey will probably start by looking for a platform that can support the token. That means letting you buy and sell and storing your asset in a secure wallet that you can access at will.
However, not every exchange offers the kind of features or tools that are relevant to you. For that, you will need a platform that takes out the hassle of buying and selling and depositing and withdrawing your money and crypto-assets. You will need a safer and more convenient way to buy into the crypto revolution.
Depending on whom you ask, there is a lot of excitement and skepticism surrounding cryptocurrencies in the Philippines. However, with some countries declaring Bitcoin as legal tender, it is only a matter of time before the same is done in the Philippines, and the market will take off locally.
The local demand for digital currencies, particularly Bitcoin, Ethereum, and Cardano, among others, is rising so much that the country ranks among the top five countries in the world for crypto ownership. That’s mainly because of the growing digital awareness among the Filipino population.
With this explosion of interest, the crypto scene in the Philippines is also coming out with startups offering various products and services designed to get more Filipinos into the cryptocurrency race. The point is that the Philippines is quickly becoming a crypto market hub.
How to Invest in Cryptocurrency Philippines – Step-by-Step
The cryptocurrency market is easily one of the most traded financial markets globally and the most popular in the Philippines alone. Wherever you are in the world, investing in cryptocurrencies is an all too familiar story that usually goes like this:
Step 1: Decide how you would like to invest in cryptocurrencies
Step 2: Learn how the market works
Step 3: Open a crypto trading account
Step 4: Establish a trading plan
Step 5: Choose a deposit method
Step 6: Open and monitor a position
Best Cryptocurrency Exchanges in the Philippines
Every cryptocurrency exchange in the Philippines is unique. And now – with every platform offering a training program on how to invest in cryptocurrency in the Philippines – deciding which one to use comes down to the difference in the overall trading experience. Here are the best exchanges for you:
First off, PDAX is a beginner-friendly cryptocurrency exchange founded and based in the Philippines. It allows thousands of Filipino traders to buy and sell over 80 cryptocurrencies and utility tokens. That includes all the major cryptos, altcoins, and emerging growth tokens that are making headways in the market.
You can choose to buy in Philippine Peso or convert your money to stronger currencies like the USD, EUR, and GBP, among others. Moreover, with PDAX, you can set your account on autopilot and let the system to schedule buy and sell orders for you when it best suits your trading strategy and mitigates the effects of volatility.
PDAX also lets users withdraw their money directly to bank accounts, bank cards, private wallets, and more – instantly and free. All said PDAX enjoys a following of more than one million market participants from the Philippines alone. However, the exchange is quickly rising up the ranks worldwide.
For a multi-asset trading platform, Capital.com fits the bill perfectly. Capital.com offers both investing in cryptocurrencies as well as forex and CFDs in the Philippines. In addition, you have more than 120 cryptocurrencies available on the platform, including popular options like Shiba Inu.
It wouldn’t cost you a dime to open an account, and you get the extra benefit of a funded demo account to sharpen your skills as you learn how to invest in cryptocurrency Philippines. You can practice buying assets before committing yourself to try your luck against your own money.
Capital.com does not charge a deposit or withdrawal fee but makes money based on the buy and sell spreads. Although trading cryptos occurs in USD, so you might have to convert your Peso into USD to trade. You can do it directly on the platforms with fair rates depending on your deposit preference.
Easily a favorite for crypto traders, OkCoin is an easy-to-use exchange that is suitable for people who are just getting started with trading. OkCoin makes it simple to get your head around crypto investing. It boasts a list of tradeable assets stretching more than 120 crypto assets.
With OkCoin, you can trade assets, manage your portfolio, set your account into auto-pilot, customize your account with price alerts, and choose a default trading currency. Even better, OkCoin has one of the best-rated mobile trading apps that is available for iOS and Android devices.
OkCoin is open to Philippine customers with many beginner-friendly qualities and advanced trading tools for experienced folks. You can even get access to a cryptocurrency wallet compatible with a majority of the cryptocurrencies and utility tokens trading in the open market.
What Else You Should Know about Investing in Cryptocurrency Philippines
Buying low today to sell high tomorrow sounds simple, but this statement couldn’t get further from the truth. The truth is, even with the astronomical rise of Bitcoin and other cryptocurrencies, there is no such thing as a sure thing. No asset is a market-beating juggernaut that can’t be beaten.
And while cryptocurrency trading is widespread, investing in crypto assets still exists in a legal grey area. There is no better time to start owning cryptocurrencies or learning how to invest in cryptocurrency Philippines since the regulatory framework to prohibit the practice does not exist.
Cryptocurrencies are, after all, getting more mainstream, so you might want to start thinking long-term. But, first, prioritize the security of the exchange above everything else. Even though exchanges have become more secure with stringent measures, the threat of hacking is growing by the day.
How to Invest in Cryptocurrency Philippines – Conclusion
The cryptocurrency market is one of the best places to put your Philippine Peso to work in the long run. But you cannot just invest in cryptocurrencies through your bank account or call a founder to buy some – you need to find the best platform for how to invest in cryptocurrency in the Philippines.
Fortunately, there are a lot of exchanges available to users in the Philippines. The crypto trading scene in the country has changed drastically in the last few years. Now with a local exchange taking the world by storm, it may be the best time to learn how to invest in cryptocurrency Philippines.