Best Crypto Exchanges in Philippines (Updated in May 2024)

According to the Global Crypto Adoption Index by Chainalysis, the Philippines ranks 6th among the top countries for crypto adoption in 2023. This places the Philippines ahead of financial powerhouses like Canada and the United Kingdom and shows Filipinos’ growing interest in crypto. In this article, we’ve researched and listed the 6 best crypto exchanges in Philippines, and provided the steps to buy Bitcoin and cryptos that will help you reduce many barriers when entering the blockchain industry and crypto trading journey.

Key Takeaways:

• MEXC, Binance, OKX, Bybit, KuCoin, and Kraken are the best crypto exchanges in Philippines for buying and selling Bitcoin.
• In Philippines, cryptocurrency transactions are subject to capital gains tax, reaching up to 15%.
• Centralized & decentralized exchanges, P2P platforms, and Bitcoin ATMs are some of the best methods to buy Bitcoin in Philippines.

List of Legal Cryptocurrency Exchanges to Buy Bitcoin and Crypto in Philippines

We have reviewed over 20 crypto exchanges in Philippines based on various factors such as trading fees, supported digital currencies, security measures, trading features, Philippine Pesos (PHP) support, and more. Here are our top 6 crypto exchanges in Philippines through our research:

1. MEXC: Cheapest crypto exchange in Philippines
2. Binance: Best for high liquidity trading
3. OKX: Best Philippines crypto exchange for DeFi features
4. Bybit: Best futures crypto exchange in Philippines
5. KuCoin: The most user-friendly crypto platform in Philippines
6. Kraken: Best regulated crypto trading platform

Best Crypto Exchanges in Philippines: Reviewed

1. MEXC

MEXC is our first choice as the best crypto exchange in Philippines. Founded in 2018, it has built a reputation for its high-performance trading engine, with 1.4 million transactions per second and an impressive number of supported cryptocurrencies.

The exchange supports over 2,245 cryptocurrencies, including popular coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC),… along with a ton of more niche altcoins. It is also known for frequently listing new projects. This gives early access to upcoming tokens.

MEXC offers more than just basic spot trading. You can also access features like margin trading, derivatives, staking, and a launchpad for new projects. This gives Filipino traders plenty of ways to explore the crypto world. MEXC’s fee structure is also reasonable compared to other exchanges. Their spot maker/taker fees usually hover around 0.1%. For futures trading, you will only pay 0% maker and 0.02% taker. Please read our full MEXC review for more information about the exchange.

Pros of MEXC

• Highly secure trading platform with features like 2FA, address whitelisting, exchange solvency data (PoR data), etc.
• Competitive spot trading fees and zero futures maker fees
• Various ways to earn passive income on your crypto holdings through staking and other programs
• The platform is easy to use and suitable for both beginners and more experienced traders

Cons of MEXC

• Depositing and withdrawing Philippine Pesos (PHP) through bank transfer is not available
• Some new projects have low liquidity, which may result in price slippage when buying

2. Binance

Binance is the world’s largest cryptocurrency exchange by trading volume and is available in more than 100 countries, including the Philippines. The exchange also has around 190 million users worldwide.

The platform particularly excels in offering a P2P (Peer-to-Peer) marketplace. This means you can directly buy and sell cryptocurrencies from other Filipino users using convenient local payment methods like bank transfers and popular e-wallets.

The fee structure on Binance is also competitive, with a standard spot trading fee of just 0.1%. Traders can further reduce this fee by 25% by paying with BNB. It also offers 24/7 customer support and various security measures to safeguard your digital assets.

Pros of Binance

• High trading volume and liquidity for advanced traders
• Margin and futures trading with up to 125x leverage
• Dedicated NFT marketplace on the BNB chain
• It offers crypto copy trading for new Filipino users to mirror trades of other experienced traders
• Trading fees are generally competitive, especially when using Binance’s own token (BNB) for discounts

Cons of Binance

• Low market cap or newly launched projects are not supported
• Faced regulatory challenges in many countries, including the Philippines

3. OKX

OKX is another top crypto trading platform in Philippines. It is suitable for both new and experienced traders. Beginners will appreciate the clean interface, easy-to-use ‘Buy Crypto’ section, and abundant educational resources. Those looking for more sophisticated trading can access spot markets, margin trading, derivatives, and trading bots to automate their strategies.

The “Earn” section lets you earn interest on your idle crypto through staking, savings products, and DeFi offerings. For true crypto pros, OKX even has an NFT marketplace and a platform that allows users to launch their own tokens.

OKX has a key advantage for Filipino users. It offers P2P trading, allowing you to directly buy and sell crypto using Philippine Pesos (PHP) via various popular payment methods, including cash.

Pros of OKX

• Large selection of cryptocurrencies for traders to choose
• Advanced trading features with order types like a limit order, stop-loss order, trailing stop-loss, etc.
• Easily to buy and sell cryptocurrencies using P2P trading with Philippine Pesos (PHP)
• OKX uses security measures such as multi-signature wallets, cold storage, and regular audits
• Decent selection of educational material, including articles and tutorials, to help users improve their trading knowledge

Cons of OKX

• Fiat withdrawals through bank transfers are not supported in Philippines.
• Advanced features like the Web3 portal can be daunting for beginners.

4. Bybit

Bybit is another popular trading platform for Filipino crypto enthusiasts. The platform is user-friendly, and users can even purchase crypto directly using Philippine Pesos (PHP) through payment methods like Google Pay and Visa/Mastercard. This makes getting started easy, even if you’re new to cryptocurrency.

Similar to Mexc, this trading platform offers over 1,148 coins and tokens in various niches, including DeFi, AI, meme coins, NFTs, and the metaverse. Bybit is also popular for derivatives trading, allowing you to use markets like futures and options contracts. Plus, features like copy trading let you learn by copying strategies from experienced traders.

Bybit also has advanced features for institutional traders. This includes OTC trading, pre-market crypto investments, and API access. You can also install mobile apps for Android and iOS devices.

Pros of Bybit

• Trade different types of markets like spot, derivatives, and options with one unified trading account
• Offers up to 100x leverage on certain pairs, including BTC and ETH
• It supports a range of “Earn” services, including crypto loans, staking, and liquidity mining
• Provides a demo trading environment to practice strategies and become familiar with the platform

Cons of Bybit

• Advanced trading tools can be overwhelming for new Filipino traders

5. KuCoin

KuCoin is highly popular, with over 300 million global users. It offers a massive selection of over 700 cryptocurrencies. This gives you ample opportunity to build a diverse crypto portfolio. 

Through P2P trading, KuCoin lets you buy and sell crypto directly with other Filipino users using Philippine Pesos. Popular options include bank transfers, GCash, and PayMaya. You can also automate your cryptocurrency trading strategies with KuCoin’s customizable trading bots.

KuCoin’s trading fees are 0.1% maker/taker, which is generally on par with the industry average and often even lower with KCS holding (20% discount). Here is our full KuCoin exchange review for more information.

Pros of KuCoin

• It has a reputation for listing smaller-cap cryptocurrencies with high growth potential
• You can access markets like margin trading, futures trading, and leveraged tokens
• Opportunities to earn passive income on your crypto holdings through staking and lending
• Holding the KuCoin Token (KCS) can entitle you to a 20% trading fee discount
• PoR data is available for transparency and exchange solvency

Cons of KuCoin

• It operates in a less regulated environment than some major exchanges
• Customer support can sometimes be inconsistent

6. Kraken

Kraken is a regulated US-based exchange and is also available in Philippines. The platform has been around since 2011, with a proven track record in the often-uncertain cryptocurrency market. This trading platform currently supports over 200 popular cryptocurrencies for trading.

Kraken doesn’t allow direct deposits or withdrawals of Philippine Pesos (PHP). In Philippines, it accepts deposits in USD only via credit/debit cards. Therefore, you can either convert your PHP to USD through any currency exchange service in your country or deposit cryptocurrency through a blockchain address.

It also has a “Kraken Pro” platform. It supports advanced order types, margin trading with up to 5x leverage, futures contracts on 100+ tokens, and charting tools.

Pros of Kraken

• Highly secure with a regulatory license in the United States
• Margin trading, futures, and staking options make Kraken suitable for more advanced crypto traders
• Users can earn up to 10%+ APR in rewards annually by staking
• API trading is available for using third-party trading bots

Cons of Kraken

• Higher trading fees of 0.25% maker and 0.4% taker compared to other crypto exchanges in Philippines
• You can not deposit PHP using a bank transfer

Best Crypto Trading Platform in the Philippines: Comparison

Where to Buy Bitcoin and Cryptocurrencies in the Philippines?

1. Centralized Exchanges (CEXs)

Starting with a centralized exchange, these platforms are similar to traditional stock exchanges but for cryptocurrencies.

Some of the most popular centralized exchanges in Philippines include MEXC, Bybit, Binance, KuCoin, Kraken, and OKX. 

These exchanges are known for their ease of use, providing a user-friendly interface that simplifies the process of trading cryptocurrencies.

It’s important to note that while these exchanges are convenient, they require users to go through a Know Your Customer (KYC) process to comply with anti-money laundering laws.

2. Decentralized Exchanges (DEXes)

Decentralized exchanges cut out the intermediary. Instead of relying on a central company, these platforms use smart contracts on a blockchain to facilitate the trading of cryptocurrencies.Some of the most popular decentralized exchanges in Philippines are Uniswap, Pancakeswap, and Sushiswap.

Since you’re interacting directly with the blockchain, you maintain complete control of your private keys. However, DEXs can also have higher transaction costs compared to centralized platforms.

3. P2P Exchanges

P2P exchanges are marketplaces that connect buyers and sellers directly, allowing them to set their own prices and payment terms. They use an escrow system to secure transactions.

Paxful and LocalBitcoins are some of the best P2P crypto trading platforms in Philippines.

P2P crypto exchanges offer various payment options, often including bank transfers, cash meetups, and popular e-wallets. This flexibility can be highly appealing, but choosing reputable sellers and taking precautions to avoid scams is important.

4. Bitcoin ATMs

If you prefer a more physical way of purchasing crypto, Bitcoin ATMs could be your option. These specialized ATMs allow you to buy Bitcoin and sometimes other cryptocurrencies using cash or debit cards.

While convenient, Bitcoin ATMs often charge higher fees compared to online exchanges. You can usually find locations of nearby Bitcoin ATMs through websites like CoinATMRadar.

How to Choose the Best Philippines Crypto App?

• Fees: Compare the charges associated with trading, deposits, and withdrawal fees. Some exchanges offer more competitive rates, potentially saving you money in the long run.
• Number of supported cryptocurrencies: Ensure the exchange supports the specific cryptocurrencies you’re interested in. Different exchanges may offer varying levels of choice. For example, MEXC and Bybit offer many altcoins and new projects, whereas Binance only supports more established coins.
• User Interface: Opt for an exchange with a user-friendly website or app, especially if you’re a beginner. A clear and intuitive interface will make your trading experience smoother.
• Security: You must choose an exchange with a strong security track record. Look for security features like two-factor authentication and cold storage for crypto assets. You can also check PoR data for solvency. Defillama is one of the best websites for on-chain PoR data verification.
• Customer Support: Try to choose an exchange that provides responsive and helpful customer support in case you encounter any issues or have questions.

How to Buy Bitcoin and Cryptocurrencies in the Philippines?

Here is the step-by-step guide on buying cryptocurrencies in Philippines using the MEXC crypto exchange:

Step 1: Create an Exchange Account

Start by visiting the MEXC website and creating an account. You’ll provide standard details like your email address and create a strong password.

MEXC will likely require you to complete a verification process (KYC – Know Your Customer) to comply with regulations. This usually involves submitting identification documents and proof of address.

Step 2: Deposit Funds

Once your account is verified, you’re ready to deposit funds. MEXC supports only “Mercuryo’ as a payment method. You need to go to the “Buy Crypto” section and then select “Credit/Debit Card”.

Now, choose “PHP” as a preferred fiat currency. Choose your preferred crypto coin and follow the on-screen instructions to transfer funds to your MEXC account.

Step 3: Placing an Order

Navigate to the “Markets” or “Spot” section of the MEXC platform. Here, you’ll see a list of available cryptocurrencies. Select the trading pair you prefer.

The trading interface will usually have a chart and an order form. Decide whether you’d like to place a ‘market order’ (buy at the current market price) or a ‘limit order’ (set your desired purchase price). Enter the amount of Bitcoin/crypto you wish to buy and confirm your order.

Step 4: Storing Your Crypto

Once your order is executed, the Bitcoin you purchased will appear in your MEXC exchange wallet. It’s generally recommended to transfer your cryptocurrency to a personal wallet where you control the private keys for enhanced security. You can choose a software wallet or a hardware wallet for greater protection of your assets.

Conclusion

To summarize our review, the best crypto exchanges in Philippines are MEXC, Binance, OKX, and Bybit. These are the top platforms for trading Bitcoin in Philippines.

However, we recommend you do your own research. The best way to find your perfect platform is to try out a few of these exchanges. You can consider fees, your desired coins, and your trading experience level when making the final decision.

FAQs

Is cryptocurrency legal in the Philippines?

Yes, cryptocurrency is legal in Philippines. The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, recognizes cryptocurrencies as virtual assets.

It’s important to note that cryptocurrencies are not considered legal tender in Philippines.

Which crypto exchange is best in the Philippines?

MEXC is one of the best crypto exchanges in Philippines due to its vast selection of altcoins, competitive trading fees, easy-to-navigate trading interface, and advanced trading features.

Which crypto wallet is used in the Philippines?

Trust Wallet, Coinbase Wallet, and Metamask are some of the best software crypto wallets in Philippines. These online wallets are best for accessing various DeFi services like buying and selling crypto using DEXes, swapping, lending, etc. But, if you are looking for highly secure wallets, we recommend using hardware wallets. Ledger Nano X and Trezor Model T are the best crypto hardware wallets in Philippines.

What is the alternative to Binance in the Philippines?

MEXC and Bybit are the best alternative exchanges to Binance in Philippines. Both trading platforms are highly secure and offer a variety of coins and trading pairs. MEXC is best for low-fee trading, whereas Bybit is best for high-leverage derivatives trading.

Is there a tax on crypto in the Philippines?

Yes, there are taxes on cryptocurrency in Philippines. When you sell or exchange cryptocurrency for a profit, it’s subject to capital gains tax. This can be up to 15%. If you receive cryptocurrency as payment for services or goods, it’s considered regular income and is taxed accordingly.