According to Binance’s CEO, Chanpeng Zhao– ‘The Philippines is one of the most active Crypto communities in Asia.’ This review will take you through how to use the Binance Philippines platform. This will include how to set up an account, supported currencies, how to deposit, fees, and security. You can also see a full review of other popular exchanges in the Philippines here.
What is Binance Philippines?
Binance.com/ph is an offshoot of the Binance.com platform but available in Tagalog and designed with local payment methods in mind. Binance was originally founded in 2017 by Changpeng Zhao in China. Since then, the exchange has moved its servers out of China, into Japan and opened new offices in Malta due to stricter regulations in both countries.
The reason why Binance is so popular among Filipinos is because of the launch of their P2P platform in 2020. The P2P platform is a peer-to-peer cash-to-crypto trading platform that supports 31 FIAT currencies globally. Since its worldwide launch in 2019, the platform has been able to process trades of more than $1 billion so far.
Since Binance Philippines is essentially the Binance.com platform, the Filipino platform supports all of the same cryptocurrencies. You will be able to trade with 100 cryptocurrencies and 250+ trading pairs, some of which are listed below. You are able to see a full list on the exchange here.
How to buy Crypto with PHP?
Binance is a predominantly Crypto to Crypto trading platform which means that you will have to deposit in Crypto into the exchange to start trading. That being said, you are able to buy crypto with PHP using the ”Bumili ng Crypto’ tab on the exchange. Here there are 3 methods, the Binance P2P platform, with a Credit/ Debit card, or through a third party, Simplex.
Philippines P2P platform.
As mentioned, the Binance P2P platform facilitates being able to buy crypto with PHP. The main difference in this method from using spot exchanges and other direct exchanges for FIAT to crypto is that you are able to negotiate a price directly with the buyer. Spot exchanges allow buyers to buy orders at a specific price, matching this with a seller using order books and direct exchanges set the price for buyers and sellers themselves to give you no room for negotiation.
Using Binance P2P, users can buy and sell BTC, ETH, BNB, USDT, EOS, and BUSD using PHP. After you have bought any of these cryptos, you are then able to move these to your spot wallets for trading on the exchange. The P2P platform offers local payment methods for sellers and buyers to make use of. When you have set up your account, you will need to pick your preferred payment method to match up with a seller. I have listed the local payment methods for the Philippines below.
- Union Bank
Buying on the P2P platform is simple, just click ‘Bumili ng Crypto’ and then navigate to ‘P2P trading’. Here you will need to pick PHP, the crypto that you would like to buy, and your desired payment method. You are then able to browse the sellers with these conditions.
Trades on the P2P platform are only facilitated by Binance and fulfilled by individual selling users. Because of this, it’s natural to feel uneasy however Binance users are protected by an escrow service. The seller’s funds are automatically reserved from their crypto P2P wallet as soon as their crypto ad goes up. This means once you transfer your funds, the Binance team can release this for you if the buyer does not. This feature ensures the safety and timely delivery of the digital asset during trade execution.
Credit/ Debit card
Another way to buy Crypto on the exchange is by credit/debit card. Again, you can use the ‘Bumili ng Crypto’ tab and click on the credit/debit card option. On this tab, you are able to buy and sell crypto with PHP and see an overview of the price of the crypto on the last day. With this payment method, you are able to buy BTC, NPXS, BUSD, ETH, XPR, ADA, CHZ, BNB, DODGE, ZIL and USDT. You will need to make a deposit of 780 – 250000 PHP to use this method.
Third Party- Simplex
You are also able to use a debit/ credit card through a third-party method, Simplex, on the exchange. Simplex is an EU-licensed financial institution that ‘provides the fiat infrastructure for the Crypto Industry.’ With the partnership between Binance and Simplex, their shared goal is to provide more fiat gateways to grow the Crypto ecosystem globally. Card payments processed by Simplex have a 100% zero fraud guarantee using AI technology to stop fraudulent transactions. Because of this, legitimate transactions are able to be completed with speed and confidence.
Trading on Binance Philippines.
There are 5 ways to trade on Binance Philippines- Mag convert, Karaniwan, Advanced, Margin na wallet and P2P. Depending on your trading experience, buying methods, reasons for trading etc, may determine which trading option you would like to choose.
- Magconvert– The easiest way to convert trade your Crypto on the platform. Here you are able to pick which Cryptos you want to convert and do this within minutes. This method allows for instant trading with a conversation rate set by the Binance platform.
- Karaniwan– A more traditional platform that includes charts and options to trade. These include by spot, margin, market, or limit order. Here you are able to buy or sell your Crypto.
- Advanced– This has all the features of the Karaniwan platform but supports a full suite of charts to support technical analysis and trading.
- Margin na wallet– This part of the platform allows you to borrow funds for leveraged trading. Here you are able to use Isolate or Cross margin mode depending on which account you have decided to create.
- P2P- Binance’s peer-to-peer marketplace allows users to search the marketplace for the crypto, rate and buying method they wish to use. Using this, you are also able to negotiate with the sellers.
Trading fees for Binance are tiered depending on 30-day trading volumes or 24-hour BNB coin holdings. There are 9 tiers dependent on this in which the maker/ taker fees range from 0.1% and 0.04%. Using Binance BNB coin, you are also able to get a 25% discount.
If you are looking to withdraw your Crypto, the fees vary dependent on the Crypto/ Fiat that you would like to withdraw. You can see a full list of your options here.
Binance Philippines Support
Binance Philippines offers a number of support methods. Firstly, they have a number of resources on their website for users. This includes the ‘Binance Academy’ which is an information guide for crypto beginners across pretty much all crypto topics. Here you can also ask questions to the community within the Academy. The platform also has blogs, FAQs, and user guides that are pretty extensive. You are also able to use the ‘Binance Filipino’ Telegram to communicate with 11,000 Filipino users in the community.