Published: September 29, 2020 | Updated: October 6, 2020 | Posted by: Venus Zoleta | Personal Finance
Although only a minority of Filipinos currently invest in cryptocurrencies, there’s a strong interest in future investment. This is one of the findings of research in 2019 commissioned by the Organization for Economic Cooperation and Development (OECD).
According to the OECD report, only 32% of Filipinos owned cryptocurrencies, but 53% expressed interest in making a cryptocurrency investment in the future. The top reasons for investing in cryptocurrencies in the Philippines include knowing more about digital currencies (40%) and making money quickly (36%).
If you’re among those interested in trading cryptocurrencies, you have several platforms to choose from. One of them is Coins Pro. What does this online trading platform have to offer and how is it used? Let’s find out.
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Coins Pro, formerly Coins Exchange (CX), is a cryptocurrency trading platform where you can directly buy and sell digital currency. It’s the first digital currency exchange in the Philippines. The online trading platform also doubles as an e-wallet where you can store your digital currency.
Coins Pro is operated by Coins.ph, a digital wallet service provider licensed (as a virtual currency exchange) and regulated by the Bangko Sentral ng Pilipinas.
Both Coins Pro and Coins.ph, run by the same company, are digital currency exchanges that allow users to buy, sell, and store the same types of cryptocurrency in the Philippines.
But that’s where the similarities end. Each digital currency exchange caters to different needs. To know which one is better for you, we have listed down the benefits of each.
Coins.ph is ideal to use as a mobile wallet for sending money, paying bills, and other financial transactions. While you can earn money holding Bitcoin or another cryptocurrency in your Coins.ph wallet, the expensive conversion fees will reduce your investment’s value. It’s good for investment only if you intend to hold your digital currency in your e-wallet for a long time.
Coins Pro works better than Coins.ph as a trading platform. With Coins Pro, the cost of buying and selling cryptocurrency is cheaper. It also allows trading greater volumes. If you’re serious about investing in digital currencies, this trading platform will suit your needs better.
Coins Pro fees range from 0.05% to 0.15% based on your monthly trading volume. The more you trade, the lower your fees. The amount is automatically deducted from your account.
|Monthly Trading Volumes||Fees|
|15 million and above||0.05%|
|10 to 15 million||0.06%|
|8 to 10 million||0.07%|
|6 to 8 million||0.08%|
|4 to 6 million||0.09%|
|2 to 4 million||0.11%|
|1 to 2 million||0.12%|
|500,000 to 1 million||0.13%|
|250,000 to 500,000||0.14%|
|250,000 and below||0.15%|
Filipinos 18 years old and above may open a Coins Pro account. Since the digital currency exchange is still in private beta version as of this writing, account registrations are not accepted yet.
In the meantime, you may join the waitlist on the Coins Pro website. Click the Join Waitlist button and fill out the online form. You’ll receive an email invite once you can already register in the platform.
Note that you can create only one account. Opening multiple accounts under one person is not allowed and will be closed or suspended.
To buy digital currency, you need to add funds to your account first. You can cash in from your Coins.ph wallet (through the Coins.ph app or website) or UnionBank account (through the UnionBank app or website). Cash-in transactions, regardless of the method you use, are free of charge.
Convert the digital currency in your Coins Pro balance into cash by sending it to your Coins.ph wallet (real-time crediting) or bank account (same-day or next-day processing time).
Note that Coins Pro withdrawals have limits based on your verification level. See them below.
|Verification Level||Withdrawal Limit|
|Level 1 (Email and mobile verification)||No withdrawals|
|Level 2 (Email, mobile, ID, and selfie verification)||PHP 250,000 per month|
|Level 3 (Email, mobile, ID, selfie, and address verification)||*PHP 500,000 per day *PHP 15 million per month|
|Custom||Higher than PHP 500,000 per day|
|Business verification||Customized per client|
If you know how to trade stocks using online platforms like COL Financial, you’ll find it easy to use the Coins Pro platform for trading currencies as it works the same way. Here’s how to trade Bitcoin and other digital currencies on the platform.
Read more: The Basics of Investing in Cryptocurrency
All the Coins Pro information shared here is for your general guidance only. You’re mainly responsible for doing your research and making your own investment decision based on that.
Remember that digital currencies are among the riskiest investments. Just as profits can get high, the risk of losing money is high. Before buying cryptocurrencies, read up a lot about them and seek advice from blockchain experts.