Do you want to start trading and investing with cryptocurrencies? Here are the top crypto trading platforms commonly used by Filipinos today!
The popularity of cryptocurrency in our country has been continuously increasing as various platforms emerge and gives an opportunity for every individual to learn how it works and be able to use it. Furthermore, the emergence of the different play to earn platforms nowadays played a big part in making the so-called “Crypto World” gain its popularity from the millenials and gen Zs here in the Philippines.
Listed below are the top performing Crypto Trading Platforms used here in the Philippines:
1. Binance
Binance Exchange is today’s most popular trading platform in the Philippines, offering a wide range of cryptocurrencies to trade. It has minimal trading costs but be wary of their expensive withdrawal costs which depends on the digital assets you choose to withdraw.
2. Coins.ph
Coins.ph is a mobile wallet that may be used to transmit money, pay bills, and conduct other financial operations. Earning money by keeping your cryptocurrency here is possible as it is a good long-term investment to use with.
3. PDAX
PDAX is a BSP-regulated exchange that allows you to trade Bitcoin, Ethereum, and other cryptocurrencies with PHP directly. An easy to use platform because by just signing up and providing the requirements needed to verify you and then cash in and start trading with various cryptocurrencies available in the platform.
4. Crypto.com
Crypto.com provides a variety of cryptocurrency-related services, unlike the other platforms, you cannot use peso (PHP) here as it only trades from crypto to crypto. You can also take use of their Syndicate and Supercharger services, as well as gain discounts on Crypto Loans, by staking their CRO token.
5. Coinbase
Coinbase has the same feature as crypto.com where it only allows you to trade from crypto to crypto and offers other services such as investing, a sophisticated trading platform, a wallet for regular investors, and its own U.S. dollar stable-coin.
6. eToro
eToro has different services such as investing in stocks, cryptocurrencies, and trading contracts for difference. It is commonly based on the US dollar, you can also deposit in PHP with a conversion fee based on the PHP/USD exchange rate.
With the popularity of this new market nowadays, a lot of people became more interested in investing in cryptocurrencies. It could be a really risky process, one must deeply understand what these things are and how it really works to be able to successfully enter the market.
How is crypto related to tax?
Cryptocurrencies are assets, making it generally taxable here in the Philippines. Any gains resulting from it are subject to income tax unless explicitly exempted by the law. Moreover, only those cryptos that were converted into peso (PHP) are subject to tax thus, the owner will then have the responsibility to file its tax return for his tax liability to the government.
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