Best Crypto Exchanges in Philippines (Updated November 2024)
As the cryptocurrency market continues to grow in popularity, choosing the right exchange becomes crucial for both new and experienced traders in the Philippines. The best crypto exchanges offer a mix of user-friendly features, a wide range of supported cryptocurrencies, competitive fees, and robust security measures. In this updated guide, we explore the top crypto exchanges in the Philippines, including MEXC, Binance, SLEX, OKX, and Bybit. Whether you’re looking to invest in Bitcoin, explore altcoins, or engage in advanced trading strategies, this guide will help you find the best platform to suit your needs.
MEXC
MEXC is our top recommendation for the best crypto exchange in the Philippines. Established in 2018, it has quickly gained recognition for its high-performance trading engine, capable of handling 1.4 million transactions per second. The exchange supports a vast array of over 2,245 cryptocurrencies, including major coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Polygon (MATIC), along with a variety of niche altcoins.
One of MEXC’s standout features is its frequent listing of new projects, providing early access to upcoming tokens. This makes it an attractive platform for Filipino traders looking to explore new investment opportunities. Besides spot trading, MEXC offers margin trading, derivatives, staking, and a launchpad for new projects. The fee structure is competitive, with spot trading fees around 0.1% and futures trading fees set at 0% maker and 0.02% taker. For a comprehensive overview, please read our full MEXC review.
Binance
Binance is one of the largest and most popular crypto exchanges globally, and it holds a significant presence in the Philippines. Founded in 2017, Binance offers an extensive range of services including spot trading, futures, staking, and a variety of financial products. It supports a wide selection of cryptocurrencies, making it a versatile platform for both beginners and experienced traders.
Binance’s fee structure is also attractive, with spot trading fees typically at 0.1%. The platform is known for its robust security measures and user-friendly interface, which includes features like two-factor authentication and anti-phishing codes. Binance is a go-to choice for many Filipino traders due to its extensive market access and comprehensive service offerings.
SLEX
SLEX is a rapidly growing crypto exchange in the Philippines, particularly popular among local traders. Although relatively new, SLEX has built a reputation in the LATAM region for being user-friendly and supportive of a variety of cryptocurrencies. The platform emphasizes simplicity, making it an excellent choice for beginners who are just starting in the crypto space.
SLEX offers competitive trading fees and supports various trading pairs, including local Philippine Peso (PHP) pairs. This makes it easier for Filipino traders to buy and sell cryptocurrencies without the hassle of currency conversion. The exchange also provides educational resources to help users better understand the crypto market.
OKX
OKX is another leading crypto exchange available to Filipino users, known for its advanced trading features and a wide range of supported cryptocurrencies. Established in 2017, OKX has gained a reputation for its sophisticated trading tools, including futures, options, and margin trading. It supports over 400 cryptocurrencies, making it a diverse platform for crypto enthusiasts.
OKX offers competitive fees, with spot trading fees at 0.1% and reduced rates for high-volume traders. The exchange also provides comprehensive security features, such as cold storage for digital assets and robust account protection mechanisms. OKX is ideal for traders looking for advanced trading options and high security.
Bybit
Bybit is a popular derivatives trading platform that has made significant inroads in the Philippines. Launched in 2018, Bybit focuses primarily on futures trading and offers a seamless trading experience with up to 100x leverage. The platform supports major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and more.
Bybit is known for its user-friendly interface, which is ideal for both novice and experienced traders. The exchange offers competitive fees, with futures trading fees at 0.075% taker and -0.025% maker, rewarding liquidity providers. Bybit’s emphasis on security and customer support makes it a reliable choice for Filipino traders interested in derivatives.
What is the status of cryptocurrency in the Philippines?
Сryptocurrency is legal in the Philippines. The country’s central bank, Bangko Sentral ng Pilipinas (BSP), regulates the use of cryptocurrencies and has established guidelines for virtual currency exchanges. These regulations are designed to prevent money laundering and protect consumers. The BSP requires exchanges to register, implement robust security measures, and adhere to specific operational standards. This regulatory framework allows Filipinos to legally buy, sell, and trade cryptocurrencies through licensed exchanges.
Where to Buy Bitcoin and Cryptocurrencies in the Philippines?
You can buy Bitcoin in the Philippines through various exchanges such as MEXC, Binance, SLEX, OKX, and Bybit. These platforms offer a wide range of cryptocurrencies, competitive fees, and user-friendly interfaces suitable for both beginners and experienced traders.
How to Buy Bitcoin and Cryptocurrencies in the Philippines?
- Choose an Exchange: Select a reputable exchange like SLEX, Binance, or OKX.
- Create an Account: Register on the exchange and complete the necessary verification processes.
- Deposit Funds: Deposit PHP or other currencies into your account using supported payment methods.
- Buy Cryptocurrency: Choose the cryptocurrency you want to purchase, enter the amount, and complete the transaction.
No KYC vs KYC Verification
No KYC: Some exchanges allow limited trading without KYC (Know Your Customer) verification, offering greater privacy but lower trading limits and withdrawal limits.
KYC Verification: Completing KYC verification increases your account limits and enhances security but requires providing personal information.
FAQ
What is the best crypto exchange in the Philippines?
The best crypto exchange varies depending on your needs, but MEXC, Binance, and OKX are among the top choices for their wide range of cryptocurrencies, competitive fees, and security features.
Can I trade cryptocurrencies without verification in the Philippines?
Yes, some exchanges offer limited services (for example, USDT without KYC verification), but completing KYC can unlock higher trading and withdrawal limits.
How do I ensure my cryptocurrency is safe?
Use exchanges with strong security measures, enable two-factor authentication, and consider using cold storage for long-term holdings.
What fees should I expect when trading cryptocurrencies?
Fees vary by exchange and trading type but typically range from 0.1% to 0.2% for spot trading. Futures and margin trading may have different fee structures.
Author
Johan Kowalski, a crypto analyst and author, started his journey as a crypto trading expert. With extensive experience in server monitoring, system hardening, and service deployments, Johan’s curiosity led him to explore blockchain technology early on. Today, he is a distinguished figure in Blockchain and DeFi, lending his expertise as an expert content writer. Passionate about simplifying complex blockchain concepts, Johan excels in explaining blockchain technology and its ecosystem comprehensively.