Why you should NOT buy Bitcoins from Coins.ph

I love Coins.ph, it’s convenient to buy mobile load, pay bills, and to send cash to anyone even without an ATM card or bank account. I recommended Coins.ph as a way to buy Ethers in the Philippines in my previous post. I even referred my friends to sign-up at Coins.ph to start investing and trading Bitcoins. But now, I don’t recommend them if you want to buy Bitcoins. Their price spread is way too large compared to other Bitcoin exchanges out there.

Coins.ph vs Buybitcoin.ph

If you live in the Philippines, there are a lot of places to buy Bitcoins, but are too expensive (i.e. coins.ph, localbitcoins.com, etc). But there’s one place where you can buy BTC at a fair price, and guess what? It’s the first Bitcoin company established in the Philippines. It’s https://www.buybitcoin.ph/. Unlike Coins.ph where you have a Bitcoin wallet, Buybitcoin.ph is just a platform where you can buy Bitcoins, for a way cheaper price vs Coins.ph. You can just sign-up with Coins.ph if you don’t have a BTC wallet yet, then buy Bitcoins at Buybitcoin.ph (or other platforms except Coins.ph), because the price is fair and way cheaper.

Even CEX.io’s price is cheaper than Coins.ph. You’ll save around $300 if you buy from CEX.io, but you’ll save more than $500 USD if you buy from Buybitcoin.ph. What’s great about CEX is that you can buy BTC using your Credit Card. So if you don’t have cash yet and you want to buy Bitcoins, buy at CEX.

CEX.io BTC price as of 11.19.52 PM 2017-05-23

The price difference between Coins.ph and Buybitcoin.ph is around 27,000 pesos. That’s a $541 USD difference. Pretty insane right?

So before buying Bitcoins at Coins.ph, think again. You’ll save a lot when you don’t buy from them. You’ll be saving more than a month’s salary for a lot of Filipinos. And I hate to say this, but Coins.ph is ripping us off. I also made a post at CryptoCompare.com to warn other buyers about Coins.ph’s insane BTC buy price.

As of writing this post, the buy price at coins.ph is 144,574, and the sell price is 124,556. While on buybitcoin.ph, the buy price is 117,977.93, and the sell price is 113,420.26.

You can be an arbitrageur by buying BTC at buybitcoin.ph for 118,000 and sell them at coins.ph for a 124,500, that’s an instant P6500 profit! Hahaha!

I just can’t take it, their prices are way high and it’s not fair to those who have no clue where to buy BTC in PH other than coins.ph. Forgive me for the rant.

So remember, if you’re from the Philippines and you want to buy Bitcoins, STAY AWAY FROM COINS.PH. Their Bitcoin buy price is outrageous and out of this world! It’s clearly unfair and unreasonable. Buy from CEX.io or Buybitcoin.ph, or other platforms out there that you know.

UPDATE 06/04/2017: nTrust.com is now selling Bitcoins for a cheaper price. It’s worth checking out. Thanks to @csseyah for the heads up. Currently, Buybitcoin.ph’s price is more expensive than Coins.ph. So better stay away from that exchange. Always compare BTC buy price with other sellers before buying.

PS: This is not a paid post by either nTrust.com, CEX.io nor Buybitcoin.ph. This is just a tip where to buy BTC at a fair price. Don’t get ripped off by Coins.ph. They have a great + super secure platform, but their prices are way expensive. Waaaaaaaaayyyyy expensive.

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24 thoughts on “Why you should NOT buy Bitcoins from Coins.ph

  1. Thanks for the heads-up Jehz. I’m new to Bitcoin and got my coins at nTrust.com after reading this blog post. It’s way cheaper compared to Buybitcoin.ph and Coins.ph. CEX.io is also expensive now, maybe because the price is rallying to $3000.00. I hope nTrust can keep the price low for a long long time. Hahaha!

  2. Now Buybitcoin.ph is cheaper again vs Coins.ph compared yesterday, but the difference is only 300 pesos. In nTrust, it’s way cheaper with 2k spread. You’ll save P3000 pesos when you buy BTC at nTrust at this moment.

    BTC’s price is crashing right now.

    • Prices change almost every minute. O__O. You’re right, upon checking right now, Coins.ph is more expensive again vs Buybitcoin.ph, but the difference is only $5-$10. Their spread is not outrageous anymore. Not like last week when the sell price is 150k, the buy price is almost 200k. $1000 more expensive than the current market price. Hahahaha!

    • You need you to login to see the rate. In the nTrust dashboard, click Bitcoin on the lower left part. Then enter the amount you want to buy, you’ll see the current rate of Bitcoin to PHP

  3. There are times it’s gooe to buy at coins. Ph than buybitcoin. i checked it before beuying buy bitcoin. Phhave higher buying rate than coins. Ph. Not all the time good to buy in buybitcoin. Ph
    Check it out first.

  4. Hi, ask lang, yung nTrust wallet din sya? kung bibili ka dun dahil mas mababa, pwede parin malilipat sa coins.ph yung binili mo sa nTrust?
    Para sana isa na lang i-momonitor.

    Thank you.

    • You need to have a US IP + US identification docs in order to buy from coinbase. But let’s just wait for Coinbase to legally include PH in the near future. Haha! ?

  5. Just an update guys! nTrust is no longer operating in the Philippines.. no more Add Fund from the Philippines.. but you can still use your money inside your account if happens you have still money there.

    • yeah.. what a sad news to all nTrust users since its birth. T___T. I still have some BTC in my nTrust wallet. It can still be used as a BTC wallet anyway. Haha! 😀 But my nTrust card will be completely useless. :superlungkot:

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