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.
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.
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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Good job bro… my verification to buybitcoins.ph is now on going… soon I can buy bitcoin to buybitcoins.ph
Also sign-up with CEX.io. š they verify accounts fast! š
Too bad, I’ve already bought some from coins.ph š
I’ll use buybitcoin from now on. Thanks!
As of this comment, coins.ph buy is 132k while buybitcoin is 137k. I wonder what happened. :hilo:
Times changed. I noticed this as well. Better buy Bitcoins at CEX.io or nTrust.com to get it cheaper.
As of today June 5 buybitcoin.ph is still more expensive than coins.ph
Buy at nTrust.com or CEX.io instead. š
wala naman philipine country pag magbuy dito sa ntrust.com
sus maria
ntrust ended its service in the philippines since last year. š
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!
You’re welcome! š
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!
Where can I find the exchange rate in ntrust?
Where can I find the buy price in ntrust?
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
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.
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.
yes wallet siya like coins.ph. And yes, pwede u transfer from ntrust to coins. š
any idea how we can buy from coinbase? ~2500 buy price vs ~2800 from coins.ph, butbitcoin.ph and cex
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! ?
aww too bad š
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! š But my nTrust card will be completely useless. :superlungkot:
Na nosebleed ako dude lol
di naman. hahahaha! wala ka pa pala bitcoins 2017 na dude! š
hi help in ntrust. cant seem to get the mobile verification thru. tried all format 032(area code) + 0942(mobile number, 32(area code)+ 0942(mobile number) and 32(area code)+ 942(mobile number). what is the correct format. pls send rply via email.
nTrust is no longer available in the Philippines. š
Hi, the buy and sell price in buybitcoin . ph is higher than coins .ph
Is it still the best bitcoin site for me to buy it? Because I want to buy bitcoin so that I can buy iota. What do you suggest? Thanks
Try cex.io. You can buy bitcoin and ethers there using your debit or credit card. š
its only not convenient for me to use coins.ph for me because there’s no option to use Visa card.
Hi. Iām new to this cryptocurrency stuff. I am planning on buying ethers. So what now is the best and cheapest way to do so? CEX directly or the coin.ph and shapeshift route?
I recommend CEX.io, to avoid conversion fees from PHP to BTC to ETH. š
Bump. Cheapest way to buy Bitocin now? Abra vs CEX.io?
Haven’t tried Abra yet. š
Hi,
Is it possible to deposit on CEX via bank transfer (BPI)? My debit card status is still pending…
There’s a wire transfer option but I haven’t tried it yet. I think it will take weeks, vs a verified debit card with instant confirmation. Try contacting cex.io support to follow-up regarding the status of your card. š
J, another question. Can I use someone else’s credit card to deposit on CEX under my account. Thanks.
The credit or devit card that you can link should match your government issued ID. I think CEX won’t approve cards with other person’s name. š
Thanks J,
You have any suggestions for an exchange sites except CEX and Bittrex. I’m having difficulty verifying my account in Bittrex.
Try Bitfinex, Poloniex, or Liqui. I’m using those exchanges.
hi im a newbie to btc.I have been wanting to trade btc for awhile now but I don’t know how. So how do I trade btc in the Philippines? Does it have a trading platform?
If you already have BTC, I suggest sending it to a crypto trading platform like Poloniex, Bitfinex, Liqui, Kraken, or Yobit. š
Thanks J,
You have any suggestions for an exchange sites except CEX and Bittrex. I’m having difficulty verifying my account in Bittrex.
Hello J,
So at this point in time is still wise to install and invest my time and effort in installing in coins.ph?
Thank you.
Yep, you can always install coins.ph anytime and invest in BTC. Or if you’re looking for a long term investment with more returns, I suggest investing in IOTA. š
Buy BTC at Coins, send your BTC to Bitfinex, then buy IOTA. š
which IOTA wallet best to use?
the official iota wallet at https://github.com/iotaledger/wallet/releases
Hi! If I buy from bibit BTC, can my wallet still be coins.ph? Iām a bit confused when I was signing up for bibit.
yeah you can send your Bitbit bitcoins to coins.ph BTC wallet. š
Hi jehz, from bitbit to coins.ph, the network fee is around 800 or more right? Network fees are expensive now.
yes, it’s waaay more expensive now as the price of bitcoin is insanely high. š
I wish there will be a philippine exchange where you can input the network fee of .00000001 btc like blockchain.info
we’ll have one soon! š
Hi,
What’s the best IOTA wallet to use nowadays?
do you still recommend using cex.io to buy bitcoins. Can I transfer my bitcoin from cex.io to coins.ph?
Yes. It’s still the fastest and best way. I suggest you buy ETH if you’re planning to buy another currency. š
Hi, so if the best pa din for now sa cex.io, medyo mahal nga lang yung prices ng coins sa exchange nila, and if you’re planning to move it to an exchange with more alt coins, medyo lugi ka pa din? your thoughts?
Hi any reco wallet that has min fee to buy btc? Or coinsph ia better now? Planning to buy xrp! Or its more advisable to just use cex then use coinsph as wallet. Thanks
Hi Jehzlau,
I think you mentioned go straight to purchasing ETH through cex.io, wouldn’t it still be more expensive? Coz while you go straight, wouldn’t the banks charge you a high FX such that you end up still purchasing it expensive, so question is which will eventually be more expensive?
It’s still cheaper, because you’ll buy ETH, instead of BTC. š
what happened here? coins.ph is at Buy: 755,409 PHP | Sell: 724,364 PHP while buybitcoins is BUY PHP 819,390.00 | Sell PHP 689,130.00
CEX suspends new registration at this point. Any other suggestions with cheaper fee?
Rehistrado naba ang buybitcoin.ph sa BSP?
Umabot ako dito sa paghahanap din ng ibang option aside from coinsph. Grabe ang layo ng price nila sa mga exchanges. Lugi ka agad ng almost $400-$500. Napakahirap din mag swing trade ng btc sa kanila kasi nga naman ay money changer lang talaga sila.
??
as of this writing coins.ph is lower compared to buybitcoin.ph…
Let me take this medium to introduce y’all to an exchange for bitcoins that I know. I sell bitcoins safely on their website and their service is very fast. They are CryptoExMart.com
coins.ph is more cheaper compared to buybitcoin.ph as of July 04, 2013 @ 11:20am.
coins.ph = Buy BTC: 621,888 PHP | Sell BTC: 594,451 PHP
buybitcoin.ph = Buy BTC: 632,040 PHP | Sell BTC: 595,720 PHP
Anyone who has experience in their Coins.ph account being hacked or the 2FA circumvented? There was an email I received from Coins.ph that after clicking the link, all my hard-earned BTC’s just disappeared. I will post more details later on.
Sir pwede pong mg paturo sayo pano mg invest sa bitcoin? I was planning to buy and sell bitcoins sa coins.ph buti nabasa ko tong post mo
Ano po updates dito. Beginner lng po ako sa crypto currency that’s why nakarating ako dito. Hehehe.