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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