While Bitcoin is the first that comes to mind when you talk about cryptocurrency, Ethereum (ETH) is rising as another formidable cryptocurrency that people use a lot these days. Aside from the usual transactions, Ethereum is commonly used for buying NFTs on platforms like OpenSea. It is pretty easy to buy Ethereum in the Philippines; in fact, there are a number of ways that you can convert your hard-earned Peso to Ethereum. In this guide, we explain how you can buy Ethereum in the Philippines:
How to Buy Ethereum in the Philippines
- Create an Ethereum wallet
- Choose where to buy Ethereum
- Via Coins.ph
- Via Binance
- Via BloomX
- Via Abra
Create an Ethereum wallet. To get things started, you will need to create a wallet for storing Ethereum (and other cryptocurrencies). While there are many ways to create an Ethereum wallet, one of the most reliable methods is creating one via MyEtherWallet. The platform offers two online and two offline ways to store your Ethereum. The online options are the more practical ones, while the offline options are regarded as the more secure ones–provided that you are willing to go through these tedious steps.
Aside from MyEtherWallet, Coins.Ph is one of the few eWallets in the Philippines that has a native wallet for Ethereum. While online wallets (aka hot wallets) are convenient, offline wallets (aka cold wallets) offer the best possible security for your cryptocurrency. Do note that Coins.ph requires KYC (Know Your Customer), so you will need to get your important details, valid IDs, and supporting documents ready.
Choose where to buy Ethereum. The Philippines is one of the few countries that allows you to buy any cryptocurrency, and you have a good set of options on where to purchase. Coins.ph is the most convenient since you can buy directly and store it on your own wallet under the said platform, but other platforms like Binance are widely-used not just in the Philippines but globally.
When it comes to buying Ethereum, do note that platforms have different charges, so the amount of Ethereum you can get with your hard-earned money may vary. In addition to that, these platforms may require the usual KYC, so be ready with all your details and necessary IDs and documents to get yourself verified.
Via Coins.ph. The Wallet platform has a straightforward way of buying and selling Ethereum. You can purchase through their web client or via their Android or iOS app. Once you have cash in money to your coins.ph wallet (or have existing cash already), you simply convert a certain amount to Ethereum.
Via Binance. Like Coins.ph, Binance is an easy way to purchase Ethereum. It’s better than Coins.ph, as Binance is the world’s largest cryptocurrency exchange. Once you have made a Binance account, you can choose to buy Ethereum direct through their platform or via a P2P platform where the buyer and seller negotiate and trade any cryptocurrency (Ethereum in this case) on Binance’s marketplace.
Via BloomX. Another new platform to purchase cryptocurrency, BloomX offers three options in buying Ethereum. Aside from the usual direct approach, users can opt to wait for a specific price point before purchasing, or go for a Cost-Average approach for long-term trading.
Via Abra. Abra, on the other hand, lets you purchase Ethereum by using your credit or debit card. While you cannot use PHP currency at of the moment (using USD is the most ideal), Abra will give you various options where you can purchase Ethereum. Do note that these options will vary in the amount of Ethereum you can buy with your pre-set amount, so it’s best to double-check the platforms Abra is offering before making a purchase.
That wraps up on how to buy Ethereum in the Philippines conveniently.