Aside from the stock trading savvy Pinoys, there is already a growing market for Cryptocurrency traders as well. There are several Facebook groups that discuss Cryptocurrency. Most of these traders do their trading in foreign exchanges like Binance. For basic Bitcoin wallet, Coins.Ph is the most popular, until the announcement of their CX (Coins Exchange).
According to Coins.Ph:
The Coins Exchange, or CX, is a digital currency exchange product by Coins.ph. We operate in the Philippines and serve as a platform where buyers can connect with sellers and exchange digital currency at prices determined by the market. Customers can use our order-book exchange to buy digital currency with Philippine peso, at larger volumes, and for lower fees.
The CX (Coins Exchange) is the first order-book digital currency exchange in the Philippines. This will allow the Filipino Crypto traders to directly place orders to buy and sell digital currency at real-time market prices.
The exchange is currently in private beta. While you can’t publicly register and trade yet, you can join them by clicking the waitlist button on the site.
Advantages of Coins Exchange (CX)
According to Coins.Ph, the birth of CX will bring advantages to local traders. Here is the promised improved customer experience once the CX becomes live.
Better pricing – CX’s order book will allow for the efficient pricing of digital currencies that reflects local supply and demand. Customers will have precise control over when and how they trade, with a variety of order types available to them.
Lower fees – Pay as low as 5 basis points (0.05%) in fees per trade with CX’s tiered fee structure which lowers your fees as you trade more.
Higher limits – Enjoy no restrictions on trading volumes, no restrictions on cash-in volumes, and significantly higher cash-out limits compared to your Coins.ph wallet.
What are the Cryptocurrencies available on CX
Currently, Coins.PH only accommodates Fiat currency (PHP), Bitcoin (BTC) and the upcoming Ethereum (ETH).
The only question right now is, will Coins Exchange (CX) allow the same account registered in Coins.Ph to be used in the exchange. If they allow it, then it will be less hassle to trade.