You noticed the trend and massive growth of the cryptocurrency industry worldwide, and you’re wondering how you can start cryptocurrency trading here in the Philippines, right?
You might just also wanted to diversify your investment, and heard the potential of cryptocurrencies that’s why you’re here. Ethier way, I’ll make sure that I’m not going to waste your time here.
If you’re looking to invest in cryptocurrencies like buying (trading) Bitcoin, Ethereum, Cardano, and other existing cryptocurrencies in the market, this is going to be the guide that you need. I will explain every essential piece of information that you will need to get started with your cryptocurrency journey.
What Is Cryptocurrency?
A cryptocurrency is a form of payment (digital money) that is designed to work as a medium of exchange for online goods and services. It’s working using the technology called blockchain, a decentralized technology that manages, records, and making sure every transaction is secured. Cryptocurrencies do not exist in a physical form like the usual currency that we have, and it is not issued by a central authority.
I’m not going to discuss everything from here and overload you with lots of information. If you wanted to know more, like a detailed discussion about what cryptocurrency really is, Forbes has a detailed blog post about it.
How To Start Cryptocurrency Trading In The Philippines?
Trading simply defines as an act of buying and selling goods or services. So if we’re going to talk about trading, that would simply mean that we’re going to buy or sell, which is in our case here cryptocurrencies.
In this part! I’m going to walk you through the whole process of buying your first cryptocurrency. I’m also going to share with you the best and most trusted cryptocurrency exchange where I always bought the cryptocurrencies that I like.
1. Research For Great And Potential Cryptocurrency
The first thing that you should really consider doing is to do research for the best cryptocurrencies to buy, research for cryptocurrencies that have long-term potential and great uses. Don’t just base your buying decision on what’s on-trend online, or on what your friends told you about.
Choosing a cryptocurrency to buy can be overwhelming because there are thousands of them out there. Some people base their buying decision on factors like cryptocurrency market capitalization, popularity, and some just buy the most trending crypto their friends recommend.
If you’re going to ask me what cryptocurrency I invested in. Well, I’m investing in Cardano (like 50% of my investment) and a scattered amount on Ripple, Polkadot, and Coti. It’s just also some months ago when I started investing in cryptocurrencies, I have all my savings invested, instead of just leaving it to my bank account.
My goal is to not touch my investment for five years, and I also make sure to keep adding an amount every single month to it. And of course! I’m not going to lure you in and invest in the same cryptocurrencies that I have invested in, please make sure to do your own research and decide for yourself.
2. Best Cryptocurrency Trading Platform In The Philippines
After you have all sort it out and finally picked a cryptocurrency that you wanted to invest in, the next part is to find a cryptocurrency exchange or a trading platform where you can buy and sell cryptocurrencies. You have to be very careful because just like any other industry, there’s also lot’s of scam out there.
Now in the Philippines, there is 16 approved and legit cryptocurrency exchange (while I’m writing this article) where you can trade cryptocurrencies. There are some Philippine local cryptocurrency exchanges like PDAX and Coinspro, the known once, and I even tried them personally before. I say before because I’m no longer using any of them right now.
It’s not that they’re not good, it’s just that they have a pretty basic trading system, they’re just getting started and they don’t have the best system you can use yet. System maintenance almost happens every month, I’m not going to mention which of them but it really happens lots of times when I was there. The purpose of course is to upgrade their system, which is also good news.
The trading platform or the cryptocurrency exchange that I’m going to recommend to you guys is of course the cryptocurrency exchange that I’m using right now. It’s the top of the world cryptocurrency exchange in almost every aspect, like trading volume, platform users, etc.
The name of the cryptocurrency exchange that I’m talking about is Binance, and I have a detailed tutorial on how to use the platform, the video below:
-[ Click Here ]- To sign up for an account, follow the tutorial I have above.
Here Are The Ways To Trade Inside Binance Exchange
There are multiple ways to trade inside Binance, and I’m just going to give you the list because I will make sure to discuss each of them in the video I have above. Aside from that, the Binance exchange can also serve as your cryptocurrency wallet. Here are the ways to trade inside the Binance platform:
Each of the links above has a detailed guide in it on how that particular trading works, just check them out for more details. I get those links are directly from Binance academy.
3. Make Your Investment Grow
Let me tell a quick story! It was back in 2016 when I first bumped into cryptocurrencies. I was just a student at that time but I was able to get 12 Ethereum and 1 Bitcoin and some satoshis, which valued at millions of pesos right now.
But! I don’t have any idea or vision, that what is happening right now is going to happen. So within just the same year after some months that I was able to gain some profits, I sell all my cryptocurrencies (I still remember that I was using CoinsPh that time while I withdraw my money from my cryptos). So right now, I’m trying not to miss the opportunity again.
I’m not a financial advisor and not qualified to give you some financial advice. But if you take my word, I would suggest you invest in a long-term perspective, leave your cryptocurrencies untouched for at least 3 to 5 years. Also, make sure to diversify your investment and not just invest in one cryptocurrency.
The cryptocurrency market is volatile, like cryptocurrencies values changes almost every minute. It could go up or down, that’s why you really have to do research before deciding to invest in a particular cryptocurrency and make sure that you only invest the money that you can still live without it.
I guess that’s all, those are the most essential information that you need to know about cryptocurrency trading here in the Philippines, or how you can invest in cryptocurrency.
I’m not a perfect person that will be able to give you all the information that you need about this topic in just one blog post. In fact, I tried all my best here to explain all of these to you. So Just in case you have questions, please don’t hesitate to leave them in the comment box below.