If you live te the Philippines and you are familiar with Bitcoin, then you very likely know how to use Coins.ph. It is by far the most convenient way to buy Bitcoin te our country. Since there’s still no rechtstreeks way to buy Ethereum tokens (Read: What is Ethereum?) te the Philippines and Coinbase is unluckily not yet available here, wij will be using Bitcoin from Coins.ph and convert them to Ether . Spil of today, thanks to the local crypto community for their collective support, you can now also buy Ethereum token along with Bitcoin directly from Coins.ph. Now I do need to update this entry when I have the time because it has already served its purpose. ?? The tutorial below will also be applicable if you project to buy other cryptocurrency ter general aside from Ether like Litecoin, Dash, Monero, NEO and so on. Proceed reading below if you want to learn more.
If you choose buying Ether directly from your credit or debit card, CEX.io is your best bet (please read the update below). It is the cheapest overeenkomst you can get if you opt to pay with credit/debit card. If you have any problem with them like verification process, their FAQs are pretty comprehensive and very helpful for fresh users.
Significant NOTICES, PLEASE READ: (UPDATED 03 /17/Eighteen, 1:00 AM PST)
-CEX.io unofficially opened the registrations for fresh users after being closed for more than a month. My guess is that they secretly opened it on February 1st (or earlier) to avoid the influx of fresh registrations or it is just a bug (update: it is). So folks, secure your slot instantly te case they close it again! Create your fresh account here then click register on upper right corner.
– BTC blockchain fees of Coins and other platforms ter general are now doing fine. Thanks to SegWit and Lightning.
You can proceed below to learn more about basic trading of Ether and other cryptocurrencies.
Setting up your Coins.ph account
If you are finished creating your account, you may have bot notified to verify your identity. Unverified users can already use their account but with a limited cash-in and disabled cash-out. Verification process is very effortless and it will only take two minutes of your time so go for it and eliminate the limit of your account. When you’re done then you are now ready to buy Bitcoins with your wallet. You can choose from overheen a dozen different ways to metselspecie te like 7-Eleven outlets, SM Department stores, M Lhuillier and different banks like BPI, BDO, Unionbank, etc. I personally like to contant te with Unionbank because the metselspecie ter fees are rebated by Coins. There are many helpful FAQs on Coins’ blog if you are having a hard time navigating on their webstek. They also have an Android and iOS app.
Now that you have Bitcoins on your Coins.ph wallet, you can now transfer it to buy Ether(ETH), the token of Ethereum. I will discuss two options te converting your BTC to ETH. The very first option is the easiest way and it involves coinswaps. If you don’t project on trading ETH and other altcoins and just want to hold it for awhile, this is the best method. But if you want an toegevoegd chance to trade your coins (buying low and selling high) and profit even more, leap to option two. Be warned tho’, trading involves a high risk of losing your original investment.Please be aware that I will not be responsible for any of your trading decisions. Invest only what you can afford to lose. Do your research very first when buying an altcoin, and don’t hop te to pump and dump coins if you don’t want to risk losing your funds. If you’re a beginner or even an pro, the best strategy so far is to just BUY AND HOLD.
The following tutorial are also applicable if you are programma to buy other popular cryptocurrencies aside from Ether.
Option 1: Coinswaps
There are presently two popular and trusted coinswaps available, ShapeShift and Changelly. They are both effortless to use and the transactions are almost instant. But if you are only dealing with a puny amount of BTC and choose a lower toverfee and the best exchange rate for Ether, I suggest that you use Changelly. I compared thesis two websites for their fees and Changelly has obviously the lowest toverfee when dealing with a petite amount like 2-3 ETH. (I also attempted an amount of 1 BTC and Changelly still gives the best amount of ETH you’ll get despite the 0.5% toverfee so it’s up to you to compare which has the lowest toverfee. The price is subject to switch.)
The toverfee for Changelly is just a total of 0.00184 ETH for a 0.01 BTC transaction. (1 BTC=11.039 ETH) ShapeShift has a onveranderlijk 0.005 ETH toverfee regardless of the amount (1 BTC=Ten.989 ETH)
Whether what coinswap you use, the steps are pretty similar and very effortless.
- Inject the amount of BTC you wish to convert to ETH then inject your ETH wallet where the funds will be sent. If you have no ETH wallet, click this guide to create one.
- After that, you will be given a BTC deposit address to send the BTC from your coins.ph account.
- Open your Coins account then go to your wallet (Peso and BTC wallet both works) and click Send. Inject the precies amount that you need to send then come in the unique BTC address you copied from Shapeshift/Changelly on the recipient text opbergruimte. (WARNING: Always dual check the BTC address) Choose your blockchain toverfee then click Proceed. Review your transaction then click Send.
- The BTC transaction will show up shortly. Just wait till the transaction is confirmed. Check your ETH wallet to make sure it is ended. That’s it.
Option Two: Exchange Market
You can choose any Cryptocurrency Exchange webpagina but I presently use Bittrex because it has an effortless user interface for beginners plus you are not required to verify your identity unless your transaction limit (withdrawal) exceeds $100. You can lightly raise your limit to 100 BTC by submitting an ID (I used my Postal ID) and a fresh selfie.
If you want a ample diversity of altcoin pairs and cheapest trading fees ( 0.1% 0.050% compared to 0.25% of Bittrex), attempt Binance(you can register here). I’m te the process of transferring all my trading funds to Binance and I will soon switch my main example from Bittrex to Binance on this blog while Bittrex is not available yet. There’s no need for verification spil long spil your daily transaction does not exceed Two BTC. More importantly, they have an app for both iOS and Android devices for your trading convenience. You can check the official download linksom here. There are a lotsbestemming more exchanges to choose from, you can refer to this postbode to compare and select a digital exchange webpagina that suits your taste.
NEWS 12-17-17: Bittrex temporarily halts registration for fresh users (For fresh readers, you can attempt Poloniex or Binance. They all have a similar UI with Bittrex so don’t worry. Poloniex service have improved so far but it is hard to bring back the trust they lost. Check this alternate tutorial for Poloniex: Trade ETH/BTC te Poloniex)
Register an account on Bittrex and then go after this steps to transfer your BTC from your Coins wallet to your Bittrex account.
- After you have successfully created your account on Bittrex, click Wallets on the panel at the upper right side of the screen. A list of cryptocurrencies will show up ter the pagina, find Bitcoin then click the (+) sign.
- Click Generate Address. Copy the unique BTC address that will show up. You can also use the QR code below the address for smoother transaction zometeen at coins.ph if you are using your mobile phone.
- Open your Coins account then go to your wallet and click Send. Come in the amount of money that you will send then come in the unique BTC address you copied from Bittrex on the recipient text opbergruimte. ( WARNING : Always dual check the BTC address, you can also send a puny amount very first like 0.001 BTC to test it) Choose your blockchain toverfee then click Proceed. Review your transaction then click Send.
You can use both your PHP or BTC wallet ter sending Bitcoins to Bittrex.
- Wait for coins.ph to process that transaction for about a minute until the transaction number emerges. Please note that BTC transaction confirmation time can take about an hour up to a day at max (te tegenstelling, Ethereum transaction can be confirmed ter under a minute for a 1 peso miner toverfee, that’s why Ethereum is much better because it has a good road opbergmap for scaling ter the future). After that, the unconfirmed transaction should show up on Pending Deposits shortly. Wait for the transaction to be confirmed.
- Your BTC should be credited by now. Go to the Market Pagina then find BTC-ETH pair on Bitcoin Market. Take note of the Ask price. That is the current price of the Ether that you can buy.
- On the Buy Ethereum opbergruimte, come in the current Ask price on the Bid text opbergruimte (coming in the latest ask price will execute your order instantaneously but you are free to inject lower prices if you think it will go down). Inject the total amount of BTC you want to convert to ETH on the Total text opbergruimte then click buy and Confirm. Your transaction will be instant if the price is updated to the current ask order. If you entered a lower price, it will be executed once the current price reached your ask price. If for any reasons your order doesn’t get through, go to Open Orders and cancel it then repeat this step.
You can always buy any fraction of ETH.
- It is effortless to seize the UI of Bittrex if you project on trading. Take your time to examine every inch of the webstek. You can also verify your account ter Settings to raise your daily limit. Enhanced verification works well with Postal ID, Passport and Driver’s license.
Congratulations! You have successfully bought your very first Ether! Since this may become a valuable investment ter the future, it is ter utmost importance that you learn about the basic security of your digital coins here. Please take note that once you lost your digital coins, it is most likely lost forever so take decent precautions like enabling 2FA and switching to stronger unique passwords. Storing your entire funds on one exchange webpagina for example is risky (Mt. Gox hacking and the latest seizing of BTC-e for example). It is like trusting a accomplish stranger to hold your money. If you can afford it, just store a puny amount on an exchange for your day trading and transfer your fatter stack to a secure wallet. This will instruct you how to create your own Ethereum cold wallet to securely secure your investment. You voorwaarde read this especially if you are fresh to this area.
Always reminisce the rule of thumb, don’t invest more than what you can afford to lose. Please take note that I am not ter any way responsible for your financial lost due to carelessness, greediness or any human error. If you have encountered any technical problem on any toneelpodium mentioned here, leave a comment and wij will attempt to investigate and warn other readers about this punt.
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