Purchasing alternative cryptocurrencies like XRP (Ripple), Litecoin (LTC), and Ethereum (ETH) can be challenging for residents in the Philippines—especially with strict financial regulations limiting direct access to international crypto exchanges. While Bitcoin (BTC) remains the most accessible digital asset locally, acquiring altcoins often requires a multi-step process involving both domestic and global platforms.
This comprehensive guide walks you through a reliable method to buy popular altcoins from the Philippines using regulated local services and trusted global exchanges—all while maintaining compliance with Philippine banking policies.
Why It’s Hard to Buy Altcoins in the Philippines
The Bangko Sentral ng Pilipinas (BSP) has imposed restrictions on remittances to foreign cryptocurrency exchanges due to anti-money laundering (AML) concerns. As a result, most local banks block transfers to international crypto platforms. This makes it difficult for Filipinos to directly purchase Ethereum, XRP, Litecoin, or Bitcoin Cash using Philippine pesos (PHP).
However, there's a workaround: use a locally compliant exchange to acquire Bitcoin first, then transfer it to an international exchange where you can trade BTC for your desired altcoins.
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Step-by-Step Guide to Buying Altcoins
Step 1: Sign Up on Coins.ph
Coins.ph is a BSP-accredited digital wallet and cryptocurrency exchange that allows Filipinos to buy and sell Bitcoin using PHP. It’s one of the few compliant platforms enabling local users to enter the crypto space securely.
To get started:
- Visit the official Coins.ph website and create an account.
- Complete the KYC (Know Your Customer) verification by submitting valid ID documents and proof of address. This is mandatory under AML regulations.
- Once verified, you can fund your account and begin trading.
Coins.ph supports multiple cryptocurrencies but offers limited altcoin options compared to global exchanges. That’s why we use it as a gateway to acquire BTC before moving to a broader marketplace.
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Step 2: Deposit Philippine Pesos into Your Coins.ph Account
After setting up your account, deposit PHP using any of these supported methods:
- Bank transfer via Dragonpay (recommended for low fees and reliability)
- GCash transfers
- Cash-in at 7-Eleven branches via CLiQQ kiosks
- Remittance centers like Palawan Express or Cebuana Lhuillier
For new users, bank transfer is often the most straightforward option. After initiating the transfer, Dragonpay processes the payment and credits your Coins.ph wallet within 24 hours. You’ll receive an email or SMS confirmation once completed.
Tip: Always keep transaction receipts and track processing times during peak periods, as delays may occur due to high volume.
Step 3: Convert PHP to Bitcoin (BTC)
Once your peso balance appears in your wallet:
- Navigate to your PHP wallet within the app.
- Select “Convert” and choose Bitcoin as the target currency.
- Enter the amount you wish to convert.
The app will display the current exchange rate and applicable fees. Confirm the transaction, and your BTC will appear in your Bitcoin wallet shortly.
You now hold a globally tradable cryptocurrency that can be transferred to international exchanges.
Step 4: Register on Bitstamp
Bitstamp is a Europe-based cryptocurrency exchange founded in 2011, known for its security, regulatory compliance, and wide range of trading pairs—including XRP/USD, LTC/BTC, ETH/EUR, and more.
Although Bitstamp doesn’t support direct PHP deposits or credit card payments for Philippine users, it accepts Bitcoin deposits, which makes it ideal for our strategy.
To sign up:
- Go to Bitstamp’s official site and complete registration.
- Verify your identity with government-issued ID and proof of residence (another KYC process).
- Enable two-factor authentication (2FA) for enhanced security.
Once approved, you’re ready to receive Bitcoin from Coins.ph.
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Step 5: Transfer Bitcoin from Coins.ph to Bitstamp
Now comes the bridge between local access and global trading:
- In Bitstamp, go to Account > Balances > Bitcoin > Deposit.
- Copy your unique BTC deposit address (or scan the QR code).
- Open your Coins.ph app, select your BTC wallet, and tap Send.
- Paste the Bitstamp address and enter the amount to send.
- Confirm the transaction and note the network fee (miner’s fee), which varies based on blockchain congestion.
Bitcoin transactions typically take 1–2 hours to confirm on the blockchain. Be patient—rushing leads to errors.
Security Note: Never share your private keys. Always double-check addresses before sending funds.
Step 6: Trade BTC for XRP, Litecoin, Ethereum & More
Once your Bitcoin arrives in Bitstamp:
- Go to the Trading Dashboard.
- Choose your preferred trading pair (e.g., BTC/XRP, BTC/LTC, BTC/ETH).
- Place a market or limit order based on current prices.
You can also convert BTC to USD first, then buy altcoins using fiat—this gives better price control during volatile markets.
After purchasing your desired cryptocurrencies, consider withdrawing them to a personal hardware wallet for long-term storage and maximum security.
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Frequently Asked Questions (FAQs)
Can I buy XRP directly in the Philippines?
Currently, no major local exchange offers direct XRP purchases with PHP. You must first acquire Bitcoin via Coins.ph or similar platforms, then trade it for XRP on international exchanges like Bitstamp or OKX.
Is it legal for Filipinos to trade altcoins?
Yes—while the BSP restricts fund flows to foreign exchanges, owning and trading cryptocurrencies is not illegal. Using compliant platforms like Coins.ph ensures you stay within regulatory boundaries.
Are there alternatives to Bitstamp?
Yes. Exchanges like Kraken, Binance, and OKX also support BTC-to-altcoin trading. Some even offer P2P PHP trading, though availability varies by region and regulatory status.
How much does it cost to transfer BTC from Coins.ph to Bitstamp?
Network fees fluctuate based on blockchain traffic—typically ranging from $1 to $10 USD equivalent. There are no additional charges from Coins.ph or Bitstamp for inbound BTC deposits.
Can I use GCash to buy Ethereum?
Not directly. GCash integrates with Coins.ph, allowing you to fund your crypto wallet via GCash, but you still need to convert funds to BTC first before accessing Ethereum through another exchange.
What’s the safest way to store my altcoins?
Use non-custodial wallets like Ledger Nano S, Trezor, or secure software wallets such as Trust Wallet or Exodus. Avoid keeping large amounts on exchanges long-term.
By following this methodical approach, Filipino investors can confidently expand beyond Bitcoin into high-potential altcoins like XRP, Litecoin, and Ethereum—despite current financial restrictions.
With growing adoption and evolving regulations, the future of crypto in the Philippines looks promising. Stay informed, trade responsibly, and leverage secure platforms to grow your digital portfolio in 2025 and beyond.