Why I no longer use Coins.PH for my crypto transactions? — Mielygraphy
A few days ago, we’ve talked about the topic of custodial and non-custodial wallets. I’ve mentioned there that I’ll be having another post about why I’m not using Coins.ph for my crypto transactions anymore. Today is that day.
Coins.ph has been very popular with us Filipinos because of the great financial services it offers. It even allows a regular person to start a home business for processing bills payment and selling load from it. I really love using it. I’ve been using the app since 2013 up until today.
Yes, I’m still using it until today but not for cryptocurrency transactions anymore.
I stopped using coins.ph for cryptocurrency transactions in 2017 because of some reasons but not really bad reasons. It’s fairly because of my own changes in how I use cryptocurrencies.
1st reason why I don’t use Coins.Ph for crypto transactions
They have limited currency support. Of course, they have the main cryptocurrencies like Bitcoin, Bitcoin Cash, XRP, and Ethereum.
But there are so many cryptocurrencies right now that I am trying hodl(hold on dear life). Due to its limited support, I am no longer gonna be able to utilize the service for holding my cryptocurrencies.
Also, I really felt bad in 2017 when they say that they won’t support BCH (but now they have it on their wallets) that’s why they won’t give BCH airdrop for Bitcoin holders. BCH airdrops at that time mean that when you have BTC holdings on your wallet you’ll also receive the same amount of BCH(almost all wallets gave that even the bitcoin faucet I’ve used gave BCH).
2nd reason the price of buying and selling cryptocurrencies with Coins.PH
I have seen different rates on their platform and they usually have quite inconsistent rates for other currencies. Here’s an example for XRP with Coins.PH and Wirex. Sometimes it also happens with Bitcoins but it’s not really a huge deal. However it depends on the buying volume, I would definitely prefer to buy with lowest cost if it’s a bigger amount.
The last reason is my use of cryptocurrencies
Lately, I’ve been talking many things about Binance. That is because I’ve been trying to buy and sell cryptocurrencies to grow my crypto assets so I can hold them until the day I wanted to sell. That time may take years based on my personal goals.
And the ability to grow my crypto assets is not present with coins.ph. Let me just elaborate.
Cashing in fees to a cryptocurrency exchange like Binance
Well if I would buy Bitcoin with Coins.ph and send it to Binance it would cost me 250 PHP (0.00009023 BTC at the time of writing) for miner fees for transacting BTC to BTC and probably 15 PHP fee for transferring funds from Bank Account to Coins.ph.
While if I buy Bitcoin directly with the trading platform I would pay a 2% card fee plus 145 PHP (I think this is really 3 USD because it changes sometimes) for the international card transaction (based on experience with Binance using Unionbank debit card.)
Still, it depends on the amount of transaction because of course if I would have a larger transaction the 2% card fee could be higher if I would buy directly with Binance.
Staking, Savings, and earning interests
I know coins.ph is just a pure wallet but since I wanted to invest, having money on a wallet won’t help me grow any. Just like your money on your wallet right now if you would stock it there for a year its count won’t really change.
And because of that, I had to check out some alternatives that have that option. One of them is Wirex, they have their token called WXT that can grow interests when you hold some amount of it. Binance is another one, it may be an exchange but they also do have staking products and savings that will let me earn interest on so many different types of cryptocurrencies available in their platform.
And lastly, NEXO and BlockFi which is a pure wallet that will allow me to earn interests on my saved cryptocurrencies and allow me to borrow in case I needed to (but your holdings will be collateral for that matter).
Really, it’s just a matter of purpose
Each service and platform like coins.ph has its own unique qualities and using them will all vary on your needs. Right now, since I’m very into investing and holding the cryptocurrencies I have, I would probably not use coins.ph for crypto transactions for quite some time. But it’s still required to have because, in case of turning your cryptocurrencies into PHP that you can use for your daily purchasing activities, coins.ph is (as of now) the only way to cash out cryptocurrencies to local banks and mobile finance apps like GCash and Paymaya.
Surprisingly this is the shortest post, I’ve written for quite a while and I hope you learned something from it. And if you do please subscribe to our newsletters for updates or on our social media. In case you don’t know we also have a YouTube Channel that I hope you’ll visit and subscribe with. Spread the word, cheers! 😘
Originally published at https://mielygraphy.com on May 8, 2021.
