I was first created a Coins.Ph wallet since August2015. I just downloaded the app, create an account but never been used since then. Because that time I was skeptical of using Bitcoins at first as a means to get paid on my online ventures. The reason is that Bitcoins are unregulated and very volatile. There’s just too many risks when dealing with Bitcoins. But all that changed when I decided to use Coins.ph platform when get involve in the online/digital era. In this post, I’ll discuss what Coins.ph is all about, what I like and don't like about it and a few easy-to-follow tutorials on how to use their services. So here comes my honest review about their services based on my experience and why I recommend them if you are an online entrepreneur. Let’s begin! COINS.PH REVIEW: WHAT'S IT ALL ABOUT?Licensed by the Bangko Sentral ng Pilipinas (BSP), Coins.ph is a Philippine-based company founded in 2014 that facilitates money transfers using the Bitcoin Blockchain technology. By joining their platform, users will be able to access bank-like services and financial features directly from their smartphone, which would otherwise inaccessible. The services they offer include online bills payment, bank deposits, remittances, loading up prepaid cellphone credits and many more. One of the company's mission is to increase financial inclusion across Southeast Asia's 650 million population, which remains largely unbanked. Coins.PH is to increase financial inclusion across Southeast Asia’s 650 million population, which remains largely unbanked. Coins is one of Southeast Asia’s fastest-growing fintech companies that enables anyone, including those without a bank account, to easily access financial services directly from their phone. Coins.PH has a thai counterpart which is Coins.co.th!!! Bitcoin is the first decentralized cryptocurrency and was created in 2009 by a certain Satoshi Nakamoto. I suggest you read this article if you don't have any idea what Bitcoin is. WHAT'S INSIDE THE DASHBOARDTo create an account, click here and follow the steps in their account sign up form. Make sure to use my referral code CAGDEP (as shown in the red box in the image below) when signing up so that we both get ₱50 each once you verified.  After that, you’ll be taken to the dashboard as shown below.  When you open an account with them, you’ll be given two wallet addresses. You can see them in the My Wallet tab; a Peso wallet, BTC wallet, XRP Wallet. ETH Wallet. The Peso wallet uses PHP denomination while the BTC wallet as you guessed it, uses the Bitcoin denomination BTC. XRP uses a Ripple denomination and ETH uses an ETHERIUM denom The CryptoWallets are a series of numbers and letters that acts like a bank account inside the Blockchain. With it, you can send and receive Bitcoins anywhere in the world.
THE DIFFERENCE BETWEEN PESO AND BTC WALLETIf someone sends you $100 worth of Bitcoins in the Peso wallet, it will be automatically converted to PHP depending on the Dollar exchange rate. If you use the BTC wallet to receive the $100, you will then receive the corresponding amount of Bitcoins depending on the BTC exchange rate. There's no problem sending money from your PHP wallet to any other Bitcoin wallet outside Coins.ph in my experience. The system just converts it to whatever the exchange rate is on the receiving end. But with the other currency just the same wallet address. If transfer Ripple get the ripple wallet address and if etherium get the eth wallet address. IS COINS.PH A RELIABLE PAYMENT PROCESSOR?I ran a test to answer this for myself. I tried to add ₱50,000 using the Remittance Center, ML Lhuiller account in my BTC wallet. There’s a procedure in the Cash In tab when you click the option for Remittance Center. It charged me a transaction fee of ₱90 as shown below. In a few minute, I received the corresponding Bitcoins in my wallet. Note: There's a limit to Php50,000 per transaction to some remittance center. The maximum amount we can deposit daily, monthly depend on our verification.  Since my account is created since 2015, I already have P400,000 limit. To increase the limit, there’s a procedure to do just that. I’ll explain as I go on. So after depositing, I did a transaction on a website using my newly purchased Bitcoins. It went smoothly. To send money, click the Send to Another Wallet, enter the amount and the Bitcoin wallet address of the recipient then click continue and follow the next set of instructions. Here’s a screenshot of how it went.  Loading your account and sending Bitcoins as per my experience is really that easy. There are a lot of ways on how to fund your account. You can try to load up through 7-eleven stores, Globe GCash, MLhuillier ePay, SM Bills Payment Center and a lot more. Just check out the options on the Cash in Tab. Receiving payments is also very smooth. To receive money, just give your wallet address to the person you’re transacting with. Here’s some screenshots of some of my remittances. I used my Peso wallet this time so that the money is already PHP converted which is much better to avoid the Bitcoin’s price volatility.  I’ve proven to myself that receiving money in Coins.Ph is very smooth and reliable. Now, if you have BTC in your BTC wallet and want to transfer it into your Peso wallet and vice versa, there’s an option to do that in the dashboard. Just click on Convert to BTC or Convert to PHP below your wallet balance and enter the desired amounts. I’ve converted the Bitcoins that were left in from my previous transactions to PHP and it works.  HOW TO GET VERIFIED AND REMOVE LIMITSWhen I made my account, I was limited to sending and receiving up to ₱2,000. To remove those limits, you have to be KYC verified. I just verified my account just the end of 2017. And KYC, or "Know-Your-Customer", is a BSP mandated requirement for financial institutions to collect certain information about their customers (such as ID & Selfie photos), in order to prevent fraud or criminal financial activities. In layman's terms, Coins.ph doesn't want you to use their platform to engage in money laundering and shady financial activities. So to regulate their users, they need to "KNOW" you. KYC is pretty much the norm nowadays so don't worry about your data because it's also for your own protection. Here's what you need to know about account limits. There are four (4) levels of verification.
To remove the limits, click on Limits & Verification on the options on the upper right corner of the dashboard, then click on the desired verification procedure, fill-up the form and submit a scanned copy or a clear photo of the documents required. In my case, I took a photo of my Driver’s License and a billing statement under my name. The process took two days. I can now access Coins.ph full suite of features and my Cash-In/Out limits are now maximized to ₱400,000/day. Because I do lots of online transactions, I need these limits to be removed. If you don't have a Driver's License, here's a list of all other IDs Coins.ph accepts to KYC.
It's also important to note that once you verify, Coins.ph operations team might conduct random verification calls to you.  HOW TO CASH OUT WITH YOUR PREFER MONEY ENCASHMENT IN 3 EASY STEPSI tried to SEND money to remittance center like LBC and i received in in just as easy as 1-2-3. 1) Click the Cash Out tab on the dashboard, Select LBC and click on Next Step.  2) Enter the amount you want to transfer then click Next Step. In this example, I want to transfer ₱4,000.  3) Enter Recepients Details, and your Mobile Number if you want to receive a text message when your funds are already ready for pickup. After that, click on Complete Payment.  You will receive a notification like the one below upon completing all the details needed. All you have to do is to wait for it to be processed. Good thing about LBC, they will inform you about the time whe nyou can received and pick up the funds. It just took as fast as 15mins. When you finally receive your funds, a text message will inform you if you entered a your contact info. If you click on the Sell Order on your dashboard, you’ll see that the status is now Pay-out Sent.  You’ll also receive a notification in your email that your funds are now sent. BUYING LOAD USING COINS.PHOne way to save money is to fund your Coins.ph account to use it for buying prepaid credits. I I no longer buy prepaid credits to an e-load store because they charge additional fees on top of the prepaid load I buy. By using Coins.ph, I get a 10% rebate everytime I buy prepaid load instead of a 10% extra charge in e-loading stores. I bought ₱18 load and I got a ₱1.8 rebate. How cool is that!  To buy load, click the Buy Load option inside the dashboard and enter your mobile phone number and the amount of load. After you confirm the transaction, you'll receive your load immediately. WHAT I LIKE AND DON'T LIKE ABOUT COINS.PHI like Coins.ph because transactions are fast and convenient. You send now and within minutes, the money arrives in the recipient. At such transaction speeds, Coins.ph is perfect for OFW's looking for remittance solutions. I like the idea of sending money from my Coins.ph account to my BDO and Unionbank accounts and vice versa. I also love using Coins.ph to load up on prepaid credits because of the 10% rebate. What I don't like is that Bitcoin transactions are irreversible. If you mistakenly sent money to a wrong bitcoin wallet, you can’t take it back. Someone can also use this as a scamming medium. I hope that Coins.ph is serious in dealing with this kind of fraud when someone files or reports a dispute. Bitcoins are also unregulated. If Coins.ph goes under and you have a significant amount of money in your account, there's a possibility that you might not get it back - or maybe just partially. Currently, there aren't any laws protecting bitcoin users from such events. But overall, I think the advantages carry more weight than the disadvantages. I'll give a rating of 4 out of 5 stars! Of course, your taste is far different from mine. WHAT'S NEW IN COINS.PH (2019 UPDATE!)There are lots of new features added since I wrote this article in March 2016. Just to update, I've listed below all of their products and services that you can enjoy using once you sign up.
THE VERDICTAs of 2019, Coins.ph is the trusted financial provider to 5 million+ Pinoys around the world. Coins.ph has the largest cash distribution networks in the country, operating through 33,000+ partner locations and over 95 partner billers.
If you're looking for the best solution to transfer money, pay bills, buy load, trade cryptocurrencies and buy stuff using virtual currency, then I would encourage you to try out Coins.ph! This ends my Coins.ph review. I hope that you find great value from the services they offer. It’s very convenient and hassle free in my experience. Try them out and sign up using my affiliate link by clicking the button below. Make sure to use my referral code CAGDEP. Once you signed up and verified, we'll both get a bonus of ₱50 each that will be credited to you and me. Enjoy using Coins.ph. Make your phone your wallet! Currently, my wife already enjoying her coins.ph wallet in buying load.
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