Coins Pro Trading: What You Should Know Before Buying Cryptocurrencies

The pandemic has driven Filipinos to start adopting cryptocurrencies as a form of investment.^[1] Studies further revealed that this crypto adoption was enhanced by the integration of crypto in rural banking, ATM networks, BTC, and gaming rewards. While Filipinos started embracing digital currencies, exchange platforms like Coins Pro trading also began penetrating the market, allowing more and more investors to participate. 

Coins Pro Trading helped trigger the leap towards the wide acceptance of cryptocurrencies by making digital finance services more accessible. Now, if you’re considering your chances within the crypto space, then it’s time to learn how to use Coins Pro Trading and understand the pros and cons of using currency exchange platforms like it.  

Read on as we walk you through the things you need to know about Coins Pro and how you can leverage its benefits to advance your investment goals. 

What is Coins Pro?

Coins Pro, formerly Coins Exchange (CX), is a cryptocurrency trading platform where you can directly buy and sell digital currency. It’s the first digital currency exchange in the Philippines. The online trading platform also doubles as an e-wallet where you can store your digital currency.

Coins Pro is operated by Coins.ph, a digital wallet service provider licensed (as a virtual currency exchange) and regulated by the Bangko Sentral ng Pilipinas.

Read more: Investments for Beginners: Find the Right Investment for You

Coins Pro Philippines Features

Here’s a quick overview of what you can do and enjoy with Coins Pro:

• Trading of the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP)
• A dedicated wallet for each digital currency and another wallet for fiat currency (Philippine Peso)
• Online trading platform that allows placing of market, limit, or stop orders and with a price graph that shows price movements of each digital currency
• Unlimited trading volumes, cash-in amounts, and balance
• PHP 10 minimum cash-in amount
• Cash-out limits ranging from PHP 250,000 monthly to PHP 500,000+ daily depending on the user’s verification level
• No investment advice or brokerage service (All trades are executed automatically based on the customer’s order instructions.)

Read more: How Much Bitcoin Do You Need to Buy a Car?

Coins.ph vs Coins Pro: What's the Difference?

Both Coins Pro and Coins.ph, run by the same company, are digital currency exchanges that allow users to buy, sell, and store the same types of cryptocurrency in the Philippines.

But that’s where the similarities end. Each digital currency exchange caters to different needs. To know which one is better for you, see this table below. 

Your account level on both Coins Pro Trading and Coins.ph depends on your verification. Although you can cash in and cash out of your Coins Pro Trading account through banks, Coins.Ph is a must-have if you want your funds saved in an e-wallet for bills payments, currency conversions, and other online transactions.

Advantages of Coins.ph Over Coins Pro

There are aspects where using Coins.ph is more beneficial. Here are some of its advantages.

• Easier and simpler way to buy, sell, and store digital currencies
• Cash-in and cash-out transactions are completed directly through one platform
• More cash-in options
• Accessible through Coins.ph app (Android and iOS) and website

Advantages of Coins Pro Over Coins.ph

But Coins Pro also has its edge, such as:

• Lower fees
• Larger trading volumes

Read more:

• Crypto Gaming 101: How to Play and Earn Online in the Philippines
• Dabbling in Crypto? Learn More About Crypto Apps

How Much is the Coins Pro Trading Fee?

Coins Pro fees range from 0.05% to 0.15% based on your monthly trading volume. The more you trade, the lower your fees. The amount is automatically deducted from your account.

Coins Pro Fees for Monthly Trading Volumes

Pros and Cons of Investing in Coins Pro Trading

Investing in Coins Pro Trading is like investing in any other trading platform, except you enjoy lower fees. At a glance, t Coins Pro Trading and Coins.ph can be confusing. But they’re beneficial to users in the long run. 

Pros of Investing in Coins Pro Trading

Investing in Coins Pro allows you to explore opportunities in the cryptocurrency space. Aside from this, you can also take advantage of the following:

• Trade currencies without paying high fees. Your trading fees are lower when your trading volume becomes higher. 
• Trading is available 24 hours a day so you can trade at your convenience.
• Easy account opening process. You just need to have a verified Coins.ph account to open a Coins Pro account. 
• Trading, balance, and deposits are unlimited. You can start trading for as low as PHP 10.
• Trade cryptocurrencies in Philippine Peso.
• Withdraw money from your Coins.ph e-wallet and do a lot of things like bills payments, cash outs, buying load, and getting game credits. 

Related: How to Start Axie Infinity: Beginner’s Guide to Playing and Earning from the Game

Cons of Investing in Coins Pro Trading

• Being on the waitlist for creating an account might not be for the impatient. Since Coins Pro is still in private beta, you might not know when you can start to trade. 
• Coins Pro Trading and Coins.ph can be confusing at first. You may need to learn more about how both work first before investing. 

Read more: 5 Essentials for Cryptocurrencies: Get Started Now

How to Register for a Coins Pro Account

Filipinos 18 years old and above may open a Coins Pro account. Since the digital currency exchange is still in private beta version as of this writing, account registrations are not accepted yet.

In the meantime, you may join the Coins Pro waitlist on the Coins Pro website. Click the Join Waitlist button and fill out the online form. You’ll receive an email invite once you can already register on the platform.

Note that you can create only one account. Opening multiple accounts under one person is not allowed and will be closed or suspended.

Here's how to register with Coins Pro Trading through your Coins.ph account:

1. Log in to your Coins.ph account or go to the Coins Pro Trading website. From your Coins.ph account, click the Coins Pro icon under the Services option. On the upper right corner of the Coins Pro website, click Login with Coins.ph. Both options will redirect you to a login server for Coins Pro Asia. 
2. When logging in to Coins Pro Asia, use your Coins.ph email or mobile number and password. 
3. A prompt will appear notifying you that Coins Pro Trading is currently in private beta and you can join the waitlist. If you decide to join, click the waitlist button. 

4. Since access to Coins Pro is granted to select Coins.ph customers, you’ll be required to fill out a form and submit it for consideration. Fill out the form with your name, email address, Coins.ph Level, and address, and then submit. You’ll be notified by email once you get included in the waitlist.  

How to Fund Your Coins Pro Account

To buy digital currency, you need to add funds to your account first. You can cash in from your Coins.ph wallet (through the Coins.ph app or website) or UnionBank account (through the UnionBank app or website). Cash-in transactions, regardless of the method you use, are free of charge.

How to Cash In via Coins.ph App

1. Open the Coins.ph app and log in to your account.
2. Tap the Pay Bills icon.
3. Under "Exchange," select the currency you want to cash in.
4. Enter the amount to transfer to your account.
5. Tap the Next button.
6. Review your payment details.
7. Slide to pay. The funds will be instantly credited to your Coins Pro account.

How to Cash In via Coins.ph Website

1. Visit the Coins.ph website and log in to your account.
2. Click the Pay Bills icon.
3. On the Bill Type dropdown, select "Exchange."
4. On the Company Name dropdown, "Coins Pro" will appear. Select the currency you want to cash in.
5. Enter the amount to transfer to your account.
6. Click the Pay Bill button.
7. Review your transaction details.
8. Click the Pay button to confirm your cash-in transaction. Once it's processed, you'll receive an email and text notification.

How to Cash In via UnionBank

1. Log in to your Coins Pro account.
2. On the left panel, click the Cash In button.
3. Select "PHP" as the currency.
4. Select your preferred cash-in method from UnionBank (Cash Deposit/Online Transfer).
5. Enter the amount to cash in.
6. Tick the boxes to agree to the Terms and Conditions.
7. Click the Start Cash In button.
8. Take note of the payment details on your screen. You'll use them when making a deposit or an online bank transfer.
9. Within 4 hours, go to the nearest UnionBank branch to deposit funds or use the UnionBank mobile app or website for the online banking transfer.
10. Email a clear image of your cash deposit slip or online bank transfer confirmation to coinspro.support@coins.ph. The funds will be credited to your account within 24 hours.

How to Withdraw From Your Coins Pro Account

Convert the digital currency in your Coins Pro balance into cash by sending it to your Coins.ph wallet (real-time crediting) or bank account (same-day or next-day processing time).

How to Cash Out via Coins.ph Wallet

1. Log in to your Coins Pro account.
2. On the left panel, click the Cash Out button.
3. Select the currency you want to cash out.
4. Select "Coins.ph Wallet" as your cash out method.
5. Enter the amount to cash out.
6. Click the Transfer to Coins.ph button.
7. Check your inbox for a confirmation email. Click on the link in the message to confirm your cash out request. This will redirect you to your Coins Pro dashboard where you'll see a confirmation of your successful cash-out transaction.
8. Withdraw your funds from your Coins.ph wallet through your preferred cash out method (e.g., bank transfer, GCash, LBC, Palawan Express Pera Padala, etc.). See the steps in our article, Coins.ph App: A Quick Guide to Using the Mobile Payment Platform

How to Cash Out via Bank Transfer

1. Log in to your Coins Pro account.
2. On the left panel, click the Cash Out button.
3. Select "PHP" as the currency to cash out.
4. Choose "Bank Account Transfer" as your cash out method.
5. Select the bank where you'll transfer the funds.
6. Enter your bank account number, account name, and the amount to cash out.
7. Tick the box to confirm that your bank account details are correct and complete.
8. Click the Process Cash Out button.

How to Trade Cryptocurrencies in the Philippines Using Coins Pro

If you know how to trade stocks using online platforms like COL Financial, you'll find it easy to use the Coins Pro platform for trading currencies as it works the same way. Here's how to trade Bitcoin and other digital currencies on the platform.

How to Buy and Sell Digital Currency via Coins Pro

1. Log in to your Coins Pro account.
2. On the upper left corner, click on the dropdown menu to select the currency pair you wish to trade.
3. Under "Order Entry," select the order type you want to use (Market/Limit/Stop).^[2]
4. On the Order Quantity field, enter the amount you want to buy or sell.
5. When placing a limit or stop order, set the price at which your order will be matched. No need to enter a price when placing a market order, as the price will be based on the current market price.
6. Click the Place Order button. Market orders will always be instant while pending limit and stop orders will be displayed under "Open Orders" at the bottom of your dashboard.
7. Click the Filled Orders tab to view your successful trades and the corresponding trading fee incurred per trade.

Final Thoughts

Getting started with cryptocurrencies through Coins Pro Trading can be complex especially if you’re new in the crypto space. The risks may also vary, so just remember to invest only what you can afford to lose. It would also help to learn more about trading in general before creating an account and putting all your funds at work. 

All the Coins Pro information shared here is for your general guidance only. You’re mainly responsible for doing your research and making your own investment decision based on that.

Remember that digital currencies are among the riskiest investments. Just as profits can get high, the risk of losing money is high. Before buying cryptocurrencies, read up a lot about them and seek advice from blockchain experts.

Sources:

• ^[1] Cryptocurrency to become mainstream in the Philippines ( Fintech Magazine, 2021)
• ^[2] Types of Orders (Investor.gov)

DISCLAIMER: Information published on this blog or elsewhere on www.moneymax.ph should be used for general information purposes only and does not constitute investment advice, performance data or any solicitation or recommendation that any security, investment product, transaction or investment strategy is suitable for any specific person. This material does not take into account your financial situation, risk tolerance level, investment experience or objectives; all of which are unique to you. Before acting on information on this blog, we suggest consulting an independent professional to advise you on the risks of any decision and the extent of any exposure to loss.