How to Buy Ethereum Classic in the Philippines - Beginner's Guide (2024)

How to Buy Ethereum Classic in the Philippines

The easiest way to buy Ethereum Classic in the Philippines is to purchase it online from a crypto exchange. Exchanges make buying and selling Ethereum Classic and other cryptocurrencies easy from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Ethereum Classic in the Philippines.

1. Choose a platform 

The platform you pick should work specifically In the Philippines. It should operate within the financial services laws and ideally be regulated by a native government agency or by one recognised by local authorities. Our top picks below all fulfil these criteria.

2. Create and fund your account

Input your name, contact information, and other details in the sign-up form usually displayed after clicking a Sign Up button on the home page. To fund your account, you must pass KYC (know your customer) details by submitting identity and address documents like an ID and a utility bill.

3. Buy Ethereum Classic the Philippines

Navigate to your account’s explore or discover page and search for Ethereum Classic. You may see tickers like ETC/PHP, or ETC-USDT, depending on the platform. Purchase Ethereum Classic directly using a funding method of your choice or with your account balance.

Where to Buy Ethereum Classic in the Philippines?

Let’s take a closer look at some of the best options when it comes to buying Ethereum Classic in the Philippines.

1. eToro – Overall Best Place to Buy Ethereum Classic in the Philippines

eToro takes the top spot on our list as it has a clear interface that is easy enough to use for beginners, but also provides tools for more advanced trading. It is trusted worldwide by more than 25 million users.

It’s simple to keep up with Ethereum Classic’s price action by adding it to your Watchlist and setting up price alerts. You will also find all the tools and data you need to analyse Ethereum Classic under the Stats, News, and Research tabs.

eToro provides the best offering of social investing features of any crypto platform. CopyTrader enables you to choose a trader based on their risk tolerance and profit margin and then automatically replicate their trades. You can also share ideas with other users and access their collective wisdom.

You’ll be able to trade more than 70 cryptocurrencies alongside Ethereum Classic, as well as more traditional financial assets, like stocks, forex, and ETFs. It’s easy to diversify your exposure with the Smart Portfolios feature, which allows you to implement thematic investment strategies.

eToro has a much longer history than any crypto-specific platform, and it has built a strong reputation in that time. It is a regulated platform that employs strong security measures, such as cold storage, SSL encryption, and free insurance.

The minimum deposit required in the Philippines is $200 (about 11,750 PHP), and you will have the option to deposit via credit/debit card, bank transfer, PayPal, Neteller, Skrill, or Payoneer. There is no deposit fee, and you can purchase a minimum of $10 (about 590 PHP) of ETC for a fee of 1% plus spread.

Read our full eToro review here.

Pros

• Social investing features

• Regulated and secure

• Virtual account

• Multiple free deposit options

Cons

• High minimum deposit

2. Oanda – Best Place to Trade Ethereum Classic CFDs in the Philippines

Contracts for difference (CFDs) provide a way to profit from changes in ETC price without actually owning any Ethereum Classic, meaning you don’t need to worry about its storage or security. Oanda provides everything you need to trade Ethereum Classic CFDs.

You can choose to go long or short on Ethereum Classic with Oanda’s CFDs, and also increase any potential profits (or losses) by applying leverage, with margins starting at 10%. You can also protect your profits with risk management tools like stop losses.

You can choose the trading platform that best suits your needs, as Oanda is available for desktop, mobile, and as a web app. You can also access the powerful MetaTrader 4 platform. On top of that, TradingView charts are available through Oanda.

There is a wide range of tools and features to help users with their trading. These include drawing tools, more than 65 technical indicators, analytics tools, position ratios, market insights, and a news aggregator.

Oanda is a multi-asset platform, so you can trade different markets in the same place. In addition to Ethereum Classic, you can trade CFDs on 12+ other cryptocurrencies, as well as shares, commodities, metals, indices, and forex. You can even practise trading with the demo account.

Oanda users in the Philippines have the option of depositing via credit/debit card, bank transfer, Skrill, or Neteller, and there is no minimum deposit or fee. There is no commission when trading Ethereum Classic CFDs, and the spreads start from $80 (about 4,710 PHP).

Pros

• Advanced trading tools

• Multi-asset platform

• Virtual trading account

• No deposit fees and no minimums

Cons

• CFD trading is high risk

• Limited number of other cryptocurrencies

3. Binance – Best Place to Buy Ethereum Classic in the Philippines with Low Fees

If you don’t want to spend money on fees, Binance is a great platform to use. Filipino users can buy ETC through Binance P2P with no fees. It is then simple to transfer it to your spot wallet, where you can trade for fees of 0.1% or less.

Beginners will find the platform accessible as it is very quick and simple to buy ETC with a credit or debit card. It is also easy to make feeless swaps between Ethereum Classic and the 350+ other cryptocurrencies using the Convert feature. On top of this, you’ll find all the information you need to build your crypto knowledge in the Binance Academy.

Binance is also popular with advanced traders. The spot trading platform provides access to customisable charts, technical indicators, and multiple order types. You can also trade Ethereum Classic derivatives, like futures and options, and try strategy trading.

One of Binance’s standout features is the Earn section, where you can earn an estimated 5% APR on Bitcoin and other rates with other cryptos. Other interest-bearing products include staking, liquidity farming, dual investment, and a Launchpad for investing in new crypto projects.

There are no PHP deposit options available on Binance, but you can use PHP to buy Ethereum Classic directly through P2P or with a credit or debit card. Instant card purchases incur a fee of up to 2%, and the minimum purchase size is 970 PHP. P2P limits are set by individual sellers, and you will need to use P2P if you want to withdraw PHP.

For more info, read our Binance review.

Pros

• Lowest trading fees

• Tools for pros and beginners

• 350+ other coins

• Earn interest on your ETC

Cons

• PHP deposits aren’t supported

4. PDAX – Best Place to Buy Ethereum Classic with Philippine Pesos

PDAX is the place to go if you want to trade Ethereum Classic directly with PHP. There are no currency conversion fees or extra steps to worry about, as PDAX provides PHP and PHPT trading pairs for its 34+ cryptocurrencies.

PDAX is the Philippines’ leading homegrown crypto exchange platform, and it is licensed and regulated by the Bangko Sentral ng Pilipinas, meaning users enjoy consumer protection benefits. Filipinos will also receive dedicated local support.

Beginners will find it easy to buy ETC in a few clicks. There is also a range of educational resources on using PDAX and more general crypto topics in the PDAX Learn section. What’s more, you can join the supportive PDAX community of more than 23,000 Filipinos to receive valuable insights and the latest news.

More advanced users will be able to execute trading strategies as they can access charts under the Trade tab and choose from different order types. The deep liquidity of PDAX also means that you can trade quickly at the most competitive rates in the Philippines.

You can fund your account with a variety of online banking services for a fee of 0 to 20 PHP, with most requiring a minimum deposit of 200 PHP. There are also e-wallet and OTC options for deposits. The minimum amount of ETC you can buy is 50 PHP, and there is a trading fee of up to 0.5%.

Pros

• PHP-denominated

• BSP-regulated

• Low minimums

• Variety of deposit options for Filipinos

Cons

• Fewer cryptocurrencies than competitors

• No technical indicators

How to Buy Ethereum Classic in the Philippines - Tutorial

Our guide focuses on eToro as it is our overall best place to buy Ethereum Classic in the Philippines. However, these steps can be applied to other crypto exchanges in this guide.

1. Open an account

Click on the Start Investing button on the homepage to get started. Fill in your details on the signup form and create an account. You can also download the mobile phone app from the Play Store/App Store and do the same.

2. Verify your account

You’ll receive an email verification link when you create an account. Click on it to start the process. Complete your profile by submitting details like your date of birth and a passport photo, after which you complete the KYC process by submitting documents. These documents include proof of ID (National ID or driver’s licence) and proof of residence (utility bill).

3. Make a deposit

Once your account has been verified, click on Deposit Funds on the left pane of your dashboard. The deposit options available will be displayed. Choose one and set the amount you’d like to deposit. You can deposit Philippine pesos directly using credit/debit cards, bank transfers, PayPal, Neteller, Skrill, or Payoneer.

4. Buy Ethereum Classic the Philippines

Search for Ethereum Classic in the Discover tab. An interface like the one below should load. You can buy immediately at market price or set a price you’d like to buy at.

Is Ethereum Classic a Good Investment?

We cannot outright say whether or not Ethereum Classic is a good investment. However, we can give pointers to help you arrive at that decision yourself.

Decentralisation

Firstly, Ethereum Classic is decentralised. It does not depend on governments to legitimise it or companies to run and maintain its blockchain infrastructure. Transactions are free from many of the controls and drawbacks of traditional finance networks like high fees for international transfers.

As the digital age progresses, more components of our lives will be moved to the digital space. Crypto technology mathematically safeguards digital assets and places ownership with users, making it crucial for a free digital future.

Liquidity

Cryptos are generally very liquid and portable assets. They can be bought on one crypto exchange, moved to another exchange in a different country and sold in a matter of minutes, creating a way to move wealth easily.

High Return Potential

Ethereum Classic has a track record of delivering high returns on investment either due to its extremely volatile nature or more fundamental reasons like growing adoption and institutional interest. Combine this with the fact that blockchain technology is still in its early stages, and the growth (and profit) potential is significant.

Store of Value

Crypto can be used as a long-term store of value, especially those that are scarce, like Ethereum Classic. Because supply is capped, the value of finite coins is projected to grow over time, provided demand grows. This makes Ethereum Classic a possible long-term alternative to gold.

Portfolio Diversification Option

Ethereum Classic is a digital asset that can be used as an asset class when building a diversified portfolio. Its equity potential (the possibility to increase in value) makes it worthy of consideration for modern portfolios.

Risks of Buying Ethereum Classic

There are downsides to buying Ethereum Classic. The first is its volatility. Crypto is known to swing wildly, losing significant portions of its value within a few weeks and often leaving investors reeling from losses.

There is also a risk of rug-pulls, blockchain attacks, and wallet hacks. These are technological risks that involve an attacker hacking a crypto’s blockchain network or your wallet and usually ends with funds getting stolen.

Finally, crypto at large is still the target of legal crackdowns and harsh regulatory policies that could stunt its growth and adoption rate.

What Payment Methods Can I Use to Buy Ethereum Classic in the Philippines?

Ideal payment methods should support Philippine peso natively, and while not all platforms allow deposits in pesos, these are the methods you can easily use to buy Ethereum Classic in the Philippines.

Credit/Debit cards

Credit or debit cards are probably the most accepted payment method across platforms but also the most expensive. eToro and Oanda don’t charge fees, but those of Binance are about 1.8%. On other platforms, fees generally range between 1% – 3%.

Bank Transfers

Local transfers through a Filipino bank account are available on a number of crypto platforms. It is free to use a bank transfer on eToro and costs up to 20 PHP on PDAX. A conversion fee may be charged for deposits in currencies other than the account-denominated currency.

PayPal

PayPal is one of the most popular payment services and electronic wallets in use today. However, it is not as widely supported as the first two payment methods. For example, Oanda and PDAX do not support PayPal as a direct funding method in this region, but eToro supports free PayPal deposits.

Cash via ATM

A crypto ATM is an easy way to buy ETC with cash or a card, although it can be a much more expensive and complicated process than using an online platform. There are 13 crypto ATMs in the Philippines, mostly located in Manila, with 2 in Taguig City, 1 in Parañaque, and 1 in Pasay.

Ways to Invest in Ethereum Classic in the Philippines

There are several ways to gain exposure to Ethereum Classic and profit from its price movements in the Philippines. This section dives into them and how they relate to Ethereum Classic.

Buy and Hold Ethereum Classic

The buy-and-hold strategy involves buying Ethereum Classic and holding it for a long time, usually as long as you can. This strategy is popular in the industry as it has proven to be effective over long periods, usually years.

This strategy can be varied using a buying technique called dollar cost averaging (DCA) where you buy a set dollar amount of Ethereum Classic at fixed intervals regardless of price.

Trade Ethereum Classic

This strategy profits from Ethereum Classic’s volatility. Trading ETC involves relatively short-term buying and selling, usually from as little as a day to as long as a year. Positions held for longer are often classified as investments.

Trading creates an opportunity to explore other financial derivatives like futures, options, and CFDs that give traders exposure to ETC’s price movement without the need to buy the coin. It also allows for leverage facilities that can magnify traders’ wins (or losses).

Choosing a Ethereum Classic Wallet in the Philippines

Ethereum Classic wallets are important because they store your valuable cryptos, so choosing the right one is crucial. Crypto wallets are generally split into hardware and software wallets. Hardware wallets store cryptos offline on a device while software wallets store cryptos online and are always connected to the internet.

Software Wallets

• Web wallet: These wallets come as either browser extensions or web apps that store your private keys in your browser. Web app variants are accessible through any browser. However, the extension variant must be installed on a new browser and a seed phrase must be used to recover your wallet. eToro, Binance, and PDAX provide free web wallets that store Ethereum Classic.

• Mobile wallet: This wallet is a mobile app downloadable from the Play/App stores or the internet. Binance’s mobile wallet is called Trust Wallet and it supports Ethereum Classic.

• Desktop wallet: This is an application that runs on your computer and stores your private keys on your hard drive. There are several desktop wallets available depending on the level of control you want and your familiarity with blockchain technology. However, a good option for beginners is the Electrum wallet available for Windows, Mac, and Linux PCs.

Physical and Hardware Wallets

• Hardware wallet: A hardware wallet is a physical device that stores private keys offline. They are much harder to hack and are currently the safest storage option. Hardware wallets that support Ethereum Classic include Trezor and Ledger.

• Paper wallet: A paper wallet is a piece of paper with public and private keys printed on them. While they are a good way to keep your private key offline, they are not recommended as you may lose the paper or the ink could wear off with age. Paper wallets have gone out of fashion since the advent of hardware wallets.

Wallet Combinations

You can combine two or more wallets for added security or a better user friendlyexperience. For example, you can use a hardware wallet like Ledger with a web wallet extension to buy coins on a decentralised exchange and immediately send them to your hardware wallet.

Should I Buy Ethereum Classic Now? - Things to Consider Before Buying Ethereum Classic in the Philippines

Whether or not you should buy Ethereum Classic now depends on the state of the economy, your investment goals, your risk tolerance, and the cost of investments. Consider these factors when making a decision. 

Ethereum Classic Fees

The total cost of buying Ethereum Classic is made up of Ethereum Classic network fees, exchange fees, and deposit fees across exchanges.

The network fee is the charge the blockchain takes for processing transactions. This fee usually goes to computers that help secure and run the network. It could rise and fall based on the volume of transactions for certain blockchains, but newer networks are built to accommodate high volumes without significant changes to transaction fees.

Exchange fees are charged for conversion, trading, or other related services. Some platforms are cheaper than others in certain regards. For example, conversions on Binance are cheaper than eToro at 0.1% per trade compared to 1% charged by the latter.

However, eToro trumps Binance when it comes to deposits as it supports free deposits while Binance charges about 1.8% for credit card payments.

Aggregate the costs of using various components of an exchange to obtain a holistic view of the cost of using that exchange, then compare it with others to find a cheap option.

Ethereum Classic Price

Ethereum Classic’s price is known to change rapidly and swing wide, i.e. change quickly and by a considerable amount. For traders, this is good news as it presents opportunities to profit from this volatility.

Long-term investors, on the other hand, may not be too bothered by short-term fluctuations as price historicals show an overall uptrend with pocket downtrend periods. In the long-term investment case, a simple buy and hold strategy, or one combined with a DCA, may prove effective.

Buying Ethereum Classic in the Philippines Safely

Security is of the utmost concern when dealing with cryptocurrencies and the exchanges that sell them. The first thing you should observe is the exchange’s regulatory status. The ideal situation is when the exchange is registered in its country of operation.

However, this is not always the case. Crypto exchanges sometimes offer services to users in certain geographical regions using entities registered in a nearby jurisdiction or in a jurisdiction where regulations allow them to onboard users from other countries.

In this case, ensure the regulatory agency is transparent and enforces industry-standard security and legal practices.

Buying Ethereum Classic in the Philippines Anonymously

Buying Ethereum Classic anonymously is not as easy as some may assume due to widespread regulation on all major exchanges and platforms. The key to remaining anonymous is to refrain from providing personally identifiable data. Platforms do this to varying degrees. 

Crypto ATMs are a way to buy crypto anonymously. They only require the money with which you buy crypto and the wallet address you want to send it to. Currently, most ATMs are limited to Bitcoin, Ethereum, Litecoin, but more are popping up with support for more coins.

Another method is using prepaid cards to purchase cryptos on peer-to-peer markets.  You send the code to the counterparty and they send your crypto. Visa offers prepaid cards but you’ll need to ensure you won’t have to give up personal details to obtain it.

Is Buying Ethereum Classic Legal in the Philippines?

Yes, buying Ethereum Classic is legal in the Philippines. The Bangko Sentral ng Pilipinas (BSP) warned Filipinos of the risks associated with trading Ethereum Classic in a statement issued back in 2014. The BSP still doesn’t recognise Ethereum Classic as a currency as it isn’t issued by a central bank or backed by a commodity.

However, Circular 944, issued by the BSP in 2017, legalised Ethereum Classic and other virtual currencies. Crypto exchanges in the Philippines are now regulated by the BSP as a result.

What Banks Let You Buy Ethereum Classic in the Philippines?

If you’re worried about your payments to crypto platforms being blocked, check the information below to find out where some of the most popular Filipino banks stand on crypto.

UnionBank of the Philippines

UnionBank has labelled itself a crypto-friendly bank. It has a crypto ATM at its digital branch and is launching crypto exchange services for its users. You can use UnionBank to deposit to PDAX via bank transfer, bills payment, or online banking. It can also be used on Binance P2P (peer-to-peer).

Land Bank

Land Bank is a government-owned bank in the Philippines. It is supported as a payment option on Binance P2P and PDAX.

Asia United Bank

AUB is a universal bank that is part of the league of Philippine banks that have been publicly listed. You can use an AUB bank account to make payments on Binance P2P and PDAX.

Is Ethereum Classic Taxable in the Philippines?

Profits made from selling Ethereum Classic are taxable in the Philippines, according to statements issued by the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF). Although other types of taxes may apply as crypto taxation rules develop in the Philippines, Income Tax is currently the only tax that Ethereum Classic users need to worry about.

Only realised gains are taxed in the Philippines. This means that if you swap Ethereum Classic for another cryptocurrency, you will not be taxed, but if you sell it for fiat, you will. You will be exempted from Income Tax if your total income is below 250,000 PHP. People with higher incomes may need to pay a basic amount plus an additional rate of tax, depending on the size of their income.

You will need to file an income tax return even if you don’t earn enough to pay any tax. To ensure your return is accurate, make sure you keep detailed records. You should record the dates of your transactions, the amount of ETC traded, and its value in PHP.

Final Thoughts

We’ve been through a range of useful topics for new Ethereum Classic investors, from payment methods and wallets to when and why to buy ETC. The first step to investing, however, is picking the right platform.

In conclusion, we believe the best option is eToro. It provides a safe and user-friendly trading experience, supports free deposits, and has other features to suit users of all experience levels, including the innovative CopyTrader. There is a step-by-step guide to signing up further up this page, or simply click the link below.

More Cryptocurrency Guides in Philippines

Check out more of our popular crypto guides for the Philippines below.

• How to Buy Uniswap in the Philippines
• How to Buy Polkadot in the Philippines
• How to Buy Apecoin in the Philippines
• How to Buy Compound in the Philippines

Methodology - How We Picked the Best Platforms to Buy Ethereum Classic in the Philippines

We decided on the best platforms by first testing them individually. Our criteria for assessment include fees, deposit and withdrawal methods, reputation, credibility, security, ease of use, trading features, coin selection, and competitive edge.

The platforms listed on this page are ones that we found to be the best at the features we listed them under, e.g. cheapest way to buy Ethereum Classic. All platforms have a track record of providing value to users.

We also placed an onus on security and credibility. These platforms have millions of users and employ some of the highest security measures in the industry.

Finally, we considered fees and limits. These platforms have various fees and deposit/withdrawal limits, but they are all within reasonable limits.

To learn more about how we test and choose platforms, visit our why trust us and how we test pages.