How To Buy Litecoin In The Philippines
If you're reading this post, I'm sure you now already know all about Bitcoins (BTC), Litecoins (LTC) and other cryptocurrencies in general so I don't have to explain this topic in detail.
And I'm pretty sure that you just want to know how to buy Litecoin in the Philippines using the quickest, safest and easiest way.
This is exactly what I'm going to teach you in this post.
I'm going to show you how to buy Litecoins using Coins.PH and Bittrex Bitcoin Exchange. And more importantly, how to do it quickly and safely.
STEP #1: Create An Account In Coins.PH
Since there are no local exchanges available as of this writing that offers other cryptocurrencies, the only way to buy LTCs is to buy BTCs and trade them to a cryptocurrency exchange.
That's what I did and this is where Coins.PH comes into play and I'm pretty sure you're aware of it by now.
If you're not familiar with Coins.PH, then here's some basic background.
Coins.PH enables you to buy BTCs using Philippine currency. You can buy Bitcoins through online bank transfers, over-the-counter banking, through remittance centers, 7-Eleven merchants, Cebuana Lhuillier, GCash and others. Instructions on how to do it can be found in their website and mobile app.
You can also read my review of it here.
This guide will use Coins.PH as a your point of entry to the crypto world. If you don't have an account with Coins.PH, then the first thing you need to do is to create and account. Click the button below.
Make sure you verify your account by submitting the requirements to pass the AML/KYC standards.
Once you are verified, you can now safely cash-in and cash-out anytime with your Coins.PH account.
If you already have a Coins.PH account, then skip this step and proceed to the next one.
STEP #2: Create An Account In A Bitcoin Exchange Website
The next thing you need to have is an account in a trusted cryptocurrency exchange. You can try out Bitstamp, Bitfinex, Kraken, and Poloniex. There are many others out there but I use Bittrex exchange because it's easy to use and verification takes less than a day. It's based and fully regulated in the US which makes it a trustworthy exchange.
Bittrex was also recommended by some of my BTC friends who happen to know more about the topic than me.
I'll show you easy step-by-step procedures on how to open an account on Bittrex.
To start, click the button below.
After you create your account, sign in and go to the Settings tab. You need to take note of the boxed items in the screenshot below to verify and enhance the safety and security of your account.
Just provide all the documents that Bittrex is asking. The sooner, the faster you'll get verified.
The verification waiting time in my case was fast. It only took less than a day. The documents I submitted are my mobile phone number, the back and front photos of my Driver's Licence and a proof of billing that contains the same address indicated in my licence.
STEP #3: Fund Your Coins.PH Account
Ok so you now have two accounts, each for Coins.PH and Bittrex...
But without funds, there's really nothing you can do. We need to put funds in your accounts and here's how to do it.
In this example, I'll show how to fund your account through online bank transfer using a Unionbank EON account.
The methods I'll discuss here might also be similar to other banks. Since I have a Unionbank account, I opted to use this.
Create A Cash-In Order
The image below is an example of a cash-in order using Unionbank Online Banking as the payment method. I chose to transfer my funds to my Peso Wallet account to minimize volatility.
In this example, I transferred ₱9,960.00 and paid ₱40.00 of fees for a total amount of ₱10,000.00
Complete Your Cash-In
Once you confirmed the following next steps, you'll receive instructions on your email on how to transfer your funds from Unionbank to Coins.PH.
I did the fund transfer using Unionbank's mobile app.
After a successful transfer, you'll receive a confirmation e-mail like the one shown below.
After a successful deposit, you need to mark your cash-in order as paid. CoinsPH will ask for the reference number. You'll need to enter it.
In my example, I entered S95677 (shown in the upper left of the above image).
Once completed, CoinsPH will complete your cash-in order and you'll now have funds on your PHP wallet.
It's now time to transfer your Bitcoins to your Bittrex Exchange wallet.
Transfer Your Bitcoins From CoinsPH To The Bitcoin Wallet In Your Exchange Account
Login to your Bittrex account then click the Wallets tab. There you'll see your available wallets.
To get your Bitcoin wallet address, click the '+' sign. A pop-up will show like the screenshot below.
This is the wallet address where you want your Coins.PH funds to go.
Now login to your Coins.PH account, click send on your PHP wallet and copy this wallet address to the pop-up box. Also put in the amount you want to send.
If you're using Coins.PH from an app through your phone, it's better to scan the QR code to avoid mistakes.
If you click continue and follow the remaining instructions, you'll receive a confirmation of your transaction.
In the screenshot below, I sent ₱10,050.00 to my Bittrex wallet.
After a few minutes, I received my Bitcoins immediately. It usually takes two to three confirmations in the blockchain to confirm your transfer.
Sometimes, blockchain fees are huge, but there are also times when it's small. Since fees are not dependent on how much BTC you send, I would recommend to send huge amounts to minimize paying a lot.
To buy LTCs, you need to learn how to trade your BTCs to LTCs. Read on to learn how to do it.
STEP #5: Trade Your Bitcoins Into Litecoins
It's easy to trade your Bitcoins into Litecoins using Bittrex exchange. All you need to do is to follow the guide below.
Click On Bitcoin Markets And Select LTC In The Dropdown Menu
There are two markets in Bittrex, the BTC Market and the Dollar Market. Just like Forex, cryptos are quoted in pairs.
For example, in the BTC market, BTC/LTC represents the amount of Litecoins one Bitcoin can buy. That goes also with the Dollar Market. USD/LTC represents the amount of Litecoins that $1.00 can buy.
We'll be using the BTC Market often since we'll always use Bitcoins to purchase Litecoins.
Fill Up The Entries In The Buy Litecoin Trading Box
Below is the screenshot of what the Buy LTC trading box looks like and the items needed to be filled up are described below.
To start buying LTCs using your BTCs, you need to enter the number of LTC you want to buy, your bid and the total amount of BTC you want to spend.
By looking at the Bids order book, you'll have an idea on the current bid prices. Prices that people want to sell their LTC in exchange for BTC.
Click Buy Litecoin
Once executed, your orders will now be in place. The orders will remain unless you cancel it. If you're orders are executed successfully, you'll now own your first Litecoins.
STEP #6: SELL If You're Happy With Your Gains
Now in case you want to sell your LTCs, just head over to the Sell LTC trading box and enter the desired amounts then click Sell Litecoin.
Once you sell, you can now transfer your BTCs to your CoinsPH wallet. The process is just the reverse of buying. In the Wallets tab, click the '-' sign and a pop-up box will display on your screen just like the screenshot below.
Fill-up the form and click Withdrawal.
That's it! It's super easy and it's safe.
7 Important Points To Remember
Cryptocurrencies are full of uncertainties. Your 1 LTC may be worth $0.00 or $1,000.00 in the future. The most important thing that you should keep in mind about cryptocurrency speculation is to only put money you are willing to lose.
Have fun with cryptocurrencies!
Disclaimer: The trading of Bitcoins, Litecoins and other alternative cryptocurrencies has potential rewards but also has potential risks involved. Anyone wishing to trade or invest should seek his or her own independent financial or professional advice.