Savings Archives - Madam Miely

I was reviewing my Search console last time when I notice that the most prominent keywords that were used to see my blog post are the title that I have right now. So I am thinking maybe a lot of Filipinos are still confused about the difference between CoinsPH and Binance that’s why I’m here to answer a few of them. To start off, Binance is an exchange platform for cryptocurrencies. They have so many different financial products to let you earn cryptocurrencies like savings, liquidity pool, staking, trading and so much more. I did discuss a few of them on my blogs which you can also check later on. They also have cryptocurrency wallet features just like CoinsPH. On the other hand, CoinsPH is a custodial cryptocurrency wallet that also allows users to swap their coins to PHP and other supported currencies. They also have other financial features like bills payments, fund transfers to local banks and mobile wallets, and prepaid load purchasing. So what’s the difference between CoinsPH and Binance? Okay, if you’ll think about it they are basically the same. They offer wallets for cryptocurrencies, they both have the ability to buy and sell crypto. So they’re the same right? Well, yeah but they’re not. Cryptocurrency Exchange: Binance vs CoinsPH Binance is a more sophisticated platform for trading cryptocurrency than CoinsPH because it has tools that equip you to trade cryptocurrencies in a better way. Binance have the convert, classic, and advance trade view while CoinsPH have the convert view only Like having charts and indicators, order book, limit orders, and more. If you want that kind of tool for CoinsPH, you can but you have to use their Coins Pro. It’s a separate platform that doesn’t have an app and can only be used via their web app. How about Coins Pro vs Binance? Since I started to mention Coins Pro then let’s compare it with Binance too. The market for Coins Pro is very limited. Even though CoinsPH started to support more cryptocurrencies, their Coins Pro platform is still outdated at the time of writing this. These are the current trading pair on Coins Pro. While the on below is the market on Binance. Take note I just took the screenshot of a portion of the BNB market, they also have pairs vs BTC, Alts, Fiat, and Stablecoins. Binance cryptocurrency markets preview in BNB pairs. There’s really a huge difference between the markets that you can access between CoinsPH/Coins Pro over Binance. At the same time, Binance has apps for mobile, web, and desktop. Even though CoinsPH has their mobile app you still need to go to the web if you want to use their Coins Pro. Honestly, I tried Coins Pro before but the platform is quite confusing and because their pairs are more vs PHP the movement is quite unusual to me. https://madammiely.com/blog/money-matters/bitcoin/new-supported-wallet-on-coins-ph-usdc-link-and-knc/ Buying cryptocurrency on both platforms Since CoinsPH is specifically made for the Philippines, the accessibility of funds is easier with them than Binance. However, there’s a little bit of a con when it comes to buying and actually even selling with CoinsPH. Before I go on, I’d like to clarify that I’m not against CoinsPH, you’ll learn more about it in a bit. So the con there is that CoinsPH is using over-the-counter price. Therefore buying cryptocurrency on the platform is a little bit expensive than Binance. Even selling the tokens to PHP is a bit less than the market price. And because of that, buying a larger amount of cryptocurrencies is not advisable in CoinsPH. It’s also not ideal to use for trading since you’re buying price could be a lot lesser when selling it’s too low for trading. If you’re planning to trade cryptocurrency, here are a few things you need to know about CoinsPH and Binance As mentioned, it’s definitely not ideal to do it on CoinsPH. If you’re going to trade you must use Binance instead. The thing you need to know though is that Binance has limited cash-in options. With Binance you can buy cryptocurrency (although I suggest you buy stablecoins like BUSD or USDT for cash-in purposes) by using your VISA or MasterCard. The issue is that Binance charges 2% of the amount you're cashing in plus I noticed that I get a card fee with UnionBank of around 140-150 PHP. My guess is that it is an international card fee of 3 USD. So if you’re planning to cash in on a trading platform that is less than 2000 PHP, I suggest just use CoinsPH. BTW, I also recently found out that Binance now has PHP bank deposit options but they currently have a few banks supported. Anyway, it’s worth mentioning that it’s way cheaper to deposit using a bank with Binance. But it’s not real-time, I think it was processed within the day when I tried it using UnionBank. Supported local banks for PHP deposits with Binance https://madammiely.com/blog/money-matters/bitcoin/beginners-guide-to-binance-cryptocurrency-exchange-trading-platform/ Buying price comparison between Binance and CoinsPH As I mentioned, it’s quite fine to use CoinsPH for minimal transactions since Binance also has some fees in cash in. For Binance, they have debit card fees of 140-150 per transaction and with bank deposit, it’s just 25 PHP. If you have their supported bank, I still strongly suggest you use that instead of CoinsPH because the 25 fee is better than the rate you get with CoinsPH. Here’s a side-by-side price check I made with Binance and CoinsPH. Buy BTC using Debit Card on Binance vs CoinsPH Buy BTC on Binance using Cash Balance vs CoinsPH I took the screenshot at the same time and as you can see the difference is very low. With Binance you get 0.0000207 BTC, in the current exchange, it’s just less than 50 PHP. Therefore the option of using Binance via Debit Card would be much expensive than CoinsPH, but using Bank Deposit with Binance is cheaper. Take note though that this sample transaction is for 5,000 PHP transactions. If you’re buying 50,000 PHP either option in Binance is better than CoinsPH because the price difference would be around 500 PHP. You also have to take note that if you’re going to transfer your crypto from CoinsPH to Binance, you’ll also have to pay miner fees which change from time to time. At the moment it’s very minimal but when they are highly congested it may go up to. There was a time where miner fees go like 2000+ PHP in BTC per transaction. Whenever that happens you have the option of XRP which has the lowest transaction cost in any wallet provider. https://madammiely.com/blog/money-matters/bitcoin/how-to-get-started-with-axie-infinity-in-the-philippines/ What’s best for beginners? CoinsPH or Binance? That’s the real question, I guess. Actually, you must have both! Because there’s no PHP cash-out option in Binance. Therefore, if you are going to cash out all your gains or your crypto to your bank account and use it for your daily purpose you need to transfer your crypto assets to CoinsPH. Once it’s on your CoinsPH wallet that’s the only time you can convert it to PHP then you can send it to your bank account. The price of selling crypto to PHP on CoinsPH is still less than the market price but that’s the only option you have at the moment. Also if you’re trying to accumulate crypto assets with your extra funds let’s say you have 100 PHP left on your wallet you can easily do that with CoinsPH. However, if you wanted to get serious with cryptocurrencies, I still strongly suggest you use Binance. There’s a lot more you can do with it and you can even make it your savings account for crypto. Personally, I only use CoinsPH for converting crypto back to PHP. Anyway, this is all based on my personal experience and not influenced by anyone at all. I’ve been using CoinsPH since 2013 or 14 and I still love their service, it’s just that I get to do more with Binance, that’s all. If you want to get a 10% kickback on my trade fee commissions with Binance you can use the registration link below. I love sharing my commissions with my readers whenever there’s an option to do so, I hope you’ll take advantage of that too. Subscribe and follow us on social media for more blogs like this, feel free to leave a comment ♥︎.