Why Buy Bitcoin with GCash?
GCash, the Philippines’ leading mobile wallet, has become a popular way to buy Bitcoin due to its convenience and accessibility. With over 60 million users, GCash allows Filipinos to enter the cryptocurrency market quickly, even without a traditional bank account. This guide explains how to buy Bitcoin using GCash safely and efficiently.
How to Buy Bitcoin with GCash: 5 Simple Steps
- Choose a GCash-Friendly Exchange: Platforms like PDAX, Coins.ph, and Binance (via P2P) support GCash payments.
- Create an Account: Verify your identity on your chosen exchange (requires valid ID and selfie).
- Link GCash to the Exchange: Navigate to the deposit/fund section and select GCash as your payment method.
- Place Your Order: Enter the amount in PHP or Bitcoin quantity. Double-check current BTC prices.
- Secure Your Bitcoin: Transfer purchased BTC to a private wallet like Trust Wallet or Ledger for added security.
Top 4 Benefits of Using GCash for Bitcoin
- Instant transactions (funds arrive in minutes)
- 24/7 availability
- No credit card or bank account required
- Lower fees than international remittance services
5 Safety Tips When Buying Bitcoin via GCash
- Only use SEC-registered exchanges (check www.sec.gov.ph)
- Enable GCash’s two-factor authentication
- Verify seller ratings on P2P platforms
- Never share your MPIN or OTP
- Start with small test transactions first
FAQ: Buying Bitcoin with GCash
Q: Is buying Bitcoin with GCash legal?
A: Yes. The Bangko Sentral ng Pilipinas (BSP) regulates cryptocurrency transactions through platforms registered as Virtual Asset Service Providers (VASPs).
Q: How long do transactions take?
A: GCash deposits are instant. Bitcoin transfers to external wallets take 10-60 minutes depending on network congestion.
Q: Are there transaction limits?
A: GCash imposes a ₱50,000 daily limit for unverified accounts and up to ₱500,000 for fully verified users.
Q: What are the fees?
A: Typical costs include:
– GCash cash-in fee: ₱15-₱50
– Exchange trading fee: 0.1%-0.5%
– Blockchain network fee: ₱50-₱300
Q: Can I sell Bitcoin through GCash?
A: Yes. Most exchanges allow you to convert BTC to PHP and withdraw directly to your GCash wallet.
