Check out why Coins.ph is considered the best app for sending and receiving online payments. Learn the features that make the app a safe cryptocurrency wallet.
Coins.ph is a popular free mobile wallet that can be accessed to send and receive payments without using a bank account. It was launched in 2014 in the Philippines. Currently, the app is accessed by more than millions of people around the world. In Coins.ph you can find an enormous number of useful features to make online bill payments. It has a user-friendly interface. When you access the coins.ph website, the account, and all the personal details will remain protected because the organization follows industry-standard measures.
Types Of Trading
HODLing: Investors can hold cryptocurrencies in their Coins.ph wallet for several years to get maximum profit. However, you must keep an eye on the price of cryptocurrencies to avoid the chances of making a loss. One should use the HODLing trading strategy when they are confident that the price of a particular cryptocurrency can significantly increase with time.
- Buy Order: The investors who wish to add cryptocurrencies to their wallets have to check the crypto price and be aware of the price change before placing a buy order. Most experienced investors wait for the price of cryptocurrencies to decline before making a purchase. In your wallet, you can access the list of cryptocurrencies that have already been purchased.
- Sell Order: When the prices of cryptocurrencies start declining, most investors think that placing a selling order will be an ideal decision. You might also want to sell cryptocurrencies when there is less chance of the price to improve in the future. Coins.ph makes it easy for investors to convert their cryptocurrencies into PHP.
Is Verification Required – Verification Levels & Fees
You can’t make transactions in Coins.ph without going through the verification process. After signing up in Coins.ph, you must go to the “Limits and verification” page. Those using the app can find the “Limits and Verification” option from the top left menu. The verification process can take some time to complete because the team will carefully check the information on the documents.
- Level 1: After confirming the email address and phone number, the investors will be able to use a level 1 account by default. They can deposit 2,000 PHP every day and 50,000 PHP every year. However, they won’t be able to withdraw the cash.
- Level 2: In the level 2 verification process, you have to verify the government ID care and upload a selfie. Although various government ID cards can be used in the verification process, you can upload scanned images of your passport or driving license. After the successful verification process, you can deposit and withdraw 50,000 PHP every day or 400,000 every year.
- Level 3: This verification level is essential if you want to deposit and withdraw unlimited cash every year. However, at this account level, you might not be able to deposit or withdraw more than 400,000 PHP every day. You can just scan and upload the documents that can verify the address. The documents that work as proof of address include mobile phone bills, bank statements, utility bills, credit card billing statements, etc. Before submitting the documents, you must check that the address mentioned in the document matches the provided information in the Coins.ph account details.
- Level 4: The investors who have to deposit or withdraw up to 5,000,000 PHP every month should complete the level 4 verification process. Moreover, you can set custom limits for transactions on the Coins.ph website.
Your account will be reviewed, and you will get some documents to check the source of the funds. You will be asked to fill a Custom Limits Request Form for the verification process to begin. After the approval of custom limits, you will be able to deposit and withdraw more cash.
Coins.ph Security Features
Following are the security features of the Coins.ph crypto exchange –
- Two-Factor Authentication: Coins.ph has added the two-factor authentication features so that only the users can access the account. After entering the correct password for the account, a randomly generated code will be sent to the corresponding mobile number. You have to enter the code to be able to access the account and assets. Since the code will refresh within a few seconds, no one can guess the code without accessing the connected mobile device.
- Passcode And Biometrics Lock: Investors get the option to lock their devices using passwords or biometrics. Anyone else who uses your mobile device won’t make transactions because of biometrics like a fingerprint scanner or FaceID. Biometrics is better than password and pattern lock features. Therefore, investors think this platform is one of the most secure cryptocurrency wallets.
- Multi-Signature: Coins.ph has added layers of security after allowing investors to use multi-signature and cold storage solutions. Due to these features, you can feel secure while storing, sending, and receiving cryptocurrencies supported in the application.
Is Your Money Safe With Coins.ph?
Coins.ph is a safe mobile wallet that has gained the trust of more than 10 million investors worldwide. Coins.ph is a cryptocurrency wallet that can be used to securely store money and reduce the use of banks to make online payments. BSP controls the platform as a licensed Electronic Money Issuer, Virtual Currency Exchange, and Remittance and Transfer Agent (RA). The rules and regulations created by Anti-Money Laundering Act and BSP are strictly followed by Coins.ph.
Coins.ph Pros And Cons
Following are the pros and cons of the Coins.ph crypto exchange platform –
- No need for banks to make online payments.
- The account can be verified through the website as well as App.
- Easy selling, buying, receiving, sending, and storing cryptocurrencies.
- User-friendly interface.
- Cash in and Cash out are available in most locations.
- Can be linked to a Facebook account.
- Higher fees for conversion from cryptocurrency to fiat money.
- Higher fees for receiving and sending Bitcoins.
- A minimal range of IDs is accepted for verification.
Since now you understand the security features and benefits of using Coins.ph, you should create an account on the platform using a mobile device. After you have started using the application, reaching account level 2 is crucial to withdraw cash. Hence, you should upload a selfie. Then, submit any government ID card. Make sure to use a two-factor authentication feature so that the cryptocurrencies remain secure.