How we rate crypto exchanges

Reviewed by the Crypto Philippines Editorial TeamUpdated September 28, 2026 · 7 min read

We score every platform in our ranking of the best crypto exchanges in the Philippines on five criteria: licence status (30%), real cost including spread (25%), peso payment options (20%), coin choice and security (15%) and support (10%). The weighted result is an editorial score out of 10. This page explains each criterion, where the data comes from and what the scores cannot tell you.

The five criteria

1. Licence status (30%)

This is the single most important question for a Filipino user. Only firms on the Bangko Sentral ng Pilipinas list of virtual asset service providers may exchange pesos for crypto in the Philippines. A licensed provider must follow anti-money-laundering rules, keep customer funds safe and answer to a regulator you can escalate a complaint to. We also track the SEC’s Crypto-Asset Service Provider Rules, in force since 5 July 2025, and every SEC advisory and NTC blocking order that names a platform.

Platforms on the BSP list score highest here. A service that runs on a licensed provider, such as GCash’s GCrypto, which is powered by PDAX, is credited through that provider. A global exchange that is not licensed in the Philippines can earn only partial credit, based on the registrations it holds abroad, and never the full mark.

2. Real cost including spread (25%)

“Zero fees” is rarely zero. Many apps, including the Convert screens of most exchanges and the crypto features of e-wallets, charge through the spread: the gap between the price you buy at and the price you could sell at. We look at the published trading fees, the spread we observe on the platform’s own prices or public order book on the day of review, and the fees to get pesos in and out. A platform that does not publish its spread cannot score as well as one that is transparent, because you cannot see what you are paying. Our fees and spreads guide shows the numbers.

3. Peso payment options (20%)

How easily can you get pesos in and out? We give credit for InstaPay and PESONet, direct bank transfers, e-wallet top-ups, cash-in at pawnshops and remittance centres, staffed cash counters and card purchases. Cash-out options matter as much as cash-in: a platform you can buy on but not easily sell from is a trap for beginners. We also note per-transaction caps and the verification level needed to cash out.

4. Coin choice and security (15%)

We count the assets a platform lists, check whether you can withdraw coins to a wallet you control (some apps are closed loops), and review what the platform publishes about custody and account security. Coin count alone does not win this category: a short list of well-supported assets with withdrawals is worth more to most readers than hundreds of tokens you can never move.

5. Support (10%)

When a transfer is stuck, who answers? We look at support channels, whether there is a local team or office, and whether the help centre clearly explains fees, limits and verification. Local licensed apps usually score well on presence; global platforms usually rely on chat and email.

Where the data comes from

We use primary sources wherever we can: the BSP VASP list, BSP circulars and fee summaries, SEC advisories and memorandum circulars, and each platform’s own fee schedule, limits page and help centre. For spreads we read the platform’s live prices or public order book on the review date. When we have to rely on a third-party source, or a platform does not publish a figure at all, we label it as unverified on the page instead of presenting it as fact. Every figure carries the date we checked it.

How often we update

We recheck the BSP VASP list and SEC advisories every month and review fees, limits and payment options at the same time. Scores change when the underlying facts change. If a platform is flagged, blocked or removed from the BSP list between reviews, we update its listing as soon as we have confirmed it, without waiting for the monthly cycle. The date at the top of each page shows the last review.

Why SEC-flagged exchanges are excluded

We do not rank or recommend platforms that the SEC has named in an advisory or that the NTC has ordered blocked. That includes Binance, OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, HTX, Coinbase and Gemini, among others. Some of them are large and well-known abroad, and some still have active peso P2P markets. But using them means dealing with a platform the Philippine authorities have said is not allowed to serve you, often through workarounds such as VPNs, with little recourse if an account is frozen. We cover them factually on our licensed vs blocked exchanges page and do not score them.

How we treat global exchanges

Some readers need things local apps do not offer, such as buying with a Visa or Mastercard or access to a wider range of coins. For that reason we include a global option that is not SEC-flagged or NTC-blocked in any list we could find, and we score it on the same five criteria.

Currently that is CEX.IO. It has operated since 2013, is registered as a Money Services Business with FinCEN in the United States, holds US state money transmitter licences and is registered with the Bank of Spain. It is not a BSP-licensed VASP, it has no SEC registration in the Philippines that we could find, and it has no peso, GCash, InstaPay or PESONet rails. It earns partial credit on licence status for its foreign registrations and scores low on peso payment options, while card purchases, coin choice and trading fees count in its favour. CEX.IO is also our commercial partner. That relationship does not change how it is scored, and we state its Philippine status wherever it appears.

Limitations

Scores are editorial judgements built on public information, not audits. We cannot see inside a platform’s balance sheet or security systems, and we rely on what regulators and companies publish. Spreads move by the minute, so the figure we record on review day is a snapshot. Some providers do not publish their spreads or limits at all, which we flag. A score also cannot know your situation: the best choice for a freelancer receiving USDT is different from the best choice for someone buying ₱500 of Bitcoin with cash. Use the score as a starting point, read the notes, and check the platform’s current terms before you trade.

Questions or corrections about a score? Write to contact@crypto-philippines.com. Our about page explains our editorial principles and corrections policy.