An increasing number of customers in the Philippines are buying crypto such as Bitcoin & Ethereum. In this article, you will discover how to buy your favourite crypto coins using your bank account with Banco de Oro or your BDO credit card.
How to buy crypto with BDO Bank?
Step 1: open an account with a crypto exchange
BDO Bank does not currently offer crypto coins itself and has no plans to do so. You therefore need an account with a crypto exchange before you can invest in Bitcoin & other cryptocurrencies. In the overview below, you can immediately see which crypto exchanges you can join:
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Step 2: deposit money with BDO Bank
After you open an account, you can deposit funds directly from your BDO Bank account. However, it is important that your bank account is in the same name as your crypto exchange account. That way, you can be sure that your deposit will arrive correctly at the crypto exchange.
Step 3: buy crypto with Banco de Oro
Bitcoin is still the dominant cryptocurrency, and more than 50% of the crypto market’s entire market capitalization is made up of Bitcoin. However, you can also choose to invest in other popular cryptocurrencies such as Dogecoin, Ethereum, and Solana. Always make sure to do your research on the cryptocurrency you want to invest in: that way, you avoid investing funds in a worthless cryptocurrency.
Next, select the cryptocurrency within the trading platform and enter the amount you would like to invest. Press the buy button to send the order to the crypto exchange.
What is BDO Bank’s stance on crypto?
BDO Bank does not have a stated crypto policy, but it does not simply block transactions to crypto exchanges. This is good news for BDO Bank customers, as you can invest in your favourite crypto without any problems.
However, it is important to pay close attention to security: bank accounts of BDO clients, for example, were used to buy crypto. These kinds of hacks are common within the crypto domain. Therefore, be vigilant and take sufficient steps to protect your bank accounts and crypto account!
How does the government of the Philippines feel about crypto?
The government of the Philippines still considers crypto a risk to consumers and investors and has introduced some measures to restrict its use.
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has introduced registration and supervision of virtual currencies. Companies operating in crypto must now officially register. The BSP has also taken measures to combat money laundering through crypto.
Although the Philippine government is cautious about cryptocurrencies, it does recognize the potential of the technology behind crypto. I therefore expect crypto to continue to grow in the Philippines.
About Banco de Oro
BDO Unibank, also known as Banco de Oro (BDO), is one of the largest banks in the Philippines. The bank offers various financial services including credit, forex, brokerage, credit cards and corporate cash management.
With more than 1,300 branches, 4,000 ATMs and 38,000 employees, BDO is an indispensable bank in the Philippines. The bank also operates on a small scale abroad.
Can you buy Bitcoin from BDO Bank?
BDO Unibank does not sell crypto itself, but you can still buy Bitcoin with a workaround. In fact, you can link your bank account to a reliable crypto exchange without any problems. At the beginning of this article, you will discover how to link your bank account directly to a crypto exchange. Always be aware of the risks, since cryptocurrencies are very volatile!