Flashback to DEC 5, 2018: I got interested in crypto and bought my very first Bitcoin.
I didn’t know how or where to buy from the Philippines so I researched online and found out about Coins.ph. Put 5,000 pesos as an initial investment and converted into Bitcoin…I’m going to be a millionaire! 🤑
Or not! Because I ended up panic selling it 3 months after. For fun, had I not sold my 5,000 pesos in 2018 and kept it until today, it would be worth around 78k+ php (not too bad).
As I got to learn more about crypto & blockchain throughout the years, I started exploring altcoins (refers to all cryptocurrencies other than Bitcoin).
Coins.ph only had 4 coins to invest in (Bitcoin, Ethereum, Bitcoin Cash, and XRP) so I looked for an alternative and that’s when I found Abra.
They have over 100 different coins to choose from but there were some coins that I wanted but aren’t currently available.
Going back to present times, I came across BloomX from an article in Rappler. They are a crypto trading platform built for Filipino residents where you can buy and sell over 250 cryptocurrencies.
They are planning to be available for public use in the 2nd half of 2021 but you can join the waitlist now and possibly get early access.
I was lucky to be one of the early access users so I wanted to share my experience using it so far and why I think it is the easiest way for Filipinos to start trading crypto.
Taking a Look Inside the BloomX Dashboard
Note: BloomX is currently on Early Access so a lot of what I’m showing you can change in the future.
Upon logging in, you will be welcomed by their Home dashboard.
- Total Account Value – Here you will see how much money you have in your account. This changes regularly depending on the value of the coins you have in your portfolio. In this example: my 5,000 pesos is currently at 4,854.12 since one of the coins I traded dropped to 810 pesos while the others increased a little. Cryptocurrency is highly volatile so sudden increases & decreases are totally “normal”.
- Your Portfolio – This section shows you all the different coins you have invested in. I decided to buy 5 different coins at 1,000 pesos each so you can see their current value has changed. I am not a financial advisor so I am not promoting these coins and am just showing them for informational & educational purposes only.
- Your Full Trade History – All your transactions are recorded here. You will see when you buy a coin, how many coins you’ve bought, and their current rate at the time of purchase.
Adding Funds Into Your Account
Before you can start investing in some coins, you first need to put funds into your account. You can do this by going to the ‘Deposit’ page and transferring money to the BloomX bank account.
Note that there is a minimum of 1,000 php and maximum of 500,000 php per deposit.
Once done with your transfer, you’ll need to let them know by filling up the form at the bottom left. You should get your money credited in your account within an hour during business hours.
My first deposit was done on a Saturday so thought it would be credited on Monday still but to my surprise, it showed up on my account right away which was awesome.
Lastly, there is no fee to deposit in your account so 100% of the amount you deposit will be credited to your account.
Buying Your First Cryptocurrency
Ready to start trading?
Head on over the the ‘Explore’ page where you’ll find over 250 cryptocurrencies to choose from.
You can use the search box to find a coin that you want or use their filters to sort the coins. You’ll see some interesting data here like the current market price, the market cap, and the price movements (24H, 7D, 30D, 90D).
When you click a cryptocurrency on the ‘Explore’ page, you will be directed to the page above.
Here you’ll get some valuable coin details and its current market value. From this page you have the option to Buy or Sell that particular cryptocurrency.
Clicking the ‘Buy’ button takes you to this page. You can put your desired amount in PHP and it will show you how much of that cryptocurrency you can buy (works vice versa as well).
In this example, 1,000 PHP would get me 17 ADA.
A cool thing to mention here is that the price of the cryptocurrency will be locked in for 5 minutes as you’ll see the price and timer on the upper right.
This helps you avoid any price volatility that might happen during your transaction.
Getting funds out of your BloomX account and into your bank account or ewallet is the a pretty straightforward process.
Head on over to the ‘Withdraw’ page and fill up the form above.
You can choose to withdraw to any of the major banks and ewallets supported (screenshot below).
There is a withdrawal fee (40php on most banks) and max withdrawal amount depending on the bank chosen.
You can check out all frequently asked questions in their FAQ page here.
Below are the Top 3 questions that I think are good to know.
How does BloomX keep my crypto safe?
BloomX is built with Binance, the world’s leading cryptocurrency exchange and all their customers’ cryptocurrency accounts are stored in their ultra-secure custodial solution. You can read about the 7 ways that Binance keeps their customers’ funds SAFU here.
Can I lose money on my crypto investment?
Yes. Cryptocurrencies are a young asset class with extremely volatile prices. Please be aware of the risks of cryptocurrency investments and only invest cash you can afford to lose.
BloomX is aimed towards the average individual who wants to easily buy and sell crypto using Philippine pesos.
They did a great job at making this app as simple as possible since their target audiences are beginners & newcomers into the crypto space. They are not for professionals traders (check out Binance if that’s what you’re interested in).
I am excited about this platform because it will help a lot of Filipinos get into crypto without the complexities of dealing with other exchanges.
You can simply add money, choose your desired coin/s, and withdraw when you want!