Coinsph vs Abra Part 2
I already made a comparison of this two biggest bitcoin remittance provider in the Philippines last February. The reason why I'm comparing it again because coinsph and Abra creates more features to attract their clients to stay on them which I did not state on my last comparison.
So here I am again, my name is alfren and lets talk about the advantages and disadvantage of this two bitcoin remittance provider in the Philippines.
COINS.PH
Coins.ph is the most common bitcoin exchange in the Philippines. It preferred by many because it allows everyone to get some reward (P50 for every referral) when they refer someone to used their application. They have a web wallet and a mobile wallet for android and ios users. It has been partnered with many money remittance centers, major Philippine banks. They offer a cashless transaction on sending and receiving money everywhere in the Philippines. You can buy and sell your bitcoin to any businesses they partnered.
Some of there partners are 7Eleven, Cebuana Lullier, Globe Gcash. If you want to have a CoinsPH account, you need to register to their website or download the apps. Make sure you have a referral code to get free P50 when you verify your account by Email, Mobile, Selfies and ID. You can't cashout your balance to coinsph unless you are a verified user. But you can cash-in or send money to other coinsph user even if you are not verified.
Source: LINK
Now, here are some features of coinsph. CoinsPH has open its door to Ethereum. You can now send and receive ethereum in coinsph. As we all know that Ethereum is always 2nd alternative for Bitcoin. You can also convert Ethereum to Peso wallet. Ethereum on coinsph has a wallet address so you can send or receive Ehereum to any ethereum wallet address. You need atleast P20 to get ethereum wallet address in coinsph.
Next feature is this called BEEP. This feature allows every coinsph to pay bills on MRT so they won't go for the line anymore. Some android feature is needed for this and only run on mobile application.
ABRA
Abra is one of the bitcoin remittance based in the Philippines. It allows everyone to Cash-In and Cash-out their Bitcoin on selected Palawan Express, Tambunting Money remittances. Abra is the largest bitcoin remittance in the world. It supports more than 100 fiat currency in the world. You can exchange money from different fiat currency like US Dollar, Euro, Philippine Peso, Japan Yen, Austrilian Dollar and many more.
Abra has been partnered to some minor banks in the Philippines and also offers bitcoin buy and sell. You can send and receive bitcoin to any bitcoin address. Cashing in and out is very simple. Just go to money remittance they're partnered and make a transaction or via mobile banking that they support.
To create abra account, it is very simple. Download the abra and register your mobile number. Make sure to write the 12 word for account recovery. After that, you have now abra account and no need to verify other things. Abra has no referral reward but it offers a cheaper transaction fee in points that you send Bitcoin to other bitcoin platform or exchange.
Here are some latest features of abra. The interface or porfolio is very informative. Now that abra add some altcoins for exchanges. But it doesn't support wallet addressing for this altcoins. You need to Buy Bitcoin and exchange it to their Platform to convert it to altcoins you want and vice versa. You can't send and receive altcoins but only Bitcoin. The purpose is to store only altcoins that you want to trade to different altcoins or bitcoins.
Source: LINK
Some of the altcoins that abra added was Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Ethereum Classic (ETC), Zcash (ZEC), OmiseGO (OMG), Qtum (QTUM), Dogecoin, Golem (GNT), Vertcoin (VTC). Sooner they gonna add Bitcoin Gold (BTG), Stellar Lumens (XLM), Augur (REP), 0x (ZRX), DigiByte (DGB), Status (SNT), Stratis (STRAT).
This is the email they sent for me.
I made a table so we can identify the weakness and strenght of each
exchanges
| CoinsPH | ABRA | |
| Bitcoin Exchange | YES | YES |
| Altcoin Exchange | Ethereum Only | YES but not in receiving |
| Fiat Exchange | PESO ONLY | 100 Different currencies |
| Mobile App | YES | YES |
| Web Wallet | YES | NO |
| Limitation | P2000 Cash In, P0 for cashout on unverified account. P400,000 annual for verified account | P100,000 cash in and out |
CONCLUSION
Both exchanges have their advantage and disadvantage. But Coinsph is more applicable to all. The only disadvantage of Coinsph is the verification of account. Sometimes, it may take 4 to 10 days to verify your account. Hope that this comparison will help anyone who needs to choose the best bitcoin remittance based in the Philippines.
Please follow and up-vote me on steemit @alfren.
You can follow me on twitter @SibulAlfren and
on facebook https://www.facebook.com/eyelefareen/
Very nice information to know.
Thanks you for reading my article
For future viewers: price of bitcoin at the moment of posting is 8512.50USD
That was a nice write up about the two wallet keep on steeming partner and more power!
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Thank you for this viable info shared. This is such a detailed comparison between the two exchangers in the Philippines today. I still haven't tried Abra yet. Coinsph is rather strict in their KYC process in preventing fraud and anti money laundering compliance in which is very important in the credibility of all money-dispense process in which the BSP is so much very keen about.