Coins.ph

[piranhamoose23]

Hi all,

Anyone have experience with Coins.ph selling crypto--> fiat PHP --> Bank transfer?

Im a US citizen via Naturalization.  I applied for Dual Citizenship 1 month ago, so dont have my PI passport yet for level 2 kyc. 

[Old55]

Best you contact them directly for up to date transaction information.

[hk blues]

1 hour ago, piranhamoose23 said:

so dont have my PI passport yet for level 2 kyc. 

Out of interest, what is level 2 kyc?

[Jack Peterson]

1 minute ago, hk blues said:

kyc?

 Know Your Client/ Customer maybe  a Financial dealing bank term

[fillipino_wannabe]

You should be able to use your US passport. 

I got flagged for money laundering using them about 5 years ago, the bank kept saying they deposited the money as cash when I'd just withdrawn on that website. Ended up ok but it was a stressful few days lol.

[piranhamoose23]

12 hours ago, Old55 said:

Best you contact them directly for up to date transaction information.

kyc=know your customer. Identity verification.

Ive read their transaction limits for levels 1-2-3 and TOS.  Im just curious if there's anyone on here who has experience (good/bad) with selling crypto to PHP bank deposit and sum of bank deposit transactions) with Coins.ph.  Maybe you can dm me if not comfortable discussing the subject publicly?

5 hours ago, fillipino_wannabe said:

You should be able to use your US passport. 

I got flagged for money laundering using them about 5 years ago, the bank kept saying they deposited the money as cash when I'd just withdrawn on that website. Ended up ok but it was a stressful few days lol.

Cant use US passport now.  I tried creating an account with it, and there's no option for US passport identity verification.  Strange because there's a lot of Fil-Am in the US and per Coins.ph, you can use it for remittance/pay bills/etc.  But there's an option for Angola, lol.  I know there's filipinos in just about every country in the world. But Angola? Seriously? LOL.

When you got flagged, how much PHP did you deposit? Were you an established customer at the bank?

Edited February 13 by piranhamoose23

[Possum]

To quote a famous investor, "Crypto is rat poison squared."

Most banks won't deal with it for that reason. Crypto has no intrinsic value and is often used for nefarious purposes. Change the crypto to USD or some other recognized currency and there should be no problem with transfers

[JJReyes]

What is the recourse if something goes wrong with Crypto?  The attraction is a system that is outside the regulatory control of governments.  At the same time, your risk factor for loss is 100%.  The concept of digital currency stored in unknown computers was difficult to accept.  Someone then came up with a visual representation for the abstract by an illustration of what looks like a large gold coin.  Aah!  My Crypto currency is similar to buying gold coins.  No.  The illustration is an illusion.  I plan to wait ten years before reconsidering participating in Crypto whether in the United States or the Philippines.

[Mike J]

Google search "how many crypto currencies have failed".  

<snip>

5,724 cryptocurrencies from 2021 have failedThis is followed by 2022 listed cryptocurrencies, with 3,520 having died thus far, a rate of ~60%. 289 cryptocurrencies listed on CoinGecko in 2023 died. This represents a failure rate of <10%, with over 4,000 cryptocurrencies listed, a sharp decline from previous years.

<end snip>

[Snowy79]

I have a friend heavily invested in Bitcoin and he has made a fortune. It's not my thing but he has made and spent way more than he ever invested and still has untold wealth in it but he invested early. I was saying it's just gambling a few months back and in the meantime it's increased in value over $20k.