How to Buy Crypto Using GCash in Binance

GCash is a really versatile e-wallet application that you can use in various merchants such as Binance.

Binance is a popular platform to buy, manage, and sell your cryptocurrencies.

If you want to know how to add GCash to Binance as a payment method, check out the details in this article.

What is Cryptocurrency?

Cryptocurrency is a form of currency that is virtual and run by decentralized systems without the direct supervision of central banks such as the Bangko Sentral ng Pilipinas.

Cryptocurrency transactions, as the name suggests, utilize cryptography to ensure that those transactions are real and recorded.

The first-ever and most popular type of cryptocurrency is Bitcoin, but there are also mainstream ones:

• Binance Coin
• Bitcoin Cash
• Dogecoin
• Ethereum
• Litecoin
• Ripple
• Smooth Love Potion
• and lots more

What is Binance?

Binance is an exchange platform for cryptocurrencies, much like a mix of a stock exchange market and a bank in one. They allow you to convert your cryptocurrency to other types, as well as buy and sell those cryptocurrencies.

Binance has the largest daily trading volume of cryptocurrencies

It was founded by Changpeng Zhao, with its headquarters located in Cayman Islands and Seychelles.

How to add GCash to Binance

Here are the steps on how to add GCash as a payment method for Binance:

Step 1: Open the Binance app or website on your device.

Step 2: Open the Trade section then go to P2P.

Step 3: Click on Add a New Payment Method.

Step 4: Choose GCash from the options.

Step 5: Provide the required details before confirming.

Once you have connected your GCash account to Binance, you can now buy cryptocurrencies.

How to buy Crypto using GCash in Binance

These are the steps on how to buy a cryptocurrency in Binance using GCash:

Step 1: Go to the Binance app or website on your device.

Step 2: Click on P2P from Trade.

Step 3: Tap Buy and select the cryptocurrency of your choice.

Step 4: From the payment methods, select GCash.

Step 5: Set the currency to PHP then Confirm.

Step 6: Choose from the offers from different sellers then tap the Buy button to place your order.

Step 7: Use the Send Money feature in your GCash app to send funds to the number provided by the seller.

Step 8: Click on the Transferred / Next button on the Binance page.

Step 9: Confirm your successful payment.

Step 10: Go to the Fiat and Spot under the Wallet section to check for your receipt of the cryptocurrency.

Step 11: In case it’s not there within the time period, go to the P2P section then click Transfer from the corresponding item.

Step 11: Select the maximum amount and send it to your Spot Wallet.

How to withdraw from Binance to GCash

You must note that you cannot directly withdraw your holdings in Binance directly to GCash.

Just like how you purchased your cryptocurrencies, you need to use P2P in order to sell your cryptos to another interested buyer.

Step 1: From your Spot wallet, click on Transfer.

Step 2: Select P2P wallet as the destination.

Step 3: Select USDT from the default choice of BTC.

Step 4: Enter the amount you want then click Transfer.

Step 5: Go to the P2P section of your Binance wallet.

Step 6: Click on the Sell button

Step 7: Select your preferred merchant with the corresponding price limit, and payment method.

Step 8: Tap on the Sell button.

Step 9: Click All then Sell USDT.

Step 10: Tap the Chat button and wait for replies.

Step 11: Once you have confirmed the GCash payment, close the chat window.

Step 12: Click on Confirm Receipt, Confirm, and provide the confirmation code.

You now have successfully sold your cryptocurrency.

There is another method that you can try:

Step 1: Trade your existing cryptocurrency to one that is supported by Coins.PH such as BTC or XRP if you don’t have them yet.

Step 2: Get the specific cryptocurrency address from your Coins.PH wallet.

Step 3: Go to your Fiat and Spot wallet, then click Withdraw from the corresponding cryptocurrency.

Step 4: Click on Address Management and enroll your Coins.PH wallet address.

Step 5: Don’t forget to input the destination tag from Coins.PH to the Memo field.

Step 6: Select Binance as the Address Origin, then click Save.

Step 7: Request for OTP then enter once received.

Step 8: Click on Add Whitelist for your newly enrolled address then provide the OTP again.

Step 9: Go back to your Fiat and Spot wallet again then click on Withdraw.

Step 10: Enter the required details such as Address and Amount.

Step 11: Click Withdraw then Continue.

Step 12: Provide all the verification codes requested then tap on the Submit button.

Step 13: Open the Coins.PH website or app.

Step 14: Convert the received cryptocurrency to Philippine Peso.

Step 15: Go to the Cash Out section and choose GCash as the e-wallet.

What are the cryptocurrencies supported by Coins.PH?

You can create several cryptocurrency wallets under your Coins.PH account with the following cryptos:

• AAVE
• AXS (Axie Infinity Shard)
• BCH (Bitcoin Cash)
• BTC (Bitcoin)
• ETH (Ether)
• KNCL (Kyber Network Crystal – Legacy)
• LINK (Chainlink)
• MATIC (Polygon)
• MKR (Maker)
• SAND (The Sandbox)
• SLP (Smooth Love Potion)
• UNI (Uniswap)
• USDC (USD Coin)
• USDT (Tether)
• XRP

Is it free to open wallets in Coins.PH?

Yes, you can open multiple cryptocurrency wallets in Coins.PH for free.

Moreover, converting one currency to another is straightforward as you can see the conversion rate.

But just like real denomination exchanges, the fees are already incorporated into the conversion rates.

Are cryptocurrencies legal in the Philippines?

Yes, you can own, sell, and transact using cryptocurrencies in the Philippines.

The Bangko Sentral ng Pilipinas does not recognize cryptocurrencies as legitimate currency but it regulates Virtual Currency Exchanges or VCEs through Circular No. 944.

Owning a cryptocurrency is considered an investment at best and is therefore not covered by the PDIC for insurance.

Conclusion

GCash is integrated into the Binance platform so you can securely use it as a payment method.

If you have extra money to invest, use the Binance app to try your luck.

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