Along with their brand relaunch, PayMaya has also added a whole slew of new features and services. One of the most talked about new features is their crypto services.
Users are now allowed to buy and sell crypto coins and tokens using PayMaya for as low as Php 1, making it very accessible for Filipinos to dabble in the crypto game.
If you are a beginner and want to learn more about the crypto world, as well as how to use PayMaya to buy and sell crypto, this article is for you.
Table of Contents
What is Cryptocurrency?
Cryptocurrency is a complicated subject and explaining what it is fully would take up an entire article (or book, even.) In simple terms, though, cryptocurrencies are digital assets or virtual currencies. They are not controlled or issued by any central bank or government authority.
These digital assets are transferred, traded, and stored purely through electronic means. Unlike fiat currency like the Philippine Peso, virtual currency like crypto are valued based on supply and demand., thus making them unstable and risky. Prices and values of crypto can change drastically within seconds.
Cryptocurrencies run on blockchains, and they have online ledgers or records that are accessible to everyone at any time. This makes cryptocurrency trades transparent to anyone who tries to access these ledgers.
How to buy Crypto on PayMaya
Step 1: Launch the PayMaya app on your phone and log in to your account.
Step 2: Tap on the “Crypto” icon on the home screen,
Step 3: Tap on the “Buy” icon.
Step 4: Choose which crypto coin or token you want to buy.
Step 5: Input the peso amount that you want to trade.
Step 6: Review your trade on the next page and verify the details.
Step 7: Swipe on the “Slide to Buy” button to complete your transaction.
Step 8: Congratulations! You have successfully bought cryptocurrency. The confirmation page will show your reference number.
List of Cryptocurrencies on PayMaya
PayMaya has a ton of crypto coins available on their platform, and they are continuing to add more. Here are some of the coins and token you can buy and sell on PayMaya:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Chainlink (LINK)
- Uniswap (UNI)
- Solana (SOL)
- Quant (QNT)
- Polkadot (DOT)
- Polygon (MATIC)
- Tether (USDT)
- Algorand (ALGO)
- Ape Coin (APE)
- Avalanche (AVAX)
- Dogecoin (DOGE)
- Stellar (XLM)
How to Sell Crypto on PayMaya
Step 1: Go to your PayMaya app ang log in.
Step 2: Tap on the “Crypto” icon on the app’s homepage.
Step 3: At the bottom of the screen, tap on the “Sell” icon.
Step 4: Select which cryptocurrency you want to sell.
Step 5: Choose what percentage of your crypto assets you want to sell. This will also show you how much it is equivalent to in Philippine Peso based on its current market value.
Step 6: Tap “Next” to see the Confirm Sale page and confirm your transaction’s details.
Step 7: Slide to sell your crypto.
Step 8: Receive your earnings from the trade in your PayMaya wallet.
Risks of cryptocurrency
The crypto scene is very exciting and has a lot of potential, but it’s important to know about the risks involved, including:
- Cryptocurrency transactions are irreversible.
- Cryptocurrencies are not insured.
- Your crypto holdings may be stolen or lost if you are hacked or have a computer virus.
- Cryptocurrency may be used for criminal activities such as scams, fraud, money laundering, and more.
- Local banks in the Philippines are very strict when it comes to transactions involving crypto (e.g. depositing earnings from crypto trades to your bank account).
Frequently Asked Questions (FAQs)
Which cryptocurrencies should I buy?
The cryptocurrencies you purchase will depend on your preferences, research, and risk appetite. It is highly recommended to do extensive research on any coin or token that you are interested in buying.
Is cryptocurrency legal?
Cryptocurrency is legal in the Philippines and in multiple countries around the world. However, it is not exempt from being used by criminals to conduct illegal activities due to the anonymity it provides, and it is not controlled by any government authority.
Do I have to file and pay taxes on earnings from cryptocurrency trades?
Earnings from cryptocurrency sales are subject to income tax as stated by the Bureau of Internal Revenue (BIR).
PayMaya and other crypto trading platforms do not compute or deduct any taxes from your transactions and individuals are responsible for filing and settling their taxes.
PayMaya has made crypto trading much more accessible for the average Filipino.
However, we still recommend doing more research and learning about cryptocurrency through credible resources before starting your crypto journey.
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