Top Crypto Exchanges in the Philippines Based on Google App Rankings for June 2024 | BitPinas

Over the past month, to get the rankings among the leading crypto exchanges in the Philippines, BitPinas utilized Sensor Tower, a provider of enterprise-grade market intelligence and performance metrics, to track daily positions of crypto exchanges from June 19, 2024, to July 18, 2024. (Note: The article was completed on July 18th, scheduled for July 25th.)

By aggregating the daily positions of each platform and calculating the average rank over 30 days, Sensor Tower reported the comparative performance of each exchange. Bitget secured the top position in the rankings, followed by Binance, Bybit, and OKX. Local platforms, Coins.ph and PDAX claimed 5th and 6th places respectively. As per Sensory Tower, the rankings are determined by the daily number of downloads in the finance category on the Google Play Store in the Philippines.

Note:

• While they also offer crypto platforms, GCash and Maya were not included in the list as these primarily function as e-wallets and could potentially skew the data.
• Disclosures:
  • Bitget regularly sends press releases to BitPinas and is a community partner in the BitPinas Davao Community meetup.
  • Coins.ph is the gold sponsor of the BitPinas Davao Community Meetup.
  • PDAX is a banner and content advertiser on BitPinas.

Top Crypto Exchanges in PH – Sensor Tower Data – Google Play Finance Category

Top Crypto Exchange in PH – Google Play – Finance Category: 3 Months Worth of Data:

Top Crypto Exchange in PH – Google Play – Finance Category: June 19 to July 18, 2024:

Rank 1: Bitget

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On average for the past month, Bitget ranked 38th in the Finance category of Google play, the highest ranking among the seven crypto platforms. 

In a recent press release from the exchange, they also noted that Sensor Tower data shows Bitget leading in app downloads and user engagement on Google Play, ranking #32 as of July 8th.

Moreover, as per the data, Bitget’s ranking jumped dramatically from the 96th place to around 13th-30th rank in the last week of June continuing to July.

What is it?

Bitget, a crypto exchange and Web3 company established in 2018, supports over 500 altcoins, including Bitcoin and Ethereum. It offers various trading options like spot, futures, margin, P2P, and copy trading. 

Recent News:

• Recently, Bitget and Foresight Ventures launched a $20 million TON Ecosystem Fund to support early-stage projects on The Open Network (TON), alongside introducing an MPC wallet to streamline user access and boost adoption.
• Last month, the firm also partnered with Sumsub to enhance AI-powered KYC verification, aiming to protect its 25 million global users from deepfake scams with over 99% accuracy.
• Bitget also has 2 initiatives, Blockchain4Youth and Blockchain4Her, both with $10 million funds separately.

Rank 2: Binance

Despite having its website banned in the country, Binance’s app still ranked 39th in the Finance category of Google play for the last month. 

In contrast to Bitget, Binance’s ranking fluctuated around the 25th position, rising slightly to 12th by the last week of June. However, as July began, Binance’s ranking dropped significantly to 85th.

What is it?

Binance, founded in 2017 by Changpeng Zhao, is a cryptocurrency exchange offering services like buying, selling, and trading cryptocurrencies, including margin, futures, and options trading. 

Recent News:

• Earlier this year, the Philippine SEC took significant actions against Binance, including requesting the National Telecommunications Commission (NTC) to block the Binance website and urging Apple and Google to block the Binance app. 
• Recently, Former Binance CEO Changpeng Zhao was sentenced to four months in federal prison for anti-money laundering violations, following a guilty plea and a $50 million fine, with Binance agreeing to pay $4.3 billion in a historic corporate settlement.

Rank 3: Bybit

As per the data from Sensor Tower, Bybit ranked 44th on the daily rankings of finance apps in the Philippines. 

Bybit’s ranking was around the 50s in the third week of June but improved to the 20s-30s by the last week of the month. However, as July began, its rank fell back to the 40s-70s range.

What is it?

Bybit is a cryptocurrency exchange specializing in derivatives and spot trading, offering advanced trading tools, high-leverage options, and strong security measures. It provides an intuitive user interface, educational resources, and 24/7 customer support.

Recent News:

• Recently, Bybit announced pre-market trading for Hamster Kombat’s HMSTR token, highlighting significant interest and engagement in the game.

Rank 4: OKX

OKX ranked the average of 54th place on the daily rankings of finance apps in the Philippines as downloaded in Google Play. 

OKX’s ranking consistently hovered around the 60s until the second week of July, with noticeable spikes at the end of June and the beginning of July, reaching a peak rank of 15th.

What is it?

OKX, a Malta-based cryptocurrency exchange founded in 2017, operates in over 180 regions worldwide. It provides a range of trading services, including spot, margin, and derivatives markets with numerous tokens and trading pairs. 

Users can manage decentralized assets, buy and sell NFTs, explore DeFi and blockchain gaming dApps, and connect to DeFi with their Web3 wallet. OKX also offers crypto mining pools, collateralized loans, and growth opportunities through OKX Earn. 

Recent News:

• On January 23, OKX’s native token, OKB, experienced a 50% flash crash in three minutes due to abnormal price fluctuations, causing automatic liquidations and significant volatility. OKX developed a compensation plan for affected users and aimed to improve its risk management systems to prevent future incidents.

Rank 5: Coins.ph

The homegrown exchange consistently ranked around 68th place in the daily rankings of finance apps in the Philippines, as downloaded from Google Play. Throughout the past 30 days, Coins.ph ranking was around the range of 60s to 80s position.

What is it?

Coins.ph, established in 2014, is fully regulated by the Bangko Sentral ng Pilipinas with licenses as a Virtual Asset Service Provider and Electronic Money Issuer, and it has also received ISO Security Standards accreditation.

Coins.ph allows users to easily purchase and sell various cryptocurrencies and provides a wide range of financial services.

Recent News:

• Recently, Coins.ph launched its BSP-approved PHPC stablecoin, pegged 1:1 to the Philippine Peso, on the Ronin blockchain.
  • This stablecoin, backed by cash equivalents in local bank accounts, facilitates cheaper and easier transactions for Filipinos and marks the first listing of a Philippine Peso stablecoin on an international platform.

Rank 6: PDAX

On average for the past month, PDAX typically ranked around 117th place in the daily rankings of finance apps downloaded on Google Play in the country.

PDAX also showed consistency in the ranking, staying around the range of 110s to 130s.

What is it?

PDAX is a digital asset exchange platform launched in 2018, known for being one of the first regulated by the Philippines’ central bank. It offers various payment options such as bank transfers, online banking, e-wallets, and a built-in digital wallet for secure cryptocurrency storage. 

Recent News:

• Earlier this month, PDAX launched the Hold & Earn Program, offering users up to 10% Annual Percentage Yield (APY) on selected cryptocurrencies. 
• The platform also announced that it will switch support for $PYUSD from the Ethereum Network to Solana to offer traders lower fees and faster transactions.
• PDAX also introduced a limit order feature, enabling users to set specific prices for buying or selling cryptocurrencies.

Worth reading: Before this, BitPinas previously used Google Trends to compile the top 10 most popular cryptocurrency exchanges in the Philippines, based on search interest from February 4 to April 30, 2023. Global exchanges Binance and Coinbase ranked highest, followed by local platforms Coins.ph and Philippine Digital Asset Exchange (PDAX). Also included in the list were Kraken, OKX, ByBit, Gemini, Bittrex, and Houbi.

This article is published on BitPinas: Top Crypto Exchanges in the Philippines According to Sensor Tower Data – June 2024

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• Source: https://bitpinas.com/feature/top-crypto-exchange-ph-jun-2024/