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How to Buy Crypto with Bank of Commerce in Philippines

Last updated on November 12, 2023

Quick Summary: While Bank of Commerce does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Philippines cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Bank of Commerce Homepage

As mentioned in my quick summary, like most Philippines banks, Bank of Commerce doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

There are a large number of crypto exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Bank Of Commerce

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank of Commerce.

Buy Crypto With eToro

About Bank of Commerce

Bank of Commerce, commonly called BankCom is a worldwide banking institution located within the Philippines and is authorized from the Bangko Sentral ng Pilipinas (BSP). Bank of Commerce is an affiliate of the San Miguel Corporation (SMC). Bank of Commerce has a network of 140 branches along with 260 Automated Teller Machines (ATMs) that are located across the country in December of 2020.

BankCom is in operation since 1963, and has traced its beginnings back in Overseas Bank of Manila with its headquarters located in Binondo, Manila. The bank has developed through several stages of expansion. In the year 1980, Overseas Bank of Manila changed its name to Commercial Bank of Manila (ComBank). In the following year ComBank was acquired by ComBank was acquired by the Government Service Insurance System (GSIS) bought ComBank. The year 1984 saw ComBank purchased Royal Savings Bank.

Since 2008 San Miguel Properties, Inc. is an affiliate from San Miguel Corporation (SMC) along with San Miguel Corporation Retirement Fund which is the registered retirement plan for SMC Group employees, became the majority owners of Bank of Commerce. San Miguel Properties, Inc. is owned by 39.89 percent ownership. San Miguel Corporation Retirement Fund is owned by 39.94 percent ownership, at the time at December 31, 2019.

On 16 January 2013 The Securities and Exchange Commission (SEC) approved the extension of the corporate existence of Bank of Commerce for another 50 years starting on December 16, 2013.