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How to Buy Crypto with United Coconut Planters Bank in Philippines

Last updated on November 12, 2023

Quick Summary: While United Coconut Planters Bank 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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United Coconut Planters Bank Homepage

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

There are a large number of crypto trading platforms 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 UCPB

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

1. Pick a crypto exchange

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 United Coconut Planters Bank.

Buy Crypto With eToro

About United Coconut Planters Bank

The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, was a government-controlled and was one of the largest banks in the Philippines, ranking within the top twenty banks in the country in terms of assets. It’s the only universal bank that’s not registered as a member of the Philippine Stock Exchange. Due to its name, primarily caters to coconut farmers however, it also served many different clients.

In the year 2018 the bank began its transition to a government bank and joined the ranks that includes LandBank, Development Bank of the Philippines and Overseas Filipino Bank. In the year 2020 the Philippine government canceled the plans to privatize the bank after further increasing its ownership stake from 75 percent to 97%, this further resulting in UCPB to become a government-owned and controlled institution.

In July 2020 In July 2020, the Philippine government increased its stake in this bank up to 97% leading to its transformation into an official-controlled bank.

Beginning on 1 March 2022, UCPB joined in 2022 with Land Bank of the Philippines and incorporated Land Bank as the surviving entity.