Introducing Coins.ph latest trading feature, Crypto on Credit!
Ready to Trade Bigger?
Unlock the power of Crypto on Credit and take advantage of our limited-time low interest rates (until Feb 28, 2025). Start borrowing today and maximize your trading potential!
Crypto on Credit allows users to trade with borrowed credit. This means you can use this product to borrow capital and trade at higher volumes.
Learn through the following guide for a seamless crypto lending experience:
- What Requirements do I need to start credit trading?
- How to Open Crypto on Credit
- Start your first credit
- Increase Credit
- How to Borrow Assets
- Credit Wallet Transaction History
- How to Repay Liabilities
- How to Use the Credit to Trade
Getting Started with Crypto on Credit
What Requirements do I need to start credit trading?
- This feature is available for accounts with ID and Selfie Verification and above.
Access the full features on the Credit tab on the Coins website.
- Read and Accept all Business Terms with BPC Lending (read more on our dedicated section here)
- Complete the short customer profile quiz
How to Open Crypto on Credit
Steps to Start Credit Trading
- Login to your Coins.ph account via Web browser. Crypto on Credit transactions are not yet available on the app.
- On the navigation bar on the left side of your screen, select and click Credit.
- Crypto on Credit is made possible through our partnership with BPC Lending Inc. Make sure to carefully read through all documents and fill in the tick boxes before you click "Sign Agreement".
- Once you have completed the Agreement, you will have to take a short quiz to gauge your understanding of the product.
- Once you have passed the quiz, you can start trading!
- Go through the tutorial to know how to use the Credit Trading services.
How to Use Credit Services
You can borrow assets to trade with higher volumes using the Credit services. Head over to the Credit tab and select which assets you want to borrow.
Start your first credit
When you first visit the Crypto on Credit service, you would start with an empty balance in your Credit Wallet. You would need to add some funds from your Spot Wallet to serve as collateral for any assets you want to borrow.
- Credit Wallet - Your new wallet for all transactions Crypto on Credit.
- Spot Wallet - Your PHP and cryptocurrencies balances from before, now under label Spot Wallet.
Increase credit
If you are just starting with Crypto on Credit or the maximum credit amount is not enough for your trade, you can click the “Increase credit” button to adjust this amount.
Step 1: Select collateral asset
Choose which asset you want to transfer as collateral from your Spot wallet (this would be your balance on your PHP wallet, and Buy/Sell or Spot Trade cryptocurrencies).
Currently, PHP and BTC are the available asset options for collateral.
Step 2: Input collateral amount
Under Amount, input how much of your collateral asset you want to transfer from Spot Wallet.
This shows the available balance of your chosen asset in your Spot Wallet.
Step 3: Add asset
In case you want to add more to your balance, you can click Add asset to cash in.
You may also deposit to your Spot Wallet first.
How to Borrow Assets
Step 1: Select borrow asset
Choose which asset you want to borrow from the drop-down menu. While only PHP and BTC are available at the moment, more options will be added soon.
Step 2: Input borrow amount
Input how much of the asset you want to borrow under “Borrow amount”. Note that there would be a minimum and maximum borrowing or credit amount.
In case the maximum credit amount is not enough for your trade, you can click the “Increase credit” button to adjust this amount by transferring more collateral into your Credit Wallet.
Credit Wallet Transaction History
The all new Crypto on Credit feature gives you a dedicated Credit Wallet to set apart the transactions you have on your Spot Wallet. Here's how you can see your Credit Wallet history:
- Head to the Portfolio tab on the left side.
- Select the Credit tab to see your Credit balance. From your credit wallet,you may initiate a Trade. Select the three dots beside your chosen asset and choose Trade. This immediately takes you to the Credit Trading page.
- Trade History will bring you to your historical credit trading activity.
You may also access your Order History from the Orders tab
- To see your Credit Balance, proceed to the Orders tab on the left side.
- Select the Credit tab to see your Credit balance.
How to Repay Liabilities
Step 1: Select Repay Method
You can easily repay your liabilities in 2 ways:
- Direct Repay: Pay with your Credit Wallet balance.
- Transfer & Repay: Funds from your Spot Wallet balance will be transferred to your Credit Wallet to repay your liabilities.
Step 2: Select Repay Asset
If you have any unpaid liabilities, select which of the borrowed assets you want to Repay.
Step 3: Input Repay amount
For each borrowed asset selected, your Total Liabilities will be indicated. You can also see your Available balance:
- Through Direct Repay method, this will show your chosen asset’s total balance on Credit Wallet.
- Through Transfer & Repay method, it will show the total available balance of the chosen asset in Spot Wallet.
Once you input your Repay Amount, a breakdown of the interest and borrowed amount will be shown to you. After you click Confirm, a successful repayment will then improve your risk ratio which would decrease risk of liquidation of your Credit Wallet assets.
How to Use the Credit to Trade
Directly trade with your Credit Wallet balance or borrow funds first via the Credit tab.
Step 1: Choose your desired trading pair
Select from the Crypto on Credit pairs available in the drop-down menu. At the moment, BTCPHP would be available, adding more in the coming months.
Step 2: Trading Strategy
- Buy: Buy crypto for PHP in seconds to hold.
- Sell: Easily sell your crypto to increase your PHP holdings.
- Go Long: Do you want to purchase more crypto? Borrow PHP with Credit, and then use it to buy as much as you want on the Trade page.
- Go Short: Are you expecting crypto prices to drop? Borrow crypto with Credit, sell it on the Trade page, and make your move.
Step 3: Input your trade amount
Input the amount you want to Buy or Sell. Make sure that it meets the minimum and maximum buy or sell requirements. You can split your trades into smaller amounts in case you want to trade an amount higher than the maximum limit.
Step 4: Trade More with Credit
You have the option to borrow assets to trade at higher volumes. Click the “Increase credit” button below or switch to the Credit tab to begin by increasing your Credit wallet balance.
How to Manage Your Credit Wallet Risk
You can check your account risk on the "portfolio" page.
- Risk rate = Total Net Assets / Total Liabilities
The lower the risk rate, the higher the risk of liquidation. Once the risk rate reaches 10%, forced liquidation will be triggered.
When the risk rate is less than or equal to the Coverage rate, you will receive a notice via email or SMS. This means you are approaching the rate of 10% which is when forced liquidation is triggered. Kindly transfer assets from your Spot wallet to your Credit wallet or repay liabilities to reduce the risk of liquidation.
Once the indicated Liquidation rate is reached, forced liquidation will be triggered. All assets in your Credit wallet will be collected by the system automatically to repay all your liabilities.