Coins.ph is a popular platform in the Philippines for buying, selling, and storing cryptocurrency. For users looking to trade with higher volumes, Crypto on Credit introduces two distinct wallets: the Spot Wallet and the Credit Wallet. With this new feature, understanding the different wallet types and how to manage transfers between them becomes crucial for successful trading.
What is a Spot Wallet on Coins.ph?
The Spot Wallet is your primary wallet on Coins.ph. It holds your initial funds, including Philippine Pesos (PHP) and any cryptocurrencies you've purchased on Quick Buy and Sell, and Spot Trade. Think of it as your main account for all your basic Coins.ph transactions. With your Spot Wallet, you can:
- Store Cryptocurrencies: Securely store various cryptocurrencies.
- Convert PHP to Crypto: Easily convert PHP to cryptocurrencies and vice versa.
- Send and Receive Funds: Transfer currencies to other Coins.ph accounts or external wallets.
- Pay Bills and Buy Load: Utilize your PHP balance to pay bills and purchase mobile loa.
- Spot Trading: Buy and sell cryptocurrencies with other users.
On the Coins App |
On the Coins Website |
What is a Credit Wallet on Coins.ph?
The Credit Wallet is automatically created when you start using the "Crypto on Credit" feature. Its purpose is to isolate the funds you're using for credit trading from your main Spot Wallet balance. The Credit Wallet is specifically designed for:
- Borrowing Assets: Allows you to borrow assets to trade with higher volumes using Crypto on Credit.
- Collateral: Holds the funds transferred from your Spot Wallet, which serve as collateral for any assets you want to borrow.
- Credit Trading: Trade various pairs and use advanced order types to capitalize on price movements.
On the Coins App |
On the Coins Website |
How to Transfer Funds Between Spot Wallet and Credit Wallet
To transfer funds from your Spot Wallet to your Credit Wallet to serve as collateral:
1. Head to Portfolio: On the Coins.ph website, go to the Portfolio tab from the left panel.
2. Navigate to the Credit Tab: Below your Total Balance, click on Credit to see your Credit wallet balances.
3. Click Transfer: On the upper right corner of your Total Credit Balance.
4. Send From-To Wallet: Set the amount you want to send between wallets. Click the cycle arrow between to set the Sending and Receiving wallets between Spot and Credit.
Important Considerations:
- As some of your borrowed assets are locked as collateral, you may not be able to transfer your Credit wallet balances to some extent.
- User can transfer funds to their Spot wallet based on the amount in Max. transferable qty column on their Portfolio tab.
- Be advised this will affect RISK RATE (= Credit Wallet assets/ Total Liabilities).