Cryptocurrency has been making waves in the Philippines, and several platforms have emerged to make buying and selling crypto easier. One of the newer players in the market is GoCrypto, a service offered by GoTyme Bank. Whether you’re a first-time investor or someone curious about crypto, this guide will walk you through what GoCrypto is, how it works, and what you need to know before getting started.
What is GoCrypto?
GoCrypto is a cryptocurrency platform integrated into GoTyme Bank’s app ecosystem, allowing users to buy, sell, and store popular cryptocurrencies directly from their mobile device. The service is designed for Filipinos who want to dip their toes into crypto without navigating multiple platforms or exchanges.
GoCrypto supports several major cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Tether (USDT)
- And other popular coins
The platform emphasizes ease of use, targeting users who may be new to crypto but want a secure and regulated environment.
How Does GoCrypto Work?
GoCrypto functions as a crypto wallet and exchange combined. Here’s a breakdown of how it works:
- Sign Up via GoTyme App
To access GoCrypto, you need a GoTyme account. The signup process is straightforward and mostly digital, requiring personal information and basic KYC verification. - Deposit Funds
Users can fund their GoCrypto wallet using GoTyme Bank accounts, debit cards, or other supported methods. The wallet balance can then be used to purchase cryptocurrencies. - Buy or Sell Crypto
Once funded, you can buy crypto at live market rates. Selling works the same way, and the proceeds are added back to your GoCrypto wallet in PHP. - Secure Storage
GoCrypto stores your crypto in a digital wallet with security measures like two-factor authentication (2FA). You can also transfer crypto to other wallets or exchanges if needed.
Fees and Charges
While GoCrypto aims to simplify crypto investing, it’s important to note that transaction fees apply. Fees may include:
- Spread fee: The difference between the buying and selling price
- Transaction fee: A small percentage of your purchase or sale
- Network fee: For transferring crypto to external wallets
Always review the fee structure before making large transactions.
Pros and Cons of Using GoCrypto
Pros:
- Integrated into GoTyme Bank, no need for a separate account
- Beginner-friendly interface
- Supports major cryptocurrencies
- Offers regulated environment compared to unregistered exchanges
Cons:
- Limited crypto selection compared to bigger exchanges
- Fees can add up for frequent traders
- May not offer advanced trading features
Is GoCrypto Safe?
GoCrypto is regulated under the Bangko Sentral ng Pilipinas (BSP) as part of GoTyme Bank, which adds a layer of trust. While crypto investing always carries risk due to market volatility, using a regulated platform helps protect your funds from scams and fraudulent exchanges.
How to Get Started
- Download the GoTyme App
- Create and verify your account
- Fund your GoCrypto wallet
- Start buying your preferred cryptocurrencies
Remember to start small if you’re new and never invest money you can’t afford to lose.
Blogger’s Corner
Crypto is exciting, but beginners often get overwhelmed by technical terms and complex platforms. GoCrypto offers a simple gateway for Filipinos who want to explore cryptocurrencies without juggling multiple apps. While the platform is beginner-friendly, it’s still important to educate yourself about market risks and keep track of fees.