Buy Bitcoin the Smart Way.
Buying Bitcoin can be a daunting task even for professionals, and there are many different strategies for safe, secure, and cost-effective investment. BloomX’s trading desk offers three straightforward methods, and each of them is tailor-fit for a certain type of client. Have a look below and contact us if you’d like to find out more.
For customers who need their Bitcoin as soon as possible, BloomX offers a real-time trading desk. Just visit our Facebook bot at m.me/bloomxorg to see our real-time indicative rates. One of our traders will assist you when you’re ready to buy.
ADVANTAGE: Fastest way to convert your fiat currencies into crypto
DISADVANTAGE: Hard to tell if the current price is the optimal entry point
Minimum order size: PHP 100,000 or USD 2,000
Once your funds have cleared, a BloomX trader will contact you with a formal price quote. Once you confirm this quote, the trade is considered locked and will execute immediately.
It typically takes 15 minutes before your Bitcoin will appear on the blockchain.
For customers who prefer to wait for a specific price (e.g., $1000 below the current market rate), BloomX supports one-time buying instructions called “limit orders.” Customers who wish to take advantage of limit orders deposit their PHP or USD funds with BloomX and then indicate the desired PHP or USD buy rate. If the Bitcoin price hits the given rate, their funds are automatically converted into Bitcoin and will be turned over at the start of the next trading day.
ADVANTAGE: Potentially cheaper method than the Instant order
DISADVANTAGE: Waiting period can be indefinite
Minimum order size: PHP 200,000 or USD 4,000
A limit order may be set for up to 30 days at a time. At the end of that period, if the order has not executed, the customer may either define a new price target or convert their funds to Bitcoin at the current rate.
Customers may reset their price targets up to two times per month. New instructions will be received during normal working hours - Mon to Sat 8am to 7pm.
For customers who prefer to average their acquisition costs over a longer period of time, BloomX supports dollar cost averaging. Customers who wish to use this method deposit their PHP or USD funds with BloomX and then indicate a desired length of time, typically 90 days. BloomX’s automated trading bots will make a purchase once a day, equivalent to 1/90 of the deposited amount. The total purchased Bitcoin is turned over to the customer at the end of the period.
ADVANTAGE: Reduces the impact of Bitcoin’s volatility over time
DISADVANTAGE: Waiting period can be relatively long
Minimum order size:
PHP 500,000 or USD 10,000
Minimum duration: 30 days
A cost-average order may be set for up to 1 year, with the total traded amount equally distributed across the period (e.g., each trade will be 1/365th of the total deposit).
BloomX will provide a report of executed trades everyday, automatically calculating the average cost until that point.
For all trade methods, BloomX requires that customers fill out the standard customer identification form at bit.ly/bloomindividual. BloomX accepts deposits via Unionbank and Sterling Bank of Asia in the form of cash, check, or bank wire. BloomX supports large orders greater than $1,000,000 in size, but may request further information and/or identification from the customer.
Recommended apps and devices
It’s important to adjust your personal security accordingly as your Bitcoin holdings grow. Although BloomX can hold your Bitcoins for you, it is highly recommended that you take custody over your coins if you wish to keep them for longer than a few months.
BRD (Free) - Simple Bitcoin wallet with a straightforward interface. Supports newer Bitcoin standards for faster transmission.
Bitpay (Free) - A more advanced Bitcoin wallet with support for multi-signature addresses, allowing several individuals to share control over a single wallet.
Trezor Hardware Wallet (~$90) - A USB device that adds another layer of security by only allowing your Bitcoin to be transferred only if the device is present.
Ledger Hardware Wallet (~$120) - Similar in function to the Trezor, the Ledger is smaller and more discrete.
HTC Exodus 1S Blockchain Phone (-$250) - Full Bitcoin wallet and node running in a modern Android phone. Security level is better than BRD or Bitpay but potentially less than Trezor or Ledger. The Exodus 1S offers a more convenient user experience with significantly less setup time.
For customers targeting smaller amounts of crypto (PHP 100,000 or less), we are active vendors on Paxful.com and Binance P2P. Once you have signed up at either of those marketplaces you will be trade with BloomX directly or with any of the other active local vendors.
BloomX is a central bank-licensed virtual currency exchange, and is required by law to collect customer identification prior to trading. Individual customers are asked to complete the form at bit.ly/bloomindividual. Corporate customers must submit the documents listed at bit.ly/bloomcorporate.
Ready to get started?
Send us a message and a BloomX representative will get in touch with you as soon as possible.