Since its launch in 2022, Maya Crypto has offered Filipino users a convenient way to buy, sell, and trade cryptocurrencies within the Maya e-wallet app. This feature is a direct response to the growing demand for easy access to crypto trading in the Philippines. But does it live up to the hype? In this review, we’ll break down Maya Crypto’s key features, pros and cons, fees, and overall user experience to help you decide if it’s the right platform for all your trading needs.
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What is Maya Crypto?
Maya Crypto is a feature integrated into the Maya app that allows users to buy, sell, and hold a variety of cryptocurrencies. It aims to simplify crypto investing for Filipinos by providing a user-friendly platform within a familiar app.
The fact that Maya Crypto is already fully integrated into the existing Maya ewallet app is one of the things that makes it truly stand out. What this means is that you don’t need to download a separate app or create a new account. You can access your crypto wallet, buy and sell Bitcoin (BTC), Ethereum (ETH), and other supported coins directly from the same platform where you manage your digital payments, bills, and other financial services.
Supported Cryptocurrencies
Maya Crypto currently supports a decent selection of popular cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Tether (USDT)
- USD Coin (USDC)
Take note that the above is not a full list – it’s best to check directly on the Maya app to find out what other cryptocurrencies are available.
How to Use Maya Crypto
One of Maya Crypto’s biggest strengths is its ease of use. If you already have a Maya account, using it to buy, sell, send, and receive crypto is simple and easy.
- Upgrade to a Maya wallet – Make sure that you have a fully verified Maya account.
- Navigate to Crypto – Open the Maya app and tap on the “Crypto” icon.
- Start Buying or Selling – Choose a cryptocurrency and enter the amount you want to buy or sell.
Buying and Selling Crypto
Buying and selling crypto on Maya is as easy as sending money. Just choose the cryptocurrency you want, enter the amount, and confirm the transaction. Transactions are fast and integrated with your e-wallet balance, making the process convenient.
Fees and Charges
Maya Crypto has a transparent fee structure. While they don’t charge any deposit or withdrawal fees, there is a spread — essentially a small markup on the buy and sell price of cryptocurrencies. This spread is how Maya generates revenue from its crypto service.
Security and Regulation
Maya is regulated by the Bangko Sentral ng Pilipinas (BSP), adding an extra layer of trust for users in the Philippines. While this doesn’t guarantee immunity from market volatility, it does ensure that the platform operates in accordance with local financial laws and standards.
In addition, Maya emphasizes the security of users’ funds and personal information. They employ various security measures, including:
- Biometric login – Secure your account with fingerprint or face recognition.
- Two-factor authentication (2FA) – Add an extra layer of security to your account.
- Secure storage – Maya utilizes secure storage solutions to protect your crypto assets.
Maya Crypto Pros and Cons
Pros
- Beginner-friendly – The simple interface and easy setup make it ideal for crypto newbies.
- Integrated with Maya – Seamlessly buy crypto using your Maya wallet balance
- Low minimums – Start investing with just ₱1.
Cons
- Limited coin selection – Compared to other exchanges, Maya Crypto offers a smaller range of cryptocurrencies.
- No advanced trading features – Lacks advanced charting tools and order types for experienced traders.
- Higher Fees – The 1.5% transaction fee, while competitive, isn’t the lowest in the market, especially when compared to global exchanges.
Is Maya Crypto worth it?
Maya Crypto is a great option for beginners looking for an easy and convenient way to start investing in cryptocurrencies. Not only is it easy to use, but it’s also secure and regulated, which makes it a reliable choice for beginners or casual traders.
With that said, advanced traders looking for a broader range of assets and more sophisticated trading tools may find its features severely limited. It’s also not the right app for those who want a wider selection of cryptocurrencies.
Conclusion
Maya Crypto has successfully made crypto investing more accessible to Filipinos. Its user-friendly interface and integration with the Maya app make it a convenient option for beginners.
However, it’s important to be aware of its limitations, such as the restricted coin selection and lack of advanced trading features. As the platform continues to change and grow, we can expect to see new features and improvements in the future. It will be interesting to see how Maya Crypto evolves and what features it may add in the future.