PDAX

Overview of PDAX

PDAX (Philippine Digital Asset Exchange) is a pioneering cryptocurrency exchange based in the Philippines, established in 2018 by Nichel Gaba. Driven by the vision of democratizing finance for every Filipino, PDAX seeks to remove the barriers to entry to the blockchain and cryptocurrency realm, irrespective of financial background or social status. It provides several cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Litecoin (LTC), Smooth Love Potion (SLP), Dogecoin (DOGE), WETH, SHIB, etc.

PDAX is licensed and stringently regulated by the Bangko Sentral ng Pilipinas (BSP). Adhering to the country's laws, PDAX prioritizes security, leveraging top-notch protocols and offering an insurance-backed, audited wallet solution for added peace of mind.

PDAX envisions a future where every Filipino has equal opportunities to participate and invest in the global financial landscape. They're determined to bridge the gap between the digital financial world and the average Filipino, ensuring they're not left behind in global financial transformation.

PDAX boasts both a web-based platform and a mobile application, catering to the diverse needs of its users. Whether on the move or from the comfort of their homes, users can easily access the exchange. The platform allows users to trade the world's leading digital assets, with the advantage of direct conversion to Philippine Pesos (PHP). By doing so, it promises to offer competitive prices with reduced fees, making crypto trading more economical for its users.

Recognizing the importance of informed trading, PDAX offers a dedicated section, “PDAX Learn”, filled with resources on cryptocurrency, blockchain, and other related topics, ensuring that its users can trade with confidence and knowledge.

Pros and Cons

Pros

• User-Friendly Interface: PDAX offers a streamlined and intuitive interface that caters to both beginners and seasoned traders, making navigation and trading straightforward and efficient.

• Available Mobile App: With a mobile application accessible on both iOS and Android platforms, PDAX ensures that users can trade and manage their portfolios on the go, making it highly convenient.

• Regulated by BSP: Being regulated by the Bangko Sentral ng Pilipinas (BSP) instills trust and credibility. This regulation ensures that PDAX adheres to the country's financial standards and laws, providing an additional layer of safety for its users.

Cons

• Subpar Customer Support: PDAX's customer service leaves room for improvement. Prompt and effective customer support is crucial for any financial platform, and any inefficiency in this domain can hinder the user experience.

• Limited to Filipino Investors: PDAX's services are exclusively available to investors located in the Philippines. This geographical restriction means that the platform cannot cater to a global audience and misses out on potential international traders.

• Withdrawal Issues: Some customers have reported problems when trying to withdraw money from PDAX. This can be particularly concerning for users as it impacts liquidity and the ability to access funds, potentially eroding trust in the platform.

Regulatory Authority

The regulatory situation of PDAX, in terms of licensing and regulation, is overseen by the Bangko Sentral ng Pilipinas (BSP), which acts as the regulatory authority in the Philippines. PDAX operates under the Digital Currency License, which is granted to them by FYNTEGRATE, INC. This license allows PDAX to legally operate as a virtual currency exchange platform in the Philippines, subject to compliance with regulatory requirements set by the BSP.

Security

PDAX is designed with an emphasis on security, aiming to provide a safe platform for its users to trade. This is highlighted by the fact that their servers are hosted in world-class data centers protected by enterprise-grade firewalls. These layers of protection are intended to safeguard users' transactions from potential threats.

However, it's also essential to remember that while PDAX employs robust security measures, no system is entirely immune to threats. Users should always stay vigilant and practice their own security precautions, such as enabling two-factor authentication, using strong and unique passwords, and being wary of potential phishing attacks. As with any online platform, security is a shared responsibility between the platform provider and the user.

Cryptocurrencies Available

As of July 2023, PDAX supports a broad array of cryptocurrencies and trading pairs. These include popular and widely recognized cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Tether (USDT), as well as USD Coin (USDC). More importantly, all these can be traded against the Philippine Peso (PHP).

In addition to the mainstream cryptocurrencies, the exchange supports a variety of altcoins including, but not limited to, Chainlink (LINK), Enjin (ENJ), Basic Attention Token (BAT), The Graph (GRT), Compound (COMP), Aave (AAVE), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT).

The platform also recognizes the growing interest in decentralized finance (DeFi) and NFT gaming tokens, and hence, includes tokens such as SushiSwap (SUSHI), Binance Coin (BNB), Pax Gold (PAXG), Decentraland (MANA), and Small Love Potion (SLP).

Furthermore, the exchange offers the trading pairs of Tether, USD Coin, and Wrapped Ethereum with Polygon (MATIC), Algorand (ALGO), and Stellar Lumens (XLM).

It also includes a range of other tokens like the popular meme cryptocurrency Dogecoin (DOGE), Smooth Love Potion (SLP), Stellar Lumens (XLM), and the trending Shiba Inu (SHIB).

By offering such a wide selection of trading pairs, PDAX caters to a diverse range of tastes and preferences in the cryptocurrency realm.

Services

Aside from its prominent cryptocurrency exchange service, PDAX offers several other services:

• Remittance: PDAX provides a feature facilitating easy and fast remittances. This could be particularly useful for users looking to send or receive transfers across borders.

  

2. Connect: PDAX Connect is a service feature facilitating connections between users, securities, networks, and applications.



3. Donate: PDAX offer a service enabling non-profit organizations to receive cryptocurrency donations the fast and easy way through a customized and secure donation website.



4. ScholarPay: This is a specialized feature or service catering to the educational field, a solution for making or managing tuition payments or scholarships.



5. Token Listing: PDAX allows for the listing of new tokens or cryptocurrencies on its platform. This provides opportunities for newer blockchain-based projects to gain visibility and access to traders and investors.

PDAX App

PDAX has its own proprietary platform managing your assets and trade on the go,which offers a mobile application for its users. The PDAX mobile application is available on both iOS and Android platforms. Through these applications, users can access their accounts, monitor market trends, execute trades, and more - all from the convenience of their handheld devices.

However, it is always recommended to download apps from trusted sources only, such as the Apple App Store for iOS devices and Google Play Store for Android devices.



How to Buy Cryptos？

1. Go to web.pdax.ph and log in to your account

2. You will be directed to the Home page then click “Trade”

3. Choose the crypto you would like to buy and switch the option to convert from PHP to selected coin/token

4. Input the amount you would like to buy

5. Check the order details provided then click on “Convert”

**Note: Price quotes change every 15 seconds

6. Review your order details then click “Confirm” to proceed with your trade

7. You will be redirected and receive an email notification once your order is successful

**Note: Price quotes change every 15 seconds

How to Open an Account？

The registration process of PDAX consists of the following steps:

• Visit the PDAX website or download the mobile app from the App Store or Google Play.

• Click on the “Create Account” button to start the registration process.

  

• Provide your name, email address and create a strong password for your PDAX account.

  

• Verify your email address by clicking on the verification link sent to your registered email.

• Complete the Know Your Customer (KYC) process by providing necessary personal information and submitting the required documents.

• Once your account has been successfully verified, you can start funding your account and begin trading on the PDAX platform.

Fees

PDAX Trading Fees

Type	Fee/Description
Taker Fee	0.5% (50 basis points)
Maker Fee	0.4% (40 basis points)

Taker Fee: PDAX charges a fee of 0.5% (or 50 basis points) for takers executing market orders.

Maker Fee: For maker-limit orders, the fee is set at 0.4% (or 40 basis points). It's important to note that a buy limit order placed above the current market price or a sell limit order set below the market price will automatically be converted into a taker market order, thus incurring the taker fee.

Note: Buy limit orders above market price or sell limit orders below market price will be converted to taker market orders.

PDAX Minimum Trade Value

Currency	Amount/Increment
PHP	PHP 50 per transaction
Bitcoin (BTC)	Minimum: 0.00002 BTC, Increment: 0.00001 BTC

• PDAX mandates a

minimum trade value of PHP 50 for every individual transaction

• . Using Bitcoin (BTC) as an example, the

minimum transaction quantity stands at 0.00002 BTC

• . Additionally, any increase in the transaction quantity is executed in

increments of 0.00001 BTC

• .

Deposit & Withdrawal

	Deposit	Withdrawal
Account Level	Verified
Currency	All Digital Assets	Bitcoin (BTC)
Payment Method	Wallet Payment In	Wallet Payment Out
Fee	Free	BTC 0.001
Minimum	Not Applicable	BTC 0.005
Maximum (Per Day)	No Limit	BTC 0.3

The processing time for deposits and withdrawals may vary depending on the selected method. Bank transfers typically take 1 to 5 business days to complete, while e-money issuers may have faster processing times. It is important for users to consider the processing time when planning their transactions and managing their funds on the PDAX platform.

Is PDAX a Good Exchange for You？

PDAX is the best cryptocurrency exchange for active traders. Its robust trading platform, comprehensive suite of trading tools, and competitive fees make it well-suited for traders who want to actively manage their portfolios and make frequent trades.

- The potential target groups of PDAX can include a variety of individuals, such as:

- Cryptocurrency traders: Both experienced and novice traders who need a reliable and user-friendly platform for trading cryptocurrencies.

- Finance enthusiasts: Individuals interested in diversifying their portfolio and willing to explore the dynamics of the cryptocurrency market.

- Remittance users: People who send and receive money across borders might use PDAX's potential remittance service.

- Donors: Users who are interested in making charitable donations directly through a secure platform.

- Students and Scholarships organizations: PDAX offers a ScholarPay service which may cater to individuals and organizations linked with education payments or scholarships.

- Tech-savvy individuals: Considering the nature of blockchain and cryptocurrency, those who have an understanding of or willingness to learn about this technology might be involved here.

- Blockchain startups: If PDAX provides token listing services, startups or individuals who want to issue their tokens on an exchange may be a target group.

It is important to note that while PDAX may be suitable for these target groups, individual preferences and trading strategies may vary. Traders should carefully consider their own needs and conduct thorough research before choosing an exchange that aligns with their trading goals and preferences.

Conclusion

PDAX is a robust cryptocurrency trading platform that prioritizes user security with its world-class data center servers and enterprise-grade firewalls. It extends beyond just an exchange by offering various services like remittance, token listing, and even education payments with ScholarPay. Users can manage their assets easily with intuitive trading features and enjoy the flexibility of round-the-clock deposit and withdrawal features. However, its suitability varies for every user, making it crucial for individuals to assess their requirements and preferences before settling on this platform.

FAQs

Q: What cryptocurrencies can I trade on PDAX？

A: PDAX supports the trading of various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Litecoin (LTC), Smooth Love Potion (SLP), Dogecoin (DOGE), WETH, SHIB, etc.

Q: How can I fund my PDAX account？

A: You can fund your PDAX account through bank transfers and e-money issuers such as InstaPay and PesoNet.

Q: How long does it take to complete a bank transfer deposit on PDAX？

A: Bank transfers on PDAX typically take 1 to 5 business days to complete.

PDAX User Review

User 1: The user interface is friendly, and the mobile app works smoothly for the most part. But one of the most concerning problems I've faced is with withdrawals. While depositing funds was relatively seamless, trying to cash out has been a completely different story. More than once, I've found myself unable to withdraw my funds, making me feel like my money was trapped.

User 2: Good for Beginners, but beware of withdrawal issues. As a beginner in the crypto world, I was drawn to PDAX for its easy-to-understand platform and localized support. The initial days were smooth, with easy deposits and trades. Unfortunately, the customer support seems to be lacking. I expected a platform as advanced as PDAX to have swift and efficient support. Instead, I was met with significant delays and, at times, no response at all.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.