PDAX Review – Features, Fees, and Security in 2023
In the vast Internet landscape, countless cryptocurrency exchanges emerge, some of which might catch your interest yet remain relatively unknown. PDAX, a platform specifically focusing on the Philippines’ trading community, falls into this category.
As we set out on this expedition, our primary objective was to demystify PDAX — to peel back the layers, understand its features, and establish its credibility as a reliable trading platform.
In this article, we embark on a journey to decipher the inner workings of PDAX. We aim to comprehensively examine its core attributes, evaluate its potential, and ultimately determine whether it holds the promise of being a dependable and fruitful avenue for conducting cryptocurrency transactions.
Let’s dive in!
What is PDAX?
PDAX (Philippine Digital Asset Exchange) is an exchange platform founded in 2018 by Nichel Gaba. It provides a safe and easy way for cryptocurrency traders in Filipino to buy and sell their crypto at the best prices in the market.
The platform is primarily used and known in the Philippines. It is also located in the Philippines and is regulated, licensed, and supervised by Bangko Sentral ng Pilipinas (BSP), thus having consumer protection benefits.
This exchange helps you to buy crypto with PHP (Philippine Peso, the official currency of the Philippines) at the lowest fees and the best prices, and your assets can be entrusted to a wallet, which is audited and has protection by insurance. People can invest as low as PHP 200 (approximately $3.59).
PDAX also provides traders access to liquidity through their global exchange order book, and users can deposit and withdraw funds online and offline.
PDAX has a user-friendly mobile application, and you can get to have a view of the market trends and be able to purchase your crypto when the prices are favorable.
The only limiting thing about PDAX PH is that only investors located in the Philippines can trade on it. It is backed to provide local support in their country.
PDAX mobile app is available for download on both iOS and Android, but it’s also available as a web-based platform.
PDAX Review – Features
The PDAX exchange platform encompasses a range of distinctive features, all of which are meticulously outlined in the next list extracted from our comprehensive PDAX review:
- Primary Wallet – This integral component serves as a secure repository for both cryptocurrency and fiat currency assets. It offers users the capacity to safeguard their holdings conveniently.
- Exchange Wallet – Designed to house assets facilitating trade orders, the exchange wallet serves as a segregated storage area for these resources, optimizing trading efficiency.
- Landing Page – The PDAX website’s initial point of entry, known as the landing page, provides users with a gateway to the platform’s diverse functionalities and services.
- Portfolio Page – A dedicated space where users can obtain a comprehensive overview of their overall assets, spanning both the primary and exchange wallets. This page offers a consolidated view of their financial standing.
- Activities Page – Tailored to display a chronological record of various transactions, the activities page presents an organized summary of cash inflows, cash outflows, and users’ trade-related endeavors.
- Funds Page – As a pivotal hub for financial transactions, the funds’ page empowers users to execute actions such as depositing, withdrawing cryptocurrencies, and initiating fund transfers between accounts.
- Digital Asset Address – An essential tool for securely storing recipient wallet addresses and pertinent information required for effecting the seamless transfer of digital assets. This feature ensures accuracy and confidentiality in asset transfers.
- PDAX Learn – PDAX presents a dedicated section comprising valuable resources on topics such as cryptocurrency, blockchain, and more, to enable users to make well-informed decisions.
Therefore, upon careful examination of the outlined attributes associated with PDAX, it becomes apparent that the platform provides fundamental features without an overload of distinct or exceptional functionalities that would significantly differentiate it from other exchanges.
PDAX Review – Fees
Since its launch, PDAX has provided relatively competitive trading prices for its Filipino investors. The exchange platform charges crypto investors a trading fee of up to 0.5% (or 50 basis points) for the takers’ market order. They also have a trading of 0.4% (or 40 basis points), a maker-limit order.
The order is usually automatically converted into the taker market order when investors place a buy limit order above the current market price or a sell limit order which falls below the market price.
PDAX PH also provides a minimum trade value to traders of PHP 50 per single trade. As an illustration, taking BTC as an instance, the minimum amount required is 0.00002 BTC, and each increment in quantity occurs in steps of 0.00001 BTC.
PDAX Review – Security
PDAX PH uses encryption and secure protocols and encourages its users to employ the best security practices like creating a secure and strong password. They should also set up two-factor authentication, which provides an additional layer of security for their accounts.
In addition, the fact that Philippine Digital Asset is regulated by the Bangko Sentral ng Pilipinas (BSP) makes the accounts more secure and safe, unlike other cryptocurrency exchange platforms.
Most user funds are stored in cold wallets, which are offline and not accessible via the Internet. This isolation minimizes exposure to online threats like hacking attempts and cyberattacks.
Moreover, PDAX servers are hosted in world-class data centers with enterprise-grade firewalls to keep their investors’ transactions safe from threats.
Also, currently, PDAX remains steadfast in its commitment to security, with no significant security issues having come to light.
Overall, the PDAX platform does provide secure transactions, which helps remove the risk of transactions with strangers and avoids cash-in charges. They also have security protocols put in place to protect digital assets.
PDAX – Supported Cryptocurrencies
Currently, PDAX’s web exchange and mobile app users can access a wide range of 37 cryptocurrencies. This includes popular ones like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Litecoin (LTC), Smooth Love Potion (SLP), Dogecoin (DOGE), WETH, SHIB, and more.
PDAX – Sign-Up Process and Account Levels
In order to begin your journey with PDAX, the process is very easy and encompasses just four simple steps:
- Sign Up: Create a FREE account to get started.
- Get Verified: Complete the verification process for security.
- Cash In: Add funds to your wallet to start trading.
- Trade: Buy and sell cryptocurrencies at the best rates.
The whole process takes only a few minutes, approximately around 30 minutes.
Related to account levels, PDAX has curated a tiered system of account levels, each delineating specific transaction limits, granting access to particular features, and necessitating varying degrees of verification. The levels are structured as follows:
Unverified Account
- Transaction Limit: No predefined limits;
- Access: Basic features;
- Verification Process: None required;
The unverified account level is the starting point for users embarking on their PDAX journey. This level provides an entry into the platform, offering access to the most fundamental features. However, you cannot withdraw fiat and crypto from your account until you have verified it.
Verified Account
- Transaction Limit: Daily: 100,000 PHP, Monthly: 2,000,000 PHP, Annual: 20,000,000 PHP;
- Access: Basic and intermediate features;
- Verification Process: Basic verification requirements.
Upon ascending to the verified account level, users experience a notable expansion in transaction limits. This level is attained by complying with basic verification prerequisites, ensuring a safer and more secure trading experience.
Premium Account
- Transaction Limit: Daily: 250,000 PHP, Monthly: 5,000,000 PHP, Annual: 50,000,000 PHP;
- Access: Basic, intermediate, and advanced features;
- Verification Process: Submission of additional personal information.
The premium account level amplifies the transaction limits even further. By submitting supplementary personal information, users can access a wider array of features, empowering them to navigate the cryptocurrency landscape with increased flexibility and potency.
Partner Account
- Transaction Limit: No explicit limit;
- Access: All features, including partner-exclusive options;
- Verification Process: Interview.
The partner account level marks the peak of progression within the PDAX hierarchy. Without explicit transaction limits, users at this level are positioned to engage in diverse trading activities without restraints. To attain this esteemed status, users are subjected to an interview process, underscoring PDAX’s commitment to maintaining the highest standards of integrity and collaboration.
Concerning the process of verifying your account, the image displayed below illustrates the required documents.
As depicted, these documents are straightforward and uncomplicated, making the verification of your PDAX account simple work.
PDAX – Customer Support
As previously discussed, PDAX is dedicated to offering localized support within its home country.
Additionally, support avenues are available through email communication or the in-platform chat feature.
We evaluated the platform’s chat function and encountered an area where PDAX could enhance its services. Despite reaching out during regular working hours on a weekday, a simple question went unanswered for over 5 hours, indicating that there is potential for improvement in this aspect.
FAQ
Is PDAX Legit?
Yes, PDAX is a trustworthy platform for trading. It holds a license from the BSP and operates under their regulation.
Is Cryptocurrency Legal in the Philippines?
Yes. Virtual currencies are recognized as legal in the Philippines. Yet, it’s important to note that the BSP doesn’t classify Bitcoin and other virtual currencies as official currencies.
What’s an Alternative to PDAX?
If you’re seeking alternatives to PDAX, consider platforms like Binance or OKX. These companies are in the same industry and offer similar services.
Is PDAX a Good Trading Platform?
Yes, PDAX is a solid trading platform, particularly if you’re in the Philippines. It makes buying and selling cryptocurrencies easier and ensures your transactions are secure and legitimate with BSP regulation.
However, it’s worth noting that PDAX currently doesn’t match up to big players like Binance, Coinbase, or OKX in terms of overall features and offerings.
PDAX Review: Verdict
In our comprehensive assessment of PDAX, it’s evident that the platform presents a solid option for cryptocurrency trading, particularly for users based in the Philippines.
PDAX’s regulatory backing from the Bangko Sentral ng Pilipinas (BSP) instills confidence, ensuring a legitimate and secure trading environment. With its user-friendly mobile application, PDAX allows users to monitor market trends and execute trades at opportune moments.
Despite these strengths, it’s important to acknowledge that PDAX is yet to reach the same level of prominence as industry giants like Binance, Coinbase, or OKX. While PDAX provides essential features and security, it may not offer the same extensive range of functionalities.
However, for now, PDAX is a reliable choice for those seeking a secure and regulated trading platform within the Philippines.
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