PDAX Review – Features, Fees, and Security
PDAX in full stands for Philippine Digital Asset Exchange. The platform was founded in the year 2018 in the Philippines by Nichel Gaba. It is an order-book exchange that offers Filipinos access to some of the top cryptocurrencies and digital assets fairly for the first time. More about it you will find in this PDAX review.
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Investors are allowed to trade in real-time at the global competitive prices in the Philippines using PDAX while protecting their assets with the leading security protocols. From as low as PHP 50, you can invest in digital assets. Some of the top cryptocurrencies provided on the platform are BTC, ETH, Litecoin, Ripple, and more. In addition, they recently introduced other coins like Uniswap, Chainlink, Graph, and Compound.
PDAX is available in both Google and Apple stores and has a website. PDAX helps to save the fee charges, as one doesn’t need to convert the fiat to USDT before doing the trading. The platform also provides secure transactions, which removes the risk of transactions with strangers and avoids cash-in charges. Let’s start this PDAX review:
PDAX Review – Introduction
PDAX is an exchange platform that provides a safe and easy way for cryptocurrency traders in the Filipino to buy and sell their crypto at the best prices in the market. The platform is located in the Philippines, and it is regulated, licensed, and supervised by Bangko Sentral ng Pilipinas, thus having consumer protection benefits.
This exchange helps you to buy crypto 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. But more about it, we’ll discuss this in this PDAX review. PDAX also provides traders with access to liquidity through their global exchange order book, and users can deposit and withdraw funds through online and offline channels.
PDAX has a user-friendly mobile application, and you can get to have a view over the market trends and be able to purchase your crypto when the prices are favorable. The only limiting thing about PDAX is that only investors located in the Philippines can trade on it. It is backed to provide local support in their country.
The exchange platform supports a wide variety of crypto from the world’s top cryptocurrencies like Bitcoin, Ethereum, XRP, and the list of coins keeps on growing over time. Moreover, PDAX’s intuitive trading features help set up seamless trading strategies from the user-friendly and responsive features that can easily be used by both pros and beginners.
Some of the features available on the PDAX exchange platform are as stated in the list below from our PDAX review:
- Primary Wallet: this is used in storing assets for both the crypto and fiat currencies;
- Exchange wallet: used to store assets that will be used for placing trade orders;
- Landing page: this is the PDAX website;
- Portfolio page: used to show the total assets available on both primary and exchange wallets;
- Activities page: used to show all the cash in, cash outs, and all your trade activities;
- Funds page: used to deposit and withdraw crypto or transfer funds;
- Digital asset address: used for storing someone’s wallet address and information for transferring. assets
PDAX Review – Fees
Since its launch, PDAX has been providing relatively competitive prices for trading for its Filipino investors. The exchange platform charges crypto investors a trading fee of up to 0.5% for the takers’ market order. They also have trading a 0.4% fee, which is a maker limit order.
The order is usually automatically converted into the taker market order when investors place a buy limit order that is above the current market price or the sell limit order, which falls below the market price. PDAX also provides a minimum trade value to traders of PHP 50 per single trade. For BTC, you can trade using a minimum of 0.001 BTC and up to a maximum of up to 0.005 BTC. That is all we can say about fees in this PDAX review.
Now we talk about security in this PDAX review. PDAX encourages its users to employ some 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 to 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 exchange platforms for cryptocurrencies.
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 vs Binance
Philippine Digital Asset Exchange (PDAX) and Binance are both cryptocurrency-trading platforms that offer a wider range of crypto to be traded at competitive prices and have manageable trading fees. They brag about providing secure protocols on their platforms, making their investors trade without fearing losing their assets. As you could saw in this PDAX review, the exchange has many things to offer.
They also do not have any deposit fees for all the deposits made on their platform, and you do not have to change from fiat to USDT before buying any coins. Instead, you can buy directly with whatever currency you are using. Some of the crypto assets currently traded on both platforms include bitcoins and ethereum, which are among the world’s top cryptocurrencies.
In addition, they both allow credit card and wire transfers to purchase cryptocurrencies. The PDAX and Binance exchange applications are both user-friendly, making it easy to trade even for first-time users. In as much as they have their similarities, they do have some differences. PDAX only operates in the Philippines. Thus only Filipino investors can do the trading.
On the other hand, Binance is available globally. Thus many investors can trade on this platform. However, for traders in the US, they must use the Binance-US, which is slightly different from the normal Binance. The takers’ fee on Binance is at 0.10%, while that on PDAX is set at 0.4%, which is quite high. The maker fee is 0.5 % on PDAX, while Binance is still at 0.1%. We almost arrived at the end of this PDAX review.
PDAX Review – Conclusion
The takers and markers fees provided on the Philippine Digital Asset Exchange are quite expensive for the traders as they are set at 0.5% and 0.4%, respectively. However, they allow their investors to trade up to a minimum of PHP 50. It is also only limited to Filipino investors as the platform has been restricted to the Philippines.
Besides, users don’t need to change their money to USDT before they do any trading, making it affordable to some extent. It also does not charge deposit fees. The platform has also provided investors with a wide range of cryptocurrencies. Therefore, if you are in the Philippines, this is one exchange platform you might want to consider. We hope that this PDAX review was useful.