Pdax Review 2024

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Revisor

Last update: 6 months ago

Our veredict

PDAX, known formally as the Philippine Digital Asset Exchange, stands out for a variety of reasons, particularly its commitment to regulatory compliance and user-friendly features tailored for the Philippine market. Launched in 2018 and regulated by the Bangko Sentral ng Pilipinas, PDAX offers a secure platform for trading cryptocurrencies directly with the Philippine Peso, which simplifies the process for local investors. This exchange is particularly notable for its accessibility, allowing investments from as low as PHP 200, making it an excellent entry point for new crypto traders.

Despite these advantages, PDAX does face limitations, notably its limited global reach and fewer features compared to larger, international exchanges. These aspects may restrict its appeal to more experienced traders looking for advanced trading tools and a broader range of cryptocurrencies. However, for Filipino users seeking a straightforward and compliant gateway into the world of digital assets, PDAX offers a compelling and trustworthy option.

Pros

Cons

Threenvest Score

Fees

0,40%/0,50%

U.S Legal

With the confidence of Threenvest

Regulatory Compliance: PDAX is licensed and supervised by the Bangko Sentral ng Pilipinas (BSP), ensuring that it adheres to strict financial regulations and provides a secure trading environment for its users.

Security Measures: PDAX prioritizes user security with robust protection mechanisms, including multi-factor authentication and cold storage for the majority of user funds, ensuring safety against potential cyber threats.

Customer Service: PDAX offers comprehensive customer support with multiple channels, including a detailed FAQ section, email support, and social media engagement, ensuring users receive timely assistance and guidance.

Trading Volume and Liquidity: As one of the leading exchanges in the Philippines, PDAX maintains a healthy trading volume and liquidity, which facilitates efficient trading and provides users with better price discovery and trade execution.

Transparency: PDAX operates with high transparency, regularly updating users about changes in service, fee structures, and other essential operational aspects, fostering trust through clear communication.

Best Crypto Exchanges

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About Pdax

Introduction PDAX, short for Philippine Digital Asset Exchange, is a centralized cryptocurrency trading platform established to make digital assets accessible to Filipinos. Launched in 2018, PDAX has been a pioneering force in the Philippine cryptocurrency landscape, offering a direct and regulated gateway to the world of cryptocurrencies through the Philippine Peso (PHP).
What is PDAX? PDAX stands for Philippine Digital Asset Exchange. It operates under the oversight of the Bangko Sentral ng Pilipinas (BSP), ensuring a secure and regulatory-compliant trading environment. The platform caters specifically to Filipino investors, enabling them to buy and sell cryptocurrencies using PHP, thus bridging the gap between traditional finance and the digital asset economy.
Background and History Founded by Nichel Gaba, PDAX has quickly risen to prominence by capitalizing on the growing interest in cryptocurrencies within the Philippines. The exchange is designed to provide Filipinos with easy access to digital assets, offering a legal and straightforward platform for engaging with cryptocurrencies. By adhering to local regulations, PDAX ensures a trustworthy environment for its users, which has been crucial in its rapid growth and adoption.
Founders Nichel Gaba, the founder of PDAX, has been instrumental in shaping the exchange’s direction and focus. His vision of integrating digital assets into everyday financial activities in the Philippines has driven PDAX to become one of the leading exchanges in the region. Under his leadership, PDAX has focused on compliance and user-friendly features, ensuring the platform remains accessible and secure for all levels of traders.
Fun Fact PDAX once experienced an unusual glitch where Bitcoin was sold for 300,000 PHP instead of its actual price of around 2.4 million PHP, allowing several users to buy at a significantly lower price. This incident highlighted the growing pains of cryptocurrency platforms but also showcased PDAX’s commitment to resolving issues transparently and fairly.

In summary, PDAX serves as a significant player in the Philippine digital currency space, characterized by its compliance with local financial regulations and its dedication to providing Filipinos with straightforward access to the cryptocurrency market.

Why Choose Pdax?

Local Currency Support: One of the strongest points of PDAX is its direct support for the Philippine Peso (PHP). This feature simplifies the process for local investors looking to buy or sell cryptocurrencies, as it eliminates the need for currency conversion, reducing transaction costs and complexities.

Regulatory Compliance: As a platform licensed and supervised by the Bangko Sentral ng Pilipinas (BSP), PDAX provides a secure and reliable environment for trading. This regulatory compliance reassures users that the platform adheres to stringent financial standards and practices, offering a layer of security that is crucial in the volatile world of cryptocurrency.

User-Friendly Interface: PDAX is designed to be accessible to both beginners and experienced traders. The interface is intuitive, making navigation and trading straightforward. This ease of use is essential for new traders who may be intimidated by more complex platforms.

Where it falls short

Global Reach and Features Expansion: Currently, PDAX primarily serves the Philippine market, limiting its features and currency pairs mostly to PHP-based transactions. This geographical and functional limitation restricts its appeal to international traders who might be looking for more diverse trading options. To elevate its status on the global stage, PDAX could consider expanding its offerings to include more cryptocurrencies and fiat currency pairs, as well as integrating advanced trading features such as futures and margin trading.

Technical Stability and Performance: There have been reports of occasional technical glitches and downtime which can be critical drawbacks, especially in the fast-paced world of cryptocurrency trading. Improving technical infrastructure to ensure higher uptime and smoother user experience during high-volume trading periods would enhance reliability and trust among its users.

Features	Explanation
Minimum Trade	PDAX allows users to start trading with as little as PHP 50 per single trade, making it accessible for beginners and those with limited capital.
Trading and Transaction Fees	The trading fees range between 0.40% to 0.50%, which is moderately competitive within the region but higher compared to global averages.
Number of Cryptocurrencies	Supports over 37 cryptocurrencies, which is decent for a regional exchange but less compared to larger international platforms.
Crypto-to-Crypto Trading Pairs	PDAX primarily focuses on PHP-to-crypto pairs, limiting options for those looking to trade directly between cryptocurrencies.
Website Transparency	The website provides clear information about trading fees, minimum trade amounts, and other essential policies, although some users may find certain operational details lacking.
Credit/Debit Card	This lack of a dedicated card offering means that PDAX users cannot directly utilize their crypto holdings for everyday transactions outside the platform.
Storage Offering	Provides secure wallet services regulated under Philippine law, ensuring safety for digital assets, though it lacks some of the advanced features found in dedicated crypto wallets.
Staking and Rewards	Currently, PDAX does not offer staking services or rewards, which is a significant drawback for users looking to earn through these mechanisms.
Mobile App and Desktop	The mobile app is user-friendly and provides a robust trading experience on the go, although the desktop version could be enhanced with additional trading tools.
Customer Service	Offers multiple channels for support including email and social media, but there are reports of delays and the lack of immediate response options like phone support or live chat.
Deposit and Withdraw	PDAX supports various local payment methods, which is convenient for Filipino users. International users, however, might find options limited.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As one of the experts reviewing cryptocurrency exchanges on our website, I’ve taken a close look at PDAX. It stands out as a commendable choice for Filipino investors looking to enter the crypto space. The exchange offers a secure, regulated platform where you can trade directly with the Philippine Peso, making it exceptionally convenient. With a user-friendly interface and the support of local bank transfers, PDAX simplifies the process of buying and selling digital assets. Whether you’re new to cryptocurrencies or seeking a reliable home-market platform, PDAX provides a solid foundation to manage your digital investments.

Fees

PDAX implements a straightforward fee structure which focuses primarily on trading fees and some transactional costs. Trading fees on PDAX range between 0.40% and 0.50%, depending on the specific market order type—whether it’s a maker or taker order. This fee is slightly above the global average for cryptocurrency exchanges but is justified within the context of a regulated exchange operating under the auspices of the Bangko Sentral ng Pilipinas (BSP). Additionally, while crypto deposits are free, PDAX charges variable fees for fiat deposits and withdrawals which are dependent on the chosen payment method, enhancing flexibility for users. This structure ensures that while users enjoy a secure trading environment, they are also aware of the costs associated upfront.

Pros

Competitive Trading Fees: PDAX charges trading fees of 0.40% to 0.50%, which is relatively competitive within the local market, helping to keep trading costs manageable for users.
No Crypto Deposit Fees: Users benefit from zero fees on cryptocurrency deposits, making it more economical to transfer digital assets into PDAX for trading.
Variable Fee Reductions: For more active traders, the variable fees based on trading volume can decrease, offering incentives for increased trading activity.

Cons

Higher Than Global Average: The trading fees, while competitive locally, are still higher than the global average, which might deter international traders or those accustomed to lower fee structures.
Fees on Fiat Withdrawals and Deposits: The additional fees for fiat deposits and withdrawals can add up, especially for frequent traders or those moving large volumes, potentially making PDAX less attractive compared to other platforms with lower or no fiat transaction fees.

Trading Commissions

PDAX operates with a clear and concise fee structure, where the trading fees range between 0.40% and 0.50%. This is fairly competitive within the local Philippine market but slightly higher than the global average, where many platforms offer fees as low as 0.1%. These trading fees apply differently based on whether you are a maker, contributing liquidity to the market, or a taker, consuming liquidity. This distinction encourages traders to contribute to market depth, potentially reducing their cost of trading.

Hidden Commissions

While PDAX is transparent about its major fees, potential hidden costs can arise, particularly related to fiat transactions. Deposit and withdrawal fees for fiat currency are variable, depending on the payment method used. This can include additional charges imposed by banks or financial institutions facilitating these transactions. Such fees aren’t always immediately apparent and can vary significantly, which necessitates careful planning and awareness from traders to manage costs effectively.

Analysis in Context

Comparatively, PDAX’s fee structure is designed to support its regulatory compliance and operational security. Operating under the supervision of the Bangko Sentral ng Pilipinas ensures that PDAX maintains a high standard of security and operational integrity, which can justify higher fees. Moreover, the absence of deposit fees for cryptocurrencies offers a counterbalance to the higher trading fees, providing a cost-effective entry point for crypto-to-crypto trading.

Strategic Considerations

Traders should consider how frequently they plan to trade and whether they will be transferring fiat money in and out of their accounts regularly. High-frequency traders can benefit from the slightly reduced fees for higher volume, which emphasizes the platform’s inclination to support more active traders.

Conclusion

Overall, while PDAX may not offer the lowest fees in the market, its fee structure supports a robust, secure, and regulatory-compliant trading environment. For traders in the Philippines, the benefits of a BSP-regulated platform might outweigh the slightly higher costs associated with trading and fiat transactions. Understanding this balance between cost and security is crucial in making informed trading decisions on PDAX.

Product selection

PDAX provides a variety of services and products that cater to both new and experienced traders in the cryptocurrency market. Primarily, it operates as an exchange where users can buy and sell a range of cryptocurrencies directly with Philippine Pesos (PHP), which simplifies the trading process for locals by removing the need for currency conversion. The platform is known for its user-friendly interface that makes it accessible for beginners while still providing enough functionality for more experienced traders. PDAX’s integration with local banking systems allows for convenient PHP deposits and withdrawals, enhancing user experience by facilitating easy fund transfers. In addition to basic trading, PDAX also offers a mobile app that supports trading on the go, ensuring users can manage their transactions and monitor the market from anywhere. This app is designed to maintain the simplicity and functionality of the web platform, providing a seamless trading experience across devices.

Pros

Local Currency Support: PDAX allows trading directly in Philippine Pesos (PHP), which simplifies the process for local users, eliminating the need for currency conversion and reducing associated fees.
User-Friendly Interface: The platform is designed to be intuitive and accessible for beginners, making it easy for new traders to navigate and execute trades without a steep learning curve.
Robust Mobile App: PDAX offers a comprehensive mobile app that mirrors the functionality of the desktop platform, enabling users to trade, monitor markets, and manage accounts effectively from their mobile devices.

Cons

Limited Cryptocurrency Selection: Compared to global competitors, PDAX offers a relatively limited selection of cryptocurrencies, which might not satisfy users looking to trade a broader range of digital assets.
Basic Trading Features: While the platform is user-friendly, it lacks advanced trading features and tools that more experienced traders might look for, such as detailed analytical tools, algorithmic trading capabilities, or a wider range of order types.

Read more about product selection in Pdax

PDAX, as a platform tailored specifically for the Philippine market, offers a variety of services and products designed to meet the needs of both novice and experienced traders. Here’s an extensive overview of the offerings available on PDAX:

Basic Trading Services

Spot Trading: Allows users to buy and sell a variety of cryptocurrencies directly with Philippine Pesos (PHP). This includes major cryptocurrencies like Bitcoin, Ethereum, and more niche options, providing a good range for traders.

Advanced Trading Features

Real-Time Trading: PDAX offers real-time trading capabilities, ensuring that users can capitalize on market movements as they occur.

Financial Products

PHP to Crypto Transactions: This is the core service of PDAX, allowing direct and straightforward conversion between PHP and cryptocurrencies, which is particularly appealing to local users.

Security and Storage

Secure Wallets: PDAX provides secure wallets for storing cryptocurrencies that comply with local regulations, ensuring safety and reliability.

User Experience Enhancements

User-Friendly Interface: The platform is designed for ease of use, catering to newcomers to the cryptocurrency space.
Mobile App: A robust mobile application is available, enabling trading on the go with full functionality.

Educational Resources

Guides and Tutorials: While not as extensive as some international platforms, PDAX offers basic guides and tutorials to help new users understand cryptocurrency trading.

Community and Support

Local Customer Support: Support is available in local languages, making it accessible and helpful for Filipino users.
Community Engagement: PDAX engages with its user community through regular updates and interactive sessions.

Additional Offerings

Partnerships with Local Banks: PDAX has partnerships with local banks which facilitate smooth fiat transactions, essential for withdrawals and deposits.

Future Developments

Potential for Expansion: While currently focused on the Philippine market, there is potential for expansion in terms of both services and geographical reach. This could include more advanced trading tools or expanding services to other Southeast Asian markets.

Account opening

Simple and Streamlined Process: The account opening process on PDAX is quick and efficient. Users can start by registering with basic information such as their name, email address, and a secure password. This step is designed to be fast, allowing potential traders to quickly move to the next stages of verification. Verification for Enhanced Security: Once the initial account setup is complete, PDAX requires users to go through a verification process. This involves submitting identification documents, which is a standard practice among regulated exchanges to ensure security and compliance with anti-money laundering (AML) laws. This step underscores PDAX’s commitment to providing a safe trading environment. Low Entry Threshold: One of the attractive features of PDAX is its low entry threshold, which allows users to start trading with small amounts. This makes it accessible for a broader audience, including those who may be hesitant to invest large sums in their initial foray into cryptocurrencies.

Pros

Simplified Sign-Up Process: PDAX provides a straightforward and quick account registration process. This is especially beneficial for newcomers to the cryptocurrency space who may find the usual registration processes daunting.
Low Minimum Deposit Requirement: The platform allows users to start trading with a very low minimum deposit, making it accessible for beginners or those cautious about investing large amounts in cryptocurrencies initially.
Robust Verification for Security: The verification process, though thorough, is a crucial aspect that enhances security. It ensures compliance with regulatory standards, protecting both the user and the platform from potential financial crimes.

Cons

Limited Features for Unverified Accounts: Users with unverified accounts face significant limitations on their trading capabilities, which can be a deterrent for those looking to quickly dive into more extensive trading activities.
Potential Delays in Verification: Depending on the volume of sign-ups and the thoroughness of the checks required, the verification process can sometimes be slow. This might delay new users from trading immediately, which can be a frustration in a fast-moving market.

How to Sign Up on PDAX

Create an Account: Visit the PDAX website and click on the “Sign Up” button. Enter your email, create a password, and provide any required personal information such as your name and contact details.
Email Verification: After submitting your registration form, check your email for a verification link from PDAX. Click on it to verify your email address, which is essential for account security.

Opening An Account

Complete KYC (Know Your Customer): To fully activate your account, complete the KYC process by submitting identification documents such as a government-issued ID. This step is crucial for compliance with financial regulations and to enable withdrawal capabilities.
Setup Security Features: Set up additional security features such as two-factor authentication (2FA) to enhance the security of your account.

How to Buy Your First Cryptocurrency

Deposit Funds: Before you can buy cryptocurrency, deposit funds into your account. PDAX supports several deposit methods including bank transfers and online payment services.
Navigate to the Trading Interface: Once your funds are deposited, go to the trading section on PDAX.
Select the Cryptocurrency: Choose the cryptocurrency you wish to purchase.
Place an Order: Enter the amount of cryptocurrency you want to buy and place your order. You can choose between different types of orders, such as a market order (buy immediately at current prices) or a limit order (set a price at which you want to buy).

Account Types

PDAX offers different levels of accounts depending on the verification status and the features you need:

Basic Account: Allows trading with limited features and lower transaction limits. No KYC needed.
Verified Account: Increases limits and features. Requires completion of KYC.
Premium Account: For high-volume traders with even higher limits and features, additional verification might be required.

How to Use PDAX?

Trading: Use the trading interface to buy and sell cryptocurrencies. Monitor your investments and adjust your portfolio as needed.
Monitoring: Keep an eye on the market using tools provided by PDAX. Set up alerts for price changes.
Withdrawals and Deposits: Manage your funds directly from your account dashboard. Follow the instructions for safe deposit and withdrawal.

Registration and KYC

KYC is a critical step in the registration process on PDAX, designed to ensure compliance with anti-money laundering laws and secure your transactions. Provide accurate and up-to-date information to avoid any delays in verification. By following these steps, you can smoothly start and manage your trading on PDAX, ensuring you make the most out of your cryptocurrency trading experience. This detailed guide aims to equip new users with all they need to confidently navigate PDAX.

Security

PDAX emphasizes security as a cornerstone of its operations, ensuring that all transactions and user data are protected with robust measures. It operates under the strict regulation of the Bangko Sentral ng Pilipinas (BSP), providing an added layer of security and trust. With majority of assets stored in cold wallets and mandatory two-factor authentication (2FA) for all transactions, PDAX prioritizes the safety of its users’ funds. While PDAX’s security measures are rigorous, ongoing enhancements and user education on security practices are essential to maintain and improve its secure trading environment.

Pros

Regulatory Compliance: PDAX operates under the supervision of the Bangko Sentral ng Pilipinas (BSP), ensuring that it adheres to high standards of regulatory compliance. This not only enhances the platform’s credibility but also provides a layer of security through rigorous oversight.
Cold Storage of Assets: The use of cold wallets for the majority of user funds significantly reduces the risk of cyber theft and unauthorized access. Cold storage is offline, making it virtually impervious to hacking attempts, a critical feature for safeguarding users' investments.
Two-Factor Authentication (2FA): PDAX mandates the use of 2FA for all accounts, adding an essential layer of security that protects users from unauthorized access. This feature requires a second form of verification in addition to the password, greatly enhancing account security.

Cons

Limited Advanced Security Features: While PDAX has strong basic security measures, it may lack more advanced features that are becoming standard on global platforms, such as biometric logins or hardware security key integrations. These could provide additional layers of security for users with significant assets.
Dependence on User Security Practices: Despite PDAX's robust security measures, the overall safety of user accounts heavily depends on individual security practices. Users who fail to secure their login credentials or who fall victim to phishing attacks could still compromise their accounts. This indicates a need for continued education and tools to help users maintain security hygiene.

Is PDAX Legit?

Regulation and Licensing PDAX operates under the stringent regulatory oversight of the Bangko Sentral ng Pilipinas (BSP). This ensures that PDAX adheres to the financial laws and regulations set forth by the Philippine government, enhancing its legitimacy and trustworthiness as a trading platform. Licensing As a licensed virtual currency exchange, PDAX has fulfilled the necessary regulatory requirements to operate legally within the Philippines. This licensing is crucial for ensuring operational transparency and accountability.

Is PDAX Safe?

Security Methods

Cold Storage: The majority of the digital assets on PDAX are stored in cold wallets, which provide high security as they are offline and inaccessible via the internet.
Encryption: PDAX uses strong encryption protocols to secure user data and transaction information, protecting it from unauthorized access and cyber threats.
Two-Factor Authentication (2FA): Mandatory for all transactions, 2FA adds an additional layer of security, requiring users to verify their identity through a second method beyond just a password.

Operational Security

Regular Security Audits: PDAX undergoes regular security audits conducted by independent third-party security firms. These audits help identify and rectify potential vulnerabilities, ensuring the platform’s integrity.
User Education: PDAX provides users with resources and best practices on how to secure their accounts and transactions, which is vital for preventing phishing and other types of cyber fraud.

Historical Security Incidents

No Major Breaches PDAX has maintained a solid security record with no major breaches reported. This track record reflects the effectiveness of its security measures and the platform’s commitment to safeguarding user assets.

Conclusion

Overall, PDAX’s adherence to strict regulatory standards, combined with its robust security practices, establishes it as a secure and reliable cryptocurrency exchange. While it is important for users to utilize the security tools provided and remain vigilant about their account safety, PDAX’s infrastructure and regulatory compliance significantly mitigate the risks associated with digital asset trading.

Customer service

PDAX provides a comprehensive customer service system designed to support its users effectively and efficiently. The platform offers multiple channels for support, including 24/7 automated chat, live chat during business hours, and responsive email support, catering to a wide range of user preferences and needs. While PDAX generally receives positive feedback for its customer service, it faces challenges during peak times with response delays, highlighting an area for potential improvement to ensure consistent support availability, especially during high-demand periods.

Pros

Multiple Support Channels: PDAX offers a variety of ways for users to seek help, including live chat, email support, and social media platforms. This diversity ensures that users can choose the most convenient and immediate form of communication to resolve their issues.
24/7 Automated Support: The platform provides around-the-clock automated support, which is crucial for a market that operates continuously. This ensures that users can get assistance at any time, which is particularly beneficial for those trading outside of standard business hours.
Active Engagement on Social Media and Telegram: PDAX maintains a strong presence on social media and Telegram, providing timely updates and engaging with the user community. This approach not only facilitates immediate communication but also builds a sense of community and trust among users.

Cons

Occasional Delays in Response Time: Despite offering multiple channels for support, there are reports from users about delays in getting responses, especially during periods of high demand. This can be frustrating for users who need immediate help with their trading activities or account issues.
Scope of Automated Responses: While the automated support system is available 24/7, the effectiveness of this service can sometimes be limited, particularly for complex queries that require personalized attention. Users may find that automated responses are not sufficient for resolving specific or technical problems, necessitating further follow-ups via other support channels.

Read more about customer service in Pdax

In the customer service section for PDAX, various points need to be covered comprehensively to give users a complete understanding of what to expect when they require support. Here’s a detailed development of each point:

Customer Support on PDAX

Support Channels:

Automated and Live Chat: PDAX provides a 24/7 automated chat system for immediate responses to common queries, and a live chat option for more detailed support during business hours.
Email Support: For detailed inquiries or issues that require thorough investigation, users can reach out via email. PDAX aims to respond to emails within 24 to 48 hours, depending on the complexity of the issue.
Social Media: PDAX actively engages with its community on platforms like Facebook, Twitter, and Instagram, offering another layer for addressing quick questions and providing updates on system statuses.

Response Time:

PDAX strives to maintain a quick response time across all its support channels. Live chat and social media responses are typically immediate, while emails may take up to a day or two.

Reputation and Customer Feedback – What Do Users Have to Say?

User Reviews: Feedback on platforms like Trustpilot and social media often highlights the responsiveness of PDAX’s customer support. However, during periods of high trading volume or technical updates, some users have reported delays.
Community Interaction: PDAX frequently interacts with its user base through social media and community events, gathering feedback to continuously improve its services.

Methods of Contact

Comprehensive FAQ and Help Articles: Before reaching out to support, users are encouraged to consult the comprehensive FAQ section and detailed help articles available on PDAX’s website. These resources cover a wide range of topics, from account management to trading specifics.
Direct Calls: While not the primary method, PDAX does provide direct phone support for urgent or complex issues that may not be easily resolved through other channels.

Response Time They Usually Take

Immediate to a Few Hours: For live interactions via chat or social media.
Within 24-48 Hours: For email inquiries, depending on the issue complexity.

What You Can Think of That the Reader May Need

Security Concerns: Users often need assurance about the security of their transactions and personal data. PDAX’s support is equipped to handle such queries, providing clear, reassuring information on security protocols.
Troubleshooting Transactions: In cases of failed or stuck transactions, PDAX’s customer service is crucial for quick resolution. The support team assists users in tracking and rectifying such issues promptly.

By providing these detailed insights into the customer service operations of PDAX, users can be better prepared on how to effectively use the support system for a seamless trading experience. This comprehensive support structure ensures that PDAX remains a reliable and user-friendly platform for cryptocurrency trading in the Philippines.

Is PDAX Right for You?

Local Currency and Market Focus: PDAX is specifically tailored for users in the Philippines, supporting direct transactions in Philippine Pesos (PHP). This makes PDAX an excellent choice if you’re residing in the Philippines and prefer a platform that aligns with local financial practices and regulations. It simplifies the process of buying and selling cryptocurrencies by eliminating the need for currency conversion, which can save on fees and reduce complexity.
Regulatory Compliance and Security: PDAX operates under the strict oversight of the Bangko Sentral ng Pilipinas (BSP), ensuring that it adheres to high regulatory standards. This is particularly important if security and legal compliance are priorities for you. The platform’s commitment to following stringent regulatory guidelines means that your investments are both secure and in compliance with local laws, offering peace of mind especially for those cautious about the regulatory landscape of crypto trading.
Ease of Use and Accessibility: The platform is designed with user-friendliness in mind, catering both to cryptocurrency beginners and more experienced traders who value straightforward and uncomplicated trading interfaces. If you’re new to cryptocurrency trading or prefer a no-frills, easy-to-navigate platform, PDAX could be a great fit. However, if you are looking for advanced trading features like derivatives, extensive charting tools, or a wide variety of altcoins, you might find PDAX’s offerings limited compared to larger international exchanges.

By evaluating these points in the context of your trading preferences, residency, and experience level, you can make a more informed decision about whether PDAX is the right cryptocurrency exchange for your needs.

Pdax compared to other crypto exchanges

Threenvest score

Fees

0,40%/0,50%

US Legal

–

Security

High 4,6/5

On the exhange website

Threenvest score

4,8

Fees

≤0,10%

US Legal

Security

High 4,9/5

binance us

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

PDAX focuses on providing an accessible platform for trading cryptocurrencies directly with the Philippine Peso (PHP), making it particularly attractive to Filipino traders. Here’s an overview of the available cryptocurrencies, the countries where PDAX operates, and some notable exclusions in terms of both cryptocurrencies and regional availability:

Available Cryptocurrencies on PDAX

PDAX supports a selection of the most popular and widely traded cryptocurrencies, which includes:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH) These cryptocurrencies are chosen for their high market cap and strong community support, making them stable choices for both new and experienced traders.

Notable Cryptocurrencies Not Available

Despite offering some of the most commonly traded digital assets, PDAX does not currently support several other major cryptocurrencies and emerging altcoins, which may include:

Cardano (ADA)
Polkadot (DOT)
Chainlink (LINK)
Solana (SOL) The absence of these cryptocurrencies might limit traders looking to diversify into newer or less mainstream digital assets or those interested in specific blockchain functionalities these absent cryptos provide.

Countries Where PDAX Is Available

PDAX primarily serves users in the Philippines, focusing on integrating local financial infrastructures with the global cryptocurrency market. This regional focus supports seamless transactions in local currency, PHP, avoiding complexities of currency conversion and facilitating easier regulatory compliance.

Important Countries Not Supported

PDAX’s services are specifically tailored to the Philippine market and are not available to users in several key global markets, most notably:

United States (USA)
European Union (EU) countries
Canada This geographic limitation is primarily due to regulatory challenges and the complexities associated with accommodating the legal frameworks of different countries.

Conclusion

For Filipino users, PDAX offers a solid platform with a focus on major cryptocurrencies, paired directly with PHP for convenience. However, for international users and those interested in a broader array of crypto assets, the limitations in terms of geographic availability and cryptocurrency diversity might make PDAX less appealing. PDAX could consider expanding both its cryptocurrency offerings and geographic reach to enhance its appeal to a broader audience and keep pace with the rapidly evolving crypto market.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)

Main countries where you can open an account

Philippines

FAQs

1. What is PDAX?

PDAX stands for Philippine Digital Asset Exchange. It is a cryptocurrency trading platform specifically designed for Filipino users, allowing them to buy and sell cryptocurrencies directly with Philippine Pesos (PHP). PDAX is regulated by the Bangko Sentral ng Pilipinas (BSP), ensuring a secure and compliant trading environment.

2. How do I start trading on PDAX?

To start trading on PDAX, you need to create an account on the platform, complete the required KYC (Know Your Customer) procedures to verify your identity, and then deposit funds using one of the several methods available, such as bank transfers or online payment services. Once your account is funded, you can begin buying and selling cryptocurrencies.

3. What are the fees for trading on PDAX?

PDAX charges a trading fee ranging from 0.40% to 0.50%, depending on whether your transaction is a maker or taker order. There are no fees for depositing cryptocurrencies, but fiat deposits and withdrawals may incur variable fees based on the payment method chosen.

4. Which cryptocurrencies can I trade on PDAX?

PDAX offers a variety of cryptocurrencies for trading, including major ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). The platform continually evaluates and may add more cryptocurrencies based on market demand and regulatory approval.

5. Is my money safe with PDAX?

Yes, the safety of your funds is a priority at PDAX. The exchange uses cold storage for the majority of customer assets to protect them from unauthorized access and potential cyber threats. Additionally, PDAX’s operations are regulated by the BSP, adding an extra layer of financial and operational security.

6. How can I withdraw my money from PDAX?

To withdraw funds from PDAX, navigate to the withdrawal section of your account, select the amount you wish to withdraw and the method of withdrawal. PDAX supports several withdrawal options, including direct bank transfers. Once you have made your request, it will be processed according to PDAX’s withdrawal timelines.

7. What should I do if I encounter issues or need support?

If you experience any issues or need assistance, PDAX offers several support channels. You can access the automated 24/7 chat support on the platform, reach out via email, or use the live chat feature during business hours. Additionally, PDAX is active on social media where you can get quick responses to general inquiries.

Final opinion on Pdax

At Threenvest, our in-depth review of PDAX reveals that it stands out as a robust platform particularly suited for Filipino cryptocurrency traders. With its strategic focus on integrating the Philippine Peso (PHP) directly into the cryptocurrency trading process, PDAX offers unparalleled convenience for local users, eliminating the complexities and extra costs associated with currency conversion. This local focus is further strengthened by PDAX’s compliance with the Bangko Sentral ng Pilipinas (BSP), which not only adds a layer of security but also ensures adherence to local financial regulations. However, while PDAX excels in local accessibility and regulatory compliance, it may not cater as comprehensively to the needs of global traders or those seeking a broader array of cryptocurrencies and advanced trading tools.

Compared to larger international platforms, PDAX might seem limited in terms of cryptocurrency diversity and advanced trading features. It does not offer derivatives or extensive market analytics tools that might attract more seasoned traders. However, for those within its target market, PDAX offers a secure, user-friendly environment that is not only easy to navigate but also deeply integrated with local financial systems, making it an ideal choice for those new to cryptocurrency or those preferring transactions in PHP. In summary, Threenvest recognizes PDAX as a noteworthy player in the Philippine digital asset exchange landscape, perfectly tailored to meet the needs of its local users while fostering a secure and compliant trading environment.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.