Check out why the PDAX is a trending platform used by digital asset traders in the Philippines. Learn about the various order types for crypto investors.
Philippine Digital Asset Exchange or PDAX is one of the most assessed platforms for a crypto exchange in the Philippines. The company was launched in the year 2017 so that traders can easily buy and sell cryptocurrencies. PDAX exchange gives every user an equal chance to utilize their investing skills and check the current trends before making investments. PDAX’s website enables crypto investors to buy and sell digital assets. You can use Philippine Peso (PHP) to directly trade in an open market at the most competitive prices. Digital transformation of financial services and blockchain technology enables investors to use their knowledge and grow their wealth.
Is Verification Required? Verification Levels & Fees
After signup, you have to verify the account to get access to services and features. Here are the PDAX account levels that the investors can access.
- Unverified Level: After signing up, all the users will use the default account without any service or feature.
- Verified Level: Those who have complied with all the verification requirements will be able to use a verified account. You will be able to use all the basic services and features. However, there will be specific transaction limits.
- Premium Account: After successful verification, you have to comply with additional requirements to get a premium account. Investors with a premium account can make high transactions than a standard verified account.
- Partner Account: To get a partner account, you have to complete a video call or face-to-face verification process. Moreover, only active traders can use a partner account. You can enjoy transactions without any explicit limits.
Account Verification Process
Following is the account verification process that investors need to complete before they start investing.
- First, visit the PDAX website and click on PDAX login to your account. Find the “Upgrade Account” option and click through the button.
- Choose “Personal” and provide all the basic information. Don’t add any “+” sign with mobile number. Then, click “Next.”
- Check the list of accepted Ids before submitting them. While uploading, make sure the scanned images of the IDs are clear and readable.
- Record a selfie video to complete the biometric check. Click “Start Recording” to create and upload a selfie video.
- If the facial features have been recorded properly, then click “Yes, Submit.” Alternatively, you can click on “Retry” to record again.
- Within 15 minutes, you will get a notification about the status of the verification process.
What Order Types Can I Place?
PDAX Philippines lets investors buy and store digital assets to make maximum gains over time (HODLing). Furthermore, the PDAX site includes different advanced order types that investors can use to trade digital assets.
- Market Order: You can use a market order to purchase or sell cryptocurrencies at the current market price instantly. The best thing about this type of Order is that your Order is guaranteed to be executed. Those who want to buy a digital asset immediately should place a Market Buy Order. Comparatively, the investors who wish to sell their digital assets immediately have to place a Market Sell Order.
- Limit Order: PDAX allows the investors to use limit orders to buy or sell a digital asset at a pre-specified price. You can set the limit and define the desired price to purchase or sell a cryptocurrency.Compared to a market order you can make an instant purchase in a limit-order type. You have to wait till the price of digital assets reaches the specified price and triggers the limit order. Those who want to purchase a cryptocurrency like Bitcoin, Ethereum, etc., at a lower price than the present one should place a Limit Buy Order. However, investors who wish to sell a cryptocurrency at a higher price than the present one should use a Limit Sell Order.
- FAK Order: The investors who want to place bulk orders can place Fill and Kill Order. FAK Order allows investors to purchase or sell digital assets at the desired price and cancel any unfilled portion after the execution of the Order.
PDAX Security Features
PDAX trading recommends well-known security features and most importantly password managers to all the investors so that the hackers can’t crack their passwords while the user can keep track of the passwords.
- Two-Factor Authentication: PDAX website includes a two-factor authentication feature to provide extra security and protect the assets of the investors. You won’t be able to access and operate the account and transfer assets without completing both verification processes. Moreover, the chances of anyone else using your account significantly decrease unless they don’t have access to both passwords and mobile devices. You have to use an OTP-generator app to enable a two-factor authentication feature for login and transaction from a PDAX account.
- Passwords: PDAX makes sure that the attacker can’t log in to the investor’s account. Hence, the investors have to use a strong password while creating an account on this platform.
Is Your Money Safe With PDAX Cryptocurrency Exchange?
PDAX Exchange is licensed and regulated by the Bangko Sentral ng Pilipinas, and it complies with the laws and regulations of the country. Moreover, the company maintains the highest industry standards when it comes to security. Everyone finds this platform safe and secure for investing money in cryptocurrencies, from beginner to advanced traders. The mission of the BSP licensed and regulated website is to empower everyone by allowing them to invest in digital assets by using their hard-earned wealth securely.
Pros and Cons
- Trade Cryptocurrencies using Philippine Pesos (PHP)
- Complaint with laws and regulations
- Users can invest safely in digital assets
- Regulated and licensed by the BSP
- Limited Cryptocurrencies
- Minimum cash in is 200 pesos
Philippine’s homegrown cryptocurrency exchange, PDAX, empowers Locals to trade cryptos backed with dedicated local support. It boasts deep liquidity that enables investors to buy and sell their digital assets easily and quickly at the most competitive rates in the Philippines. Furthermore, it allows them to execute trading strategies seamlessly using user-friendly and responsive trading features perfect for beginners and pros. With the increasing crypto tokens in the Metaverse, NFT collections are increasing day by day that is bringing the overall change in the decentralized finance world.