How To Trade Cryptocurrencies In PDAX
The Philippine Digital Asset Exchange (PDAX) is a cryptocurrency exchange based in the Philippines. It is a local cryptocurrency trading platform that was founded in 2017 aimed at bridging the gap between the Philippine Peso as a fiat currency and cryptocurrencies as digital assets.
PDAX is a legal crypto trading platform and is even regulated by the Bangko Sentral ng Pilipinas (BSP). This simply means that the platform complies with all of the country’s financial regulations for investment platforms.
It offers superior liquidity than other local marketplaces, in addition to being a BSP-regulated exchange. PDAX links local orders with the worldwide market to ensure the best possible currency rates. If you’re looking to trade and invest in cryptocurrency in the Philippines, this platform offers an easier entry into the world of crypto than other international crypto exchanges.
How to register in PDAX?
A PDAX account is completely free. However, you won’t be able to trade cryptocurrencies on PDAX until you complete their KYC verification. Here’s how to quickly create an account and validate it:
- Go to https://pdax.ph/ and fill out the form.
- After clicking START TRADING, go to the top right corner and select REGISTER.
- Provide a working email address as well as the country in which you are located.
- Go to your email and click the link supplied by PDAX to confirm your account. To finish your PDAX registration, use the same link to create a secure password.
- You’re now registered, the next step is verification.
How to verify your account with PDAX?
On your PDAX portfolio dashboard, click the UPGRADE ACCOUNT option to authenticate your PDAX account. You may also select UPGRADE ACCOUNT from the options menu. Fill in the required information to upgrade your PDAX account.
This portion will only require you to upload one valid ID. If you don’t have any valid ID, you can alternatively upload two secondary IDs.
What are considered primary valid IDs?
- Philippine Passport – Department of Foreign Affairs (DFA)
- Driver’s License – Land Transportation Office (LTO)
- SSS Card – Social Security System (SSS)
- GSIS Card – Government Service Insurance System (GSIS)
- UMID Card – Single ID Card of all SSS, GSIS, Philhealth and PAG-IBIG Members
- PRC ID – Professional Regulations Commission
- OWWA ID – Overseas Workers Welfare Administration (OWWA)
- IBP ID – Integrated Bar of the Philippines
- Digitized BIR Taxpayer’s ID – Bureau of Internal Revenue (BIR)
- Senior Citizen’s ID Card – Office of Senior Citizens Affairs (OSCA)
- Diplomat ID – Philippine Embassy
- Voter’s ID – Commission on Election (COMELEC)
- Digitized Postal ID – Philippine Postal Corporation (PHLPost)
- OFW ID – Department of Labor and Employment (DOLE)
- PhilHealth ID Card – Philippine Health Insurance Corporation
- TIN ID Card – Bureau of Internal Revenue (BIR)
- Solo Parent ID – Department of Social Welfare and Development (DSWD)
- Person with Disability (PWD) ID Card – National Council on Disability Affairs (NCDA) or Department of Social Welfare and Development (DSWD)
- NBI Clearance – National Bureau of Investigation (NBI)
- Police Clearance – Philippine National Police (PNP)
- Barangay Certification – Barangay Hall
- Community Tax Certificate (Cedula) – Barangay Hall
- Seaman’s Book – Maritime Industry Authority (MARINA)
- Alien Certificate of Registration (ACR) or Immigrant Certification of Registration – Bureau of Immigration
- POEA Card – Philippine Overseas Employment Association (POEA)
- Consular ID – Philippine Embassy
- DSWD Certification – Department of Social Welfare and Development
- PRA Special Resident Retiree Visa – Philippine Retirement Authority
- NCWDP Certification – National Council for the Welfare of Disabled Persons
- Firearms License – PNP Firearms and Explosives Office
- PLRA ID – Philippine Leisure and Retirement Authority
- PSA Birth Certificate – Philippine Statistics Authority
- Marriage Contract – Philippine Statistics Authority
- Student’s ID – School Registrar’s Office
How to add funds to your wallets?
PDAX has two dedicated wallets. Each wallet has its own purpose and funding the right wallet is important to be able to trade according to your preferences.
All the non-trade transactions are done in the Primary wallet, such as the following:
- Depositing money or cashing in
- Withdrawing money
- Transferring crypto to and from another wallet.
The Exchange wallet on the other hand is where you can perform trades. Once you’ve deposited funds to your primary wallet, you need to move it to exchange wallets to perform a trade.
- Click “Funds” on your dashboard.
- Click “Payment In” on the following page.
- Then, under “PHP,” select “Cash In.”
- You’ll be sent to a payment site with a list of PDAX’s cash-in options.
- Fill out the cash-in form after selecting your chosen payment method.
- Credit or Debit Card
- Bank Deposit
How to transfer funds from primary to exchange wallet?
- Log in to your PDAX account.
- Select Funds on the dashboard.
- Under the Manage Funds section, click on Transfer Funds.
- Choose the type of fund you want to transfer (PHP or cryptocurrencies)
- Choose which wallet you’ll transfer from and to where (Primary and Exchange Wallet)
- Enter the desired amount you want to transfer.
PDAX standard account vs premium account
While a verified PDAX account will already grant you full access to all the features of the trading platform, its transaction limitation may not be sufficient for people who do bigger trades and transactions. Here’s a quick comparison of the transaction limit of a standard account and a premium account.
|Daily transaction limit||₱50,000||₱100,000|
|Monthly transaction limit||₱150,000||₱400,000|
|Yearly transaction limit||₱500,000||₱3,000,000|
How to upgrade to a PDAX premium account?
Upgrading to a premium account is simple, you only need to submit the following:
- Proof of income
- Proof of address
What is accepted as proof of income?
- Income tax return (ITR)
- Bank statements
What is accepted as proof of address?
- Utility bills (internet, electricity, water, and telephone).
- Credit card bill
- Barangay certificate
- Lease contract
PDAX vs international crypto trading platform
Sure, there are a number of crypto exchanges today that can easily be accessed through the internet or Google Play and App Store, but PDAX in general is more tailored to the Philippine market. This gives us a wider range of cash in and cash out methods locally like Gcash, remittance centers, and bank accounts to name a few. Its native fiat currency is also PHP, so from an accounting perspective, it’s easier to keep track of how much money you’re actually putting in and out of the platform since it’s already in PHP.
While other platforms such as Binance, Kucoin, Coinbase, etc are more maturely developed and support more cryptocurrencies, PDAX localizing crypto trading to the Philippine market has accessibility as the biggest perk for anyone trading in the Philippines. That advantage alone cannot be understated.