How to Invest in Crypto For as Low as 50 Pesos

Cryptocurrencies have gained a lot of attention in the past few months. Last year we saw huge gains on cryptocurrencies and, several cryptocurrencies have reached all-time highs. Bitcoin, in particular, gained a lot of attention during the lockdown period. Despite the growing interest in cryptocurrencies, only a handful of people invest in cryptocurrencies.

The first obstacle most people encounter when it comes to cryptocurrencies is that they don't know where and how to begin. To acquire cryptocurrencies, you either buy them at an exchange or mine them. In this post, I will be focusing on how to purchase cryptocurrencies with minimal investment.

Before we start, I would like to emphasize that I am not endorsing any of these products. I use this product which is the only reason why I am sharing it in this post. This post is not a piece of financial advice and, you should always do your research before investing. Lastly, I would like to remind you that cryptocurrency is a very volatile asset class and, you should only invest money you can afford to lose.

There are several exchanges to buy and trade cryptocurrencies but, most of these platforms have high initial deposits. Pdax is one of the most affordable exchanges that I currently use. Pdax was founded in 2017 and is a crypto exchange that trades cryptos against the philippine peso. It is regulated and licensed by the Bangko Central ng Pilipinas. The low minimum trades make Pdax accessible for Filipinos to invest in cryptocurrencies.

Benefits of Using Pdax

One of the problems with investing in foreign exchanges is the difficulty of depositing or cashing in your investment. Most platforms only accept credit cards or PayPal, and unfortunately, most Filipinos don't have access to these facilities. Pdax makes its platform accessible by providing various methods to cash in your investment. You can cash in through online banking, e-wallet, or over the counter. I use Gcash to cash in my investment on Pdax for its simplicity, low fee, and fast transaction. 

Another reason why Filipinos don't invest in Cryptos is the high minimum initial investment and minimum trades. Most foreign exchanges have a minimum of $10, which is roughly equivalent to 500 Pesos. Although 500 pesos may not appear to be a large sum to most investors, it is a sizeable amount to most Filipinos for just one trade. Pdax distinguishes itself from its competitors by having a low minimum trade size. You can open a position on Pdax's for as low as Php 50, making it affordable for almost anyone to trade crypto. Although other assets within Pdax have higher than fifty pesos minimum trades, it is still considerably lower compared to other exchanges.

What is the minimum order size that I can place on PDAX?

1. Minimum Trade Value - The minimum trade value on PDAX is PHP 50 per trade.

2. Minimum Trade Quantity - The minimum trade quantity on PDAX varies per digital asset:

• BTC/PHP: 0.00002 BTC
• ETH/PHP: 0.0005 ETH
• XRP/PHP: 2 XRP
• BCH/PHP: 0.002 BCH
• LTC/PHP: 0.005 LTC
• USDT/PHP: 1 USDT
• USDC/PHP: 1 USDC

Things Pdax Needs to Improve

Now that we've covered the benefits of Pdax, let's take a look at the drawbacks of this exchange. If you check the chart above, you will notice there are just seven assets available on Pdax. If we remove the two USD coins, you will be left with five cryptos, limiting Pdax users' ability to trade other rapidly growing cryptos. Although they have 5 of the top 10 cryptocurrencies on their exchange, they have excluded some of the most promising coins from their platform. If you are into altcoin trading, there is a possibility you will find this exchange limiting.

The next factor to consider is trading fees, which will affect your return if you trade multiple times per day. Compared to the biggest crypto exchanges, Pdax's trading fees are expensive. Some of the biggest crypto exchanges charge only 0.1% trading fees and, some even charge as low as 0.02% if paired with coupons and referral codes.

How much are the trading fees on PDAX?

• Taker Order - 50 basis points or 0.5%
• Maker Order - 40 basis points or 0.4%

After delving into all the pros and cons of Pdax, I believe its strength is catering to people who want to start investing in cryptocurrencies with a small amount. It offers one of the lowest minimum trades that won't break the bank. If you are interested in opening an account, please visit https://pdax.ph/ to register an account on Pdax and use my referral code REF-4af873f1bc4f to receive Php20 worth of bitcoin.