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.