PDAX Launches Its Crypto Trading App!

I started trading cryptocurrencies in PDAX this midyear and after months of using it, I could attest to how easy it is to facilitate Peso cash-in/cashouts and trading transactions within the platform. And boy was I really excited after receiving the news that PDAX is finally releasing its mobile app version!

Having the app does not only help in keeping tabs on my crypto investments but also makes crypto trading far more accessible than before. 

The PDAX App is available and can be downloaded on both the App Store and Play Store.

The PDAX app is actually very simple, straightforward, and user-friendly. I never encountered any issues so far. Still, I would love to walk you through the app to make sure you do not miss the important details. 

But before anything else, let me reiterate some of the basic concepts of cryptocurrency. I know most of you are already conversant with its use case. But if you’re still a beginner, this might help you understand a bit more about this virtual currency:

What is Cryptocurrency?

Cryptocurrency is a combination of two root words:

Crypto + Currency = Cryptocurrency

Now, let’s define each:

• Crypto = It is the short term for Cryptography. It simply is the art of writing and solving codes.
  
• Currency = It is generally accepted as a mode of payment in exchange for goods and services. In short, it is money! moolah! Kaching!
  
  

Now, have these two terms combined and you’ll understand that a cryptocurrency is just a form of money that is written in codes. You can’t physically touch it since it is purely electronic!

What is Bitcoin?

Bitcoin is the first cryptocurrency ever created by an anonymous folk under the pseudonym Satoshi Nakamoto. It primarily serves as digital cash and can also be considered a store of value. Bitcoin was made in such a way that it can never be faked, copied, or spent twice! 

What is Blockchain?

A blockchain is like a diary or a spreadsheet containing all the information of every transaction made in every single Bitcoin or any other cryptocurrency. Except it’s all digital. Each transaction is recorded in a “block” while each block is linked or “chained” to one another, hence the term blockchain.

If you want to know more about cryptocurrencies, you can read my ultimate guide about bitcoin and cryptocurrency as well as the four major ways on how to trade cryptocurrencies in the Philippines. 

In case you missed it, I also made an in-depth guide on how to trade cryptocurrencies on the PDAX platform. If you’re new to PDAX, you can use my code pinayteenvestor to receive PHP 30 rebate with a minimum cashin of PHP 1,000.

Cryptocurrencies Available on PDAX

At this moment, you can trade six of the major cryptocurrencies on PDAX. The following cryptocurrencies are listed at the moment:

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

PDAX Mobile App Interface

The app has just been released and we’re yet to see other important features being added in the coming weeks. But as of this moment, I was in awe to experience how easy it is to navigate through the PDAX app. In fact, I honestly think that the app’s interface is more beginner-friendly than its web version. 

Now, let’s delve into the app itself.

Portfolio

After logging in, your portfolio balance — both in Peso and digital assets, is immediately shown. You can also upgrade your PDAX account under the portfolio tab if you wish to further increase your cash-in and cash-out limits. 

Trade

Under this tab, you can see the real-time prices of the 6 tradable cryptocurrencies. Clicking the ticker enables you to buy/sell the crypto of your choice. Once you select one, say BTC for example, you’ll be able to see your available PHP balance that can be used to buy BTC. You can also see your current BTC holdings, which can be sold anytime you like. 

The real-time price per bitcoin is also shown. Take note, however, that the price of BTC is different when you click the BUY and SELL buttons. The buying price is slightly higher than the selling price. The difference or slippage between these prices is what we call the SPREAD. 

You can directly input the quantity of the assets you want to buy/sell. You also have the option to choose among the clickable percentages to automatically allocate a portion of your virtual assets to buy/sell. I actually find this feature commendable as I have a fat finger that usually types the decimals by mistake. 

After inputting the quantity you want to transact, the order amount, fees, and total amount will be shown in the lower part. Keep in mind that there is a minimum amount required to make your buying/selling transaction successful.

As of this moment, you can execute market orders on the PDAX app. Meaning, once you input the quantity and hit the buy/sell button, you are buying/selling at the current market price. Probably sooner, we’ll be able to execute limit orders or the ability to set a desired buying/selling price just like that in their web version.

Wallet

In the wallet section, you can do the external non-trading transactions like cashing-in/out of your peso funds or crypto assets. 

Executing external peso transactions is pretty intuitive enough. Just thoroughly follow the instruction of the cashin/out method you find the most convenient to execute. 

On the other hand, performing external transactions for your crypto assets can be quite tricky if it’s your first time. 

Each crypto asset has different wallet addresses so make sure to copy the correct wallet address of the asset you wish to send/receive. Otherwise, you’re just throwing your funds down the drain since crypto transactions are irreversible. 

You can directly copy/paste crypto wallet addresses on the app but I suggest to transact using the QR Codes for more convenience and lesser errors.

Also, keep in mind that if you’re transacting with XRP, you have to take note of the destination tag aside from your wallet address. 

Another thing to keep in mind is you’re only allowed to transact up to P50,000 daily, P150,000 monthly, and P500,000 yearly unless you upgrade your PDAX account. 

Under the Wallet tab, you’ll be able to view five of your most recent wallet transactions. It can be either an internal buy/sell execution or an external fund transfer. This section is very important to verify whether your previous transactions are successful or not. To view your overall wallet history since you started your crypto trading journey on PDAX, just click the history icon on the top right corner. 

Account

The Account tab is where you can find your personal account information, change your password, set up a 2FA, or upgrade your account. The sections are pretty much self-explanatory but I would just like to stress out securing your account with a strong password.

Also, I strongly recommend putting a second layer of security to your account by activating the two-factor authentication (2FA) feature. 

Final Thoughts

The PDAX App has just been released recently but I was amazed how their team was able to pull off a fast, user and beginner-friendly, and a secured app in its initial version. Indeed, PDAX is able to live up to its advocacy to provide every Filipino easy access to financial services through digital assets. I’m just excited about how the app will evolve with added features in the coming weeks. 

If you have questions, you can address it directly their official Facebook community and get some helpful insights from the PDAX team and the PDAX users.