Personal Development, Finance and Investing For Filipinos
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Buy and sell Bitcoin, Ether, XRP, and other cryptocurrencies.
Are you looking for a way to diversify your investment portfolio? Diversifying your portfolio helps you mitigate investment risks and make sure you achieve your financial goals without unnecessarily endangering your funds.
What is PDAX?
Philippine Digital Asset Exchange, more commonly referred to as PDAX, is a cryptocurrency trading platform that was founded in 2017 within the Philippines. It is approved by the Bangko Sentral ng Pilipinas (BSP) to work as a virtual currency exchange.
The PDAX exchange is meant specifically for the Philippine market and allows you to buy and sell cryptocurrencies like bitcoin and other digital assets at the foremost competitive global market prices using the Philippine peso (PHP) directly.
Is PDAX regulated by the BSP (Bangko Sentral ng Pilipinas)?
Yes, PDAX is regulated. It complies with all applicable laws and regulations set by the Bangko Sentral ng Pilipinas (BSP), also like other requirements set by the country's designated authorities.
Last September 2018, PDAX was granted a license to work as a virtual currency exchange by the BSP after it had been found compliant with the rules set under BSP Circular No. 944, Series of 2017.
This license allows PDAX to legally facilitate the exchange of Philippine peso (PHP) with cryptocurrencies, tokens, and other sorts of virtual currency within the country.
Who can open a PDAX account?
Anyone can open a PDAX account, provided that he or she is:
These conditions are implemented in compliance with applicable laws, policies, and regulations and are expressly stated in PDAX's Terms and Conditions, to with:
General Policy 1(b)
By signing up and opening an account with PDAX, you affirm that you are at least eighteen (18) years old, and have all the legal capacity to act and enter into an agreement with PDAX.
Restriction on clients from United States of America
You understand and agree that by opening an account, signing-up, or transacting, you confirm that you are not a citizen or resident of the United States.
How to open a PDAX Account?
1. Visit the PDAX website https://pdax.ph/
3. Click the confirmation link that will be sent to the email address that you provided to complete your registration. This link will expire in 24 hours.
4. Set a password for your account. Make sure that you comply with the minimum password requirements that it should be at least 8 characters and must contain letters. Click Set Password.
That’s it! Congratulations! Simple, isn't it? You have completed your PDAX account registration and are now ready to take on the world of cryptocurrencies and digital assets.
Can a foreign national open a PDAX account?
Yes, a foreign national can open a PDAX account.
In compliance with domestic laws and know-your-customer (KYC) requirements set by the Bangko Sentral ng Pilipinas (BSP) and therefore the Anti-Money Laundering Council (AMLC) of the Philippines, PDAX requires a foreign national who wants to open an account to present his/her Alien Certificate of Registration (ACR) to verify the legality of his/her stay within the country.
He or she must also be able to comply with all the requirements necessary to open a PDAX account. These include providing valid IDs and documents that are needed for KYC purposes to verify a user's identity.
For foreign nationals, PDAX accepts passports issued by their country of origin as a valid form of identification but not driver’s licenses issued under the same condition.
Who can open a corporate PDAX account?
If you want to open a PDAX account on behalf of an establishment, an organization, or a company that you represent, you will need to create a corporate account instead of an individual account.
In general, all legally registered entities can create a corporate account on PDAX. For more information on how to do this, please email PDAX at email@example.com.
How do I cash in?
1. Log in to your account. Click "$ Funds" and then click the "Payment In"
2. Select currency from the list to make Payment In. Click the "Cash In"
3. A new window will pop-up. Now, you can select your desire method to cash in Online Banking, E-Wallets, and Over-The-Counter. Follow the remaining procedures.
For Mobile App
1. Open the PDAX mobile app and log in to your account.
2. Tap the "Wallet" icon.
3. Once on your Wallet, tap the "Cash In" button.
4. Tap Online and select your preferred cash-in channel/method. Please take note that each payment channel/method has their own corresponding fees and waiting time.
5. Enter your cash-in amount and tap "Next."
6. Review your cash-in details and tap "Confirm" to proceed.
7. Enter your email address or mobile number where you want to receive further instructions on how to proceed.
8. If via email, click the link sent to your email address and follow the instructions pay and complete your cash-in transaction. If via mobile number, click the link sent to your mobile number via SMS and follow the instructions to pay and complete your cash-in transaction.
NOTE: In case you notice a discrepancy between the amount of your holdings in the PDAX mobile app and in the desktop version, kindly log out of your account and log in again. If the issue persists, please contact PDAX at firstname.lastname@example.org.
How do I withdraw my digital assets on PDAX?
PDAX urges all users to enable 2FA to avoid delays when withdrawing cryptocurrencies from their PDAX account. If 2FA is not enabled, all cryptocurrency withdrawal requests have to be manually approved for security reasons. This can lead to longer processing time especially if the request is made over the weekend or during the holidays.
1. Log in to your PDAX account. Go to "Funds". You can find this on the upper part of your screen.
2. Once you are on the Funds panel, select "Payment Out."
3. Select the digital asset that you want to withdraw and click the "Transfer Out to Wallet" button.
NOTE: Only the digital assets that you currently have in your Primary Wallet will appear on the Payment Out options.
4. Enter the wallet address of your recipient and make sure that you entered the correct details as requests to send/withdraw assets are irreversible once submitted. You will get a notification and an email once the assets are successfully transferred to the recipient’s wallet address.
5. Click "Payment Out."
Where to download PDAX Mobile Apps?
PDAX Mobile Apps are available at Google Play Store and Apple Store.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.