Crypto Mastery: Buying Cryptocurrencies in PDAX using GCash in 2023
Discover how to make crypto asset purchases and sales through GCash using PDAX.
With Bitcoin becoming legal tender in more and more countries (such as El Salvador), investing in cryptocurrencies becomes more important. As far as cryptocurrencies are concerned, we at the Philippines follow a laissez-faire policy. It tends to be treated as a security by our BSP, even though they are often stricter with money laundering rules.
In this quick guide, we’ll show you Buying Cryptocurrencies in PDAX using GCash. This collaboration between two trusted platforms offers you a simple and secure way to invest in cryptocurrencies, making it accessible to everyone, regardless of your level of experience. Let’s dive in and discover how to harness the power of crypto with ease.
As I’ve already discussed, the Philippine Digital Asset Exchange or PDAX is another channel we can tap into to purchase cryptocurrencies.
PDAX is quietly surpassing Coins.ph in terms of adoption in the Philippines, with more coins supported than Coins.ph did. Recently, we have supported the following coins: LINK, BAT, AAVE, UNI, GRT, COMP, and ENJ. You can read about these coins on Coinmarketcap if you want to learn more.
When a trading glitch caused PDAX to lock all user funds earlier this year, the exchange experienced growing pains. Since then, the company has apologized and promised to be more transparent.
In what ways is PDAX an advantage over Coins.ph?
In contrast to Coins.ph, which combines an exchange with a wallet and ecosystem, PDAX is only an exchange. Cryptocurrencies can be traded and invested on the exchange since it is an exchange.
Due to its stable coins, such as Tether and USDC, PDAX is also more flexible as an exchange. Besides enabling more flexibility, stablecoins are a great way to leverage De-Fi (decentralized finance), since many products (especially decentralized exchanges) use stablecoins in their liquidity poolsBesides enabling more flexibility, stablecoins are a great way to leverage De-Fi (decentralized finance), since many products (especially decentralized exchanges) use stablecoins in their liquidity poolsBesides enabling more flexibility, stablecoins are a great way to leverage De-Fi (decentralized finance), since many products (especially decentralized exchanges) use stablecoins in their liquidity pools.
GCash cryptocurrency buying guide
GCash acceptance is now available through Paymongo, one of PDAX’s cash-in options.
The PDAX app takes you through the following steps:
- You can access your wallet by clicking the Wallet button on the main page of the app.
- You will be redirected to the Cash In page once you select the “Cash In” button beside the PHP asset box on the Wallet page.
- The GCash Wallet can be selected under the E-Wallet tab on the Cash In page.
- Click the next button after entering the amount in the GCash Cash In page. The convenience fee is included in the fee you must pay on top of what you need to pay.
- To initiate an online payment with GCash, confirm the Cash In.
- The one-time password must be entered in conjunction with your GCash credentials. Payment confirmation on the GCash side is available after authentication.
- The new balance of your Portfolio will appear after payment has been made.
From Portfolio, click on Crypto Assets supported by WallelGCrypto/PDAX.
A crypto asset supported by GCrypto/PDAX
A coin is the primary unit of information in a blockchain, unlike a token which is the secondary unit. The coins track all transactions and information. However, tokens are real-world applications that are developed on top of blockchains, and they are backed by their underlying coins.
In order to keep track of transactions and information, projects create tokens instead of building a new blockchain. Using existing blockchains is all they need to do.
Cryptoassets whose names match the blockchain names are coins of that blockchain, as shown below. As a token, it’s nothing more than that.
FAQs
The convenience fee is how much?
Is GCash cash out also supported by PDAX?
In PDAX, how can you get instant payment?
To transfer funds into GrabPay, you must first transfer funds from your GCash wallet. You should take note that using GCash does come with a Php 15 fee since bank transfers use Instapay. A total fee of Php40 should be charged after adding the PDAX cash in fee of Php25.
This is a very good alternative if this fee is much cheaper than the 3% you would have paid to cash in direct with GCash (i.e., Php 40 / 0.03 = Php 1,333). When you plan to withdraw more than Php 1333, GrabPay is the way to go.
Will PDAX validate my data?
Conclusion
In our conversation, we discussed GCash as a method of cashing out on PDAX. Paymongo payments are used for cash-in. In the Philippines, PDAX is the number one exchange for cryptocurrencies.
Keep in mind the fees if you plan on cashing in.
