Getting started with PDAX’s 9 new cryptocurrencies
August 30, 2022
As part of its continuous effort to improve its services and product offerings, PDAX, the country’s leading crypto exchange, today unveils 9 new cryptocurrencies available on the PDAX mobile app.
These new digital assets bring to 34 the total number of cryptocurrencies available on the BSP-supervised exchange. Whether you are an experienced trader or you are just starting out in the world of crypto, these new tokens can serve as additional options that you can consider in your journey towards wealth generation.
But before diving headfirst into the crypto space, we listed down some of the things everyone is eager to know.
What are the new cryptocurrencies you can trade on PDAX mobile app?
The newly listed tokens are ApeCoin (APE), Algorand (ALGO), Binance USD (BUSD), Pax Gold (PAXG), Decentraland (MANA), The Sandbox (SAND), Gala (GALA), Green Satoshi Token (GST) and STEPN (GMT).
What are the new cryptocurrencies used for?
ApeCoin (APE) – an ERC-20 token that allows its holders to participate in the governance of the APE ecosystem associated with the Bored Apes Yacht Club.
Algorand (ALGO) – a blockchain that allows decentralized applications (dApps) to be built on top of it–similar to Ethereum.
Binance USD (BUSD) – a stablecoin pegged to the value of the US dollar and developed by the cryptocurrency exchange, Binance, in partnership with fintech company Paxos.
Pax Gold (PAXG) – a stablecoin backed by gold reserves, developed to make trading with gold faster and more accessible.
Decentraland (MANA) – the native token of the Decentraland metaverse, where users can own virtual NFT properties which they can monetize and trade with.
Sandbox (SAND) – the currency used within The Sandbox metaverse, where players can develop their own mini-game platforms and own and trade virtual real estate.
Gala (GALA) – a blockchain-based gaming ecosystem that is developed and owned by the gamers themselves.
Green Satoshi Token (GST) – the reward token on STEPN, the pioneering move-to-earn app where you can earn crypto simply by walking, jogging, or running.
STEPN (GMT) – the governance token for the move-to-earn fitness app, STEPN.
Where can I purchase and trade these new cryptocurrencies?
All these tokens are available on the PDAX mobile app and will be made available on the web exchange soon.
What do I need to trade these new cryptocurrencies?
The new coins are paired with PHPT, so you would need to convert your PHP to PHPT before trading. Conversion between PHP and PHPT is free of charge.
What is PHPT?
PHPT is the internal utility token for the PDAX mobile app. There is no blockchain or distributed ledger technology behind it and it is used only for trading with the newly launched cryptocurrencies and to differentiate from PHP which is used for cashing in and out.
How can I convert my PHP to PHPT?
- Deposit PHP to your PDAX account.
- Click the Trade icon at the bottom of your screen.
- Select the PHPT/PHP trading pair.*
- Enter the amount of PHPT you wish to convert. Alternatively, you may choose “Max” and the system will automatically calculate the PHPT amount for your maximum available balance. Then click Convert to proceed.
- Be sure to double-check your order details before tapping the Confirm button.
- Return to Wallet and click Recent Wallet Transactions to view your order’s status.
Currently, the PHPT trading pairs and trade activities are only available through the PDAX mobile app. PHPT-related transactions are currently not viewable in the web app (trade.pdax.ph).
How do I trade with these new cryptocurrencies?
- Sign in to your PDAX mobile app.
- Make sure you have enough PHPT balance.*
- Tap the Trade icon at the bottom of your screen, then select the cryptocurrency you wish to buy or sell.
- Enter the amount of PHPT you wish to trade for the selected cryptocurrency. Alternatively, you may choose “Max” and the system will automatically calculate the PHPT amount for your maximum available balance.
- Tap the Convert button.
- A new window will appear asking you to confirm your order. You will see the quoted price which will automatically update every 15 seconds.
- Click Confirm.
- Return to Trade and tap the clock icon at the top right to view the status of your order.
Currently, the PHPT trading pairs and trade activities are only available through the PDAX mobile app. PHPT-related transactions are currently not viewable in the web app (trade.pdax.ph).
What are the supported networks for deposits and withdrawals for these new cryptocurrencies?
How can I withdraw PHPT?
You must first convert PHPT to PHP using your mobile app before withdrawing it.
Here are the step-by-step instructions:
- Sign in to your PDAX mobile app.
- Tap the Trade icon at the bottom of your screen
- Select the PHPT/PHP trading pair.
- Enter the amount of PHPT you wish to convert. Alternatively, you may choose “Max” to convert all of your available PHPT balance.
- Tap the Convert button.
- Be sure to double-check your order details before tapping Confirm.
- Return to Wallet and click Recent Wallet Transactions to view your order status.
Where can I see my PHPT transactions?
The PHPT trading pairs and their historical trading activities are available on the PDAX mobile app.
Are there any limits on converting PHP to PHPT?
There is a minimum amount of 50.00, but no maximum amount.
How long will it take to convert PHP to PHPT?
The conversion may take up to a minute. Please check your Wallet History for the status.
Are there minimum and maximum trade quantities for each cryptocurrency?
What are the quantity steps for the new cryptocurrencies?
What are the price steps for the new cryptocurrencies?
How much is the fee to trade the new cryptocurrencies?
There are currently no trading fees for all the new cryptocurrencies. PHP to PHPT conversions and vice versa are also free.
How much is the network fee to withdraw the new cryptocurrencies?
What are the minimum and maximum withdrawal limits for the new cryptocurrencies?
Why are my new cryptocurrency purchases not appearing in my portfolio?
Orders may take a minute to process and reflect in your portfolio. You can check the status of your order in Trade History.
Why can’t I buy the new coins for their minimum amount in pesos?
The minimum price is based on the price multiplied by the minimum order quantity. The price of the coin may have increased, but the app has not received the updated price, causing the quote to fail.
How do I set a price when trading the new coins?
Limit orders are not yet available for these new trading pairs.
Is it possible to send the new coins held in my PDAX wallet to another PDAX wallet address?
Yes! Transferring new coins from one PDAX wallet to another is free of charge.
Please note that you may see the total amount quoted with an additional transaction fee before sending your coins to another PDAX wallet. But don’t worry, the receiving PDAX wallet will still get the total amount after the transfer.
Why am I getting errors when viewing my GMT or GST wallet address?
We are aware of an issue that causes users to experience an error when viewing their GMT or GST wallet address. Please be patient while we work to resolve this. For the time being, you may view your SOL wallet address before viewing your GMT or GST wallet address.
Should you have any questions or concerns, please don’t hesitate to contact us anytime.
Ready to start with crypto?
Start your trading journey by downloading the PDAX mobile app.
DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
