PDAX System Switch FAQs
[This article was last updated on May 31, 2023.]
We've made some big changes across our entire platform to simplify your trading experience. We’ve taken into account many of your concerns and suggestions and are excited to roll out these upcoming upgrades to provide you with a more streamlined path towards achieving your investment goals.
Read on to learn more, and thank you for choosing PDAX as your preferred trading platform. We stay committed to providing Filipinos from all walks of life easy access to financial services through technology.
What is System Switch?
System Switch is PDAX’s biggest upgrade yet, which addresses many of the previous concerns with the trading and wallet experience on our platform.
As the name suggests, System Switch involves migrating several functions of our app to a more efficient backend system. This upgrade will help us provide you with a simpler and more reliable trading experience, and remove a number of complex processes previously encountered when using our platform.
This will also enable us to easily add more features and functionalities in the future, reducing maintenance downtimes whenever we update our systems.
What changes are going to happen with using the PDAX app?
System Switch will introduce the following major changes to the PDAX app:
- Use of PHP for all trading activities - We will be unifying our trading pair listings using only one peso-denominated token, designated as PHP. PHP will be used for all trading activities and for cashing in and out. You will be able to go about with your transactions with fewer steps as you will no longer have to keep separate balances of PHP and PHPT in your wallet. Nor will you have to convert between PHP and PHPT to access different cryptocurrencies, or to trade with digital collectibles. [*Note: It was previously announced that we will be discontinuing PHP and using PHPT for all transactions.]
- Simplified trading - Market orders will be used exclusively for all trades. Limit orders will not be available for the meantime.
- New user wallet addresses - Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT), USD Coin (USDC), XRP (XRP), Compound (COMP), Enjin Coin (ENJ), Aave (AAVE), Basic Attention Token (BAT), Uniswap (UNI), The Graph (GRT), and Chainlink (LINK) will be using new wallet addresses to accommodate the system changes.
- Unified trading platform - PDAX will now be exclusively running on the mobile app and on web.pdax.ph. Users will no longer be able to log in at trade.pdax.ph after May 31, 2023.
When will System Switch happen?
System Switch will be executed in phases throughout April and May of 2023. This is to minimize downtime and interruptions to your trading activities. The specific dates for implementation will be announced in advance through email and in-app notifications.
April 27 to April 28 (Completed)
- PHPT trading for ETH, USDT, USDC, GRT, LINK, LTC, and BCH
- Generation of new user wallet addresses
- Disabling of limit orders
May 8, 7:00 am to May 9, 3:00 am (Completed)
- PHPT trading for BTC, XRP, COMP, ENJ, AAVE, BAT, and UNI
- Generation of new user wallet addresses
- Disabling of limit orders
May 11, 7:00 am to 5:00 pm (Completed)
- Internal systems maintenance
May 29, 7:00 a.m. to May 31, 12:00 pm (Completed)
- Unifying cash-in and cash-out function under one peso-denominated token designated as PHP.
- Conversion of all PHPT balances to PHP.
What will happen to my pending limit orders?
All pending limit orders will be canceled upon implementation of Phase 1 (April 27) and Phase 2 (May 8) of System Switch.
Why do we need new wallet addresses for some of the tokens?
To streamline user experience, we also had to update wallet addresses to be compatible with the new system changes. It is important that you use the new wallet addresses and discontinue using the old wallet addresses to avoid losses when transferring your assets.
What will happen if I deposit crypto to my old wallet addresses on PDAX?
After the upgrade, the old wallet addresses will no longer be available. Sending tokens to the old addresses will result in the loss of your assets. Please make sure that you delete previously saved wallet addresses on other platforms to ensure you do not accidentally send your assets to your old wallets when depositing to PDAX.
I have assets stored in the old addresses. How will they be moved to the new addresses?
Your assets on PDAX which were previously stored in the old addresses will be automatically transferred to the new wallet addresses. You do not need to manually transfer your assets.
When will trade.pdax.ph be taken down?
PDAX will be exclusively running on the mobile app and on web.pdax.ph after May 31, 2023. You will no longer be able to log in at trade.pdax.ph after that date.
Where did my previous transaction history with some of the tokens go?
Your pre-Switch trade and wallet transactions with BTC, ETH, BCH, LTC, USDT, USDC, XRP, COMP, ENJ, AAVE, BAT, UNI, GRT, and LINK, as well as your PHP/PHPT conversion history, will no longer be viewable on the platform. However, you will be able to request for a complete record of your past transactions via email to firstname.lastname@example.org.
Can I now use PHP outside of PDAX?
PHP is PDAX’s internal utility token which represents users’ Philippine pesos holdings. PHP can only be used within the app, but can be cashed out directly into one’s bank account or e-wallet. PHP however, is not a stablecoin and does not have any blockchain support, which means it cannot be transferred to crypto wallets or to any other blockchain-based network or platform.
DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems. Any and all trading involving the digital assets are subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: email@example.com. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name.
The Philippine Digital Asset Exchange Inc (PDAX) is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: Email: firstname.lastname@example.org; Webchat: http://www.bsp.gov.ph (click webchat feature); Facebook: https://www.facebook.com/BangkoSentralngPilipinas; Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584; or SMS: 21582277 (for Globe subscribers only). For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.
PDAX is a BSP-licensed exchange where you can trade Bitcoin, Ethereum, and other cryptocurrencies directly using PHP!