PDAX announces the roll out of the new Pro mode feature on its mobile app to cater to more Filipino traders amidst the growing cryptocurrency adoption in the country.
In a press release, PDAX said the new version of its mobile app will allow users to freely switch between Pro and Basic mode via a toggle feature available on the trading pair page for the cryptocurrency.
The picture below shows Basic mode:
The Basic mode has a “convert” mode to immediately convert PHP to Crypto or vice versa. Another option instead of “Convert” is “Set Price” so the user can specify their preferred buy or sell price.
Clicking the toggle button (bolt icon) in the upper right corner will switch it to Pro mode:
Pro mode allows the user to see the 1) order book, 2) the depth chart and 3) place limit orders. The depth chart displays the volume of orders on different prices on the order book. Traders view this as an indicator on where the buy and sell zones are.
Pro mode also allows the user to place a market order or a limit order directly from the order book. If the user buys via “market order,” the crypto will be sold based on the market price (or the last time it was sold on the platform). When the user places a “limit order,” the order will only execute once the market reaches the user’s specified buy or sell price.
The mobile version is missing some features like key technical indicators but according to PDAX COO Kyle Kua, the platform is in the process of developing several features in response to requests from its growing user base. “Understandably, we will pace the roll out of these features, but we invite our users and fellow Filipinos to join as we continue on this journey towards a more inclusive financial system.”
Bitcoin and the entire cryptocurrency market is at its most volatile so far this year. The benchmark crypto has tumbled more than 50% from its all-time high of $64,805 50 to $30,000 last May 19. It;’s stil, however, up 32% since the year began and 250% in the last 365 days. According to the Bangko Sentral ng Pilipinas, the volume of virtual currency transactions is expected to increase this year after increasing five-fold in 2020 mainly because of the surge in the crypto prices and broadening regulations.
Thus with the expected increase in users looking into cryptocurrencies, licensed virtual asset service providers (VASPs) are ensuring their platforms can keep up with the demand. For PDAX, which has an order book exchange, it was necessary that it can cater to both traders and beginners alike. With this, PDAX also launches a new campaign called #StartWithPDAX to emphasize that the platform can be used by any Filipino at any point in their crypto journey, whether they are a beginner, a hodler, or a professional crypto trader.
Kyle said one of the key challenges for users is to find a platform that caters to their needs at every point of their crypto sophistication. A beginner may be needing only an app with a “convert” function to quickly exchange Pesos for BTC. As the beginner gradually becomes more experienced and sophisticated, they will be more comfortable setting their own limit buy and sell orders. PDAX wants its trading platform to be simple to a beginner user and at the same time, sophisticated to the experienced trader.
“We aspire to build a platform that caters to the needs of different traders. For beginners, they should feel at ease in using PDAX; for the experienced, they will enjoy the new features and tools we are set to release over the coming months,” Kyle said.
PDAX has available trading pairs for the following cryptocurrencies: BTC, ETH, XRP, USDT, USDC, LTC, and BCH. The press release stated the platform is working on adding more tokens to the exchange as well as more tools and features to provide a better experience for its users.
This article is published on BitPinas: PDAX Rolls Out Pro Mode and #StartWithPDAX Campaign