Frequently Asked Questions About PDAX FX*

1. What is PDAX FX*?

PDAX FX* allows PDAX users to seamlessly convert PHP or other assets into foreign-denominated stablecoins, providing access to additional PDAX products that typically require foreign fiat currency.

2. How does PDAX FX* work?

When you hold PDAX FX*, you’re effectively holding a corresponding amount of a stablecoin of the same denomination. PDAX FX* allows users to access the value of the relevant foreign currency without needing to physically hold or store it.

Each unit of an FX* asset represents one unit of a stablecoin (the “Reference Asset”) selected by PDAX, listed on the PDAX Platform, and of the same denomination as the corresponding FX* asset. 

3. Do I actually own the foreign-denominated fiat currency?

No. You do not directly hold any fiat currency linked to the FX* asset. Instead, you hold stablecoins as Reference Assets reflecting the value of such fiat currency. This means you have access to the value of such fiat currency which you may use to purchase products that typically require foreign fiat currency.

4. Can I convert my PDAX FX* asset into a foreign-denominated fiat currency?

Yes, there is a functionality to convert your USD* to USD and have this withdrawn to your bank account. For more information, please see the PDAX FX* Product Disclosure page.

Note: This functionality is not yet available for EUR*.

5. How can I get a PDAX FX*?

It depends on which PDAX FX* asset you want to get.

USD* 

To get USD*, you can:

1. Convert from Philippine Pesos (PHP): Cash in with PHP through InstaPay QR or other available methods, then convert your PHP to USD* directly in the FX* module on your PDAX app. 

2. Direct (US dollars) USD Deposit: Cash in with USD through Direct Deposit. When you make a direct USD deposit into your account, the amount received by PDAX, excluding any bank fees and charges, is automatically converted into USD*. 

3. Convert from USD-denominated stablecoins: For specified periods, PDAX users can swap eligible USD-denominated stablecoins for USD* through the FX* module. For the list of eligible pairs when this method is available, you may check the PDAX app.

EUR*

To get EUR*, you can:

1.  Convert from PHP:  Cash in with PHP and convert it to EUR* directly in the FX module on your PDAX app. 

6. How is the price of PDAX FX* determined?

Each PDAX FX* represents one unit of its Reference Asset, so its price is based on the prevailing market price of the Reference Asset at the time of conversion. 

The Reference Asset for each FX* asset is listed on the PDAX FX* Product Disclosure page. How the price is applied depends on what you convert from:

• Conversion from or to PHP: Your PHP is converted to or from the corresponding FX* asset based on the prevailing market rate of the Reference Asset against PHP, which generally follows the exchange rate between the foreign currency and the Philippine peso.

• Conversion from or to a foreign currency: Your fiat currency  is converted to or from the corresponding FX* asset based on the prevailing rate between the fiat currency and the Reference Asset, at the time of cash-in or cash-out.

• Conversion from stablecoins: Your stablecoins are converted to the corresponding FX* asset based on the prevailing rate between the relevant stablecoin and the Reference Asset, at the time of conversion.

7. How can I use PDAX FX*  to buy foreign-denominated products on the PDAX Platform?

Currently, you may use USD* to buy Retail Dollar Bonds (RDBs) on the PDAX Platform. For more information on how to do this, please see the Allowed Trading Pairs Overview page. 

You may also use your USD* to join PDAX’s EarnUSD* Rewards Program. 

8. What is the minimum buy amount?

The minimum conversion is 1 USD for USD* and 1 EUR for EUR*, or the equivalent amount in PHP or eligible stablecoins at the prevailing conversion rate.

9. How do I sell my PDAX FX*?

1. Go to the FX* tab and select the trading pair (e.g. USD*/PHP or EUR*/PHP).

2. Enter the amount of PDAX FX* you want to sell or the PHP amount you want to receive, and tap Sell.

3. Review the order details on the confirmation page

4. Tap Confirm. The PHP amount will be credited to your PDAX account, and you can cash it out through any of PDAX’s cash-out channels.

To learn more about PDAX FX*, see the PDAX FX* Product Disclosure page

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Disclaimer:

The contents herein are provided for general informational purposes only and should not be considered as definitive legal, business or tax advice. Trading with any financial product or digital asset (including cryptocurrency) is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis. 

Prospective purchasers or sellers of financial products should consult their own counsel, accountants or other advisors as to legal, tax, business, financial and related aspects of the purchase of such financial product, among others. PHILIPPINE DIGITAL ASSET EXCHANGE (PDAX), INC. does not guarantee the performance, and the technical and financial integrity, of the digital assets and their ecosystems, and, to the extent allowed by law, shall not be responsible for any loss sustained by the customer.

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or concerns, please contact us through the following channels: Webchat: https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. 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.

PHILIPPINE DIGITAL ASSET EXCHANGE  (PDAX), INC. is supervised 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: consumeraffairs@bsp.gov.ph; Webchat: https://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.