Users of Local VASP PDAX Can Now Use Limit Order Feature | BitPinas

Users of Local VASP PDAX Can Now Use Limit Order Feature | BitPinas

Time Stamp: June 20, 2024 5:50 AM

On June 10, Bangko Sentral ng Pilipinas (BSP)-licensed crypto exchange Philippine Digital Asset Exchange (PDAX) unveiled its limit order feature to allow crypto investors to set a specific price at which they want to buy or sell cryptocurrency.

What’s the Significance: The introduction of this feature enhances user control and aligns with global trading standards, where limit order is a common feature across exchanges.

  • Traders can specify buying or selling prices, manage multiple orders per token, and track order history conveniently
  • It’s a highly requested feature at PDAX, which transitioned in 2023 when it rolled a “system switch” to simplified trading.

Prior to the release: PDAX told BitPinas that the firm is in a constant dialogue with their community, and are collaborating on how they can offer an optimal trading experience.

How it works:

Photo for the Article - Users of Local VASP PDAX Can Now Use Limit Order Feature

Setting Up Limit Orders:

  1. Go to the “Limit” tab on the token trade page.
  2. Select the type of limit order (buy or sell).
  3. Indicate the limit price:
    1. BUY Limit Orders: Buy at the market rate or lower, but not above the market price.
    2. SELL Limit Orders: Sell at the market price or higher, but not below the market price.
  4. Input the total order amount.
  5. Click “Place Order”.

Viewing Limit Orders

Users can have up to 5 open orders per token at a time.

  • To view open orders, click the “Open orders” count button on the lower-left of the screen.
  • To view order history, click the clock icon on the upper-right corner.
  • To view order details, click the “Open” button for each order.
Photo for the Article - Users of Local VASP PDAX Can Now Use Limit Order Feature
Users of Local VASP PDAX Can Now Use Limit Order Feature | BitPinas

However: While the limit order feature offers greater control, users should remain vigilant of market fluctuations that may affect order execution.

What’s next: PDAX has indicated that in addition to introducing limit orders, the company is actively developing a lineup of upcoming features. 

Key Quote:

“This year we’ve launched a number of features that are a fruit of this open communication. We’re thrilled to announce the launch of limit orders last week, a feature our users have eagerly awaited. We hope that you give it a try and that you join the community to keep the conversation we started going.”

PDAX noted: “Our aim is to make investing easier and allow our users to simply do more with their hard earned money. Keep an eye on our social channels for upcoming announcements.”

Worth reading: Recently, PDAX also listed the tokens; $PEPE and the Solana-based version of $USDC.

Read more articles about PDAX on BitPinas.

[Disclosure: PDAX currently has a content collaboration partnership with BitPinas.]

This article is published on BitPinas: Users of Local VASP PDAX Can Now Use Limit Order Feature

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