Summary of Reddit Comments on "PDAX" Query

PDAX Overview

PDAX is a crypto exchange platform where users can trade cryptocurrencies like Bitcoin and stablecoins.
Users may face issues with spread rates, glitches, and system maintenance on PDAX.
The platform seems to have limited customer support and accountability for glitches or errors.
Using PDAX for spot trading is common, but day trading may not be ideal due to high buying and selling spread rates.
Some users recommend diversifying assets across different platforms to avoid potential risks.

Holding large amounts on exchanges like PDAX may pose risks in case of platform bankruptcy or technical issues.
It is advisable to transfer cryptocurrencies to hardware wallets instead of keeping them on exchanges for enhanced security.
Users express concerns over the lack of protection or insurance for PDAX accounts and assets from Philippine regulators.

Consider using other exchanges like Coins.ph, Binance, Bybit, or OKX for trading and holding cryptocurrencies.
Coins.ph is mentioned as a reliable platform with low fees and good liquidity.
Binance is suggested for day trading, while Coins.ph and other platforms are recommended for long-term holding.

Some users discuss the 10% APY promotion on PDAX until July 31, noting it may not be worth the hassle after the promo ends.
There are varying opinions on the level of risk associated with holding assets on PDAX due to glitches and accountability issues.

Users share mixed experiences with PDAX, with some expressing trust in the platform while others advise caution.
Recommendations include using stablecoins on PDAX for holding and transferring funds with ease.
A hardware wallet like Trezor or Tangem is suggested for added security when holding cryptocurrencies.

Users highlight the importance of understanding crypto concepts like Proof-of-Work and owning private keys for security.
It is advisable to be cautious and consider multiple factors before using a crypto exchange for trading or holding assets.