Pax Gold (PAXG) is a cryptocurrency asset backed by physical gold. Since PAXG is tied to a real valuable asset, it is a popular choice among dedicated crypto investors. On social media alone, hundreds of beginners have started asking questions like “how to buy Pax Gold (PAXG)” and “where to buy Pax Gold.”
If you want to buy PAXG but don’t know where to start, you’ve come to the right place. This article will cover the basic steps of buying PAXG, as well as other important topics.
Pax Gold (PAXG) Buying Guide
Step 1: Find An Exchange That Supports PAXG
To start buying PAXG, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support PAXG.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 300+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.020%*-0.070%*
- Sign-up bonus: 5% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 250+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.1%*-3%*
- Sign-up bonus : Up to $100 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying PAXG, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy PAXG Officially?
Learning how to buy PAXG is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the PAXG ticker. You can also look directly for PAXG trading pairs to save time. Afterwards, just enter the amount of the PAXG tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Pax Gold (PAXG)
Pax Gold (PAXG) is an ERC-20 cryptocurrency backed by gold. It is launched by the Paxos Standard in September 2019, attracting hundreds of serious investors worldwide. Since Pax Gold (PAXG) is available on different exchanges, it offered an easy way for people to invest in gold.
Here are the best qualities of Pax Gold (PAXG):
- Gold trading accessibility
- Fast and efficient Paxos Wallet
- Low transaction fees
- Redeemable for LBMA (London Bullion Market Association) gold bars
- Token flexibility
- Regulated by the New York State Department of Financial Services
Pax Gold is currently being traded on different cryptocurrency exchanges. Crypto experts believe that Pax Gold is a really useful asset but it still has a long way to go. Once PAXG reached mass adoption, many investors will be able to join the thriving gold market immediately.
How Does PAXG Work?
PAXG, the main token of Paxos, can be used for trading, staking, and asset exchange. Whether you’re a beginner or a seasoned investor, you can always use PAXG to grow your cryptocurrency investments because of the token’s sensitivity to price movements. PAXG is also highly stable because it is backed by physical gold.
What Makes Pax Gold (PAXG) Unique?
Pax Gold is one of the few cryptocurrency tokens affected by the market trajectory of real-world assets. Many people rely on PAXG because it is supported by physical gold, offering dynamic opportunities for trading and investing.
Currently, regular traders and users will have a hard time participating in the gold market. It’s difficult to move a gold bar because of its price, weight, and fragility. Gold traders also have to worry about security matters, especially in highly populated areas. Pax Gold greatly mitigates the risk by allowing traders to move portions of gold represented by PAXG. Investors don’t have to worry because each PAXG token is supported by a small fraction of a London Good Delivery gold bar.
Pax Gold is also monitored by its mother company, Paxos. The company ensures that the PAXG ecosystem is secured, well-maintained, and definitely available to thousands of traders worldwide.
Who Are the Founders of Pax Gold (PAXG)?
The founder of Pax Gold (PAXG) is Charles Cascarilla. Due to Cascarilla’s extensive career in capital management, he was able to lead Pax Gold to the pinnacle of early success. Charles Cascarilla is also the current CEO of Paxos – the company behind the distribution of PAXG.
What Are the Use Cases of Pax Gold (PAXG)?
Pax Gold has simple use cases related to asset exchange and direct trading. Understanding PAXG’s use cases will help you make better investment decisions in the long run.
Here are the common use cases of PAXG:
- Speculative trading
- Long-term investment
- Medium of exchange
- Payments for goods and services
- PAXG staking for continuous rewards
Who Builds on Pax Gold (PAXG)?
Pax Gold (PAXG) is meant for dedicated investors who are looking for a secured cryptocurrency tied to a stable asset. Since PAXG is backed by gold, investors don’t have to worry about massive price fluctuations every now and then. Even if cryptocurrencies are volatile, Pax Gold maintains a stable ground that will help investors in growing their portfolios. Additionally, PAXG can be used as payment for different services and goods.
Official website: https://paxos.com/paxgold/
Essential Points of the Pax Gold (PAXG) Whitepaper
The Pax Gold Whitepaper explained the structural design of the PAXG cryptocurrency. Some of the topics covered by the paper are PAXG allocation, mechanics, technology, and tokenomics.
These are the strong points of the Pax Gold (PAXG) Whitepaper:
- PAXG value backed by gold
- PAXG smart contract implementation
- Low barrier to entry ($15)
- Seamless token verification
- Asset protection mechanism
- Paxos partnerships
- Paxos monitoring tools
The Best Cryptocurrency Wallet for PAXG
After knowing how to buy PAXG, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for PAXG?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of PAXG wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade PAXG right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy PAXG, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Pax Gold (PAXG)
Do you want to learn more about Pax Gold (PAXG) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Pax Gold (PAXG)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments