How to Buy PAX Gold (PAXG)

Looking to buy PAX Gold to add to your portfolio? You can buy PAXG on Binance (or Binance.US) or Crypto.com.

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paxg

PAX Gold

$2626.65*

^*prices delayed up to 10 minutes

0Buy PAX Gold

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Did you know that you don’t need a safe full of gold coins to invest in gold? With the emergence of platforms like PAX Gold, investing in gold has become more accessible, affordable and convenient than ever before. PAX Gold allows investors to purchase digital gold tokens that are backed by physical gold stored in secure vaults, making it easy to buy, hold and trade. This innovative approach means you don't have to deal with the complexities of having traditional gold as an investment, such as storage, security or liquidation risks. Learn more about how to buy PAX Gold and invest in the gold market with our guide for beginners. 

How to Buy PAX Gold (PAXG)

1. Open an Online Account

Before you can buy or sell PAXG, you need to open an account with a cryptocurrency broker or an exchange that supports PAX Gold trading. To create an account, first visit the official website or download the app of your chosen platform. Once there, click on the "Sign Up" or "Register" button to begin the process. You will be prompted to enter your email address and create a secure password. After submitting this initial information, you will typically need to verify your identity, which may involve providing personal information such as your full name, address, and date of birth, along with uploading identification documents like a passport or driver's license. This verification process is essential for ensuring compliance with regulatory requirements and enhancing the security of your account.

2. Fund Your Account

When funding your trading account, it's important to understand the various payment methods available, which can differ based on the platform you choose. Many trading platforms allow you to fund your account with existing crypto or a transfer from your bank account, but some also allow you to buy crypto using a credit card. To fund your account, simply follow the instructions for your selected payment method, input the amount you wish to deposit, and confirm any applicable transaction fees.

If you prefer to deposit crypto, you need to generate a wallet address from the cryptocurrency exchange, and carefully copy it to ensure accuracy. Then, send your funds from your personal crypto wallet, taking extra caution to verify both the address and amount to avoid any potential loss of your assets.

3. Purchase PAX Gold (PAXG)

Navigate your portfolio and search for PAX Gold. PAX Gold trades under the ticker “PAXG,” which represents its token. Just like when trading stocks, you can tap into multiple types of orders that you can use to buy and sell crypto. Select your order type and calculate the amount of PAXG that you want to buy. Don’t worry if you can’t afford to buy an entire PAXG token. Your broker will allow you to invest in a fraction of a token according to the amount of money you have in your account. From here, your broker will fill your order on your behalf and deposit your tokens into your account.

What is PAX Gold?

PAX Gold is a commodity-based cryptocurrency and stablecoin backed by gold. Each one of PAX’s tokens, PAXG, is backed by 1 fine troy ounce of gold. Unlike most cryptocurrencies, Paxos acts as both a trust company and a gold custodian, with regulation from the New York State Department of Financial Services.

If you own PAXG, you have the right to ownership of gold held under the Paxos Trust Company. You can redeem your PAX Gold tokens for gold bullion bars held under custodianship of Paxos or through a network of physical gold retailers located throughout the United States and Canada if you own a small amount of PAXG. 

Brief History of PAX Gold

PAX Gold was introduced in September 2019 to provide investors with a more convenient and affordable way to invest in gold without the risks and expenses that come with owning and storing physical gold. Since its introduction, the PAXG token has seen a significant rise in both price and total market capitalization as an influx of new investors enter the gold market. PAX Gold currently forms the 107^th largest crypto project with a total market capitalization of about $476 million and a daily token trading volume of about $9 million.

Where to Buy PAX Gold (PAXG)

If you aren’t sure where to start your search, consider a few of our top choices below. 

How to Store PAXG Safely

Now that you know exactly how to buy PAXG, you need to know how to store it safely. A cryptocurrency wallet involves a device or software program that provides you with a private set of keys that you can use to store your coin and token investments. If you don’t plan to actively trade your PAXG, it’s usually a good idea to keep your investment out of your brokerage account and in a private wallet. Private wallets keep your investments safer in the event that your brokerage is targeted in a hack.

You can use a range of both hardware wallets and software wallets to store PAXG, as the token runs on the Ethereum network. Explore a few of our favorite ERC-20 hardware and software wallet solutions below. 

• Best Hardware Wallet: Ledger Nano S

The original cryptocurrency hardware wallet, the Ledger keeps your tokens safe using offline cold storage. The Ledger Nano S provides you with an all-in-one solution for your token and coin storage, with support for both independent blockchain projects (like Bitcoin and Litecoin) as well as ERC-20 tokens (like PAX Gold and Chainlink).

• Best Software Wallet: Coinbase Wallet

The Coinbase Wallet is a free software wallet for storing cryptocurrency, compatible with both iOs and Android devices. It supports all ERC-20 tokens and allows easy fund transfers using usernames instead of wallet addresses. The wallet also supports ERC721 collectibles and decentralized applications (dApps).

Trade, Sell or Convert Your PAXG

When you see your PAXG in your account, you need to decide how you want to earn a return on your investment. You usually have three options and the best choice will vary depending on the long-term price movements of PAXG.

• Trading: When you trade PAXG, you strategically exchange your PAXG for another cryptocurrency or fiat currency when the price of PAXG is high. When the price of PAXG falls, most traders convert their base currency back to PAXG. You can use this method to accumulate more PAXG, or you can sell your profits for fiat currency.
• Selling: If you believe that the price of PAXG will rise in the long term, you can store your tokens out of your brokerage account in a secure private wallet. When the price of the token reaches your price target, you can transfer the tokens back to your exchange wallet and sell them for fiat currency.
• Converting: Select exchanges (like Uniswap and Changelly) allows users to instantly convert one ERC-20 token for another. If you search for a token that isn’t available on standard brokerages, you may want to consider using PAXG as a medium to swap it on one of these networks. 

Current Crypto Prices

PAX Gold (PAXG) is directly linked to the price of gold, which can fluctuate due to factors such as federal policies, supply and demand, economic conditions, inflation, currency changes and investor confidence. The value of your PAXG may also influence the movements of the general cryptocurrency market. Track today’s top market movers using the chart below.  

Is PAX Gold a Good Investment?

If you’ve been considering adding precious metals to your investing portfolio but you don’t want to undergo the risks that come with storing gold on your property, an investment in PAXG can provide a more convenient way to invest. As an alternative asset, gold has long been used as a hedge against inflation. PAXG allows you to digitally store your protective investments. You might also want to consider investing in a gold ETF to add an extra layer of exposure to the gold market.