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How to buy PAX Gold (PAXG)
Learn how to buy PAX Gold (PAXG) in our step-by-step guide.
PAX Gold (PAXG) is in the top 1,000 cryptocurrencies by market cap, valued at $432,071,923.
PAX Gold is a highly volatile asset capable of major price swings in a single day. Today PAXG is trading for $2,346.54, which is slightly up from yesterday's trading price of $2,369.38. PAX Gold's seen an increase of 18% over the past year.
So before you buy PAX Gold, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can buy PAX Gold.
How to buy PAX Gold in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy PAX Gold is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit USD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy PAX Gold
You can now exchange your funds for PAX Gold. On beginner-friendly exchanges, this is as simple as entering the USD or PAXG amount you want to purchase and clicking "buy".
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Secure your PAX Gold
Consider transferring your PAXG to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy PAX Gold
Find an exchange to buy, sell and trade PAXG by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
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How we keep this PAX Gold guide up-to-date
- PAXG price data is regularly updated through data feeds so you always have the latest information.
- PAX Gold performance data is regularly updated using automated comparisons.
How do I find the best places to buy PAX Gold?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy PAX Gold?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading PAX Gold.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing PAXG with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy PAX Gold?
Once you've created an account, you will need to deposit funds to buy PAXG with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy PAXG:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase PAXG by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for PAXG on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy PAX Gold?
The easiest way to buy PAXG is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best PAX Gold wallets to store your PAXG
You can keep your PAXG on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your PAXG below.
Trezor Model T Wallet
★★★★★ 4
Price (USD)
$179
Supported assets
9,000+
Ledger Nano X Wallet
★★★★★ 4.6
Price (USD)
$149
Supported assets
5,500+
SafePal S1 Wallet
★★★★★ 4
Price (USD)
$49.99
Supported assets
30,000+
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Is PAX Gold a good investment?
Stablecoins, by design, are intended to be less volatile than ordinary cryptocurrencies. However, there are several aspects that should still be considered before investing. Some factors to consider before buying PAXG include:- Ease of storage: Unlike physical gold that can be difficult to store, especially when dealing with large quantities, PAXG can be stored easily within any Ethereum-compatible wallet.
- Exposure to gold: As a gold-backed stablecoin the price of the token will mirror the price of gold exactly.
- Superior to conventional offerings: When compared with regular trading products, PAXG tokens allow users instant exposure to the gold market. Users can redeem assets at any time for physical gold and own minute fractions of metal, something that was not possible before. PAXG also does not feature any holding fees as costs are levied by most centralized institutions.
- Transparency: Unlike physical gold, where storage and accountability can sometimes be an issue, all PAXG tokens have their transfer, creation and redemption histories publicly available on the Ethereum network.
- Flexible supply: All of the gold used to back PAXG tokens is maintained by Paxos in a secure reserve facility. Anytime physical gold is redeemed, a corresponding number of PAXG tokens are burned accordingly.
- Centralized: Maintenance of the PAXG token rests solely in the hands of Paxos. If the system malfunctions or an audit finds that there is not enough physical gold to cover tokens, it may cause volatility in prices.
Today's PAX Gold price versus ATH
Compare today's price of PAX Gold ($2,346.54 USD) against its all-time high (ATH) price of $2,855.83 on April 13, 2024. The closer the bar is to 100%, the closer PAXG is to reaching its ATH again.
Current price: $2,346.54
All time high: $2,855.83
How do I trade, convert or sell PAX Gold?
You can convert or sell your PAXG with the same exchange you bought it through:- Sign in to the exchange you have PAXG on.
- If you store your PAX Gold in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of PAXG you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of PAX Gold.
- Complete your transaction and move your PAXG to a wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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