How to buy Pax Dollar (USDP)
Learn how to buy Pax Dollar (USDP) in our step-by-step guide.
Pax Dollar (USDP) is in the top 1,000 cryptocurrencies by market cap, valued at $490,418,277.
Pax Dollar is a highly volatile asset capable of major price swings in a single day. Today USDP is trading for $0.99839, which is slightly up from yesterday's trading price of $0.9996229349. Pax Dollar's seen an increase of 0% over the past year.
So before you buy Pax Dollar, 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 Dollar.
How to buy Pax Dollar in 4 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 Dollar 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 accountTo 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, card and bank payments are widely accepted.
Buy Pax DollarYou can now exchange your funds for Pax Dollar. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Pax Dollar to your personal wallet.
Where to buy Pax Dollar
Find an exchange to buy, sell and trade USDP by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this Pax Dollar guide up-to-date
How do I find the best places to buy Pax Dollar?
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 Dollar?
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 Dollar.
- 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 USDP 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 Dollar?
Once you've created an account, you will need to deposit funds to buy USDP 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 USDP:
- 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 USDP by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for USDP on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Pax Dollar?
The easiest way to buy USDP 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 Dollar wallets to store your USDP
You can keep your USDP 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 USDP below.
Is Pax Dollar a good investment?
Although USDP is a US-dollar stablecoin and, therefore, may be viewed with some safety, there are still several factors that need to be considered before using the token. Here are a few points to evaluate before placing funds into this asset:
- Fully regulated:Unlike a number of stablecoins that can operate within regulatory grey areas, USDP is backed by a charter from the New York State Department of Financial Services. As a result, the stablecoin can be used seamlessly across the United States. To achieve full regulation, the stablecoin is regularly audited to make sure that US dollar reserves match the circulating supply of USDP.
- Depeg risk: Although USDP is regularly audited, the risk of the token de-pegging from the US dollar must always be considered a possibility. If there are any questions regarding Paxos or the US dollar reserves that the company holds for USDP, the value of USDP could quickly decouple from the US dollar.
- Saturated market: USDP has entered a heavily saturated stablecoin market. Although fully audited and regulated within the US, the coin may struggle to gain market share from competitors such as USDT, USDC and DAI.
Today's Pax Dollar price versus ATH
Compare today's price of Pax Dollar ($0.99839 USD) against its all-time high (ATH) price of $1.13 on October 15, 2018. The closer the bar is to 100%, the closer USDP is to reaching its ATH again.
How do I trade, convert or sell Pax Dollar?You can convert or sell your USDP with the same exchange you bought it through:
- Sign in to the exchange you have USDP on.
- If you store your Pax Dollar 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 USDP you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Pax Dollar.
- Complete your transaction and move your USDP to a wallet for storage.
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