Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has PAX Gold, and is trustworthy!
You can find our top 3 exchanges for buying PAX Gold here, alternatively you can also check our comparison of the best crypto exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy PAX Gold
And of course, the final step is to find PAX Gold on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy PAX Gold (PAXG)
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How to Sell PAX Gold
- Sign into the exchange
- Find where you stored your PAX Gold, either on a hardware wallet or on the exchange.
- Transfer your PAX Gold to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell PAX Gold.
Considerations when looking to buy PAX Gold.
Pax Gold (PAXG), a cryptocurrency that is gold-backed, was launched in September 2019 by Paxos Standard creators (PAX). Pax Gold (PAXG) is an ERC-20 token that operates on the Ethereum blockchain. It can be traded on many exchanges, making it an easy way for traders to invest in gold.
Pax Gold's main objective is to make gold more tradeable. Gold cannot be easily divided or made flexible for transport. Paxos Standard created a cryptocurrency that is 100% backed by gold. Pax Gold, according to the official whitepaper was created in order to allow investors to purchase unlimited amounts of gold via cryptocurrency. This effectively eliminates the minimum buy limit for the commodity.
Pax Gold is unique because it has an established commodity backing it. There are a growing number ERC-20 tokens that can be purchased. Pax Gold's main goal is to make gold investing more accessible.
According to the official whitepaper, "more than USD3.5 trillion" of all gold is available for investment purposes. However, small-time investors are not able to access large amounts of this precious metal. Pax Gold is here to help. Each PAXG token comes with a fractional piece of London Good Delivery bar. It is stored in Brink’s gold vaults which are approved storage companies by the London Bullion Market Association.
Pax Gold offers traders a new opportunity for investment by combining the security of blockchain-based cryptocurrency with the liquidity and name of gold. PAXG inspired other cryptocurrency developers and encouraged them to create gold-backed tokens.