How to Buy Pax Gold (PAXG)
Beginner’s Guide
What Is Pax Gold (PAXG)?
Pax Gold (PAXG) is a digital asset that represents physical gold held in custody by Paxos Trust Company. Each PAXG token represents one fine troy ounce of a 400-ounce London Good Delivery gold bar, stored in Brink’s vaults. The gold is audited by a third-party auditor, and the audit reports are available to the public.
Pax Gold combines the stability and reliability of physical gold with the efficiency and flexibility of digital assets. PAXG can be traded on cryptocurrency exchanges, transferred like any other digital asset, and used as collateral for loans and other financial products. PAXG holders can also redeem their tokens for physical gold, subject to certain conditions and fees.
Paxos Trust Company, the company behind PAXG, is a regulated financial institution that provides infrastructure and services for the crypto industry. The company is licensed by the New York State Department of Financial Services and operates under the supervision of multiple regulatory agencies.
Overall, PAXG offers a secure and convenient way to invest in physical gold, with the added benefits of digital assets. It is designed for investors who want exposure to gold without the hassle of owning and storing physical gold themselves.
How to Buy Pax Gold Summary
- Get a Pax Gold wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Pax Gold (e.g. , Binance ,MEXC, Gate , Bitfinex , Kucoin)
- Deposit money and make the trade
- Withdraw the Pax Gold to your wallet
Buying Pax Gold in 3 Simple Steps
Step 1 – Get a PAXG wallet
Pax Gold (PAXG) Hardware Wallets
Pax Gold (PAXG) is an ERC-20 token on the Ethereum blockchain, which means it can be stored on any hardware wallet that supports ERC-20 tokens. Here are some popular hardware wallets that you can use to store PAXG:
Ledger Nano S: The Ledger Nano S is a popular hardware wallet that supports PAXG and other ERC-20 tokens. It provides a secure way to store your private keys and allows you to manage your tokens using Ledger Live.
Ledger Nano X: The Ledger Nano X is an upgraded version of the Nano S, with additional features such as Bluetooth connectivity and more storage capacity. It also supports PAXG and other ERC-20 tokens.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports PAXG and other ERC-20 tokens. It has a touchscreen interface and provides advanced security features such as passphrase protection.
KeepKey: KeepKey is a hardware wallet that supports PAXG and other ERC-20 tokens. It has a large display screen and provides a secure way to store your private keys.
Ellipal: Ellipal is a cold wallet that supports PAXG and other ERC-20 tokens. It has a 4-inch touchscreen and supports Bluetooth connectivity. It also provides advanced security features such as anti-tamper protection and passphrase protection.
It’s important to note that you should always purchase hardware wallets directly from the manufacturer or an authorized reseller to ensure that you receive a genuine device. Additionally, you should follow the manufacturer’s instructions carefully when setting up and using your hardware wallet to ensure maximum security.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Pax Gold (PAXG) Software Wallets
Pax Gold (PAXG) is an ERC-20 token on the Ethereum blockchain, which means it can be stored on any software wallet that supports ERC-20 tokens. Here are some popular software wallets that you can use to store PAXG:
MyEtherWallet: MyEtherWallet (MEW) is a popular software wallet that supports PAXG and other ERC-20 tokens. It is an open-source wallet that allows you to store your private keys securely on your own device.
MetaMask: MetaMask is a browser extension that allows you to manage your PAXG and other ERC-20 tokens directly from your browser. It also allows you to interact with decentralized applications (dApps) on the Ethereum blockchain.
Trust Wallet: Trust Wallet is a mobile wallet that supports PAXG and other ERC-20 tokens. It is available for both iOS and Android devices and provides a secure way to store your private keys.
Exodus: Exodus is a desktop wallet that supports PAXG and other ERC-20 tokens. It provides a user-friendly interface and allows you to manage your tokens and other cryptocurrencies in one place.
Atomic Wallet: Atomic Wallet is a multi-currency wallet that supports PAXG and other ERC-20 tokens. It provides a decentralized, non-custodial wallet that allows you to store your private keys on your own device.
It’s important to note that software wallets are connected to the internet and therefore are more vulnerable to hacking and cyber attacks than hardware wallets. To ensure maximum security, you should follow best practices such as using strong passwords, enabling two-factor authentication, and keeping your device and software up to date.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Pax Gold (PAXG) software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Pax Gold (PAXG) Exchange
Buy Pax Gold through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Pax Gold through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Buy Pax Gold through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Pax Gold through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy Pax Gold through CEX.io
- Cex.io is a cryptocurrency exchange that allows you to buy Cronos with a credit card. If you use the company’s brokerage service (buying directly from the exchange) the fees will already be calculated into the exchange rate, that’s why it will seem higher than other exchanges. If you want to get better rates, try using the site’s trading platform (suited for more advanced users). Open a CEX.io account Add your payment method (Credit card or bank account) Navigate to “Instant Buy” and select Cronos Choose the amount of Cronos you want to buy Click on “Buy” and complete the purchase
Step 3: Withdrawing your Pax Gold
After you’ve purchased your Pax Gold tokens, you’ll want to keep them safe by withdrawing them to your own wallet.
Navigate to your Pax Gold account balance page on the exchange, and select “withdraw”. Copy and paste your new wallet address (from Step 1 above) into the withdrawal address field and always double check address before send coins because you can send the coins to wrong address. Once this is complete, you’ll have full control over your CRO tokens. They’ll be out of the hands of the exchange, and well away from any online hackers.
Overview
Who Are the Founders of Pax Gold?
Pax Gold (PAXG) was created by Paxos Trust Company, a New York-based financial technology company founded in 2012. The company was co-founded by Charles Cascarilla and Richmond Teo. Charles Cascarilla is the current CEO of Paxos and has extensive experience in the financial industry, having previously worked as a portfolio manager at several large financial institutions. Richmond Teo is the company’s co-founder and COO, and has a background in investment banking and technology. Together, they founded Paxos with the goal of modernizing financial infrastructure and making it more accessible to everyone. Paxos has since grown to become a leading provider of blockchain-based financial solutions, including stablecoins, digital assets, and settlement services.
Charles Cascarilla is the founder and chief executive officer of both Paxos Standard and Pax Gold. Cascarilla has an extensive career in capital management, which is what led him to explore the vast possibilities cryptocurrencies offer.
After acquiring a degree in finance from the University of Notre Dame, he co-founded Cedar Hill Capital Partners in 2005. This was the start of his career in finance and capital management. Since 2005, Mr. Cascarilla has participated in several traditional and blockchain-based venture capital projects.
What Makes Pax Gold Unique?
Pax Gold (PAXG) is a unique digital asset that is designed to bring the benefits of physical gold to the blockchain. Here are some key features that make Pax Gold unique:
Backed by physical gold: Each PAXG token represents one troy ounce of London Good Delivery gold that is stored in a Brink’s vault in London. This means that PAXG is fully backed by physical gold, which provides a level of stability and security that is not found in many other digital assets.
Accessibility: Pax Gold makes it easy for anyone to buy, sell, and own gold. Unlike physical gold, PAXG can be bought and sold instantly, and can be stored and transferred just like any other digital asset.
Transparency: Paxos provides real-time information about the gold holdings that back PAXG, so you can always be sure that your PAXG tokens are fully backed by physical gold.
Low fees: PAXG is designed to have low fees compared to other gold investment products. Paxos charges a small fee for buying and selling PAXG, but there are no storage or management fees.
Decentralization: Like other cryptocurrencies, PAXG is based on blockchain technology, which means that it is decentralized and does not require a central authority to manage or control it.
Overall, Pax Gold offers a unique way for investors to gain exposure to physical gold while enjoying the benefits of blockchain technology. It combines the stability and security of gold with the accessibility and transparency of digital assets, making it a popular choice among investors who are looking for a reliable and innovative way to invest in gold.
How Many Pax Gold (PAXG) Coins Are There in Circulation?
Pax Gold tokens have a one to one ratio with the gold storage backing it. This means that there is a PAXG coin for each ounce of gold in rotation covered by the Pax Gold protocol. In this sense, the amount of PAXG tokens in circulation changes frequently.
At the moment of writing, there are about 60,161 PAXG coins in circulation. However, the number of coins shifts almost by the minute as new investors are introduced, and Pax Gold increases the available gold supply for backing.
How Is the Pax Gold Network Secured?
The Pax Gold (PAXG) network is secured using blockchain technology. PAXG is based on the Ethereum blockchain, which is a decentralized, open-source blockchain that is known for its security and reliability.
The Ethereum blockchain uses a proof-of-work consensus mechanism to secure the network. This means that transactions are verified by a network of computers, known as nodes, that use complex algorithms to solve mathematical problems and validate new transactions. This process ensures that all transactions on the network are secure, transparent, and immutable.
Paxos, the company behind PAXG, also has robust security measures in place to protect the physical gold that backs each PAXG token. The gold is stored in Brink’s vaults, which are highly secure and have 24/7 monitoring and surveillance. Paxos also conducts regular audits to ensure that the gold holdings match the number of PAXG tokens that are in circulation.
Overall, PAXG is designed to be a secure and reliable way to invest in physical gold using blockchain technology. The combination of the Ethereum blockchain’s security features and Paxos’ physical gold storage and auditing processes ensures that PAXG is a trustworthy and secure investment option.