Paxos Gold (PAXG) is a cryptocurrency backed by real gold reserves stored by the Paxos company. Running on the Ethereum blockchain, PAXG is equivalent to 1 troy ounce of gold, offering token holders the opportunity to digitally invest in gold and withdraw it as physical gold when needed. In this article, you can find answers to two commonly asked questions: What is Paxos Gold (PAXG) and how to buy Paxos Gold (PAXG) with TRY.
Paxos Gold is a crypto asset issued by the New York-based, for-profit Paxos company, backed by real gold reserves. Each PAXG token can be exchanged for 1 troy ounce of pure gold stored in vaults by Paxos and its partners. The value of this token is designed to reflect the value of the physical gold it represents.
Since PAXG is developed on the Ethereum blockchain, it can be traded with other cryptocurrencies and secured by owners using cryptographic keys. Paxos conducts monthly audits to verify that PAXG tokens correspond to gold reserves. Users can exchange PAXG tokens for gold bars at any time. PAXG tokens can be divided up to 18 decimal places, and smaller amounts of gold can be withdrawn through a global network of physical gold retailers.
Operating on the Ethereum blockchain, Paxos Gold processes transactions according to smart contract rules. The company charges a small fee (approximately 0.02%) for creating and destroying PAXG tokens. Additionally, users incur on-chain fees when transferring their tokens on Ethereum. Paxos monitors every PAXG transaction using third-party analysis tools and conducts surveillance to investigate potential fraud and money laundering cases.
Regular smart contract audits are conducted, and developers review the code for errors and security vulnerabilities. Paxos’ rigorous audits and security measures aim to ensure the safety of users’ assets.
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Paxos Gold (PAXG). At Binance TR, which allows you to quickly create an account, you can buy and sell more than 100 cryptocurrencies, including PAXG. Follow the steps below to purchase Paxos Gold (PAXG) with TRY.
Opening an account on Binance TR is quite easy. To do this, go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the required information accurately, the information will be verified through email/SMS verification. Once this process is completed, you will proceed to the second step, which is identity verification (KYC).
Identity verification on Binance TR is one of the security procedures that must be completed before starting to buy and sell cryptocurrencies and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either from your phone or through the official website of Binance TR. Note that you will need your cell phone to verify your identity through the website.
To verify your identity on the Binance TR website, hover over the “Profile” option in the upper right corner, click on the “Verify Identity and Limits” option in the drop-down menu, and then click on the “Verify” option. After this step, you will need to scan the QR code that appears on your screen with your phone’s camera and continue the process with your phone. If you are unable to scan the QR code, you can click on the “Copy URL” option to have the identity verification link sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen will open on your phone as shown below. First, tap on the “Identity” option.
Next, a screen will open as shown below. To continue the verification process, select the document type that is suitable for you.
After selecting the document type, tap on the “Upload Front Face” option to continue. After taking a photo of the front face of the document you selected, tap on the “Upload Back Face” option and take a photo of the back face of the document. Make sure the images you capture are clear and that the information in the photo is easily readable.
Then, tap on the “Selfie” option to proceed. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
Once you have completed all these steps accurately and correctly, your identity verification process will be completed within a short period.
To deposit Turkish Lira (TRY) into your Binance TR account, you can easily deposit money from all banks. You can deposit money 24/7 from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank accounts and trade seamlessly. For other banks, you can make deposits up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first hover over the “Wallet” option in the top left corner of the homepage on trbinance.com and click on the “Deposit” option in the drop-down menu.
A page will open as shown below, and you can select your preferred bank from this page to continue with the deposit process. If your preferred bank does not yet have integration with Binance TR, you should click on the “Other Banks” option to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on Vakıfbank, you will see an account name and IBAN address for making transfers, either by wire transfer or FAST. All you have to do is use the information displayed on the bank’s page to send the amount you want to deposit into your Binance TR account via wire transfer or FAST.
After your bank completes the transfer, the funds you sent will be automatically reflected in your Binance TR account wallet.
After depositing money, you can proceed to buy PAXG coins with TRY by clicking on the “Buy-Sell” option in the top menu on the Binance TR website.
After clicking on this option, a page will open as shown below. Type “PAXG” into the search bar on the right side of this page, and then click on the PAXG/TRY option to go to the page where you can purchase PAXG with TRY.
The PAXG trading page will now open. In the area marked in red on this page, enter the price at which you want to buy PAXG in the first box and the amount of PAXG you want to buy in the second box. After entering the amount, click on the “Buy PAXG” button to complete your purchase.
Binance TR is Turkey’s cryptocurrency exchange, officially launched in 2020 to provide services to cryptocurrency investors in Turkey. The cryptocurrency exchange, located in Istanbul, can be accessed through trbinance.com.
By benefiting from Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure, Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can deposit and withdraw Turkish Lira (TRY) seamlessly through direct banking channels via Binance TR and trade various cryptocurrencies with TRY trading pairs.
Users are supported with Binance TR’s fundamental functions, access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore risky. It is recommended to conduct your own research before investing.