Paxos Gold (PAXG) is a form of cryptocurrency backed by real gold reserves stored by the Paxos company. Operating on the Ethereum Blockchain, PAXG is equivalent to 1 troy ounce of gold, offering token holders the ability 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 (PAXG) is a cryptocurrency 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 token’s market value is designed to reflect the value of the physical gold it represents.
PAXG was developed on the Ethereum Blockchain, allowing it to be traded with other cryptocurrencies and secured by cryptographic keys. Paxos conducts monthly audits to verify that PAXG tokens correspond to the 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 PAXG tokens can be divided up to 18 decimal places, and smaller amounts of gold can be withdrawn through a network of physical gold retailers worldwide.
Since Paxos Gold operates on the Ethereum Blockchain, transactions are executed 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 each 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 auditing and security measures aim to ensure the safety of users’ assets.
To purchase Paxos Gold (PAXG) with TRY, Binance TR is the most suitable cryptocurrency exchange for investors in Turkey. Binance TR allows for quick account creation and enables the buying and selling of over 100 cryptocurrencies, including PAXG. Follow the steps below to buy Paxos Gold (PAXG) with TRY on Binance TR.
Creating an account on Binance TR is straightforward. Visit trbinance.com and proceed to “Create Account.” Provide basic information such as email address, phone number, name, date of birth, nationality, and Turkish ID number.
After entering the required information accurately, an email/SMS verification will be conducted to confirm and validate the information. Once this process is completed, proceed to the second step, which is identity verification (KYC).
Identity verification on Binance TR is a security procedure that must be completed before engaging in cryptocurrency trading and during account creation. This process is essential to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either through your phone or the official website of Binance TR.
To verify your identity on the Binance TR website, click on the “Profile” option in the top right corner, select “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” Follow the instructions to scan the QR code with your phone’s camera or receive the verification link via SMS.
After completing all the steps accurately, your identity verification process will be completed within a short period of time.
To deposit funds into your Binance TR account, you can easily transfer Turkish Lira (TRY) from all banks. You can deposit funds from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts 24/7 and seamlessly engage in transactions. For other banks, you can use FAST to deposit up to 50,000 TL 24/7. Transfers above 50,000 TL from other banks are processed during EFT hours.
After completing the deposit process, click on the “Buy-Sell” option in the top left menu on the Binance TR website to proceed with purchasing PAXG coins with TRY.
Clicking on this option will open a page where you can search for “PAXG” in the search bar on the right side. Select the PAXG/TRY option from the search results to go to the page for buying PAXG with TRY.
On the PAXG trading page, enter the price at which you want to buy PAXG and the quantity you wish to purchase in the red box area. After entering the amount, click on the “Buy PAXG” button to complete the purchase transaction.
Binance TR is a cryptocurrency exchange platform specifically designed for Turkish investors, officially launched in 2020. With its headquarters in Istanbul, users in Turkey can access the cryptocurrency exchange platform from trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can deposit and withdraw Turkish Lira (TRY) directly through bank channels on Binance TR and engage in trading various cryptocurrencies with TRY trading pairs.
Users can access Binance TR’s market-leading spot trading liquidity, robust matching engine, advanced security protocols, storage solutions, and risk controls, supported by Binance’s core functionalities.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
