Investors Safeguard Gold Holdings with Paxos Gold PAXG

Paxos Gold (PAXG) is a cryptocurrency supported by real gold reserves stored by the company Paxos.
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 the answers to two burning questions: What is Paxos Gold (PAXG) and how to buy Paxos Gold (PAXG) with TRY.
Paxos Gold (PAXG) – What is it?
Paxos Gold is a cryptocurrency asset issued by the New York-based for-profit company Paxos, 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 market value of this token is designed to reflect the value of the physical gold it represents.
PAXG was developed on the Ethereum Blockchain, making it tradable with other cryptocurrencies and securable by cryptographic keys by its owners. 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 PAXG tokens can be divided into up to 18 decimal places, and smaller amounts of gold can be withdrawn through a global network of physical gold retailers.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 tracks 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 audit and security measures aim to ensure the safety of users’ assets.
How to Buy Paxos Gold (PAXG) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors looking to purchase Paxos Gold (PAXG) in Turkey. Binance TR allows you to create an account quickly 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.
How to Open an Account on Binance TR?
Opening an account on Binance TR is straightforward. Visit trbinance.com and proceed to the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name, date of birth, nationality, and Turkish ID number.
After entering the required information accurately, you will need to verify the information through email/SMS confirmation. Once this process is completed, you will proceed to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a security procedure that must be done before starting to buy and sell cryptocurrencies 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 from your phone or through the official Binance TR website. Note that you will need your phone to verify your identity through the website.
On the Binance TR website, hover over the “Profile” option in the top right corner, click on the “Identity Verification and Limits” option from the dropdown menu, and then click on the “Verify” option. You will be required to scan the QR code that appears using your phone’s camera and proceed with the process on your phone. If you are unable to scan the QR code, you can click on the “Copy URL” option to have the verification link sent to your phone via SMS.
Once you enter the address on your phone or scan the QR code, a screen similar to the one below will appear on your phone. Begin by selecting the “Identity” option.
Then, a screen like the one below will appear. To proceed with the verification process, select the document type that is suitable for you.
After selecting the document type, you can proceed by touching the “Upload Front” option. Once you have taken a photo of the front of your chosen document, touch the “Upload Back” option and upload a photo of the back of the document. When taking photos of the front and back of your ID card or driver’s license, ensure that the images are clear and that the information in the photos is easily readable.
Next, proceed by touching the “Selfie” option. 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 is open.
Once you have completed all these steps accurately, your identity verification process will be completed within a short period.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, or Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL via FAST 24/7. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit funds into your Binance TR account, hover over the “Wallet” option in the top left corner of the homepage on trbinance.com and click on the “Deposit” option from the dropdown menu.
A page like the one below will open, allowing you to select your preferred bank and continue with the deposit process. If your chosen bank is not yet integrated with Binance TR, click on the “Other Banks” option to continue.
In this example, we will use 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 via wire transfer, EFT, or FAST. Use the information displayed on your bank’s page to send the amount you wish to deposit to your Binance TR account via wire transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will be automatically reflected in your Binance TR account wallet.
How to Buy PAXG Coin with TL on Binance TR?
After completing the deposit process, you can buy PAXG coins with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, a page like the one below will open. Enter “PAXG” in the search bar on the right side of the page, click on PAXG/TRY from the search results, and proceed to the page to buy PAXG with TL.
The PAXG buy-sell page will open. In the area highlighted 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. Once you enter the amount, click the “Buy PAXG” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched Binance TR in 2020 to cater to Turkish cryptocurrency investors. The cryptocurrency exchange, headquartered in Istanbul, can be accessed through trbinance.com.
Leveraging 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 easily deposit and withdraw Turkish Lira (TRY) through direct bank channels on Binance TR and trade various cryptocurrencies with TRY trading pairs.
Users are supported by Binance TR with access to the platform’s core features, market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.