Paxos Gold (PAXG) is a cryptocurrency supported by real gold reserves stored by the Paxos company. Operating on the Ethereum blockchain, PAXG is equivalent to 1 troy ounce of gold, providing token holders with 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) – What is it?
Paxos Gold, a crypto asset issued by the New York-based for-profit company Paxos, is 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.
Paxos Gold (PAXG) was developed on the Ethereum blockchain, making it tradable with other cryptocurrencies and securable by holders with 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 PAXG tokens can be divided up to 18 decimal places, and smaller amounts of gold can be withdrawn through a global network of physical gold retailers.
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 the creation and destruction of PAXG tokens. Additionally, users pay on-chain fees when moving their tokens on Ethereum. Paxos monitors each PAXG transaction using third-party analytics 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.
How to Buy Paxos Gold (PAXG) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Paxos Gold (PAXG). With Binance TR, where an account can be quickly created, you can buy and sell 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 quite easy. Go to trbinance.com and proceed with 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 ID number.
After entering the required information correctly, 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).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a security procedure that must be completed before starting to buy and sell cryptocurrencies and during the account creation process. 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.
To verify your identity on the Binance TR website, click on the “Profile” option in the top right corner and select “Identity Verification and Limits” from the drop-down menu. Then click on the “Verify” option. Scan the QR code that appears on your phone’s camera, or copy the URL to send the verification link to your phone via SMS.
Once you enter the link or scan the QR code on your phone, follow the on-screen instructions to complete the identity verification process.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account from all banks. You can deposit and trade 24/7 with Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank accounts. For other banks, you can make deposits via FAST up to 50,000 TL 24/7. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, go to trbinance.com, hover over the “Wallet” option on the top left corner of the homepage, and click on the “Deposit” option from the drop-down menu. Choose your preferred bank from the page that opens and proceed with the deposit process.
After 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 TRY on Binance TR?
After depositing funds, click on the “Buy-Sell” option in the top left menu of the Binance TR website to proceed with buying PAXG coin with TRY. Enter “PAXG” in the search bar on the right side of the page, and click on the PAXG/TRY option to go to the PAXG purchase page.
Now, the PAXG trading page will open. 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.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, officially launched Binance TR in 2020 to cater to Turkish cryptocurrency investors. The crypto exchange, headquartered in Istanbul, can be accessed through trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs.
With Binance TR, users have access to the market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities.
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