Buy PAX Gold in India?—?Step by Step guide for beginners guide
Buy PAX Gold in India?—?Step by Step guide for beginners guide
How to Buy PAX Gold in India?
What is PAX GOLD?
Paxos Gold was built on the Ethereum blockchain as an ERC-20 token, with which Paxos seeks to resolve key physical gold problems and gold markets. In other words, investors have no high-quality, easy-to-purchase, transport, storage and trade gold product in the traditional market.
Key elements of PAX GOLD include:
- Highly Accessible: PAXG, which was built on the Ethereum network as an ERC-20 token, can be easily moved or sold around the world 24 hours a day. All will now own a fraction of an LBMA certified London Good Delivery gold bar with low investment minimum levels.
- Trusted: Paxos is a trust and custodian of the State of New York’s Financial Services Department. PAX is also licenced and supervised by DFS, and supported in full by gold distributed in the world’s safest and most important vaults.
- Redeemable: PAX Gold is the only gold token that can be used to purchase LBMA-accredited Good Delivery Gold Bullion Bars. Smaller quantities can be redeemed at a network of physical gold retailers in the United States and Canada for increased convenience.
- Flexible: Fiat, real, or unallocated gold can all be easily converted or settled into PAXG via the Paxos network. PAXG is traded alongside other digital currencies on popular crypto exchanges. PAXG can be used to back ERC-20 tokens everywhere.
- Low Fees: Very favourable fee structure (0.03–1% depending on the volume level) for creations and repairs to PAXG tokens in the Paxos wallet, minimal Ethereum Transaction Charges (0.02%), nil storage charges. Online transfers, like those for other ERC-20 tokens, are covered by insignificant Ethereum gas payments.
How to Buy PAX GOLD in India?
If you’re wondering where to buy PAXG in India, BuyUcoin is one of the finest exchanges for trading PAX Gold Token in India. There is support for all cryptocurrency pairs, fiat currencies, and stable coins. BuyUCoin, which has one of the greatest PAXG-INR trading volumes in India, is the best site to buy PAXG Token in India.
It’s a five-step process. First and foremost, after the account has been opened, it must be registered. Users must complete Google 2-Step Verification after completing the KYC process, followed by providing bank information, before they may begin investing in PAX Gold.
Buy PAX GOLD in India?—?Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling PAX Gold in India as well as other cryptocurrencies. Below is a step by step guide to buying PAX Gold via BuyUcoin:
Step 1?—?Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2?—?Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Step 3-KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centres. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder and the IFSC code information.
Trade PAX GOLD
In traditional markets, investors can certainly acquire as much physical or assigned gold as they wish, but the risk of physical gold comes along with the purchase. This risk can also be difficult to sell, trade, or use because of the dimensions, the weight of large gold bars, the costs of safe storage, the impossibility of splitting into smaller units.
The alternative is to trade on gold, CFDs or ETFs that are not assigned. These are only derivatives, without physical gold support whatsoever. None of them actually involve gold ownership. This facilitates trade, but it does not involve a store of value.
Can I Use Regular Money to Buy PAX GOLD?
Yes, you can use regular money or any fiat currencies such as INR in India to buy PAX Gold where PAX Gold can be stored in your wallet with a single tap to buy or sell your desirable cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchange BuyUcoin.
Getting a PAX GOLD Wallet
BuyUcoin is a multi-currency crypto wallet where PAX Gold coins can be stored with high-end security features where cold storage wallets are used. The search engine works only for PAXG which is kept in private wallets, not in exchange tokens. Users holding PAXG on a Paxos account can always log in and see all of the same details and more. Since PAX gold tokens are special, a wallet accepting ER20 tokens will be required. Once we have sent the PAX Gold to your wallet, we will send you a confirmation email. The PAXG will appear in your wallet when you restart the BuyUcoin wallet.
PAX GOLD Exchanges
The only place to buy PAXG tokens was launched on Paxos Gold via a web portal on the website of Paxos via the creation of an account or via Paxos itBit exchange. Paxos Gold has increased enormously since that time and is currently the 122nd largest altcoin by market capital with a market cap of more than $76 million and volumes of daily trading well over $1 million. This growth enables you to buy PAXG on several trade markets, such as BuyUcoin, HitBTC, Binance and Bitz. On the FTX exchange, you can also buy tokens and PAXG futures.
Conclusion
Digital gold is a very meaningful idea. The problem of the purchase, holding and trading of physical gold is avoided. It also gives the chance to raise interest in what has always been a profit-free asset. Paxos Gold is the digital asset for the future that the Paxos team has established. To date, Paxos has been digitising only $75 million in gold, but gold is reported to be a market of $7.3 trillion. This leaves huge room for space growth. If people become more convenient with blockchain assets in general, digital gold instead of physical gold will be a logical leap for them. Digital gold, of course, is much more portable, liquid and convenient and can even be used for interest payments
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Buy PAX Gold in India?—?Step by Step guide for beginners guide was originally published in BuyUcoin Talks on Medium, where people are continuing the conversation by highlighting and responding to this story.
Text source: BuyUcoin Talks - Medium
