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How to buy PAX Gold (PAXG) in Australia

Learn how to buy PAX Gold (PAXG) on 16+ crypto exchanges in our step-by-step guide.

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Binance Australia

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  • Trade PAXG and 375 other cryptos.
  • Earn yield on your crypto holdings.
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PAX Gold (PAXG) is the 207th largest cryptocurrency by market cap, valued at US$431,611,399.

PAX Gold is a highly volatile asset capable of major price swings in a single day. Today PAXG is trading for $2363.77 USD, which is lower than yesterday's trading price of $2,404.97 USD. Over the past year, PAX Gold's price has seen an increase of 17%.

So before you buy PAX Gold, make sure you understand these unique risks as well as its legal and tax status here in Australia.

If you're ready to get started, read on for step-by-step instructions on how you can use to buy PAX Gold.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

How to buy PAX Gold in 5 steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy PAX Gold is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy PAX Gold
    You can now exchange your funds for PAX Gold. On beginner-friendly exchanges, this is as simple as entering the AUD or PAXG amount you want to purchase and clicking "buy".
  5. Secure your PAX Gold
    Consider transferring your PAXG to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.

Where to buy PAX Gold in Australia

Find an exchange to buy, sell and trade PAXG by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

1 - 5 of 16
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Kraken
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID, Apple Pay, Google Pay, SWIFT

7

235

Capital at risk

View details
Exclusive
EXCLUSIVE
Swyftx
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID

3

352

Get $20 in BTC when you verify your account. T&Cs apply.

Capital at risk

View details
Finder Award
OFFER
Binance Australia
Credit card, Cryptocurrency, Debit card, Osko, PayID, Simplex, Banxa, Apple Pay, Google Pay

82

376

Earn up to US$100 in rewards by completing welcome tasks within 7 days of signup. T&Cs apply.

Capital at risk

View details
Finder AwardExclusive
EXCLUSIVE
Coinstash
Bank transfer, Cryptocurrency, Osko, PayID

1

785

Finder exclusive: Get up to $200 BTC when you complete certain steps on sign up. T&Cs apply.

Capital at risk

View details
KuCoin
Bank transfer, Credit card, Cryptocurrency, Debit card, Neteller, POLi, PayID, Skrill, P2P, TransferWise, Apple Pay, Google Pay, Prepaid card, Revolut

52

780

Sign up and earn 500 USDT + bonus gift of 200 USDT in trading coupons + limited time offer of 7,500 USDT in futures trial funds. T&Cs apply.

Capital at risk

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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How we keep this PAX Gold guide up-to-date

  • PAXG price data is regularly updated through data feeds so you always have the latest information.

What is PAX Gold?

As the name implies, PAX Gold, or PAXG, is a commodity-based stablecoin that is backed by physical gold. It is issued by New York-based fintech firm Paxos. Just like some USD stablecoins, such as Tether USD, each PAXG token is backed by 1 fine troy ounce (t oz) of gold. The gold is maintained in a secure vault that is insured and maintained by Paxos. The asset was created to give investors seamless access to the gold market without the use of derivatives, such as ETFs or futures. The token was built using the Ethereum blockchain and conforms with the ERC20 standard. It can be used with any Ethereum-based application and stored within a personal cryptocurrency wallet just like other cryptocurrencies. At any time, each coin can be swapped for physical gold, as long as the redemption amount is above 1t oz. Although 1t oz is required when withdrawing funds, every PAXG token can be fractionalised and split into a whopping 18 decimal points.

How do I find the best places to buy PAX Gold?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy PAX Gold?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading PAX Gold.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing PAXG with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

What are the best ways to buy PAX Gold?

Once you've created an account, you will need to deposit funds to buy PAXG with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy PAXG:

  • Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
  • Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
  • Cryptocurrency: You can usually purchase PAXG by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for PAXG on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy PAX Gold?

The easiest way to buy PAXG is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying PAXG, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of PAX Gold has been performing recently.

Best PAX Gold wallets to store your PAXG

You can keep your PAXG on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your PAXG below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Go to site

Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is PAX Gold a good investment?

Stablecoins, by design, are intended to be less volatile than ordinary cryptocurrencies. However, there are several aspects that should still be considered before investing. Some factors to consider before buying PAXG include:
  • Ease of storage: Unlike physical gold that can be difficult to store, especially when dealing with large quantities, PAXG can be stored easily within any Ethereum-compatible wallet.
  • Exposure to gold: As a gold-backed stablecoin the price of the token will mirror the price of gold exactly.
  • Superior to conventional offerings: When compared with regular trading products, PAXG tokens allow users instant exposure to the gold market. Users can redeem assets at any time for physical gold and own minute fractions of metal, something that was not possible before. PAXG also does not feature any holding fees as costs are levied by most centralised institutions.
  • Transparency: Unlike physical gold, where storage and accountability can sometimes be an issue, all PAXG tokens have their transfer, creation and redemption histories publicly available on the Ethereum network.
  • Flexible supply: All of the gold used to back PAXG tokens is maintained by Paxos in a secure reserve facility. Anytime physical gold is redeemed, a corresponding number of PAXG tokens are burned accordingly.
  • Centralised: Maintenance of the PAXG token rests solely in the hands of Paxos. If the system malfunctions or an audit finds that there is not enough physical gold to cover tokens, it may cause volatility in prices.

Today's PAX Gold price versus ATH

Compare today's price of PAX Gold ($2363.77 USD) against its all-time-high price of $2367.11 USD on 11 April 2024. The closer the bar is to 100%, the closer PAXG is to reaching its ATH again.

PAX Gold's price: $2363.77 USD
ATH date: April 11, 2024
99.86%

PAX Gold ATH: $2367.11 USD


How to trade, convert or sell PAX Gold

You can convert or sell your PAXG with the same exchange you bought it through:
  1. Sign in to the exchange you have PAXG on.
  2. If you store your PAX Gold in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of PAXG you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of PAX Gold.
  6. Complete your transaction and move your PAXG to a crypto wallet for storage.

How to buy other cryptos


Disclaimer: Cryptocurrencies, including PAX Gold, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of PAXG is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the PAX Gold or any other cryptocurrency discussed.

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