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How to buy Pax Dollar (USDP) in Australia

Learn how to buy Pax Dollar (USDP) on 2+ crypto exchanges in our step-by-step guide.

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Binance Australia

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Pax Dollar (USDP) is the 382nd largest cryptocurrency by market cap, valued at US$139,672,465.

Pax Dollar is a highly volatile asset capable of major price swings in a single day. Today USDP is trading for $1.006 USD, which is lower than yesterday's trading price of $1.01 USD. Over the past year, Pax Dollar's price has seen an increase of 1%.

So before you buy Pax Dollar, 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 Dollar.

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 Dollar 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 Dollar 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 Dollar
    You can now exchange your funds for Pax Dollar. On beginner-friendly exchanges, this is as simple as entering the AUD or USDP amount you want to purchase and clicking "buy".
  5. Secure your Pax Dollar
    Consider transferring your USDP 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 Dollar in Australia

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

1 - 1 of 1
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Bitfinex
Bitfinex
Credit card, Cryptocurrency, Bank Wire

4

184

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.

Capital at risk

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How we keep this Pax Dollar guide up-to-date

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

What is Pax Dollar?

Paxos Standard is a stablecoin, meaning its market value is pegged to the US dollar. It allows you to exchange US dollars for the Paxos Standard Tokens. It aims to stabilise the dollar with blockchain technology. Paxos is regulated as a trust company by the New York State Department of Financial Services. According to the white paper, PAX is a token that is backed one-to-one by US dollar deposits. Once PAX tokens are redeemed for US dollars, they are instantly removed from the supply, meaning the supply of PAX tokens directly correlates with the US dollars held by Paxos.

How do I find the best places to buy Pax Dollar?

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 Dollar?

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 Dollar.

  • 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 USDP 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 Dollar?

Once you've created an account, you will need to deposit funds to buy USDP 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 USDP:

  • 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 USDP by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for USDP on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy Pax Dollar?

The easiest way to buy USDP 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 USDP, 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 Dollar has been performing recently.

Best Pax Dollar wallets to store your USDP

You can keep your USDP 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 USDP below.

Ledger Nano X Wallet

Trezor Model T Wallet

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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 Dollar a good investment?

Although USDP is a US-dollar stablecoin and, therefore, may be viewed with some safety, there are still several factors that need to be considered before using the token. Here are a few points to evaluate before placing funds into this asset:

  • Fully regulated:Unlike a number of stablecoins that can operate within regulatory grey areas, USDP is backed by a charter from the New York State Department of Financial Services. As a result, the stablecoin can be used seamlessly across the United States. To achieve full regulation, the stablecoin is regularly audited to make sure that US dollar reserves match the circulating supply of USDP.
  • Depeg risk: Although USDP is regularly audited, the risk of the token de-pegging from the US dollar must always be considered a possibility. If there are any questions regarding Paxos or the US dollar reserves that the company holds for USDP, the value of USDP could quickly decouple from the US dollar.
  • Saturated market: USDP has entered a heavily saturated stablecoin market. Although fully audited and regulated within the US, the coin may struggle to gain market share from competitors such as USDT, USDC and DAI.

Today's Pax Dollar price versus ATH

Compare today's price of Pax Dollar ($1.006 USD) against its all-time-high price of $1.18 USD on 16 April 2024. The closer the bar is to 100%, the closer USDP is to reaching its ATH again.

Pax Dollar's price: $1.006 USD
ATH date: April 16, 2024
85.25%

Pax Dollar ATH: $1.18 USD


How to trade, convert or sell Pax Dollar

You can convert or sell your USDP with the same exchange you bought it through:
  1. Sign in to the exchange you have USDP on.
  2. If you store your Pax Dollar 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 USDP you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Pax Dollar.
  6. Complete your transaction and move your USDP to a crypto wallet for storage.

How to buy other cryptos

Bitcoin
Ethereum
Tether
BNB
Solana
Lido Staked Ether
XRP
Dogecoin
Toncoin
Cardano

Disclaimer: Cryptocurrencies, including Pax Dollar, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDP 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 Dollar or any other cryptocurrency discussed.

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