Investors Safeguard Gold Investments with Paxos Gold PAXG

Paxos Gold (PAXG) is a cryptocurrency supported by real gold reserves stored by the Paxos company.
Running on the Ethereum Blockchain, PAXG is equivalent to 1 troy ounce of gold, providing token holders with the opportunity to invest digitally in gold and withdraw it as physical gold when needed. In this article, you can find the answers to two commonly asked questions: What is Paxos Gold (PAXG) and how to buy Paxos Gold (PAXG) with TRY.
Contents
What is Paxos Gold (PAXG)?
How to Buy Paxos Gold (PAXG) with TRY?
How to Open an Account on Binance TR?
How to Verify Your Account on Binance TR?
How to Deposit TL on Binance TR?
How to Buy PAXG Coin with TL on Binance TR?
What is Binance TR?
What is Paxos Gold (PAXG)?
Paxos Gold is a crypto 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 token’s market value 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 holders through cryptographic keys. Paxos conducts monthly audits to verify that PAXG tokens correspond to gold reserves. Users can exchange their 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 PAXG tokens can be divided up to 18 decimal places, and smaller amounts of gold can be withdrawn through a network of physical gold retailers worldwide.
As PAXG 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 incur on-chain fees when transferring their tokens on Ethereum. Paxos monitors every PAXG transaction using third-party analytical 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 auditing and security measures aim to ensure the security 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). At Binance TR, which allows for quick account creation, 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 simple. You need to go to trbinance.com and proceed from the “Create an 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 Turkish ID number.
After entering the required information accurately and correctly, an email/SMS verification will be done to confirm and verify the information. 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 one of the security procedures that need to be completed before starting cryptocurrency trading and during account creation. This process is required 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 mobile phone to verify your identity on the website as well.
To verify your identity on the Binance TR website, hover over the “Profile” option in the upper right corner, then click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After that, scan the QR code that appears on your phone’s screen with your camera and continue the process on your phone. If you cannot scan the QR code, you can click “Copy URL” to have the verification link sent to your phone via SMS.
After entering the address into your phone or scanning the QR code, a screen like the one below will appear on your phone. First, touch the “Identity” option to continue.
Then a screen like this will appear. To proceed with the verification process, first select the document type that suits you.
After selecting the document type, touch “Upload the Front” to proceed. After taking a photo of the front of your chosen document, touch “Upload the Back” and take a photo of the back of the document. Make sure the images are clear and the information in the photos is easily readable when taking photos of the front and back of your ID card or driver’s license.
Next, touch “Selfie” to continue. Your phone’s front camera will open at this point, 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 and correctly, your identity verification process will be completed within a short period of time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. From Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank accounts, you can deposit TL 24/7 and trade continuously. With other banks, you can deposit up to 50,000 TL 24/7 through FAST. Deposits over 50,000 TL from other banks will be processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option in the upper left corner of the homepage, then click on the “Deposit” option from the drop-down menu.
A page will open as shown below. Choose your preferred bank from this page to proceed with the deposit process. If your preferred bank is not yet integrated with Binance TR, click on “Other Banks” to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on Vakıfbank, you will see the account name and IBAN address for that bank, where you can make transfers via wire transfer, EFT, or FAST. Now, all you need to do is send the amount you want to deposit into your Binance TR account using the information displayed on the bank’s page.
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 TL on Binance TR?
After the deposit process, you can proceed to buy PAXG coin with TL on Binance TR 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 appear. In the search bar on the right side of this page, type “PAXG” and click on the PAXG/TRY option from the results to go to the PAXG purchase page with TL.
Now, the PAXG trading page will open. In the area marked with a red box on this page, you need to enter the price at which you want to buy PAXG and the amount of PAXG you want to buy in the first and second boxes, respectively. After entering the amount, you can click 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 provide Turkish cryptocurrency investors with a dedicated platform. The cryptocurrency exchange, headquartered in Istanbul, can be accessed through trbinance.com.
By leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure, Binance TR offers trading services for both fiat-to-crypto and crypto-to-crypto pairs. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels via Binance TR and trade various cryptocurrencies with TRY trading pairs.
Users are supported by Binance TR with access to the market-leading spot trading liquidity, a robust matching engine, advanced security protocols, storage solutions, and risk controls, backed by the core functions of Binance.
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Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore risky, and should conduct their own research.