How and Where to Buy Paxos Standard (PAX) – Detailed Guide
- What is PAX?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy BTC with fiat money
- Step 3: Transfer BTC to an Altcoin Exchange
- Step 4: Deposit BTC to exchange
- Step 5: Trade PAX
- Last Step: Store PAX securely in hardware wallets
- Other useful tools for trading PAX
- Frequently Asked Questions
- Latest News for PAX
- PAX Price Prediction and Price Movement
What is PAX?
What Is Pax Dollar (USDP)?
Founded in September of 2018, Pax Dollar is a flat-collateralized stablecoin. Stablecoins are cryptocurrencies that are designed to minimize the volatility of the price of the stablecoin, relative to a certain stable asset or a basket of assets.
A stablecoin can be pegged to a cryptocurrency or flat money. In some cases, it can even be traded for commodities. Pax Dollar offers the advantage of transacting with blockchain assets through minimized price risk. The Pax Dollar tokens (USDP) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 through the USD held in Paxos-owned US bank accounts.
Who Are the Founders of Pax Dollar?
The Pax Dollar was created by Charles Cascarilla and Rich Teo.
Charles Cascarilla is the CEO and co-founder of Paxos. He is also the founding board member of the Association for Digital Asset Markets (ADAM), and a partner at Liberty City Ventures.
He also co-founded and is a partner at Cedar Hill Capital Partners, and his past experience includes a portfolio manager at Claiborne Capital Management, financial analyst at Goldman Sachs and analyst at the Bank of America.
Rich Teo is the second co-founder of Paxos. Before that, he worked as a principal/senior Analyst at Cedar Hill Capital Partners. He was also a financial analyst at Citi, and a combat signaler at the Singapore Armed Forces.
What Makes Pax Dollar Unique?
The Pax Dollar is a stablecoin that allows any user to exchange U.S. dollars for the Pax Dollar Tokens. Its main goal is to stabilize the dollar with blockchain technology.
The Paxos company has a charter from the New York State Department of Financial Services that allows them to offer regulated services within the crypto asset world. The token itself is backed by the USD in accounts that are held by the company at the U.S. depository institutions.
Pax Dollar was built in order to improve the larger financial ecosystem through the creation of a frictionless global network. Here, all digital assets can be mobilized quickly, with a high level of flexibility and accessibility. Paxos’s goal is to create a future where digital assets, commodities and securities can be transferred anywhere, anytime.
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<span style="text-decoration:underline;">Enhance your knowledge about cryptocurrency through CMC Alexandria.</span>
<span style="text-decoration:underline;">Read some of our latest posts on the CoinMarketCap blog.</span>
How Many Pax Dollar (USDP) Coins Are There in Circulation?
Pax Dollar combines the U.S. dollar’s stability with the efficiency of blockchain technology. It is a digital dollar, and like other crypto assets can be moved instantaneously anywhere in the world throughout any time of the day. It is stable and is backed 1:1 for the dollar, as well as issued by the Paxos Trust Company. This means that the funds are carefully protected, audited and regulated.
How Is the Pax Dollar Network Secured?
The Pax Dollar (USDP) can be transacted over the Ethereum blockchain in the same way as Ether or any other ERC-20 asset. If a user wants to redeem USDP, they can send tokens to an address controlled by Paxos that will destroy the tokens and transfer flat currency to the user’s bank account. Through this existence on a public blockchain, it can allow traders and exchanges to use USDP as an alternative to flat currencies and can help them outsource their banking requirements to Paxos. This also allows Paxos to easily be integrated with the Ethereum based applications easily.
When there is a security threat, Paxos can pause transfers and approvals of the USDP Token. This ability to pause is controlled by a single owner role, such as OpenZeppelin’s ownable. The model follows OpenZeppelin’s Pausable. OpenZeppelin contracts help you minimize risk by using tested libraries of smart contracts for Ethereum and other blockchains.
Due to the fact that it has a regulated trust, Paxos can legally transfer assets and monies. Through combining that permission with blockchain technology, the transactions can be done rapidly, securely and with no risk.
Where Can You Buy Pax Dollar (USDP)?
Pax Dollar or USDP can be purchased, sold and traded on several exchanges, those being:
Binance
VCC Exchange
Digifinex
Bittrex
Bithumb Global
1inch Exchange<span style="text-decoration:underline;">.</span>
You can find others listed on our crypto exchanges page. If you are interested in learning how to buy cryptocurrency, you can learn more here.
PAX was first tradable on 27th Sep, 2018. It has a total supply of 193,347,099.69. As of right now PAX has a market capitalization of USD $unknown. The current price of PAX is $1.04 and is ranked 31 out of the top 100 cryptocurrencies on Coinmarketcap and has recently surged 4.48 percent at the time of writing.
PAX has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy PAX.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, Bitcoin (BTC). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy BTC with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose Bitcoin, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer BTC to an Altcoin Exchange
Select altcoin exchanges:
- Gate.io
- MXC
- BitMart
- OKEx
- Binance
- Huobi
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use Gate.io as our exchange. Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at Gate.io and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Now go back to Gate.io and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from Gate.io once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to Gate.io, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use MXC as our exchange. MXC is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Launched in Apr 2018, MXC is a centralized cryptocurrency exchange registered in Seychelles. It supports CNY, VND, USD, GBP, EUR, AUD deposit, and CNY, VND withdrawal. As far as we can tell, US-investors may trade at MXC. It offers trading in 242 coins and has 374 trading pairs. They are currently no. 7 in terms of the most supported cryptocurrencies compared to other spot trading exchanges according to Coingecko. Most importantly, MXC is ON TOP of the Decentralised Finance (DeFi) wave and constantly adding support for DeFi coins.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at MXC and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to MXC!
Now go back to MXC and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from MXC once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to MXC, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use BitMart as our exchange. BitMart is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
BitMart is a crypto exchange from the Cayman Islands. It became available to the public in March 2018. BitMart has a truly impressive liquidity. At the time of the last update of this review (20 March 2020, right in the middle of the crisis with COVID-19), BitMart’s 24 hour trading volume was USD 1.8 billion. This amount placed BitMart on place no. 24 on Coinmarketcap’s the list of exchanges with the highest 24 hour trading volumes. Needless to say, if you start trading here, you will not have to worry about the order book being thin. Many exchanges does not allow investors from USA as customers. As far as we can tell, BitMart is not one of those exchanges. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at BitMart and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to BitMart!
Now go back to BitMart and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from BitMart once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to BitMart, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use OKEx as our exchange. OKEx is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
OKEx is a crypto exchange that was previously based in Hong Kong. According to info provided directly from the exchange to us, it is now based in Malta. Malta is together with Estonia and Gibraltar one of the few countries in Europe that has clear license requirements for crypto exchanges. When Malta issued license requirements for crypto exchanges, a lot of exchanges from other parts of the world actually relocated to Malta. US-investors may not trade on this exchange. So if you are a US-investor and want to trade at OKEx, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at OKEx and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to OKEx!
Now go back to OKEx and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from OKEx once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to OKEx, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use Binance as our exchange. Binance is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world. Unfortunately, Binance does not allow US investors so we recommend you to sign up on other exchanges we recommend on this page.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at Binance and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Binance!
Now go back to Binance and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from Binance once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to Binance, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
But we are not done yet, since PAX is an altcoin we need to transfer our BTC to an exchange that PAX can be traded, here we will use Huobi as our exchange. Huobi is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Huobi is originally a Chinese crypto exchange. From what it seems, it has now registered in the Seychelles. This exchange is one of the six exchanges from the Seychelles. The liquidity at Huobi is impressive. The liquidity, together with its customer support that is open 24 hours a day 365 days a year and good security. If you sign up to Huobi using our link below, you will receive a series of welcome bonuses, as follows: 1. USDT 10 when you have registered and verified your profile, 2. USDT 50 when you have deposited/bought 100 USDT worth of tokens via Huobi OTC, and 3. A chance of up to USDT 60 when you have completed a minimum of 100 USDT worth of crypto-to-crypto trading. Huobi does not allow US-investors on its exchange.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your BTC wallet at Huobi and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on BTC on the "From" field, choose the amount you wan to send and on the "To" field choose BTC under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Huobi!
Now go back to Huobi and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from Huobi once your BTC has arrived. And you are now finally ready to purchase PAX!
Step 5: Trade PAX
Go back to Huobi, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "PAX", you should see PAX/BTC, select that pair and you should see a price chart of PAX/BTC in the middle of the page.
Below there is a box with a green button that says "Buy PAX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PAX". Voila! You have finally bought PAX!
Last Step: Store PAX securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your PAX for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy PAX with cash?
There is no direct way to buy PAX with cash. However, you can use marketplaces such as LocalBitcoins to first purchase BTC, and finish the rest of the steps by transferring your BTC to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy PAX in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy PAX or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
Read more on Paxos Standard's fundamentals and current price here.