This guide explains how to buy the Paxos Standard Token (PAX) with USD in four simple steps.
PAX is a stablecoin with a charter from the New York State Department of Financial Services. This compliance gives users the ability to use a regulated stablecoin.
First, you need to buy Ethereum (ETH). Visit Coinbase.com and sign up for an account. After this, you can buy Ethereum using your Coinbase account. The fastest payment method is a credit card.
You need to withdraw your ETH from Coinbase into your own Ethereum wallet. You will be able to store your PAX in the same Ethereum wallet if you have the private keys. If you’re unsure about which wallet to choose, click here
Go to Switchain, this will allow you to get PAX. Switchain is an instant cryptocurrency exchange that allows users to get the best rates. You are not required to make an account to make an exchange.
The homepage will allow you to select ETH as the input and PAX as the asset you want to receive. The page will look like this:
Just type the amount and select “Get Best Exchange Rate”.
Accept the exchange rate to go to the next page.
It will prompt you to provide a PAX address (for receiving the PAX) and ETH refund address. This can be the same address if you decide to put keep both assets in the same wallet.
It’s important to keep a small amount of ETH in the same wallet as your PAX. PAX uses ETH as gas to move from wallets. Your PAX will be stuck until you have ETH.
The next page will show an ETH address.
Send your ETH to this address and the PAX will be sent to the wallet you provided.
Now you wait. The status will change from “waiting for deposit” to “confirming” after the ETH you sent is detected.
You will be redirected to the confirmation page after the process has finished.
That’s all it takes! PAX can easily be traded for other cryptos using the same process. Switchain can be used if you want to diversify your crypto holdings
You also have the option of buying PAX from the official website. This requires sign up and identity verification. It can take a few days.
Using Coinbase in conjunction with Switchain is faster and gives you the ability to get ETH before you get PAX. This is important because ERC20 tokens like PAX need ETH for transactions.
Switchain is an instant non custodial cryptocurrency exchange. Our user user-friendly platform makes trading crypto easy and fast. We work with different cryptocurrency trading partners to guarantee the best cryptocurrency rates to our clients.