A price chart is a visual representation of the current market situation. It helps users better understand any trading asset — including digital currencies. The chart shows various information about the asset, such as trading volume, historical changes, current rates, etc. Among these, changes in the price of the asset relative to fiat funds is among the most useful info, as it tells you how many euros or dollars you need to spend to buy the said crypto asset.

Pax Gold (PAXG) Price Chart

Gold has fascinated humankind since its inception. From the legend of King Midas to today, references to this precious metal exist throughout popular culture: the basketball team Denver Nuggets, the Golden State Warriors, the Golden Triangle, Golden Girls, and even the James Bond movie Goldfinger. Gold has also found its way into the world of crypto, thanks to the Pax Gold (PAXG) virtual currency. 

Pax Gold is a gold-backed cryptocurrency that uses a familiar stablecoin model. It has become an accessible way for traders to begin investing in gold, but there is much more to this cryptocurrency than meets the eye. Join us below as we explore the PAXG historical price in detail and explain how you can buy and sell cryptocurrency on CEX.IO.

What is Pax Gold (PAXG)?

As mentioned above, Pax Gold is a cryptocurrency backed in gold, with a native token called PAXG, which is an ERC-20 token operating on the Ethereum blockchain. This crypto asset is tradeable on various exchanges, including CEX.IO, and its primary goal is to help make gold more accessible. The idea behind facilitating the trading of gold is that this physical commodity is not flexible or easily divisible in terms of transport.

Generally speaking, and according to its official whitepaper, the primary purpose of this cryptocurrency is practicality. In other words, Pax Gold exists to enable investors to purchase indefinitely small amounts of gold through this cryptocurrency. In doing so, they can eliminate the minimum buy limits that traditionally exist for this commodity.

The uniqueness of Pax Gold

When looking into the Pax Gold price over time, what helps set this asset apart from other cryptocurrencies is that it is backed by an already established and globally recognized commodity. Although there is an increasing number of ERC-20 tokens available for purchase, Pax Gold is unique because it aims to facilitate investing in this precious metal.

On the one hand, Pax Gold's official whitepaper reveals that "investment purposes encapsulate more than $3.5 trillion of the total gold available today." On the other hand, a significant portion of this amount is inaccessible to small-time investors. 

Enter Pax Gold, which aims to bridge this gap and level the playing field. Every PAXG token is backed by a piece of a London Good Delivery gold bar. These bars are stored in Brink's gold vaults, which is the London Bullion Market Association's approved storage company. 

Consequently, Pax Gold opens up new opportunities to traders by combining the established name of gold as a physical commodity and the liquidity and security offered by blockchain-based cryptocurrencies. This asset has become so successful that several other gold-backed tokens have been created following the same model. 

Pax Gold history

Before we dig into this asset’s price trend and price analysis, let’s observe a bit of its history. The Paxos Trust created Pax Gold (PAXG) in September 2019 while successfully managing the Paxos brokerage platform. This startup gathered $540 million in funding from various investors, including Oak HC/FT Partners, Declaration Partners, PayPal Ventures, and Mithril Capital Management.

The gold-backed token received regulatory approval in 2019 from the New York State Department of Financial Services. Consequently, Paxos Trust was allowed to offer the token to investors residing in the state of New York. 

One of the first platforms to add Pax Gold in September 2020 was an interest-bearing crypto account platform called Celsius Network. This move enabled users to earn rewards on their PAXG deposits. In October of the same year, Nexo (Celsius Network’s closest competitor) also added PAXG. 

Who are the founders of Pax Gold?

The PAXG token was developed by Paxos, a startup specializing in building infrastructure for cryptocurrency exchange. Since the PAXG token was developed on the Ethereum blockchain, it is exchangeable for other crypto assets. Simultaneously, it is secured by owners using cryptographic keys. 

The team behind this startup, founded in 2012, consists of Charles Cascarilla and Rich Teo. Cascarilla is the CEO but also serves several other functions. He is a partner at Liberty City Ventures and is among the founding board members of the ADAM (Association for Digital Asset Markets). 

Before founding Paxos, he worked as an analyst at Bank of America, as a financial analyst at Goldman Sachs, and as a portfolio manager at Claiborne Capital Management. Cascarilla's career in capital management is extensive and has led him to explore the various opportunities offered by cryptocurrencies (and also impacted the Pax Gold token stock price).

The second co-founder of Paxos is Rich Teo. Prior to joining and founding Paxos, Teo was employed as a senior/principal analyst at Cedar Hill Capital Partners. He also served as a combat signaler at the Singapore Armed Forces and a financial analyst at Citi.

How Pax Gold Works

As mentioned above, this cryptocurrency runs on the Ethereum blockchain. Consequently, the transactions on it also operate following the network's smart contract rules. 

However, the process of creating and destroying PAXG tokens requires a small fee (approximately 0.02%) charged by the company. Additionally, users pay on-chain fees for moving PAXG tokens on the Ethereum network.

Paxos also uses third-party analytical tools to surveil and monitor every PAXG transaction. Such monitoring helps investigate potential instances of money laundering and fraud.

Lastly, regular smart contract audits are also present, which developers perform to scrutinize code and identify vulnerabilities and bugs. 

Current PAXG price index

Most crypto enthusiasts initially focus on the Pax Gold price prediction, but the prices of most crypto assets change continuously. Such changes mean that keeping track of the market is the most surefire way to identify opportunities to acquire or sell cryptocurrencies. 

On the other hand, since Pax Gold is backed by gold, this crypto asset's value depends on the value of its namesake precious metal and commodity. However, instead of having to observe the price of gold in traditional financial markets, CEX.IO is your one-stop shop and comprehensive resource for the latest market information. You can keep track of price charts for various crypto assets on our platform 24/7/365.

Therefore, CEX.IO is a definitive resource for all things crypto-related. You can trade numerous assets on our exchange, including some of the biggest names in the game. Buy, sell, and trade Ethereum (ETH), Tether (USDT), Ripple (XRP), and Bitcoin (BTC), along with several newer cryptocurrencies (such as Pax Gold). 

CEX.IO enables you to check the price of Pax Gold, learn how to acquire PAXG coins, and even convert PAXG to USDT, BTC to USD, and numerous other crypto pairs.

Pax Gold price history

The Paxos company released Paxos Standard (PAX) in 2018 — a crypto asset backed 1:1 with a reserve of U.S. dollars. These dollars are stored in U.S. bank accounts by Paxos. 

Following the same model, Pax Gold was created in September 2019. Holders of PAXG tokens can redeem each one for one troy fine ounce of gold custodied in vaults by Paxos and its partners. Simultaneously, this cryptocurrency's market value is designed to mirror the physical gold it represents. 

Additionally, PAXG token holders can divide their tokens to up to 18 decimal point places. Even smaller amounts of gold are redeemable through a worldwide network of physical gold retailers.

Due to being backed in gold (unlike most other crypto prices), this cryptocurrency reached an all-time high of $3,487.68 on April 22, 2020. Conversely, its all-time low of $1,387.98 occurred on October 26, 2019. 

Where to buy Pax Gold 

Gold has historically acted as one of the safest and most stable investment forms. Whenever markets were volatile, experts and enthusiasts alike would turn to gold to minimize risk and preserve the value of their portfolios. In other words, gold has always been sought after because it is among the most trustworthy assets. 

CEX.IO also shares such trust, evidenced by our more than five million customers globally since 2013. This reputation has made our platform the best and most reliable choice for all things crypto-related (including how to buy Bitcoin with credit card). Therefore, choosing CEX.IO for your crypto transactions is an excellent way to get the best of both worlds — acquiring a stable, gold-backed cryptocurrency such as Pax Gold on a user-centric and secure platform.

But, CEX.IO is more than a crypto exchange; our platform represents an entire ecosystem of crypto services. Additionally, our PCI DSS-compliant platform is a regulated provider of FinTech products and is licensed to operate in numerous countries worldwide. 

Both enterprise and individual crypto enthusiasts can benefit from CEX.IO services (such as how to buy BNB). Users can acquire, sell, and trade more than 120 cryptocurrencies on our platform, which are accessible through a few simple steps and made available almost instantly (more below). 

CEX.IO is safe, secure, reliable, and has a proven track record of success and putting users first. All of these aspects make it the ultimate choice for a broad spectrum of crypto transactions and industry knowledge in general. 

How to buy Pax Gold on CEX.IO

When looking into how to buy Dogecoin, buy Ethereum, or acquire cryptocurrencies like Pax Gold on our platform, the process is straightforward. When it comes to most crypto assets, CEX.IO enables users to benefit from several widespread payment options:

• E-wallets
• Bank transfers
• Credit cards
• Debit cards

How to buy PAXG on CEX.IO using market/limit orders

Before we get into how to buy cryptocurrency with credit card and other methods, remember that buying and selling a crypto asset is the near definition of trading. The most straightforward way to do so on our platform is to place an order by logging into your CEX.IO account and visiting the Spot Trading page. 

Enter your desired crypto ticker (like PAXG) into the search bar on the page, and then scroll down below the price chart. (Note that the term "order" in this regard refers to how you'll enter and exit a market). Two of the most popular and basic order types are available at CEX.IO: market orders and limit orders. 

Market orders on CEX.IO

A market (or instant) order means buying or selling a cryptocurrency instantly at the best price available (such as how to buy BUSD). Here is a quick example: 

When looking at the PAXG/USDT market (PAXG being the "base" currency and USDT being the "quoted" currency), buying PAXG with a market order translates to selecting an amount of quoted currency to spend (USDT in this example). 

Think of this order as saying, "I want to buy the most Pax Gold for 100 USDT right this very moment." Conversely, selling cryptocurrency using a market order means selecting how many PAXG you want to sell. 

Note that the above process for market orders also applies to every other available cryptocurrency on our platform (such as how to buy Solana). In most cases, market orders are executed instantly, so you can immediately see the acquired crypto in your CEX.IO account balance. 

Limit orders on CEX.IO

Contrary to market orders, limit orders serve to either acquire crypto assets below the market or sell them above the market (for a certain price). Unlike market orders, the execution of limit orders will not occur until the requested price matches an opposite order from another user. Additionally, the user can cancel the limit order at any time before full execution.

However, there is a chance that limit orders are only partially completed, which usually happens if there is not sufficient volume at a matching price. For example, you're looking to buy 10 PAXG at a certain price, but only 6 PAXG are available at that price. 

In this case, the remaining 4 PAXG will remain open until closed by another matching order. Simultaneously, you can also cancel the limit order for the 4 remaining PAXG at any time. However, you cannot return or reverse the executed part of the fiat (or, in this case, crypto) involved in the limit order. Also, note that each market has a minimum requirement for order placing.

How to buy PAXG on CEX.IO using the Exchange app

Once you download the CEX.IO Exchange app and log into your account, visit the Trade Pro menu and go to the Trade page. Once there, you'll see the Market and Limit tabs. 

As in the previous section, remember that market orders enable you to buy/sell crypto immediately under current market conditions. If execution speed is your priority, market orders are more accommodating in that regard.

On the other hand, and conversely, limit orders enable you to specify the price at which you'd like your order to be filled. But, when choosing limit orders, remember that your order will only be completed if and when the market meets your set price. 

Changing the currency for your order is possible by clicking on the currency pair button. Choose your quoted currency (the currency you want to spend) in the slider at the top of the screen, and your base currency (the currency you want to buy) from the dropdown menu.

How to buy and sell with market orders in the CEX.IO Exchange app

Using market orders to buy crypto in the Exchange app is straightforward:

1. Input the amount you'd like to spend in your preferred currency.
2. Click on Buy to see the estimated amount of the selected currency at the current exchange rate.
3. Click Buy once again to agree to the conditions.

The order will go through instantly, and the purchased crypto should appear in your account balance immediately. Due to the quick changes in market price, there is always a chance that the final amount you receive may differ from the estimated amount.

Selling your crypto via market order in the Exchange app is just as intuitive (and ideal if you’re looking to sell Bitcoin, for example):

• Input the amount you wish to sell.
• Click on the Sell button.
• Simply confirm the sale.

How to buy and sell with limit orders on the CEX.IO Exchange app

You can also buy and sell crypto assets from the Exchange app using limit orders by following these steps:

1. Input the amount you wish to buy/sell.
2. Enter your desired price.
3. Click on Sell/Buy and check your order details.
4. After reviewing the order details, click on Sell/Buy again to place the order.

Once you've confirmed your order, you'll have an overview in your Orders tab. The order will be completed if and when the market price reaches your specified price. Simultaneously, you can cancel a limit order any time before it has been executed. To cancel a limit order, click on the red X button located next to the Orders tab.

FAQ

What is the PAXG token?

The PAXG is an ERC-20 physical gold-based token whose value is equivalent to one fine troy ounce of a London Good Delivery gold bar. These gold bars are stored in professional vault facilities, and any PAXG holder has ownership rights to that gold, guaranteed by the Paxos Trust Company.

Why does the PAXG token have value?

The PAXG token's value derives from its ability to allow crypto traders to move value into an asset, thereby offering exposure to the market price of gold. Many such traders are attracted to the idea of holding value in an asset whose long-term value they can believe in. Simultaneously, they enjoy the properties of cryptographic money, such as exchangeability and portability.

Why choose CEX.IO to buy PAXG?

CEX.IO is an ecosystem of crypto services that has existed since 2013. It has thrived in a competitive industry, which demonstrates the trust and reliability of its platform and exchange. CEX.IO is recognized globally and operates in numerous countries worldwide, thanks to its PCI DSS-compliant platform. Additionally, CEX.IO serves as a reputable outlet to buy USDT, or any other crypto asset.