If you’re wondering how to buy PAX Gold (PAXG) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy PAX Gold.
Newton is a particularly good choice for buying and selling PAX Gold because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.
What Is PAX Gold (PAXG)?
Launched in 2019, Pax Gold (PAXG) is an Ethereum-based ERC-20 token traded in the Ethereum blockchain. It is considered a stable coin, as it is completely backed by a physical asset, gold. Its founder, Charles Cascarilla, had in mind a token that would facilitate the access to physical gold, but without the hassle of storing or delivering the commodity.
Another indirect benefit is that there is no minimum limit; you can buy as little PAXG as you want. This wouldn’t be feasible if we considered the physical asset. The relation between the PAXG coin and physical gold is one-to-one-ounce.
Consequently, the circulation supply of PAXG tokens changes as the physical gold stored by Paxos, the holding company, increases, and new coins are minted. As of 2022 there are almost 70 thousand PAXG in circulation.PAXG is secured by the Proof of Work (PoW) consensus algorithm, and, like the Ethereum blockchain, has its eyes on a less resource-intensive protocol, the Proof of Stake (PoS) algorithm, and has plans to implement it in the near future.
Investors can acquire PAXG tokens in some of the largest exchanges, including Binance, Kraken, and FTX. As of 2022, Pax Gold has not been hacked.
Here are some other quick facts about PAX Gold:
|Asset Type||Ethereum-based Token|
|Market Cap||$614,237,884 USD|
|All Time High||$2241.37 USD|
|All Time High Date||May 17, 2021|
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ExperiencedI bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
UnbiasedAll of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
Deep ResearchMy team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
Where To Buy PAX Gold In Canada
Here’s how to buy PAX Gold in Canada smoothly and easily:
1. Open Your Newton Account
Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.
If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.
2. Fund Your Newton Account
Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.
Your funds will appear in your account in 30 minutes or less.
3. Buy PAX Gold With Newton
Once you’ve funded your account, you can go ahead and buy however much PAX Gold you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select PAX Gold from the dropdown menu.
Your order will be processed immediately, and your PAX Gold will show up in your account right away. And that’s it—you just bought PAX Gold!
Zero Trading Fees
Spreads: 0.2% – 0.7%
Why Newton Is Great For Buying PAX Gold
There are many reasons Newton is my exchange of choice for buying PAX Gold, but here are just three:
1. Extremely Low Fees
Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.
The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on PAX Gold on its Fees page.
2. Wide Variety Of Coins
Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from PAX Gold, Newton is your best bet for finding them.
3. Designed For Canadians
If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.
Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.
Where To Store PAX Gold
Storing PAX Gold is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.
With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:
- The widest selection of coins of any Canadian crypto wallet/exchange
- Newton performs daily off-site backups to ensure your crypto is always kept safe
- Open an account in 30 seconds
- $25 bonus when you buy $100 in crypto using my signup link
Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.
Zero Trading Fees
Spreads: 0.2% – 0.7%
Here’s how to buy PAX Gold in Canada:
- Open a Newton account using my referral link to get your $25 signup bonus.
- Deposit Canadian dollars into your Newton account with zero fees.
- Exchange dollars into PAX Gold with no commissions—you just pay the spread.
Buying PAX Gold In Canada FAQs
What Fees Are Involved With Buying PAX Gold?
Newton doesn’t charge any trading fees or commissions on PAX Gold, so you just pay a spread of around 0.2% – 0.7%.
Which Canadian Exchanges Offer PAX Gold?
Newton is the only exchange Canadians can use to buy PAX Gold today. Other exchanges like CoinSmart and Bitbuy may add support for PAX Gold in the future, but right now, Newton is the only option Canadians have.
How Do I Sell PAX Gold In Canada?
To sell PAX Gold, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of PAX Gold you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.
Alternatively, if you wish to transfer your PAX Gold to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select PAX Gold from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.
Is PAX Gold A Good Investment?
At its current price of $1905.06 USD, PAX Gold is down 15% from its all-time high of $2241.37 USD on May 17, 2021. If the past is any indication, though, there’s a good chance PAX Gold will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.
Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.
PAX Gold Price Prediction
Our price prediction for PAX Gold is $3,754.14 USD within 12 months. This equates to an increase of 97% from its current price of $1905.06 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.