Last update: Jun 6, 2022

How to Buy Pax Dollar (USDP)

So you’re looking for a guide on how to buy Pax Dollar. Depending on where you’re based, you’ll have various exchanges to choose from.

In this guide, we not only cover the top 3 global cryptocurrency exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

How to Buy Pax Dollar – 4 Easy Steps

1. Choose a crypto exchange

Finding a trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Pax Dollar of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger crypto trading platforms.

4. Buy Pax Dollar

Now that you have what you need to buy Pax Dollar, head over to the market or buy section of the cryptocurrency trading platform and buy some USDP.

If the crypto exchange doesn’t have any Pax Dollar on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Pax Dollar first), and trade your Ethereum for Pax Dollar.

Where to Buy Pax Dollar (USDP)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Pax Dollar

1. Sign into the crypto exchange where you bought Pax Dollar.
2. Move your Pax Dollar to the right place on the cryptocurrency exchange. Some exchanges have trading accounts you need to use for buying and selling.
3. Sell Pax Dollar.

 

How to Buy Pax Dollar (USDP) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Pax Dollar in Australia, the process remains the same:

1. Find a cryptocurrency trading platform below.
2. Sign up for an account.
3. Fund your account with AUD.
4. Buy Pax Dollar if it’s available. If the exchange doesn’t have Pax Dollar. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Pax Dollar), and trade your ETH for Pax Dollar.

You can also check out our comparison of the best bitcoin trading platforms in Australia if you’re curious to know more about the exchanges we prefer.

How to Buy Pax Dollar (USDP) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Pax Dollar in Canada, the process remains the same:

1. Find a cryptocurrency trading platform below.
2. Sign up for an account.
3. Fund your account with CAD.
4. Buy Pax Dollar if it’s available. If the exchange doesn’t have Pax Dollar. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Pax Dollar), and trade your ETH for Pax Dollar.

It’s also possible to check out our comparison of the safest crypto exchanges in Canada if you’re interested in learning more about the exchanges we prefer.

How to Buy Pax Dollar (USDP) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Pax Dollar in the UK, the process remains the same:

1. Find a crypto exchange below.
2. Sign up for an account.
3. Fund your account with GBP.
4. Buy Pax Dollar if it’s available. If the exchange doesn’t have Pax Dollar. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Pax Dollar), and trade your ETH for Pax Dollar.

Alternatively, if you want to know more about which exchanges we like, check our list of the bitcoin trading platforms in the UK.

Considering buying Pax Dollar? USDP Rundown

Pax Dollar, a flat-collateralized stabilizecoin was founded in September 2018. Stablecoins are cryptocurrency that aim to reduce volatility relative to a stable asset or a group of assets.

Stablecoins can be tied to cryptocurrency or flat money. It can be traded for commodities in some cases. Pax Dollar allows you to transact with blockchain assets while taking minimal risk. Pax Dollar tokens are issued as Ethereum tokens and are secured 1:1 by the USD in Paxos bank accounts.

Pax Dollar, a stablecoin, allows anyone to exchange U.S. Dollars for Pax Dollar Tokens. Its primary goal is to stabilize dollar using blockchain technology.

Paxos has been granted a charter by the New York State Department of Financial Services, which allows them to provide regulated services in the crypto asset market. The USD in accounts held by the company at U.S. deposit institutions are used to back the token.

Pax Dollar was created to enhance the financial system by creating a global network that is frictionless. All digital assets can be mobilized quickly and with high flexibility. Paxos's vision is to make it possible for digital assets, securities, and commodities to be transferred from anywhere at any time.

The Pax Dollar (USDP), can be traded over Ethereum blockchain in the exact same manner as Ether and any other assets. To redeem USDP, users can send tokens directly to Paxos. The tokens will be destroyed and the flat currency transferred to their bank accounts. This public blockchain allows traders and exchanges to use USDP to replace flat currencies. It can also help them outsource their banking needs to Paxos. This allows Paxos integration with Ethereum-based applications.

Paxos has the power to halt USDP Token transfers and approvals when there is a security risk. The ability to pause can only be controlled by one owner, such as OpenZeppelin’s ownable. This model is based on OpenZeppelin’s Pausable. OpenZeppelin contracts reduce risk by using tested libraries for smart contracts for Ethereum or other blockchains.

Paxos is legally able to transfer assets and money because it is a trust. Combining that permission with blockchain technology allows transactions to be made quickly, securely, and without risk.

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