Please take note of the downtimes for PAXG: Every weekday the London gold market closes for one hour to settle all of the trades that occurred within the prior 23-hour period. Additionally, the London gold market does not operate between 5PM ET on Fridays through 6 PM ET on Sundays. The London gold market will also be closed during applicable gold market holidays.
During gold market holidays, Paxos does not support the purchase or sale of PAX Gold through our spot gold retailer but the PAXG/USD orderbook will remain up for trading.
PAX Gold purchases
PAXG can be bought with USD or unallocated gold from the Paxos UI.
Spot Price Purchase: In your main dashboard of your Paxos account page, click on the “Buy” button next to PAX Gold or select “PAX Gold” tab at the top navigation bar. From there, you will be able to convert USD funds into PAX Gold. PAXG purchased through Paxos’ gold retailer are subject to creation fees clearly indicated on the ‘Quote Preview’ section.
Unallocated Gold: If you have a Loco London unallocated gold account, you can transfer your entitlements to Paxos. Paxos will have the gold converted into allocated physical gold that is tokenized as PAXG, which will then be credited to your Paxos account the following day. Any Unallocated Gold balance that remains in your account past the daily cut-off time of 4:30 PM London time will be converted to PAXG.
itBit Exchange: You may purchase PAXG on itBit exchange via the “Trade” tab - while there are no creation fees, there are applicable exchange fees for your purchases. The price of PAXG on itBit exchange is determined by buyers/sellers which can differ from streaming INTL prices that are quoted on the Paxos Wallet.
PAX Gold sales/redeem
Spot Price Sale: In your main dashboard of your Paxos account page, click on the “Sell” button next to PAX Gold or select “PAX Gold” tab at the top navigation bar. From there, you will be able to convert your PAX Gold token into USD. PAXG sold through Paxos’ gold retailer are subject to destruction fees.
Redeem for Unallocated: You may redeem for unallocated gold by initiating a sell request through the Paxos wallet dashboard on the PAX Gold page. For redemption of PAXG into unallocated gold, you must have a saved Loco London bank account saved in your account. You can do this by visiting your account settings page clicking on the gear icon in the top right corner of your home dashboard and selecting Saved Bank Accounts.
Redeem for Physical: You may redeem for a Physical gold bar by initiating a sell request through the Paxos wallet dashboard on the PAX Gold page. For redemption of PAXG into Gold Bars, you will need to have a minimum of 430 PAXG plus fees given that London Good Delivery gold bars range from 370-430oz. Please note that Paxos can have the gold bar securely delivered only to vaults in the UK. Paxos maintains strict rules for the redemption of physical gold. Only individuals registered with Paxos as account holders can redeem gold. Other individuals may not redeem gold on behalf of the account holder.
itBit Exchange: You may sell PAXG on itBit exchange via the “Trade” tab - while there are no destruction fees, there are applicable exchange fees for your sales. The price of PAXG on itBit exchange is determined by buyers/sellers which can differ from streaming INTL prices that are quoted on the Paxos Wallet.
