Paxos charges no fees. There are no minimums to convert PAX to USD or USD for PAX.
Paxos Platform User Guide
After signing in, locate the button for “Send PAX.” This can be found at the bottom of your home dashboard. From this function, you will be able to convert your USD into PAX and send it to an external address you control. Once you click the “Send PAX” button you will have the option to add a new address or choose a previously saved address. Next, you will choose the amount you wish to send, confirm the address accepts PAX and then “Complete Transfer.”
The Paxos wallet supports the following asset-backed tokens:
- Paxos Standard (PAX)
- Binance USD (BUSD)
- PAX Gold (PAXG)
The itBit by Paxos exchange supports the following digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- PAX Gold (PAXG)
USD is the only fiat currency that is currently supported for deposits and withdrawals across the platform.
The processing schedule is detailed below:
Monday through Friday: Fiat Deposits
- Fiat Deposits are credited automatically once received by our bank.
Monday through Friday: Fiat Withdrawals
- 11am SGT / 10pm ET (bank instructed by 12pm SGT / 11pm ET)
- 2pm SGT / 1pm ET (bank instructed by 3pm SGT / 2am ET)
- 11pm SGT / 10am ET (bank instructed by 12am SGT / 11am ET)
- 2am SGT / 1pm ET (bank instructed by 3am SGT / 2pm ET)
Monday through Friday: PAX Deposits
- We now have instant PAX deposits. Once PAX is deposited it will immediately show up in your account as USD.
Monday through Friday: PAX Withdrawals
- 9am SGT / 8pm ET (broadcasted to blockchain by 10am SGT / 9pm ET)
- 1pm SGT / 12am ET (broadcasted to blockchain by 2pm SGT / 1am ET)
- 4pm SGT / 3am ET (broadcasted to blockchain by 5pm SGT / 4am ET)
- 9pm SGT / 8am ET(broadcasted to blockchain by 10pm SGT / 9am ET)
- 12am SGT / 11am ET (broadcasted to blockchain by 1am SGT / 12pm ET)
- 4am SGT / 3pm ET (broadcasted to blockchain by 5am SGT / 4pm ET)
Saturday: PAX Withdrawals and Deposits*
- 11pm SGT / 10am ET (broadcasted to blockchain by 12am SGT / 11am ET)
Sunday: PAX Withdrawals and Deposits*
- 11am SGT / 10pm ET (broadcasted to blockchain by 12pm SGT / 11pm ET)
* For transactions over $50,000
PAX and BUSD are digital representations of USD. PAX and BUSD have 1:1 parity with USD and are regulated by the New York State Department of Financial Services. They’re issued by the Paxos Trust Company and USD is issued by the US Treasury. On our platform, you can use USD, PAX and BUSD interchangeably.
On our platform, $1 PAX always equals $1 USD and the two are used interchangeably. Your PAX & USD balances are displayed only as USD on your account dashboard.
On our platform, you can either send or deposit PAX. When you send PAX, you are creating PAX and transferring it on the Ethereum network to an external wallet address you control. When you deposit PAX, you are redeeming the token for USD within your Paxos account.
At this time, customers cannot transfer USD or PAX from their Paxos account to their itBit account. We expect to enable this functionality in the near term.
At this time, your Paxos and itBit wallets are separate.
*Please note that customer banks may charge a fee for initiating a wire deposit or receiving a wire deposit. Paxos reserves the right to make changes to the fee structure at any time.
After signing in, locate the button for “Deposit.” This can be found in the top right corner of your dashboard. From this function, you will be able to deposit crypto and USD. For crypto, we’ll provide you with a deposit address to which you can deposit your funds to. If you wish to deposit USD, follow the instructions to initiate a wire transfer through your bank. Paxos will soon also enable ACH funding capabilities to the platform.
After signing in, locate the button for “Deposit.” This can be found in the top right corner of your dashboard. From this function, you will be able to deposit PAX and USD funds. We’ll provide you with a deposit address to which you can send your PAX. Once on the platform, your assets will be represented as USD.
Customers can fund their accounts with USD through wire transfer and PAX through deposit from external wallets. We will soon support additional crypto and ACH funding.
At this time, Paxos does not support ACH deposits or withdrawals. We expect to enable this functionality in the near term.
There are a few factors that can impact the time it takes to receive your wire transfer.
Incorrect Wire Details: Your wire transfer may feature incorrect details or instructions which can impact delivery time and result in delayed processing. It’s essential to ensure your bank details are correct before sending.
Submission Time: For both domestic and international wires, cutoff times impact when you will receive your deposit to your Paxos account. Most banks have wire transfer cutoff times (these can typically be found on your banking website); if your wire is submitted prior to this cutoff, then it is likely to be processed the same day. However, if the wire deposit is sent after your bank’s cutoff time, it is likely to be delayed to the next business day. This schedule is most relevant on Fridays and bank holidays as your wire may be delayed multiple business days prior to your bank reopening in your respective location.
When you send a wire transfer from your bank, you will receive a 16-20 digit Federal Reference number that confirms the transaction. If you suspect your wire may be held in-transit, you can use this reference number to request a trace on the transfer from the originator bank.
Right now, Paxos supports the deposit/withdrawal of USD, PAX and BUSD.
Customers do not have a daily or monthly deposit limit.
After signing in, locate the button for “Transfer.” This can be found in the top right corner of your dashboard. From this function, you will be able to withdraw PAX and USD funds. If you wish to withdraw PAX, you will need to provide a wallet address you control where these funds should be sent. If you wish to withdraw USD, you can send USD to your bank by inputting your banking details. Paxos will soon also enable ACH funding capabilities to the platform.
It is not uncommon for a recipient bank to hold funds for one to two business days before posting. If you think this may be the case, you can reach out to us directly at firstname.lastname@example.org and we will provide you with a Federal Reference number to locate the transfer with your bank.
Auto-Transfers are a faster and easier way for customers to get PAX. After designating an address where you would like to send your PAX to, you will be able to switch on the Auto-Transfer feature. Once Auto-Transfer has been switched on, every time you wire USD to your Paxos account, we’ll convert it to PAX and send it to your designated address.
To enable Auto-Transfers, you first must have a designated ethereum address saved on your Paxos account. Add a designated ethereum address here. When initiating a wire transfer from a bank account, there is a toggle feature for Auto-Transfers. Enable Auto-Transfers by selecting this option. You will then be prompted to select the ethereum address where Paxos should send your PAX.
By using the Auto-Transfer feature, you can get your PAX faster. Once Paxos receives your USD wire transfer, it will then send PAX to your designated ethereum address. You will no longer need to submit a separate PAX withdrawal request.
To disable Auto-Transfers on your account, you simply need to log in to your Paxos account and turn off the Auto-Transfers feature that is displayed on the deposit screen of the Paxos dashboard.
Customers do not have a daily or monthly withdrawal limit.
Customers can easily store wallet addresses and bank account details within their Paxos account. You can access details for your account via the settings function.
With USD on your Paxos account, you can easily get PAX and BUSD to transact at the speed of the internet.
To convert USD into PAX, you simply need to deposit USD into your Paxos account. On our platform, $1 PAX always equals $1 USD. Use these interchangeably. All of your account balances are displayed as USD on your account dashboard.
To convert PAX into USD, you simply need to deposit PAX into your Paxos account. On our platform, $1 PAX always equals $1 USD. Use these interchangeably. All of your account balances are displayed as USD on your account dashboard.
Your Paxos account functions as a wallet. Here, you can hold or withdraw your USD and PAX assets with confidence.
The new Paxos dashboard now has functionality for users to create various profiles within the same account. These profiles enable you to maintain separate balances and transactions depending on how you want to use your account.
Within the “Settings” function of your Paxos account, there are four tabs that provide all the details associated with your Paxos account. In the “Profiles” tab, select the “Create Profile” button to add a new profile.
From the “Wallet” tab, locate the profile drop down above the “Transfer” button. From there you will be able to view and move between your various profiles.
All Paxos account holders can easily transfer funds between profiles.
Paxos logs the transaction activity of each Paxos account holder. To view your account activity, select the “Activity” tab on the main dashboard.
To view your account activity, select the “Settings” feature and the “General” sub-tab. Details regarding your account are stored here.
In order to change the information on your account, please submit a request to email@example.com. In order for the request to be approved, proof will need to be shown of the change.
- For a Name & Date of Birth Change please submit a valid government issued Photo ID
- For Residential Address please submit a Proof of Residence document (Ex: Bank Statement, Utility Bill, etc) dated in the last 6 months
For Institutional Name Change please submit the official name change documentation
Paxos asks that all account holders update the details of their accounts so that we can provide accurate tax information, maintain our AML/KYC standards and stay compliant with the rules and regulations that NYDFS outlines for holders of a Trust Charter.
If you need assistance on resetting your password, reach out to firstname.lastname@example.org.
Within the “Saved Addresses” tab of the “Settings” function, you can view your saved wallet addresses. Here you will also be able to “Add New Address” or edit/remove an address by clicking the three grey dots on the right side of the specific address you wish to adjust.
Within the “Saved Banks” tab of the “Settings” function, you can view your saved bank accounts. Here you will also be able to “Add Bank Account” or edit/remove a bank account by clicking the three grey dots on the right side of the specific bank account you wish to adjust.
We ask that institutional customers submit additional documentation as part of our onboarding process. Our system will prompt you with the application following your account creation if you are an institutional customer. The application is also available here: Paxos Institutional Application. Once complete, please send to email@example.com.