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.”
How can I get PAX?
What is the daily schedule for deposits & withdrawals for PAX and USD?
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)
What’s the difference between USD and PAX?
PAX is a digital representation of USD. PAX has 1:1 parity with USD and is regulated by the New York State Department of Financial Services. PAX is issued by the Paxos Trust Company and USD is issued by the US Treasury. On our platform, you can use USD and PAX interchangeably.
I just deposited PAX to my account - it’s not showing as a balance. Where did it go?
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.
How are PAX created and redeemed?
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.
Can I send USD or PAX from my Paxos account to my itBit 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.
Are my Paxos and itBit wallets the same?
At this time, your Paxos and itBit wallets are separate.
Are there fees for using PAX?
Paxos charges no fees. There are no minimums to convert PAX to USD or USD for PAX.
*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.
How do I fund my account?
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.
How do I deposit PAX?
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.
What methods of funding do you have available?
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.
Do you support ACH deposits?
At this time, Paxos does not support ACH depositing capabilities. We expect to enable this functionality in the near term.
Which currencies do you support?
Right now, Paxos supports the deposit/withdrawal of USD and PAX.
What are my daily and monthly deposit limits?
Customers do not have a daily or monthly deposit limit.
How do I withdraw from my account?
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.
What are Auto-Transfers on the Paxos platform?
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.
How do I enable Auto-Transfers for my Paxos account?
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.
What is the benefit of the Auto-Transfers feature?
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.
How do I turn off Auto-Transfers on my account?
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.
What are my daily and monthly withdrawal limits?
Customers do not have a daily or monthly withdrawal limit.
Do you support ACH withdrawals?
At this time, Paxos does not support ACH withdrawals. We plan to introduce that functionality in the near term.
Can I save withdrawal addresses and/or bank accounts?
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.
What can I purchase with USD?
With USD on your Paxos account, you can easily get PAX and transact at the speed of the internet.
How do I convert my USD to PAX?
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.
How do I convert my PAX to USD?
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.
Can I trade on itBit using my funds in Paxos?
Not at this time.
Can I trade on the Paxos platform?
Your Paxos account functions as a wallet. Here, you can hold or withdraw your USD and PAX assets with confidence.
What are Profiles?
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.
How do I add a new Profile?
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.
How do I move between Profiles?
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.
Can I transfer funds between profiles?
All Paxos account holders can easily transfer funds between profiles.
View/Manage My Account Information
How do I view my account activity?
Paxos logs the transaction activity of each Paxos account holder. To view your account activity, select the “Activity” tab on the main dashboard.
How do I view my account details?
To view your account activity, select the “Settings” feature and the “General” sub-tab. Details regarding your account are stored here.
How do I edit my account information?
If you need assistance on adjusting your account info, reach out to email@example.com.
Why is it important that my account information is up to date?
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.
How do I change my password?
If you need assistance on resetting your password, reach out to firstname.lastname@example.org.
Managing My Wallet
How can I view/add/edit/remove my saved addresses?
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.
How can I view/add/edit/remove my saved bank accounts?
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.
Where can I find the application for Institutional customers?
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.