User Guide

How to Use Paxos Standard

What is the daily schedule for deposits, withdrawals, purchases, and redemptions?

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 / 11pm ET (bank instructed by 12pm SGT / 12am ET)
  • 2pm SGT / 2pm ET (bank instructed by 3pm SGT / 3am ET)
  • 11pm SGT / 11am ET (bank instructed by 12am SGT / 12pm ET)
  • 2am SGT / 2pm ET (bank instructed by 3am SGT / 3pm ET)

Monday through Friday: Purchases and Redemptions

  • 9am SGT / 9pm ET (broadcasted to blockchain by 10am SGT / 10pm ET)
  • 1pm SGT / 1am ET (broadcasted to blockchain by 2pm SGT / 2am ET)
  • 4pm SGT / 4am ET (broadcasted to blockchain by 5pm SGT / 5am ET)
  • 9pm SGT / 9am ET(broadcasted to blockchain by 10pm SGT / 10am ET)
  • 12am SGT / 12pm ET (broadcasted to blockchain by 1am SGT / 1pm ET)
  • 4am SGT / 4pm ET (broadcasted to blockchain by 5am SGT / 5pm ET)

Saturday: Purchases and Redemptions*

  • 11pm SGT / 11am ET (broadcasted to blockchain by 12am SGT / 12pm ET)

Sunday: Purchases and Redemptions*

  • 11am SGT / 11pm ET (broadcasted to blockchain by 12pm SGT / 12am ET)

*Minimum per transaction: $50,000

Is it possible to lose or accidentally send Paxos Standard tokens to the wrong address?

Yes, it is possible to send Paxos Standard tokens to the wrong address. You should double check the address that you enter in order to ensure your PAX is delivered to the correct address that you control.

Are there fees for using Paxos Standard?

Paxos charges no fees. There are no minimums to convert PAX to USD or to redeem PAX for USD.

*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.

I don’t have an Ethereum address - how do I get one?

Ethereum wallets can be obtained in a variety of ways. Below are a few locations where you can get one for free:

*Please note: Paxos does not endorse any particular Ethereum wallet.

Why can’t I send my Paxos Standard from my ETH wallet?

In order to transfer Paxos Standard from one wallet to another, your wallet must have a small balance of ETH (at least 0.01 ETH is recommended). Without an ETH balance in your wallet, you will be unable to move/transfer your PAX outside of the wallet.

How can I get Paxos Standard?

  1. 点击此处注册账户 here
    *Please note, it may take up to 1-2 business days for your account to be reviewed for approval. Once approved, you will receive email notification of approval.
  2. Once approved, log in to your account to fund your account.
  3. In the upper right hand corner, click on the 3 bars:
  4. When the dropdown appears, click “ADD FUNDS”: 
  5. The below screen will appear. To fund your account, follow the steps listed in the screen below to wire USD from your bank account to the information that appears on the screen.
    * The memo string listed below is unique to your account. Any USD wire deposit that doesn’t contain your memo number will be returned. Do not enter the memo in the image below – you must enter the one unique to your account.
    * The number of days for the funds to arrive in your PAX account depends on your bank or financial institution, but it typically will process in 1-2 business days. USD wire deposits are processed throughout US business days.
    * Please note: An individual’s PAX account may only be funded from bank accounts under the individual’s name, and not from third-party bank accounts. An institution’s PAX account may only be funded from bank accounts under the institution’s name. Any deposit from an institution’s bank account to an individual’s PAX account, or from an individual’s bank account to an institution’s PAX account will be rejected.
  6. Once the USD funds reach your account, a transaction that reads “Wire Received” will be listed in your account activity and an email will be sent to the email address associated with the account. An updated balance will be on the upper left hand side of the page
  7. You can now convert your USD to PAX. In the upper right hand corner menu, please select “Convert to PAX.”
  8. On this page, enter the Ethereum address that you wish to send your PAX to.
    * Please note: in order to send or receive PAX, you must have an Ethereum wallet that accepts ERC-20 tokens.
  9. Enter the amount of USD you wish to convert to PAX.
  10. A new transaction line that reads “PAX Purchased” will appear in your account activity and an email will be sent to the email address associated with the account. An updated balance will be on the upper left hand side of the page.
  11. Your PAX will reach your Ethereum address upon the next PAX broadcast to the blockchain.
    * USD to PAX conversions are processed in accordance with our processing schedule which can be found at the top of the User Guide.

How do I withdraw and convert Paxos Standard back into USD?

  1. To withdraw Paxos Standard and convert back into USD, from the home page, click on the 3 bars in the upper right hand corner. Proceed to click on “WITHDRAW”
  2. The below screen will appear. To withdraw PAX from your account, follow the steps listed in the screen below.
    * Please note: Required withdrawal minimum of $100
    * Please note: An individual may only withdraw USD from their PAX account to a bank account under the individual’s name, and not to third-party bank accounts. An institution may only withdraw USD from their PAX account to a bank account under the institution’s name. Any withdrawal request from an institution’s PAX account to an individual’s bank account, or from an institution’s PAX account to an individual’s bank account will be rejected.
  3. Fiat withdrawals are processed according to the schedule below. Funds will generally be available in your bank account within three business days.

    Monday through Friday

    11am SGT / 11pm ET (bank instructed by 12pm SGT / 12am ET)
    2pm SGT / 2am ET (bank instructed by 3pm SGT / 3am ET)
    11am SGT / 11am ET (bank instructed by 12pm SGT / 12am ET)
    2am SGT / 2pm ET (bank instructed by 3am SGT / 3pm ET)

    * Please note: Your bank may charge an incoming wire fee.

 

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 help@paxos.com.

Phone Support:

US Office
+1 (855) 997 2994
9:00am-5:30pm (EST), Monday – Friday

Phone Support:

Asia Office
(+65) 3158 3343
(+86) 21 8011 9589
9:00am-5:30pm (SGT), Monday – Friday

Email Customer Support:

DFS Complaint:

You may direct a complaint to the attention of the NY Department of Financial Services at One State Street New York, NY 10004-1511 or 1-800-342-3736.
Please visit www.dfs.ny.govfor information.

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