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5 Sites to Trade Your Gold-backed StableCoins

After carefully considering the arguments for investing in gold-backed StableCoins, the next step becomes determining where you can trade your tokens. Most gold-backed cryptocurrencies are purchased through the token creator. However, many of the more well-known StableCoins are also available for purchase on some of the most popular cryptocurrency exchanges. Since most gold-backed StableCoins are still gaining popularity, they aren’t widely promoted on a crypto exchange’s site. Therefore, investors will need to consider which StableCoins they would like to purchase and visit the creator’s website. Here more information is provided about what exchanges the currency is available on.

Below we have included five sites that certain gold-backed StableCoins are available to trade in specific pairings.

GoldExchange

One of the most well-known crypto exchanges for specialized trading in precious-metal backed cryptocurrencies is the platform, GoldExchange. On GoldExchange, users can purchase Gold Coin with a debit or credit card. The platform also offers the option to preset profit and loss levels by using a stop loss or take profit limits to automate some of their trading activities.

Future contracts like buy stop orders to instruct a broker to purchase an asset when it reaches a certain price and buy limit orders to require a broker to buy an asset when it dips below a specific price have also been made available to traders.

Binance

From January 2018 onwards, Binance was known as the largest cryptocurrency exchange worldwide, as calculated by trading volume. The platform itself is known to be user friendly and easy to use for beginners. Traders looking to purchase gold-backed StableCoins can now buy PAX Gold (PAXG) in three pairings BTC/PAXG, PAXG/BNB and PAXG/USDT. Each PAXG token is the equivalent of one fine troy ounce (t oz) that is held by the Paxos Trust Company.

Blockchain.com

Another well-known cryptocurrency exchange is Blockchain.com, which is currently being used by over 64M unique wallets. On this platform, the gold-backed StableCoins, DGLD can be found. This Swiss-based token is the equivalent of 1/10th of a fine troy ounce of gold and is available in two pairings DGLD/BTC and DGLD/USD.

While this platform has a strong reputation, it is essential to note that with larger platforms, customer service response times will tend to be slower than a more specialized exchange. Therefore, if you are a beginner trader focused primarily on gold-backed StableCoins, a more personalized service might be worthwhile.

EtherDelta

EtherDelta is a cryptocurrency exchange platform specializing in ERC-20 coins that offers many Ethereum trading pairs. The exchange itself is decentralized and runs on smart contracts that outline the conditions of each trade. Once the requirements are met, the system will execute the order automatically. On EtherDelta, traders can expect to find the Moscow-based StableCoins GoldMint (MNTP).

Bitfinex

For more advanced traders, Bitfinex is recommended as the cryptocurrency exchange for veterans, which makes margin trading and lending available. If you are a trader that is new to the world of cryptocurrency trading, Bitfinex has a steep learning curve that is believed to be well worth it once conquered. On Bitfinex, traders can find Tether Gold (XAUt), a gold-backed StableCoins backed by Tether. One token is equivalent to one troy fine ounce of gold on a London Good Delivery gold bar held in a Swiss vault.

With most gold-backed StableCoins being made available exclusively on one exchange, it becomes essential for research to be done on the investment itself. After doing so, an exchange can be evaluated based on the geographical location & restrictions, the volume of trades that occur daily, the security of the platform, and the support provided. An evaluation of all these factors will guarantee you are purchasing from a trustworthy platform.