Paxos has unique on-chain transaction fees associated with all transfers of PAX Gold (PAXG) tokens. Please carefully review the description below to make sure you understand the associated fees before transacting in PAXG.
Sending a PAX Gold (PAXG) token from one ERC-20 address to another, such as when moving funds from a wallet to an exchange, is an on-chain transaction; possession of the token is transferred and recorded on the Ethereum blockchain.
There are two kinds of fees that occur when you send PAXG on the blockchain:
Standard ‘gas’ fee: Sending digital assets on Ethereum, requires computing power, or ‘gas.’ Just like any other Ethereum token, PAXG requires standard gas fees paid in ETH to compute the transaction.
PAXG on-chain transaction fee: PAXG charges an additional fee. That fee is set to 0.02% of the amount of PAXG sent on the blockchain.
Note that users who deposit PAXG into their Bittrex wallet will have the “PAXG on-chain transaction fee” deducted twice – once for the transfer from an external wallet to a user’s Bittrex address, and additionally when Bittrex transfers the PAXG tokens from the user’s Bittrex address to Bittrex’s base address. Withdrawals of PAXG will only have a “PAXG on-chain transaction fee” deducted once.
Further Information: