How to Buy and Sell Gold-Backed Cryptocurrency
With many gold-backed cryptocurrencies in circulation, buying and selling each unique coin will differ slightly. Gold-backed cryptocurrencies can be bought directly from the creator’s website and are sometimes available on crypto exchanges.
Unfortunately, not all exchanges will list all their tokens. Therefore, some additional research may be needed to confirm where a certain cryptocurrency can be found. In some cases, gold-backed cryptocurrencies can also be purchased from a broker.
This option is typically lesser-known and can only be confirmed after reviewing the creator’s website.
This list is not a comprehensive collection of all available gold-backed currencies or exchanges. However, it can provide you with a starting point for your research.
A cryptocurrency exchange (sometimes referred to as a digital currency exchange) allows customers to purchase or exchange digital currencies for other cryptocurrencies or fiat money.
Goldexchange is a website specifically designed for buying, selling, and trading crypto stablecoins. Like other exchanges, the currency is secured by cryptography. GoldExchange is believed to be one of the largest exchanges of its type globally, with over 20 years of experience in the industry. For more advanced traders, features exist to help secure profits, including preset stop loss and take profit limits.
CBX is another cryptocurrency exchange that has made gold-backed cryptocurrencies available. Based in Dubai, UAE, users can purchase AurusGOLD (AWG), a token that is redeemable for a predetermined amount of physical gold.
CBX offers a variety of other altcoins and has many of the security features common to exchanges, including Know Your Customer (KYC) verification and Two Factor Authentication (2FA).
Bitfinex (https://trading.bitfinex.com/t/XAUT:USD?demo=true) is an exchange targeted at advanced traders who are interested in margin trading and lending. Although not available to US customers, Tether Gold, the currency created by popular USD stablecoin Tether, has recently been made available for purchase.
In some cases, traders also have the option to make purchases through an intermediary known as a cryptocurrency firm or broker. A broker acts as the middleman and will interact with a cryptocurrency market on the trader’s behalf.
GoldDirect (https://www.golddirect.com/) is one example of a brokerage to purchase the gold-backed cryptocurrency AurusGOLD.
The Estonia-based website can be used in a similar manner to an online retail store where tokens can be added to your shopping cart, and users can hit checkout. Due to price fluctuations, users will receive proof of payment shortly after placing their order.
Another brokerage that facilitates transactions with AurusGOLD is Direct Bullion London (https://directbullion.com/). Users can select the number of tokens they would like to purchase, and the brokerage will direct payments to a third-party website. Options are also available to conduct orders over the phone.
Likely, the most direct option to purchase gold-backed cryptocurrencies is through the token creator’s website. Since these websites typically only sell their currency, it is crucial to determine which coin you would like to invest in first. This is often a good choice for those who don’t plan on making frequent trades and would rather hodl their coins.
The CACHE Gold token is backed one to one with a gram of gold that is stored in a secure vault. For added security, each gram of gold has been audited, insured, and made available for verification on the CACHE Explorer. Purchases can be made directly on their website https://cache.gold/.
Tether Gold (XAUt) was launched by the same company as the US-backed stablecoin Tether. XAU tokens each represent one troy fine ounce of gold and can be fractionalized up to 6 decimal places. All gold is believed to be secured in a Swiss vault. The official creator website to purchase these tokens is https://gold.tether.to/.
Perth Mint Gold Token
The Perth Mint Gold Token (PMGT) became the first gold-backed cryptocurrency that was guaranteed by the government for its gold backing. GoldPass certificates are used to verify 1 PMGT as 1 oz of physical gold. This Sydney-based company allows for the purchase of tokens directly on their website, https://pmgt.io/.
The concept of gold-backed cryptocurrency continues to take the world by storm, resulting in more coins being developed. Before investing in the next new coin, it is essential to remember that fraudulent coins do exist, including those that aren’t actually backed by gold, as their name suggests.
Therefore, necessary research on public forums like Reddit, company pages like LinkedIn, and consumer review websites should be done prior to