What is Paxos Standard?
XBTFX accepts Paxos Standard ( PAX ) as a Deposit and Withdrawal method for FX and crypto trading on the MetaTrader 5 ( MT5) platform. PAX is a crypto-fiat “stablecoin” whose value is pegged to the value of the US Dollar. A “digital dollar” PAX was created by Paxos, a regulated financial institution with offices in New York, London and Singapore and caters to institutions for exchange and digital settlement.
Depositing PAX as collateral to hold balances for trading Forex and Crypto CFDs at XBTFX is ideal for traders using crypto payments who don't want the value of their deposit to be impacted by volatile Cryptocurrency price fluctuations while maintaining the preference of using Crypto instead of the standard banking system to fund a USD valued Forex account.
While XBTFX does not currently have a PAX base currency MT5 trading account option, you can use your XBTFX PAX wallet to exchange into other cryptos such as USDC or BTC for deposit int MT5. Trading profits and balances can be exchanged at any time to PAX for withdrawal from XBTFX.