You may have already read here that BRZ is an instrument that gives the investor access to the international asset market. But have you seen how this happens in practice? To that end, we are teaching, in the tutorial below, how to invest in gold through BRZ, the greatest Brazilian cryptocurrency. The asset we choose to represent gold is Pax Gold, available on various exchanges, including FTX.
Here’s how to invest in gold with BRZ:
1-Access the FTX platform at ftx.com. If you are not yet registered, click Registration and go through all the KYC steps of the platform.
2- Once registered, enter in Wallet.
3-In the wallet, you’ll see your balance of all available assets on the platform. Press the magnifying glass, after balances, and search for BRL, which represents the balances you own in Reais or BRZ.
4-Two options will appear, choose BRZ Deposit. We are taking into account that you already have BRZ in your personal wallet. If you don’t know how to buy BRZ, check here the step by step.
5-On the next screen, open your personal wallet and send your BRZ through it by pointing the camera to the QR Code displayed on your computer. Generally, in order to do this, you just need to enter the BRZ wallet and click “Send”. Then the camera will open and you will be able to point to the code.
6- And that’s it, you’re ready. Just wait for confirmation, and your BRZ in a few seconds will already be in your wallet on the platform. Before you can buy PAX Gold, you need to convert your BRZ to US dollars. To do this, on the line where the balance appears in BRZ, click Convert.
7-In a pop-up window that appears, choose the amount in reais you want to convert to dollars. Wait for the calculation to occur and click the blue Convert button.
How to invest in gold from this stage
8-Now your Reais have been turned into dollars, with no fee. The next step is to search the list of assets still on the Pax Gold (PAXG) wallet page and click Converter again. This time, you will do the conversion of US dollars to PAXG. It is the same procedure as the previous conversion from BRZ to USD.
9- Off you go! Now your balance has been converted into gold tokenized by Pax Gold, which will track the gold price in the traditional market. Remember that you can use BRZ in the same way to buy the various other assets available on the platform.
If you want to withdraw the investment, you must follow the opposite way. That is, convert PAX Gold into USD and convert it into BRZ. Send your BRZ to the exchange used to purchase the asset and withdraw it in your bank account.
Disclaimer: This material has a purely explanatory purpose. The content presented is not a recommendation, indication and/or investment advice, and it is the investor’s sole and exclusive responsibility the decision-making. It is recommended that investors seek professional advice before investing. The information here presented may vary according to the market and we do not guarantee the veracity, accuracy and breadth of the information provided.