GOLDX Exchange on eToroX
Gold has been considered a “store of value” for more than 3,000 years. Whether used to embellish the Egyptian pyramids, discovered near a sawmill in California in the 1840’s, and in other places around the world, or used in modern jewelry and other applications, gold has traditionally been – and is still – regarded by many as a “safe-haven” asset, with Bitcoin seen as its digital counterpart.
eToroX recently increased the number of trading pairs by 30% on its exchange – including five new fiat stablecoins (for a total of 17) and two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX) – pegged to the price of gold and silver respectively. In addition eToro announced the pairing of gold and Bitcoin, sometimes considered the “digital gold.” This pairing provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination.
GOLDX Trading on eToroX Exchange
Stablecoins represent a fusing of the traditional world of financial markets and the world of blockchain, and were introduced into the world of cryptocurrencies to counteract their built-in lack of stability.
If you would like to buy GOLDX, first fund your Exchange account with Bitcoin or Ethereum, or any other supported cryptoassets, then you can trade these against BTC or USDEX and thereafter against GOLDX.
What Affects GOLDX
Gold and GOLDX are influenced by these external drivers:
- Monetary policy as controlled by the US Federal Reserve
- US economic data – (including job reports, wage data, and GDP growth)
- Supply and demand
- Currency movements – especially of the dollar
- ETF’s (electronic-traded funds) – purchasing activity of ETF’s can have a positive impact on the price of gold.
- Political uncertainty/instability – for example, not knowing how Brexit will affect the UK and Europe, who will be voted in as the 45th president in the US, and ongoing terrorist threats in the Middle East, are factors that may contribute to global growth uncertainty and help in raising gold prices, according to economic analysts.
Why Trade GOLDX with eToroX
In the disruptive world of cryptoassets, eToroX offers you a secure exchange platform on which to trade. eToroX is the crypto and blockchain arm of the social trading platform eToro, and is regulated by the Gibraltar Financial Services Commission (GFSC). This ensures exchange and trading of GOLDX and other cryptoasset pairs in a safe, secure and transparent environment.
You can now exchange GOLDX on eToroX for Bitcoin and USDEX.
How to get started with GOLDX
First, open and verify your Exchange account, log in using your credentials and transfer supported cryptoassets to the trading exchange. Then, you will be able to trade GOLDX against another stablecoin or cryptoasset pair.
The procedure is simple using the online form. You can also create a profile by using your Gmail or Facebook account, and completing the onboarding process until your account is fully verified.
If you have an existing verified eToro account, no need for further registration. Simply sign in using your existing eToro credentials.
To fund your exchange account, if you already have crypto stored somewhere (a private digital wallet, for example), send it directly from there; or you can download the eToro Wallet (from either the Google Play Store or the Apple App Store) and also send directly from there. Using either method you will be able to transfer them to the exchange and buy GOLDX.
The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.