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Saga (SGA) Exchange on eToroX
Saga (SGA) was launched in December 2019 by Saga Monetary Technologies Ltd. with the aim of creating a currency that would help bridge the gap between national currencies and cryptocurrencies. SGA — a competitor to Facebook’s Libra coin — is the latest token to be added to eToroX’s expanding list of cryptocurrencies and represents a step towards a “new global currency.”
Saga is the base currency of several new crypto trading pairs including SGA/BTC (Saga/Bitcoin), SGA/ETH (Saga/Ethereum), and SGA/USD (Saga/eToroX’s tokenised US dollar).
The Saga token acts like a stablecoin in terms of stability — but rather than being based on a single currency to uphold its value, it is backed by the International Monetary Fund’s Special Drawing Rights (SDRs), a currency basket of the world’s strongest fiat currencies made up of the US dollar, the euro, renminbi, yen and pound sterling.
SGA Trading on eToroX Exchange
Stablecoins were introduced in 2019 and represent a fusion of the traditional world of financial markets and the world of blockchain. Stablecoins are tokens which were introduced into the world of cryptocurrencies to counteract their basic lack of stability.
If you would like to buy SGA, first fund your account with Bitcoin or Ethereum, or any other supported cryptoassets.
What Affects SGA
- Status of the SDRs (currency basket made up of the US dollar, euro renminbi, yen and pound sterling)
- Market demand
- The impact of fluctuations in market confidence on SGA price
- Since it is linked to the basket of fiat currencies, SGA is less vulnerable to global events
Why Trade SGA 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 SGA and other cryptoasset pairs in a safe, secure and transparent environment.
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.