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SLVX Exchange on eToroX
Silver is one of a small group of valuable commodities that includes gold, platinum and palladium and is still one of the most popular metals used to make a wide variety of objects. Rough-cut pieces of silver known as “hacksilver” were used in the past in trade or to store wealth. Like gold, silver has traditionally been – and is still – regarded by many as a “safe-haven” asset.
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.
SLVX Trading on eToroX Exchange
The stablecoins were born in 2019 – and represent a fusing of the traditional world of financial markets and the world of blockchain. Stablecoins were introduced into the world of cryptocurrencies to counteract their built-in lack of stability.
If you would like to buy SLVX, first fund your account with Bitcoin or Ethereum, or any other supported cryptoassets, which will allow you to trade against USD and then against SLVX.
What Affects SLVX
- Supply and demand
- Silver scrap – for example, once, large amounts of silver were used in photography. That is no longer the case, leading to less demand for silver
- Technology – new uses for silver – ranging from nano-technology to batteries manufactured with silver alloys and other uses
- Economic trends – a demand for luxury items – indicative of overall economic trends, which in turn can influence silver prices
- National and global economic trends
- Strength of the dollar – a strong dollar can create pressure on the price of silver.
- Gold prices – the price of silver tends to follow the price of gold
- Interest rates
- Government policies – silver markets tend to be influenced by government actions and policies, for example, national mints consume a lot of the world’s supply of silver – by producing bullion and coinage
Why Trade SLVX 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 SLVX and other cryptoasset pairs in a safe, secure and transparent environment.
How to get started with SLVX
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 SLVX 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 SLVX.
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.