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SGDX Exchange on eToroX
As the 12th-most traded currency in the world, the Singapore dollar was a prime candidate when it came to launching five new stablecoins on the eToroX Exchange. The Singapore dollar (SGDX) joins the Hong Kong dollar (HKDX), the Turkish lira (TRYX), the Polish zloty (PLNX), and the South African Rand (ZARX).These stablecoins on eToroX Exchange serve to bridge the gap between the world of cryptocurrencies and traditional financial markets. Seventeen stablecoins are currently being traded on the eToroX exchange, including eToroX’s tokenised US Dollar (USD), the Euro (EURX) and the Pound Sterling (GBPX), with 99 trading pairs available on eToroX.
SGDX is a tokenised stablecoin — a cryptocurrency linked to the Singapore dollar (SGDX). The SGDX can now be traded on eToroX Exchange. Since the price of the SGDX is linked to the Singapore dollar on a 1:1 value basis, to trade SGDX on eToroX is the same as trading Singapore fiat dollars.
SGDX Trading on eToroX Exchange
SGDX was established in 2019 and is a fusion of the traditional world of finance with the world of blockchain. Stablecoins were introduced into the volatile world of cryptocurrencies to counteract their basic lack of stability.
If you want to buy SGDX, first fund your account with Bitcoin or Ethereum, or any other supported cryptoassets, and then, download and use the eToro Wallet, and buy SGDX. Afterwards, you will be able to sell, or exchange SGDX on eToroX exchange – against the available stablecoins and cryptoassets.
SGDX Exchange Pairs
SGDX is currently paired on eToroX exchange against the tokenised stablecoin of the US Dollar (USD/SGDX).
What Affects the Singapore dollar (SGDX)
The Singapore dollar (and SGDX) are influenced by these drivers:
- A free-market economy dependent on strong exports
- An open and corruption-free environment and stable prices/high per-capita GDP.
Why Trade SGDX with eToroX
In the disruptive world of cryptocurrencies, eToroX offers you a reliable and 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 enables exchange and trading of SGDX and other cryptoasset pairs in a safe, secure and transparent way.
You can now exchange SGDX on eToroX for other cryptoassets, including Bitcoin, Litecoin, Stellar, EURX, GoldX and SilverX.
How to get started with SGDX
First, open and verify your trading account, transfer funds into it and make sure you are connected to the trading exchange. From then on, you will be able to buy or sell SGDX or exchange it for another stablecoin or cryptoasset. The steps are simple using the online form. You can also create a profile by using your Gmail or Facebook account or your existing eToro account.
Next, download the eToro Wallet – a cold storage wallet – to store your cryptoassets – on either Android Play Store or iOS/App Store. As soon as the funding cryptos are there, you will be able to transfer them to the exchange and buy SGDX.
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.