CNYX Exchange on eToroX
The CNYX is a tokenized stablecoin that represents the Chinese Yuan on the eToroX cryptoasset exchange. The Chinese Yuan is a unique currency because unlike the other currencies represented on the eToroX exchange by stablecoins, the CNY is not subject to a free float. The Chinese Yuan operates under a managed float system, where the country’s central bank (the Peoples’ Bank of China) adjusts the exchange rate to suit the country’s monetary policy stance. This sets it apart from the free float system (currency value determined 100% by market forces) and the fixed system (rate is immovably applied by the government).
What Moves the CNY (and the CNYX by Extension)?
The experience gained from the forex markets in 2019 has shown that economic indicators that impact the Chinese economy usually cause the Peoples’ Bank of China to adjust the reference rate of the CNY to other currencies such as the USD, including:
- Industrial Production
- The US-China trade dispute (no.1 impacting influence in 2019)
- Manufacturing data (such as the Caixin Manufacturing PMI)
- Chinese GDP
These are likely to be the main fundamental drivers to watch for when trading CNYX.
CNYX Exchange Pairs
CNYX is currently listed on eToroX paired with the USDEX stablecoin.
Why Should You Trade CNYX with eToroX?
Security is a big deal when it comes to cryptocurrencies. There have been numerous stories of exchange hacks, some of them even sponsored by rogue governments. eToroX is the blockchain and cryptoasset subsidiary of eToro, a company with 12 years of experience in the fintech industry. eToro and eToroX see the safety and protection of traders as of paramount importance. eToroX preserves the integrity of its network and the security of its CNXY exchange clients on both the Regulation and Cybersecurity fronts.
On the regulatory front, eToroX is licensed and authorized to offer distributed ledger trading products by the Gibraltar Financial Services Commission (GFSC). This permits CNYX exchange to be carried out in highly transparent conditions. Moreover, users have a pathway to seek justice from the regulator if they feel that the exchange has not offered services by the book. This protects everyone by providing a venue to exchange CNXY for USDEX in an atmosphere with high investor confidence.
Additionally, CNXY exchange services are executed by allowing the trader to move their cryptos from their digital wallets to the exchange and vice versa, limiting potential exposure to hacking. Furthermore, eToroX employs strict user verification protocols and uses advanced encryption data to protect data transfer whenever users are browsing the exchange website and performing deposits and withdrawals.
How to Exchange CNYX or Trade CNXY on eToroX
As mentioned above, CNXY is paired with USDEX on eToroX. To buy or sell CNYX, or to exchange CNYX for USDEX, you must open a trading account. Follow the procedure, and once verified, you can begin trading. You can also use your existing eToro account to create a profile.
You can fund your account using Bitcoin, Ethereum or Litecoin, by first purchasing USDEX, and then buying CNYX.
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.