TRYX Now Available on eToroX
TRYX is one of five newly launched stablecoins on the eToroX Exchange and joins the Polish zloty (PLNX), the South African Rand (ZARX), the Singapore dollar (SGDX), and Hong Kong dollar (HKDX). These five new stablecoins represent a 30% increase in the number of available pairs on the eToroX exchange. There are 17 stablecoins being traded on the eToroX exchange, including eToroX’s US Dollar (USDEX), the Euro (EURX) and the Pound Sterling (GBPX). There are currently 99 trading pairs available on eToroX.
TRYX is a tokenized stablecoin — a cryptocurrency which is tied on a 1:1 basis to the Turkish lira (TRYX), and which can now be traded on eToroX Exchange. Trading TRYX on eToroX is the same as if you were trading with fiat Turkish lira.
TRYX Trading on eToroX Exchange
TRYX was conceived in 2019 and it is one of a group of stablecoins which serves to bridge the gap between the world of blockchain and traditional financial markets. Stablecoins were introduced into the disruptive world of cryptocurrencies to counteract their built-in lack of stability.
If you want to buy TRYX, first fund your account with Bitcoin or Ethereum, or any other supported cryptoassets, and then, download and use the eToro Wallet and buy TRYX. Once you have bought TRYX, you will be able to sell, or exchange it on eToroX exchange – against the available stablecoins and cryptoassets.
TRYX Exchange Pairs
TRYX is currently paired on eToroX exchange against the tokenized stablecoin of the US Dollar (USDEX/TRYX).
Factors Affecting the Turkish Lira (and TRYX as a result)
The Turkish lira and TRYX are influenced by the following external drivers:
- Political and military tensions between Turkey and Cyprus
- Political developments and the “mood from Washington,” including the fact that US Congress recently approved a bill excluding Turkey from a program to build and buy F-35 stealth fighter jets
- Decisions by Turkey’s Central Bank such as halving its benchmark interest rate – affecting the value of lira-denominated bonds
Why Trade TRYX with eToroX
In the volatile world of cryptocurrencies, eToroX offers you a secure exchange platform on which to trade cryptoassets. 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 that the exchange and trading of TRYX and other cryptoasset pairs can be carried out safely, securely and transparently.
You can now exchange TRYX on eToroX for other cryptoassets, including Bitcoin, Litecoin, Stellar, EURX, GoldX and SilverX.
How to get started with TRYX
First of all, open and verify your trading account, transfer funds into it and connect to the trading exchange. You will then be able to buy or sell TRYX or exchange it for another stablecoin or crypto. 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, you can 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 TRYX.
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.