Synthetix (SNX) is a decentralized synthetic asset issuance protocol built on Ethereum. It provides users with access to a wide range of assets, and the ability to collateralize their Synthetix Holdings into Synths – ERC-20 tokens that represent real-world assets such as stocks, commodities, and fiat currencies. SNX is also used to enable the trading of Synths, as well as to stake rewards for those who provide liquidity and secure the network.
The price of SNX has seen a dramatic increase in the past few months, reaching an all-time high in December. After peaking at $26.44 on 14th February 2021, SNX then dropped to its lowest price of $1.44 on 1st Jan 2023.
This price volatility makes SNX a potentially attractive trading asset for anyone looking to take advantage of the market movements. Traders should be aware that prices can change quickly and that they may need to adjust their strategies accordingly if they want to maximize their profits.
Synthetix is an Ethereum-based derivatives platform that allows users to access on-chain exposure to a range of assets. It has become a popular choice among traders due to its low fees, ease of use and real-time pricing information. The Synthetix network also supports trading in a variety of other coins such as Bitcoin, Ethereum, USDC and DAI.
Traders looking for alternative coins to trade may consider investing in Polkadot (DOT). Polakdot is a decentralized network that acts as an internet of blockchains – allowing different blockchain networks to connect and interact with each other. It offers low fees and faster transaction speeds compared to more traditional cryptocurrencies, making it an attractive choice for traders.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and without capital restrictions that come with buying the underlying crypto asset.