Where & How to Buy Tron (TRX) in 2023

Many news investors realise early that brokers and exchanges are the gatekeepers to come across as they invest in TRON. To help you start out in your study of how to buy TRON, we have prepared the following steps to guide you.

Step 1: Find an Appropriate Platform to Buy Tron

To know which digital asset you can buy on a platform is the first step when considering where to buy TRON. While a platform could make it possible to trade crypto, it might not be suited for retail users or new investors. Some trading platforms are convoluted and unsuitable for new users. 

If you do not do your homework, you will have a bad user experience. Most platforms cater to specific target groups, and you will do well to ascertain this before you finalise a platform. 

Most investors in North America and much of Europe turn to Coinbase as their first point of call because of its reputation. However, the likes of Bitmex, Coinmama and Binance have shown commendable credibility and integrity along with a range of lower fees that most people around the world easily identify with. To buy CFDs, you can use eToro, Bitmex, Pepperstone or Binance as they provide the tools for easy trades. 

Step 2: Registration / Create a New Account

When you have identified your trading platform of choice, you must register to be able to use it. Most platforms have similar signup procedures with little or no differences, and what might differ could be the documents that you need to authenticate your new account. 

In most cases, your country of residence determines what might be an acceptable means of identification. While in the US you might require an SSIN and utility bill, in other countries, an international passport or driver’s license and some proof of address could suffice.

While regulated platforms are a stickler for KYC processes, unregulated platforms might allow you to trade without authenticating your account, exposing you to the risk of loss if they are shut down by regulatory authorities. You can avoid such risks by using regulated platforms.

Step 3: Deposit Funds

Funding your account will be necessary before you start trading. It is common to find brokers who require that you deposit $250 to get started. On exchanges, you find different thresholds with some having no minimum deposit while others specify an acceptable deposit. When depositing crypto on Binance, no minimums are specified. On eToro, users can deposit as low as $50 at any time and higher limits are also available.

Deposit methods like bank transfer, debit and credit cards, wire transfers, PayPal payments and SEPA are available for use on many crypto trading platforms.

Step 4: Start Trading or Buying TRON

Activity in market price is a leading metric that most investors lookout for in a target portfolio. Cryptocurrencies are naturally volatile, and experts see a profit point when prices fall and rise. For one, the 2018 TRON price surge indicated that it was a coin to watch, and ever since, it has witnessed a series of rallies for profit-taking. TRON also shows the potential for value growth, and this means that it could be bought in anticipation of a future surge in price.

When you trade on an exchange, you have a free wallet to use for the storage of TRON, which in most cases are available on web and mobile apps. If you are using a broker, you are going to have the advantage of futures trading and CFDs. Global brand brokers like eToro also make it possible for investors to choose their portfolios and do direct trading.

Bigger crypto exchanges like Binance and Bitmex offer a robust range of services like crypto loans, margin and futures trading as well as avenues to save your tokens with them and earn daily, weekly or monthly with some fixed term options available. Margin trading allows you to trade more than what your trading capital can cover. The difference between your trade value and your trading capital is the margin. Margin trading is recommended for experienced traders as the risk of reward is at par with the risk of loss.

Step 5: Optional Steps

You can also use these optional steps to enrich your cryptocurrency trading experience and earn passive income.

• TRON Staking

Some platforms allow you to stake your TRX to earn another crypto in turn or get paid in TRX at regular intervals.

• Buy the dip

Buying the dip is a common investment term used to describe waiting for lower prices before you buy and sell only when prices increase. You can also do this with TRON by following the market developments.

Available Payment Methods for Buying TRON

You can buy TRON using several payment methods. However, a few platforms support several or all the options listed here while others allow only a handful.

• Buy TRON with Cash

You can buy TRON with fiat currencies if you use a peer-to-peer (P2P) marketplace. Cash payment is not supported by most exchanges as they are not physical marketplaces. The closest you could get is brokers who allow cash deposits into their bank deposits.

• Buy TRON with Credit / Debit Card

You can buy TRON with a credit/debit card in most places around the world. It is the easiest payment method available and is supported by the leading crypto trading enablers like eToro, Binance, Coinbase and Coinmama.

• Buy TRON with Bank Transfer

You can buy TRON using your bank account or wire deposits on several platforms. Some brokers and exchanges support only the EU and North American region for this method while others support global payments.

• Buy TRON with Cryptocurrency

To buy TRON with cryptocurrency is faster and could be cheaper depending on the coin or token you are using. Many platforms support crypto deposits.

• Buy TRON with PayPal

PayPal introduced direct crypto purchases for its US customers in 2020 Q3. You can also use your PayPal account to fund your exchange or brokers account if you are on eToro and Coinbase although geo-restrictions might apply.

What Are the Fees for Buying TRON?

When you buy TRON, there is a transaction fee that arises as charged by the trading platform to meet the cost of its operations. Transaction fees include network fees, charged by the blockchain to move tokens to your wallet and deposit fees, associated with your deposit method.

Each platform gets a contribution from each user to stay profitable. Since each crypto transaction attracts fees, it is recommended that you take this into consideration when planning your trades. If you trade daily, look out for low-fee platforms like Binance to cut your cost and enhance your profitability.

Most people can make a lot of money buying TRON, especially in a bull market. However, it's difficult to predict the exact time when you can make money trading crypto although the chances could be higher in a bull run. 

Even when prices are less volatile, you can still make money trading TRON if you keep an eye on market developments. Watch market trends and look up the charts so that you can spot patterns, which often get repeated. The more you learn about how the market works, the greater the likelihood of profitability as you trade TRX.

What Drives the Coin’s Price?

Bitcoin is responsible for more than 60 per cent of the crypto market capitalisation, and therefore, its impact can be felt by other coins. TRX is impacted by happenings in the Bitcoin market, the general economy as well as pronouncements by regulatory agencies of national and sub-national governments. Positive sentiments from the aforementioned areas will spur a price rise while negative sentiments lead to dampened prices. 

TRX price is also boosted by the airdrops allocated to holders of the token when new projects are launched on the blockchain. In addition, the recent rise in DeFi projects also puts pressure on the price of TRX with many people looking to stake it for rewards. 

Staking here is depositing your tokens to a wallet or platform that pays interest to participants through periodic distributions of TRX or some specified crypto. Knowing these factors and how they work can help you plan your TRX trades and be profitable.

How to Sell TRON

There is no doubt that working in a crypto kiosk is easy and could be a great way to sell TRON if readily available. However, crypto kiosks or ATMs are not widely available yet in many places and this makes some people experiment on cash sales to strangers. Meeting a stranger is the riskiest way to sell TRON and should be avoided where possible. 

Use a broker or an exchange for safety as well as record keeping. Many brokers will complete your sale within 24 hours and others do so within 48 hours depending on where you live. On some exchanges, some TRON sales are instantaneous if you set your preference as market price, you can get quick value for your coins, and make your withdrawal immediately.

For TRON CFDs, you do not have to sell it. At the maturity of the contract, the broker pays you the difference in spot price as indicated on your contract. CFD processes are simpler and streamlined.