Where & How to Buy Tron (TRX) in 2023
TRON (TRX) carved an early niche for itself as the cryptocurrency for gaming. This was not far-fetched as the TRON ecosystem started primarily out to drive entertainment on the blockchain. Today, TRON has moved beyond just entertainment by providing more value in other spheres of life with its smart contract, interchain capability and the development of value-added projects such as a file-sharing blockchain-BitTorrent and DeFi chain-JustSwap. The ecosystem has a native token called TRX.
TRON is globally available with the leading platforms and brokers making it possible to buy and trade TRX easily. TRON enjoys regular patronage from dApp users and its expanding sphere of use creates enough bounce for its visibility and usefulness. Users can buy TRON on many cryptocurrency exchanges either directly through fiat currencies such as the US dollar or through other cryptocurrencies.
3 Things to Consider Before Buying TRON
TRON first emerged as an audacious move to bring an entertainment blockchain to life. Since the launch of its mainnet, it has grown in its relevance to the extent that Tether, the premier stablecoin, released a TRC-20 version of USDT, which has now gone past the 1 billion USD mark. Market watchers have expressed optimism that the success of TRX so far indicates that it has a greater role in the future of the blockchain economy. At present, its transactions per second (TPS) speed is reported to be 2,000, which dwarfs the Bitcoin and Ethereum reported TPS.
The total supply of TRX is 100,850,743,812 with 71,659,657,369 in circulation. Out of the total supply, 45 per cent of the tokens are allocated to the project and founder while investors hold 55 per cent. Though the circulating TRX can be viewed as huge, the platform’s reputation as a leading host of decentralised apps seems to justify its deep capitalisation. Another thought is that with a known total supply, there is a modicum of restraint on dilution of its value that could have arisen from a supply that is uncapped.
Loyal & Dedicated Community
TRON boasts a healthy and engaging community where developers, investors and other stakeholders are robustly engaged. With the pace of development of new projects on the platform, there is no doubt that it invests heavily on technical upgrades and a rewarding user experience. The army of TRX adherents is alive and well, looking out for the good of its established and newer projects.
Where to Buy TRON in 2023?
When you decide to buy TRON for its future value, it also means that you will be looking to own it and take custody. To do this requires that you get acquainted with the best options in storage and handling. Irrespective of how secure the TRX ecosystem might be, each crypto has an inherent risk that the investor must know and be prepared to manage. There are enough reasons to be motivated to own TRON, and with tips on the best storage you can use along with online security safeguards at your disposal, you will reap the rewards.
The deepening of the crypto market has seen the introduction of thousands of tokens with their respective utilities, giving rise to price prediction and burgeoning daily trades. You can follow the market for TRON daily, use price prediction prompts and make some profits. You should pay attention to the need for risk management as you trade so that you can maximise your profits and reduce the risk of losses. TRON can be bought using exchanges like Coinbase, Coinmama, Binance or Bitmex. You can also use brokers like Skilling, Pepperstone or eToro.
For CFDs or futures, eToro, and other brokers like Skilling and Pepperstone are often recommended by crypto traders. CFDs are contracts for difference between the spot price and an expected future price of an underlying asset. Futures are like CFDs, but while you can trade bits of CFDs, futures often come up as highly-priced and require higher price commitment values.
Our Tutorial to Buy TRON in 5 Steps
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.
Expert Tip to Buy and Sell TRON“ The rise of crypto trading has heightened the use of terms like fear of missing out - FOMO as well as fear, uncertainty, and doubts- FUD. Essentially, most investors make mistakes when they allow their emotions to get the best of them. But how do you remove your emotions from your trading activity? This is where it becomes necessary to train and get over your emotions when trading crypto. Accept the fact that you cannot always get a hold of all opportunities. If you miss out on one, plan to use the next. Be practical and learn more about risk management techniques so that you can make more profitable moves when buying TRX. ”- Adolph Obasogie
How to Find the Best Time to Buy TRON
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.
Frequently Asked Questions
No. TRON operates a decentralised community and decisions are reached based on consensus. This way, the ecosystem retains the buy-in of stakeholders and respectability.
Yes. TRX is used to pay for access to gaming and dApps on its blockchain and it is also accepted by several merchants around the world.
Yes. TRON is among the leading blockchains with a robust security algorithm and no history of cyber intrusion.
Yes. TRON is still at its early stage of development with its peak still far off in the future.
How much you make trading TRON depends on your trading capital and the percentage of a price increase at the time of your trade.
Yes. Many countries already specify that crypto trading profits are taxable while others look at it from the angle of capital gains. Expect to pay taxes as you trade TRX.
Yes. Decentralised apps hosted on the blockchain pay to use the ecosystem and a percentage of fees charged for transactions get channelled to its operational cost.
The only certainties in life are death and taxes. However, with the level of development happening on the ecosystem, it is doubtful if TRON will fail. The world is getting more technology-driven and blockchain looks to be the future of the world.