5 Things to Consider If You Want to Buy Tron
Many people approach crypto investing without any prior knowledge. We understand that to buy Tron, there are basic things you need to know to make your experience a pleasant one that is hassle-free.
Carefully choose your preferred secure payment method
We always advise that using a secure payment option as various methods offer different benefits such as speed, cost and security.
Of the many digital payment options, it will be difficult to say one size fits all. Your location might impose restrictions that require you to use an alternative payment method. Your bank account may be limited to particular transfers, or your budget may not allow for the most popular choices.
Will you need to set up your own wallet?
It might have been the norm at some point to set up a wallet when buying cryptocurrencies. Now, it is hardly the case, as ready-to-use wallets are provided by most crypto exchange platforms and brokerages. That said, you still need to pay attention to the wallet you will use for storage if your plan is to buy and hold Tron.
There is no point paying more than you have to in order to complete your transaction. There are different methods and companies, and each has varying costs, so it is wise to spend a little time shopping about a bit. A simple comparison of costs can save you a lot of money in the long run.
It is important to note that buying Tron with crypto is often the easiest and cheapest way to go. Here, charges associated with more popular payment methods can be avoided.
Safety and security
Anonymity in the Tron ecosystem is limited, as no account names are shown against transactions in the protocol explorer. However, each wallet address that completes a transaction will be displayed and more importantly, the broker or exchange that domiciled your account can trace your transactions. It is important to note, however, that no reputable platform goes aggregating your data for disclosure except in the case of a lawsuit or some government intervention.
Can you understand and navigate the platform?
The platform you intend to use should be such that you understand. You should attempt to walk-through the transaction process and decide if you can comfortably use it. Although different brokers offer somewhat different transaction systems, they possess similar attributes that can be learned quite quickly. This does not mean that they are all the same though, and most trading platforms have their own Unique Selling Points (USPs).
Ultimate Beginner’s Guide to Trading Tron
What is a Tron Broker?
A Tron broker makes it possible for investors to buy and sell the cryptocurrency. Some brokers also buy Tron from investors while others only limit themselves to providing a platform for trade to happen.
Most brokers facilitate the trading of securities and CFDs, and often charge a fee that investors have to pay when using their platforms.
Some brokers are location-specific, limiting their operations to particular geographical areas. You should find brokers available in your area as you decide on the platform to use for your Tron trading.
What is a Tron CFD?
A CFD is a financial instrument that allows an investor to speculate on the price of an underlying asset in order to make a profit. For example, a Tron CFD will be contracted based on an expected future price of the crypto without any physical exchange taking place.
What is the Benefit of Regulation?
An investor who patronizes unregistered brokers is exposed to an added risk. Several regulated Tron brokers are available in many countries around the world and they are subject to national and international best practices. In some countries, investors have the benefit of deposit insurance as protection for the occurrence of unforeseeable events.
Additionally, regulated brokers have their hard-earned name and reputation to protect, and as such, will exercise the duty of care and diligence in their operations. It is vital to say that the presence of regulation is a comforting assurance.
What is the Best Payment Method for Buying Tron?
An investor should define the best payment method based on personal interest. The point of consideration could be speed, lesser costs or availability. Let us now look at the different payment methods available for TRX.
Buying Tron with Credit Card
Many brokers have a provision for credit card payments for their customers. To buy Tron with a credit card will require the depositor to provide a few details like card number, CVV as well as issuance or expiry date. Sometimes, for security reasons, first-time buyers have to upload their credit card statements. A second layer of authentication like Mastercard Secure or Verified By Visa might also apply. Credit card payments are fast and unarguably the most popular online payment method.
Purchasing with Cash
While it is possible to buy Tron with cash, most brokers do not support this payment method. The closest to cash might be doing a bank deposit, in which case, after you select the payment method, the broker would provide a bank account to use for the transaction.
Buying Tron with Bank Transfer
Online payments can be made using immediate bank transfers from one account to the other. To purchase Tron with bank transfer, you need to select the payment option on the platform and indicate the currency of your transaction. Sometimes, the broker might require that you upload evidence of the deposit that has been made. This is also fast if the deposit is made to reflect instantly.
Buying with Crypto Deposit
You can buy Tron with Bitcoin or any other crypto that is accepted on your trading platform. This is expected to take less than 30 minutes to reflect unless there is unusual network congestion. While this payment method might be the cheapest, it may not be available on all platforms.
The Verification Process for Trading
All users of regulated platforms have to open an account by providing an email address, full names, and a contact phone number. To confirm your new account requires the provision of a validation code sent to your phone or by clicking on a link sent to your email inbox.
The introduction of anti-money laundering laws requires certain details to be provided. Personal identification documents, proof of address, credit card statements and even photo id may be required to verify a new investment account.
Investors are only able to make deposits after their accounts are verified. In some cases, deposits might be allowed before verification, but withdrawals will not be possible. Minimum deposits required vary from one platform to another.
Long vs Short Term Investment
The very nature of short-term investments is such that immediate liquidation is the focus, although the profit margin might not be high. However, some investors have been able to make staggering profits amid a bull season with Tron price in the ascension.
So, the idea behind short term investments is something directly on the radar that needs to be taken advantage of immediately. Otherwise, it will be unreasonable to buy and sell in less than a day or two.
For long term investments in TRX, sights are set on a distant time frame that might run into months or even years. The goal is to reap some price appreciation in the long run. Sometimes, a known event like the adoption of new technology or protocol can be the attraction. This might be vaunted to prime the blockchain for efficiency and can also lead investors to take positions for a future reward (i.e a bull run breaking out).
Why Buy, Rather than Trade?
Tron has its selling points, and one of such is the huge interest in virtual entertainment and gaming around the world. In view of the expansion of the global gaming scene, there is an incentive to buy Tron instantly and lock-in expected incremental gains.
To invest in a crypto that seemingly has more than a foothold on the scene looks like a wise move, so buying to hold here would appear promising. Growth in market share or dominance thereof will lead to a likely surge in Tron market price. This is one attraction to purchase Tron to hold. Anyone choosing this approach would do well to learn all they could about Tron use cases and applications.
What Fees Are Involved?
It is advisable to have a clear picture of the fees involved before you buy Tron, as it is possible to make some huge savings if you know what to expect and what best to avoid.
Some processing fees can be avoided if you compare various platforms. When you purchase Tron with fiat, you can be sure you will incur additional processing fees. However, what you might lose in cost-efficiency is made up for in speed of processing, which might positively impact your investment strategy.
This kind of fee cannot be avoided when you buy Tron. However, network fees are mostly minimal for many of the altcoins. Bitcoin has higher network charges and you can avoid this by buying Tron using XRP or any other altcoin.
Each platform has a tariff of transaction fees. This mostly covers deposit and withdrawal activities. However, some platforms provide incentives that yield huge bonuses to further crash transaction fees. On the platform you use, it is advisable to enquire about any bonuses that may be available.
Safely Storing Your Tron
How safe your TRX is might depend on whether you understand the storage requirements. Digital wallets are not all alike and they are designed with specific rules in mind. You must get the wallet designed for the type of cryptocurrency that you own.
A web wallet is accessible only by an internet connection. Most trading platforms also have web wallets, which their users can use for immediate transactions. The possible downside with web wallets provided by crypto exchanges is the risk of hacking or platform failure. It is, therefore, not advisable for you to store your Tron using your platform’s online wallet if you are not actively trading.
Tron mobile wallets are popular with crypto investors. These are downloaded online from the trading platform and they serve a good purpose in ease of access. You still require internet access to use them.
Examples here are Cobo and TronWallet.
Desktop wallets are installed on desktop machines or PCs. They are considered safe to the extent that users often leave them at home or the office. Access can be by password online and or by some mnemonics. Common examples include Eidoo and Atomic wallets.
Tron hardware wallets are also highly-rated because they do not sit on the web and are only useable when plugged to a computer or mobile device. Access is also regulated with the password provision. A few brands also require the use of transaction codes sent to your provided email or email address to authenticate transactions..
Ledger Nano S and Trezor are leading names to explore when buying hardware wallets.
Guarda and Tronwallet are multi-platform Tron wallets which can be accessed as a wallet combination option. These wallets can be used on your mobile devices as well as desktop/web. Where it might be impossible to use a mobile device, you can log in using the closest desktop device as long as you remember your password and observe safety precautions. Public PCs are better avoided when accessing your crypto wallet.
What Other Coins Can I Trade or Use to Buy Tron?
You can buy Tron with Ethereum to save cost and time. You can also purchase Tron with Bitcoin Cash as it has optimised transaction time and offers reduced charges. Most platforms have provisions for other digital currencies like BTC, XTZ, USDT and XRP, which you can also use to buy TRX.
It is also important to state that some brokers limit the use of crypto purchases to just Ethereum and Bitcoin only. Buying Tron with crypto is fast and one of the most convenient ways to fund your trading account.
What’s the Smallest and Largest Amount of Tron I Can Buy?
1 TRX is equal to 1,000,000 sun, making the sun the smallest unit of the Tron cryptocurrency. To buy Tron, you need to have an account with a trading platform since its ICO has long closed. However, most platforms place pegs on who can buy what, and in this case, you need to have verified accounts to be able to buy huge volumes.
Most verified buyers increase their tier level by providing more personal details to satisfy AML and KYC regulations. Investors intent on making large transactions are required to use customer care contact lines by some platforms. Some brokers also require at least $100 in your account balance before you can make any Tron purchase. Other open purchase marketplaces allow a minimum purchase of $10.
Can I Buy Anonymously with no ID? Is it Safe and Legal?
Like most cryptocurrencies, Tron transactions are captured by the platform explorer, and wallet transactions can be publicly viewed. In terms of anonymity, Tron only shields your name and not your wallet address. Since Tron’s focus was never on untraceable transactions, you cannot buy TRX anonymously.
As for legality, it is perfectly legit to buy and trade Tron at present in many countries around the world.
Will Buying Tron Make Me Money?
Tron trading is a recognised investment and that shows it should have some element of profitability. It peaked at $0.0404 in June 2019 after a low of about $0.0230 in the previous quarter. The margin of increase in the coin price was about 200 percent in the quarter to June 2019.
So, is there a best price to buy Tron? For this and more, you may read up other fundamentals on our Tron Price page, to be better placed to understand the investment dynamics of this cryptocurrency.
How to Spend Your Tron
The number one stop for TRX users is the Tron ecosystem where access to games and other useful applications are powered by TRX. You can browse through the latest entertainment possibilities available if you are a gaming enthusiast. Beyond that, 149 SeedBank accepts crypto payment for medicinal cannabis if you are using TRX. Also, Coinhost and Hosting SSI accept TRX for the settlement of hosting bills.
AirBrushCustoms also accepts payments in TRX for its products while 35°N allows grocery shopping to be settled using TRX.
How to Sell Your Tron
Tron can be sold on several platforms including open marketplaces. If you are using a broker, you can place a sale order and expect it to be completed within a short time. While you might have to list TRX for sale on some platforms, the good thing is that the market has gained enviable liquidity over the last year, making it possible to complete sales within minutes or a few hours of placing the order.
However, one important Tron sales hack that investors should know is investing in CFDs. Using this financial instrument, sales is more or less seamless as the contract is provided by the broker who offers immediate liquidity at maturity.