Toncoin Crypto: TON Price Analysis and Review
Crypto converter Toncoin (TON)
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TRYTurkish LiraToncoin (TON) is native coin of TON project (from English The Open Network), which main feature is a promising first-level blockchain (like Ethereum or Bitcoin). The project started in 2018. Toncoin was developed as the internal cryptocurrency of the Telegram messenger (then the coin was called Gram). Since 2021, TON has been an independent project that is being developed by an independent developers community.
In a new article, TGDRatings.com experts have dived into TON coin ecosystem and found out where you can buy it in 2024.
What is Toncoin (TON)?
The idea of TON creating came to the Durov brothers after governments around the world began to pay increased attention to the Telegram messenger.
The ICO of the Gram coin, held in the USA, attracted the attention of the SEC (Securities and Exchange Commission) and was stopped by a court order in 2020. The Durovs withdrew from the development of the blockchain, and in 2021 transferred all the documentation and rights for the further development of the network to the TON Foundation community.
Initially, the TON network supported the PoWS consensus algorithm, which implies coin mining. By 2020, a limited number of Grams were released, and in 2021, the network switched to PoS. As of 2024, the network has 1.5+ million accounts and 200+ validators.
TON, like any first-level network, allows to create dApps and DeFi products on its smart-contracts, as well as blockchains of lower levels. So far, only few TON-based solutions have been developed, but the network remains a promising project, at least because of its technical characteristics.
Where to Buy Toncoin (TON)?
You can buy Toncoin on centralized and decentralized cryptocurrency exchanges, in some payment services (for example, Mercurio) and using cryptocurrency bots in Telegram.
Toncoin Step-By-Step Buying Guide
To buy a TON coin, you need to take several consecutive steps:
1. Assess the Personal Level of Risk
Investing in cryptocurrencies is a high risk activity. The risk is associated both with constant fluctuations in rates, what can lead to unwanted losses of money, and a from pure technical side (cryptocurrency exchanges scams, wallet hacks, etc.).
To reduce risks, you should follow some rules:
- Invest only your personal money;
- Allocate enough money from your budget: there is no need to invest “last money” or all available money you have;
- Study the technical risks and opportunities to save money in a crypto environment;
- etc.
2. Select a Crypto Exchange
Trading platforms have different characteristics: commissions, limits, supported cryptocurrencies and payment methods, verification requirements, etc. You can choose any platform that suits you, but for beginners, it is recommended to use centralized exchanges such as Gate.io or OKX.
3. Create Your Account
Next, you need to register an account on the selected platform. As an example, let’s create the account on OKX (exchange supports buying TON). For this:
- Go to official site of the exchange;
OKX official website - Click Sign Up in the top right corner;
OKX registration form - Enter phone number or e-mail → create a password → enter referral code (if any) and click Sign Up;
- Enter the 6-digit code which was sent to your email or phone number in the next window;
- The account is created.
4.Top Up Your Account
OKX offers to buy TON for stablecoins USDT and USDC. For example, let’s replenish the exchange account with USDT coins. For this:
- Select the line Assets → Deposit in the main menu;
- Select USDT as a funding currency in the next window;
- Specify the network type. Make sure that the network in the wallet and on the exchange match, otherwise you will lose your funds (for example, the selected network is ERC-20) → Continue;
Coin and network selection - Select the account type in the Deposit to field (trading or general). After that, the USDT wallet address will appear (also available as a QR code);
Address for transferring coins - Move to your crypto wallet, select USDT and enter the copied USDT address from the exchange page in the transfer field (you can scan the QR code);
- Confirm the transaction;
- Wait until funds will appear in your account.
5. Buy Toncoin (TON)
When the exchange account is replenished, you can go to the trading terminal and buy TON. For this:
- Click Trade → Basic Trade → Spot in the top menu of the exchange;
Trade menu - Enter TON and select TON/USDT in the search bar on the left side of the terminal;
Search field and orders setting section - Set the order type in the Buy tab (for example, Market – TON will be bought at the market price);
- Enter the amount of USDT that you will spend on buying TON in the Total field;
- Click Buy TON;
- Confirm purchase.
How to Sell Toncoin?
To sell TON, you need to repeat the the same sequence of actions as for buying, but in the Sell TON tab.
How to Store Toncoin (TON)?
To store TON, you can use the wallet of the crypto exchange where the coin was purchased. However, this storage method is not recommended for security reasons. It is much safer to use specialized services – cryptocurrency wallets.
All available wallets for storing TON can be found on the official project page. TGDRatings recommends using TON Wallet.
How to withdraw Toncoin to my wallet?
To transfer TON from the exchange OKX we will use TON Wallet. Before you start withdrawing, register an account on the project page. The withdrawal process consists of the following steps:
- Click Assets → Withdraw on the exchange website;
Toncoin withdrawal - Select cryptocurrency for withdrawal, withdrawal method and network in the next window. Among the TON options, there will be only one network – On-Chain. Click Continue;
Creating request to withdraw TON on OKX. Step 1 - In the TON address field, you need to specify the address received at the TON wallet → go to TON wallet;
- Click Receive button in the wallet;
Receive button in the TON wallet interface - Copy the address (or activate the QR code) and enter it in the TON address field on the exchange;
Address in TON wallet - Fill in the remaining lines in the withdrawal window: Name your address (optional) and Amount (amount of coins to be withdrawn);
Creating an TON withdrawal request on OKX. Step 2 - Click Continue and confirm the transaction;
- Check if you received coins on your wallet.
FAQ
Because of this features the TON coin can be a very promising investment. However, the final decision on the purchase of TON should be made by the investor himself. Remember that any investment in cryptocurrency is associated with the risk of losing money, so do not invest all available funds and remember about security.
