TRON Crypto: TRX Price Analysis and Review
Crypto converter TRON (TRX)
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TRYTurkish LiraTRON is an ambitious project dedicated to building decentralized internet and developing its infrastructure. Tron’s acquisition of BitTorrent further strengthens its leadership in building a decentralized ecosystem. The popularity of the TRON network is evidenced by 90+ million users and 3.1+ billion transactions. All this arouses interest in the TRON cryptocurrency as an investment tool. In this article, we will look at where and how to buy TRX.
What is TRON
TRON is a blockchain-based platform. It is designed to accelerate the decentralization of the Internet and serves as a tool for developing decentralized applications (DApps). The project is trying to solve the problems that outdated blockchain networks face. The TRON protocol provides high throughput, scalability and availability for all dApps in the Tron ecosystem.
What is TRON
The project was founded in September 2017 by Tron Foundation, a Singapore-based non-profit organization led by Justin Sun. Testnet, Blockchain Explorer and Web Wallet were launched on March 2018. In June 2018, TRON announced the creation of the Genesis-block, and the acquisition of BitTorrent in July. In October 2018, TRON launched the TRON Virtual Machine (TVM), a complete set of developer toolkit and user support.
Where is the best place to buy TRON
Today, there are a lot of options for buying TRX:
- Cryptocurrency exchanges;
- Payment services;
- Banks (such as Relovut).
Cryptocurrency exchanges are one of the most reliable ways to buy TRX, due to their high level of security, liquidity and a large selection of payment methods (bank transfer, Visa and MasterCard cards, payment systems, peer-to-peer networks (p2p ) etc.)
TRON buying instructions
Step-by-step instructions for buying TRX on the exchange include several steps:
- Risk assessment;
- Crypto exchange selection;
- Create an account;
- Account replenishment;
- Buying TRX.
Decide on the level of risk
The basic rule of any investment, including cryptocurrencies, is to invest only the amount you are willing to risk. Investing in cryptocurrencies can result in a loss of money due to the high volatility of the crypto market.
Choose a crypto exchange
Before choosing a platform for buying a coin, you need to know about account replenishment methods, trading conditions, user reviews and other parameters.
The most popular exchanges for buying TRX are presented in the table.
Register an account
To trade on the exchange, you must have a user account. Let’s see how to do this using the exchange OKX.
Registration on OKX consists of the following steps:
- Сlick Sign Up on the official website of the exchange in the upper right corner;
- Enter e-mail → create complicated password → enter referral code (if have one) and press Sign Up again;
Registration form - Enter the code that will be sent to the specified e-mail;
Code entering - Wait for registration to complete.
Confirmation of successful registration
Top up your account
Account replenishment methods differ for different trading platforms. Some exchanges support fiat deposits, while others support cryptocurrencies only.
On OKX you can only deposit funds in cryptocurrency. For this:
- Open Assets → Deposits → select deposit currency (for example, USDT) and the network;
Coin and network selection - Specify account type (general or trading), after that wallet address will appear (also available as QR code);
Getting an address for transferring coins - Then in the wallet, from which the funds will be transferred, you need to select the appropriate coin, click Send and enter the address from the exchange page (or scan the QR -code);
- Confirm transfer;
- Check the transfer of funds.
Buy TRON (TRX)
To buy TRON (TRX) on an exchange, you need to:
- Enter user’s account;
- Press Trade → Basic Trade;
- Select cryptocurrency pair, for example, TRX/USDT;
- Set order type, for example, Market;
- Specify number of coins to buy;
- Press Buy TRX.
How to sell TRON
Selling coins on the exchange includes the same sequence of steps as buying process. But there are some changes in filling order process. On the right side of the screen you need:
- Specify a number of coins for sale;
- Press Sell TRX.
Where to store TRX
There are several ways on how to store TRX tokens. Each option has its own advantages and disadvantages to consider. For users who want to store a small amount of TRX or are actively trading on the exchange and constantly using funds, a mobile wallet is suitable.
The advantage of hot wallets is it’s easy to use them and they provide instant access to cryptocurrency. The main weakness is that they are hackable as they work online. If you use this type of wallet, then you need to take care of its protection: enable two-factor authentication and create a strong password.
To store large amounts of TRX, it is better to use a hardware wallet – for example, Ledger.
How to withdraw TRON to wallet?
Withdrawing Tron to a wallet is not difficult. For this you need:
- Login into your personal account;
- Press Assets → Withdrawal;
- Select coin TRX → select network → click Continue;
Beginning of withdraw process - Specify address and wallet’s name where the coins will be transfered. The system will automatically calculate the commission;
- Press Continue;
Withdraw completion - Enter password to access funds and code from SMS, click Confirm.
FAQ
- Select an exchange → register → pass identity verification;
- Replenish a deposit;
- Specify a currency pair, for example, TRX/USDT;
- Select order type, for example, Market;
- Specify the number of coins to buy and click Buy TRX.
- The founder of the project Justin Sun: Sun was included in the Forbes list China 30 Under 30 three times, which provided TRON with a strong position in the crypto world;
- TRON blockchain is very fast: Bitcoin processes 6 transactions per second, Ethereum - 25, TRX - 2000 transactions per second;
- The growth of the project is supported by investments and partnerships: buying of the popular file sharing software provider BitTorrent in 2018, investment in the trading platform Poloniex, backed up by electronics giant Samsung, collaboration with startup Swisscom Blockchain and popular web browser Opera.
- Select an exchange → register → pass identity verification;
- Select spot trading market;
- Enter currency pair TRX/USDT;
- Select order type, number of coins to sell and click Sell TRX.
