Tron is a crypto-network that aims to become the “world computer.” Since its inception in 2017, the Tron network has intended to take the throne as the No. 1 smart contract platform. We explain how to buy Tron and what to look out for when investing.
Buy Tron – how does it work?
There are many different ways to buy and sell Tron. Brokers are usually the best solution for beginners and investors who are interested in simple cryptocurrency investments; stock exchanges and CFD brokers are suitable for advanced investors and professional traders. Another deciding factor in choosing the most suitable trading platform for you is whether you want to invest directly in Tron or in a TRX-based financial product such as CFDs, funds, or certificates.
1. Find the right Tron trading venue directly
Once you know whether you prefer to use a broker or exchange to trade Tron and whether certificates or CFDs are suitable for you, it is important to find the right provider. Based on your individual needs, you should carefully examine the fees, available payment methods, and other product features such as security features, support, or company location in addition to the cryptocurrency and financial products offered.
2. Create a trading account
Once you have found the right provider, you need to create an account and register. With most providers, this is done in a few minutes and is easier than opening a bank account. To ensure that registration and, above all, the associated identification process go smoothly, you should have your ID card at hand.
3. Buy and sell Tron
Once you have successfully and completely registered, you can get down to business. Now nothing will stand in the way of your first purchase.
Cryptocurrency broker versus cryptocurrency exchange
When investing in cryptocurrencies, you have a choice between the following options:
- ⚡ You trade cryptocurrency CFDs through an online broker
- ⚡ You buy physical coins from a cryptocurrency exchange
CFDs are a type of derivative where you can bet on whether the price of a cryptocurrency will go up or down (long or short positions).
This lets you make money from price changes without having to learn about how cryptocurrencies work.
But if you decide to buy physical coins from cryptocurrency exchanges, you should know exactly what you are doing.
The advantage of this method is that you are the sole owner of your private keys and therefore 100% responsible for your money.
Buy Tron from a broker
Have you decided to buy Tron from a crypto broker?
In the following section, we will show you how easy and safe it is to buy Tron from a cryptocurrency broker. In our comparison, you will find an overview of all regulated crypto-brokers from which you can buy not only Tron but also other cryptocurrencies.
Besides cryptocurrencies like Tron, you can also trade stocks, ETFs, commodities, precious metals, and options.
Buy Tron (TRX) through a cryptocurrency exchange
If you want to buy physical Tron coins via an exchange, we recommend one of the world’s largest trading platforms. You can buy other cryptocurrencies there as well.
In addition to stocks, gold, and commodity certificates, eToro also offers a social trading platform where you can follow the trades of professional traders.
Ways to use TRX
- ???? TRX is the main currency in the Tron ecosystem.
- ???? Use it for money transfers between Tron network members around the world.
- ???? Payments for decentralised applications (dApps) from Tron.
- ???? Payments of revenue generated by various dApps.
Rights in the Tron ecosystem
- ???? If you freeze any number of TRX tokens, you will receive “Tron Power” (TP) and thus voting rights for votes within the network. The votes cast are only valid as long as the tokens are frozen.
- ???? TRX token holders were able to participate in the BitTorrent token distribution (BTT).
Creation of TRC-10 and TRC-20 tokens
In addition to the TRX token, Tron has two standard tokens: TRC-10 and TRC-20.
- ⚡ TRC-10: This standard makes it easy to implement a token without using smart contracts and no programming experience is required. A token (BTT) is such a TRC-10 token. A single creation of such a token costs 1,024 TRX.
- ⚡ TRC-20: This is a standard that supports smart contracts implemented on the Tron virtual machine (TVM). These tokens are compatible with the ERC-20 standard. Developers can also seamlessly use their smart contracts on the Tron network.
Frequently asked questions about Tron (TRX)
What is Tron (TRX)?
Tron is a crypto-network that has the ambition to become the “world computer.” Since its inception in 2017, the Tron network has intended to take Ethereum’s throne as the No. 1 smart contract platform. The network is based on the cryptocurrency Tronix (TRX), often referred to simply as “Tron.” Recently, Tron has been able to catch up with some cryptocurrencies; in particular, the decentralized financial services (DeFi) sector is increasingly expanding into Tron. Is Tron (TRX) worth investing in?
Tron was founded in 2017 by the young Chinese entrepreneur Justin Sun. Sun was able to raise the equivalent of $70 million for Tron through a special fund in the same year that he did an ICO for TRX. Like most altcoins, TRX started out as an ERC-20 token. In 2018, TRON launched its own network. So, TRX went from being an ERC-20 token to being a native Tron blockchain asset. It does the same thing as other cryptocurrencies.
Current state of development of Tron
Tron has become one of the biggest players in the cryptocurrency game. This is despite the fact that the project is partly controversial. In particular, the project is still accused of plagiarism, as early versions of Tron’s technical document were copied 1:1 from another currency’s technical document. In particular, Tron has already managed to go from Proof of Work to (delegated) Proof of Stake, while some currencies are still in the middle of the conversion process. More recently, DeFi’s decentralized applications (dApps) on Tron have gained speed and reached a market capitalization of several billion dollars. The fact that more Tether (USDT) is now moving to Tron is further evidence that TRX should be kept under the radar.