TRON is a blockchain-based decentralised operating system developed to compete with Ethereum and other leading decentralised apps (dApps) platforms. Similar to the Ethereum network, the TRON network supports smart contract execution.
TRON (TRX) has been one of the top 20 cryptocurrencies in terms of market cap for years now. Its position as a leading cryptocurrency and dApps blockchain make it readily available to traders and investors on exchanges. As you can buy and sell TRX on numerous platforms, finding the best TRON exchanges in 2021 is a herculean task for anyone. This post discusses what you need to know about the leading TRON exchanges.
Compare the Best TRON Exchanges
The TRON ecosystem is vast and consists of numerous developers, traders and investors. We researched and selected the best TRON exchanges in 2021 and the exciting features they offer to traders and investors.
Understanding TRON Exchanges
TRX provides stiff competition to some networks such as Ethereum and EOS, offering a faster transaction period and the ability to handle more transactions per second. Hence, making TRX a useful cryptocurrency amongst developers and community users.
Its popularity is why TRX is available on hundreds of cryptocurrency exchanges, and you can buy TRX and sell it at any time of the day and week since the crypto market is open 24/7.
How to get started on TRON exchange?
Trading cryptocurrencies, like every other financial asset, involves money. However, it would help if you start by finding the right TRON exchange to trade TRX. After finding the exchange, create a trading account with them and deposit the desired amount. You can fund the trading account using a wide range of payment options and trade TRX against other cryptos and fiat currencies.
Most centralised and P2P exchanges require account verification. Hence, you need to provide accurate details that align with the information on your documents. Depending on the exchange, you might be required to upload your proof of ID, proof of residence, bank statement, and more.
Account verification isn't necessary when dealing with decentralised exchanges since you are trading anonymously on those platforms. However, a trader has to be careful when buying TRX on those platforms, as they might be dealing with scammers or criminals. The TRON exchanges accept numerous payment methods, including debit cards, credit cards, e-wallets, bank transfers, and more.
Different types of TRON exchanges
- Centralised exchanges: The number one place to buy TRX and probably other cryptocurrencies is on centralised exchanges. Most coins are available on centralised exchanges as soon as they are mined, creating substantial liquidity and a wide range of trading pairs for the traders.
Decentralised exchanges: These exchanges are becoming increasingly popular since they allow people to trade TRX and other cryptocurrencies anonymously. They offer high-end privacy and security to traders when they buy/sell TRX.
Derivative exchanges: The traditional financial system entering the crypto space came with some alternative products. Traders can access TRX without owning the coins via alternative products such as futures, options and CFDs.
P2P exchanges: This class of exchanges have been around for nearly a decade. They allow buyers and sellers to negotiate and transact TRX directly. These platforms provide escrow services to the users to ensure the transactions go smoothly.
Fiat vs. crypto exchanges: The fiat exchanges are the TRON platforms that only accept deposits or withdrawals in fiat currencies. Meanwhile, the crypto-only exchanges are those that accept deposits or withdrawals in cryptocurrencies only.
How to Choose a TRON Exchange?
You cannot afford to trade with the wrong platform as you have to deal with issues like high transaction fees, exit scams, difficulty in deposits and withdrawals and more. Hence, researching a crypto exchange will help you decide the best to trade with as you would understand how they operate. There are certain features the best exchanges share, and you need to consider them during your research.
Usability – The best exchanges have to be easy to navigate for both expert traders and novice investors.
Payment methods – The ideal exchange shouldn't provide you with limited payment options. They should offer you a wide range of payment options for deposits and withdrawals.
Liquidity – Choose av exchange with substantial liquidity to enable you to buy/sell TRX with ease.
Fees – The transaction fees on the TRON exchange has to be competitive with others. They also need to have a transparent fee structure to ensure there are no hidden charges when trading.
Transaction speed – Processing your orders swiftly and in time could be the difference between earning profits and recording losses, especially for traders. Hence, choose a crypto exchange that processes your orders fast and in real-time.
Type of trades – Visit the exchange homepage to find out the type of trades they execute. Find out if they offer spot trading or derivatives.
Account verification – Using centralised exchanges and P2P platforms means you have to verify your account according to KYC and AML regulations. Be wary of centralised and P2P exchanges that don't offer this feature, but they are not needed when using decentralised exchanges.
Reputation – Find out how reputable the exchange is before trading on it. Know how long they have been providing exchange services, the development and management team, and other key information. Ensure you only use TRON exchanges that are reliable and have an excellent reputation.
Security – The security of a TRON exchange will determine if your funds and private data are safe or not. The ideal exchanges should have adequate security measures such as 2FA and SSL certifications on their sites to help protect your funds and data.
Advantages & Disadvantages of Using a TRON Exchange
Should I Buy or Trade Cryptocurrency?
A person who intends to earn money daily from the crypto market by leveraging the prices' volatility should be a trader. Meanwhile, the person who intends to hold TRX or other cryptocurrencies for the long-term should be an investor.
Financial experts' advice is to start small and grow your trading or investment capital over time. This allows you to understand the market metrics with time, and make smart trading and investment decisions.
In addition to buying TRX, you can access the cryptocurrency without owning it. With CFDs (Contract for Difference), futures and options, you can invest and speculate on the cryptocurrencies' performance without buying them. Some of the alternative TRX trading products include:
- Options: They are contracts between the buyers and sellers of TRX where the buyer is given the right but not the commitment to buy the cryptocurrency at a set date and price.
- Futures: This financial product is also a contract where the trader agrees to either buy or sell TRX or other cryptocurrencies at a predetermined price at a set date in the future. It is also a risky and highly rewarding investment product.
- Contracts for Difference (CFDs): CFDs allow traders to speculate on the directional movement of an asset's price (in this case, TRX). The trader can profit from the price movement of TRX without buying the cryptocurrency.
3 Steps to Using a TRON Exchange
Step 1: Choose a TRON Exchange
Research and find a reputable and reliable exchange to trade with. Use the criteria explained above to find the best TRON exchanges in 2021.
Step 2: Signing up with a TRON Exchange
Register with the TRON exchange by completing the sign-up and account verification process. This allows you to trade the TRX and a wide range of other cryptocurrencies offered by the trading platform.
Step 3: Deposit the initial amount and start using the TRON Exchange
Opening a trading account is immediately followed by depositing funds into the account. Select any of the payment options you are comfortable with and fund your TRON exchange trading account. You can use the deposited fiat or cryptocurrencies to buy TRX on the exchange.
TRON is a leading cryptocurrency that can be bought or sold on numerous crypto exchanges. Since there are numerous platforms listing TRX trading pairs, it is challenging to find the best TRON exchanges in 2021. This guide will help a user to shortlist some of the best crypto exchanges where you can buy and sell TRON (TRX).
Frequently Asked Questions
The TRON network can process more than 10,000 transactions per second, making it one of the fastest dApps and smart contract blockchains in the cryptocurrency space.
Simply sign up with the exchanges, fund the account and buy TRX from the platform.
TRX you buy from one exchange can be transferred to another exchange or wallet with ease.
Trading with reputable exchanges will protect you from scam.
By holding TRX, you get to enjoy several benefits. You can exercise your voting rights to vote for the 27 Super Representatives who will be tasked with maintaining the TRON network. You can also use the TRX to trade, enjoy airdrops and for crowdfunding purposes.
The cryptocurrency exchanges provide wallets for you to store the TRX on their platforms. However, as a long-term investor, the smart thing to do is to move the TRX to a cold storage wallet where it is safer.
TRON exchanges are legal and available in most parts of the world. Check your local laws.
TRON exchanges charge you a commission or fee for carrying out your transactions.
TRON exchanges don’t share the same pricing system, which means the price isn’t the same on all exchanges.