If you want to buy TRON or, rather, its native TRX token, you should first familiarize yourself with the potential of this innovative decentralized project. What started out as a stepping stone to facilitating ownership-resistant digital content, TRON, the ecosystem has evolved since its inception in 2017. From supporting smart contracts to hosting decentralized applications, this blockchain is full of innovative surprises. This article details every aspect of the TRON blockchain, including its modus operandi, competitors, ecosystem, ways to buy and sell, and more.
Our methodology for choosing the leading crypto exchanges for buying and trading TRON
The methodology used to select the top exchanges to purchase TRX was rigorous, with platforms tested over a six month period. BeInCrypto’s requirements for listed exchanges included the availability of assets, user experience, security, and abundance of features. On the back of this testing, this guide recommends a number of prominent crypto trading platforms, notably:
• YouHodler: Regulated in the E.U. and Switzerland, YouHodler is a fintech company that offers crypto loans and purchases.
• Coinbase: Based in the U.S., is a remote-first crypto broker that was founded in 2012 by Brian Armstrong.
• BYDFI: BYDFI, formerly known as BitYard is a Singapore based exchange that was founded in 2019.
• Paybis: Paybis was founded in 2014 and offers crypto purchases in 180 countries.
• Kraken: Kraken is a an exchange regulated in the U.S. that offers crypto spot and futures trading.
• Binance: Binance was founded in 2017 by Changpeng Zhao and allows spot and crypto derivatives trading.
• KuCoin: Launched in 2017 in Seychelles, Kucoin is a global exchange that offers spot and derivatives trading.
• OKX: As an all in one exchange, OKX offers a multitude of crypto native services. It was founded in 2017.
• Margex: Margex is a Seychelles based exchange that was founded in 2020. It allows you to buy, sell, and trade crypto.
Starting with Coinbase and OKX, we were drawn to their expansive support for over 250 cryptocurrencies, marking them as top choices for novices. YouHodler stood out for its lucrative passive income opportunities across several networks, offering a blend of efficiency and profitability.
Kraken emerged as a strong contender with its staking service, particularly for TRX holdings, offering investors an attractive means to grow their assets. Binance differentiated itself with various trading options, including spot and futures markets, presenting a versatile toolkit for diversified investment strategies.
YouHodler’s impressive interest rates on crypto deposits particularly captured our attention, reaching 8.32%. Hence, this feature presents a substantial earning potential for investors. BYDFI was lauded, too, for its straightforward interface, providing a seamless trading experience for TRX.
Margex was notable for its leverage options, allowing traders to engage in more ambitious trading strategies with TRX. KuCoin’s blend of advanced trading features and a user-friendly interface made it a strong candidate in our evaluation. Lastly, Paybis stood out for its efficient and swift process of buying and trading TRX, enhancing the overall user experience.
Ultimately, when considering these crypto exchanges, users need to conduct thorough due diligence. Each platform has its own fee models and trading features tailored to meet the needs of diverse traders. While they are notable for their strong industry reputations, users must evaluate and understand the specifics of each exchange to make informed trading decisions.
Learn more about BeInCrypto’s methodology verification here.
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Coinbase
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- Our methodology for choosing the leading crypto exchanges for buying and trading TRON
- What is TRON? Unpacking the blockchain
- TRON and its competitors
- Unpacking the TRON ecosystem
- Where to buy TRON
- BYDFI
- Coinbase
- Binance
- Paybis
- Kraken
- OKX
- KuCoin
- Margex
- How to buy TRON
- How to sell TRON (TRX)?
- TRX price prediction
- Has TRX got a future?
- Frequently asked questions
What is TRON? Unpacking the blockchain
What is TRON? The first thing you need to know about the project is that it started as an Ethereum-backed blockchain, with the TRX token adhering to the ERC-20 standard. The foundation was laid by Justin Sun, whose vision was to bring forth a decentralized ecosystem to revolutionize content sharing. Justin Sun currently serves as the CEO of TRON, the blockchain maintained by the Tron Foundation or the TRON DAO.
Did you know? Since its migration to an independent mainnet, tokens built on top of TRON have been following TRC-10 and TRC-20 as the token standards. While TRC-10 tokens are non-fungible in nature, TRC-20 is more like the ERC-20 token standard.
How does TRON work?
Let’s start with the basics. TRON acts like an open-source software module with a focus on decentralization. The ecosystem follows the proof-of-stake or PoS consensus but not in its traditional version. Its PoS implementation is termed DPoS, ensuring a higher level of efficiency.
The TRON blockchain and its token TRX is essentially a content system built on top of a distributed storage architecture.
Why is TRON popular?
Despite the credibility of its owner, TRON has other reasons to be popular. These include the following:
- Active community
- High TRX liquidity across cryptocurrency exchanges
- Excellent DeFi presence led by the likes of protocols like JustLend, stUSDT, and more
- Recently forged partnerships with the likes of Samsung to foray into the NFT ecosystem.
- The launch of the TRON DAO reserve, focusing on the TRX holders.
“Ignore FUD, keep building! #TRON and #Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!”
Justin Sun, founder of TRON: Twitter
Let us now see how Tron competes against other big names in crypto.
TRON and its competitors
TRON started out as an Ethereum-native project. Therefore, it is only fitting to mention Ethereum as one of its key competitors. And we will also compare EOS — another DPoS blockchain — as the second competitor.
TRON vs. Ethereum
If you’re looking to buy TRON, you should certainly be interested in how the blockchain compares to its gargantuan superior, Ethereum. Perhaps surprisingly, TRON has a bigger DeFi presence in comparison to Ethereum. Notably, while Ethereum follows the native PoS, TRON brings forth a delegated version of the same.
We should also mention that transactions on the TRON blockchain are faster than on the Ethereum chain!
TRON vs. EOS
EOS, whilst supporting DPoS, is also faster than TRON. And while TRON primarily relies on its native TRX token, EOS adheres to the two-token ecosystem — EOS and RAM. The TRON trading potential looks higher than that of the lesser-known cryptocurrency, EOS.
Unpacking the TRON ecosystem
The TRON ecosystem is a diverse one involving a wide range of elements. These include an extensive DApp and services network with the likes of JST — a DeFi-focused asset, BitTorrent integration, and more.
Another element of the TRON ecosystem is the TVM or the TRON Virtual Machine, lending 2000 TPS+ scalability to the chain. Plus, you get access to TRON wallets like TronLink and TronWallet. While TronLink is an app and also a browser extension, the TronWallet works like a decentralized app.
The role of USDD stablecoin
The USDD stablecoin is an integral part of the TRON ecosystem. While this algorithmic entity is pegged to the U.S. dollar on a 1:1 basis, some of the primary use cases include trading, payments, and remittances. Termed USD Digital, the USDD stablecoin is also active on Ethereum and BNB blockchains.
Staking TRON
Per TRON’s staking mechanism, TRX holders can lock their tokens with Super Represenatives to secure the network further. Once staked, they stand a chance at earning additional TRX as a reward. Do note that TRON mining isn’t supported, and therefore, you cannot create TRX by solving puzzles.
Now that we have some idea about TRON and what the ecosystem entails, let us move to the buying and selling discussions.
Where to buy TRON
BYDFI
When trading Tron (TRX) on BYDFI, we were impressed by the platform’s straightforward interface and smooth trading experience. BYDFI stood out for its direct approach to crypto transactions, making TRX trading accessible and hassle-free. The platform’s responsive customer support was a bonus, providing timely assistance whenever needed, which is vital for fast-moving crypto markets.
Coinbase
Our experience with TRX on Coinbase highlighted the platform’s stringent security and user-friendly design. Coinbase’s educational resources are really useful, offering insights that help users make informed trading decisions. The platform’s liquidity in TRX markets ensured efficient trade execution, which was crucial for our investment strategies.
Binance
Binance proved to be a versatile choice for TRX trading, offering a wide range of tools and features that met to our trading requirements. The platform’s liquidity ensured a swift execution of TRX transactions, and the advanced charting tools were invaluable in analyzing market trends. Additionally, Binance’s mobile app allowed our team to manage our TRX trades on the move seamlessly.
Paybis
Buying and trading TRX on Paybis was marked by its straightforward and quick transaction process. The platform’s focus on ease of use made buying and selling TRX a breeze, especially for those new to cryptocurrency trading. Paybis’s commitment to providing a simplified, no-frills experience was evident and appreciated.
Kraken
Kraken offered us a secure and comprehensive environment for our TRX trading. The platform’s detailed analytics tools were particularly useful for tracking our positions and planning future trades. Its combination of stringent security measures and a wide range of trading options made it a reliable choice for our TRX transactions
OKX
OKX facilitated a broad buying and trading experience for TRX, with its wide market access and deep liquidity pools. The platform’s user interface struck the right balance between functionality and ease of use, catering to both novice and experienced traders. OKX’s mobile app is also a key tool, enabling us to trade TRX effectively even while on the go.
KuCoin
KuCoin’s extensive cryptocurrency offerings, including TRX, provided us with a versatile trading environment. We were impressed by the platform’s integration of advanced trading features and its user-friendly interface. KuCoin’s staking and lending services added extra dimensions to our TRX investment strategies, enhancing our overall trading experience.
Margex
Margex offers a unique experience with TRX, especially with its focus on margin trading. The platform’s leverage options allowed us to explore more aggressive trading strategies with TRX. Margex’s interface was intuitive, making it easier to navigate the complexities of leveraged trading.
Margex
Margex offers a unique experience with TRX, especially with its focus on margin trading. The platform’s leverage options allowed us to explore more aggressive trading strategies with TRX. Margex’s interface was intuitive, making it easier to navigate the complexities of leveraged trading.
KuCoin
KuCoin’s extensive cryptocurrency offerings, including TRX, provided us with a versatile trading environment. We were impressed by the platform’s integration of advanced trading features and its user-friendly interface. KuCoin’s staking and lending services added extra dimensions to our TRX investment strategies, enhancing our overall trading experience.
If you are ready to buy TRON, heading to a centralized exchange is likely the best option. Look for decent liquidity for specific TRX pairs. For instance, on Binance, the TRX/USDT pair enjoys the most liquidity. Kraken’s offering is also incredibly solid, with the platform focused on security and keeping your crypto safe. All of the above exchanges have been recommended thanks to their usability, industry reputations, and array of features.
How to buy TRON
For this demonstration, we’ve used Kraken to show you how to buy TRON.
1. Go to the Kraken mobile app. Select the exchange button with the two arrows in the purple circle.
2. Select the plus sign/ “Buy” button.
3. Scroll down until you see TRON, then select it.
4. Select the amount of TRX that you would like to purchase. You can choose a pre-selected amount or a specific amount that you would like to buy.
5. Lastly, select your preferred payment method and continue to checkout.
Still unsure as to how to buy TRON without having to give out personal details? For that, you can buy TRON (TRX) on Uniswap, PancakeSwap, Sunswap, and other decentralized exchanges.
How to sell TRON (TRX)?
1. First, open the Kraken app, select the purple button, and search for TRON in the box.
2. Select “Sell” and the amount of TRX that you would like to sell.
3. Lastly, swipe the slider to the right to complete your sell order.
To sell TRON, you can either head over to a CEX, open a position, and later close the same, as per your requirements. You can even sell your TRX token (s) on DEXs like TronTrde, Poloni, TronSwap, and more — platforms that support Tron-compatible wallets.
TRX price prediction
TRON, courtesy of its credibility in the DeFi world and surge in network activity, looks to be a decent project long term.
However, it is the long-term TRX price prediction that is most likely to exude confidence. Per the TRX price prediction, TRON might have the legs to reach $5.50 by 2035, making us bullish about its long-term future. Note that price predictions should always be taken with a pinch of salt, and discretion is advised.
Has TRX got a future?
TRON (TRX) utilizes the potential of decentralization in the best possible way. Further, TRX, the native coin, isn’t only suitable as an investment option. TRX has a role in voting and ecosystem participation, from transaction fees and token creation per the TRC standards to cross-chain interactions, TRON trading, and more. While all of this looks positive, remember that web3 and crypto ecosystems are highly volatile. Never invest more than you can afford to lose.
Frequently asked questions
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