A beginner’s guide to buying, selling and trading TRX cryptocurrency in the USA
Thinking about adding TRON TRX to your portfolio?
The TRON (TRX) cryptocurrency has gained popularity over the recent year. The token has a strong backing of developers and projects that tend to improve the platform. TRX is very popular in the crypto community and is offered for trade across several exchanges. If you’re looking to buy TRON in the USA, you are at the right place. The following are the steps you can take to buy TRON easily.
QUICK GUIDE: HOW TO BUY TRON (TRX) IN THE USA
- Register for an account with a USA cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select TRON (TRX).
- Enter how many TRX coins you want to buy.
- Check the details and confirm your purchase.
There are 3 basic steps you need to follow when buying TRON in the US.
A step-by-step guide to buying TRON
Set up an account with an exchange that supports TRON in the USA in three steps:
Step 1: Open an account to buy TRON
The first thing you have to do when buying TRON is to set up an account with a crypto exchange. Since TRX is a popular cryptocurrency, you will not find it difficult to see exchanges that offer the token’s transactions.
Moreover, the liquidity of Tron is also assured on different crypto exchanges in the USA. This means that you may not have to wait for too long when selling your Tron in the exchange.
But when choosing an exchange, it’s important to select one that offers users the chance of withdrawing their Tron tokens directly to their wallets.
Not all exchanges offer you this opportunity, as some would prefer to provide wallet-holding services for you. However, it’s risky to keep your finds in an exchange if you’re not trading consistently with the token. In this case, you need to choose an exchange where you can withdraw your Tron token directly to your wallet.
Like other cryptocurrencies, some exchanges allow the users to remain anonymous while trading on their platform. Others require you to fill in Know-your-customer (KYC) forms and enter their personal information.
If you’re looking to keep your trading or investments on Tron private, you can choose the exchange that will allow you to remain private during your trade.
So, you need to consider all these before choosing an exchange.
Step 2: Deposit funds
After selecting the exchange you desire, you need to keep all the necessary documents ready when they are needed. As we stated earlier, some crypto exchanges demand certain information before registration is complete.
This includes personal documents such as name, driver’s license, social security number, and details about your source of funds.
But different exchanges require this information based on the laws of the resident state. So, the demands and requirements of exchange may be different from the requirements of another.
After the exchange approves the information provider, the next step is to link your account details with the desired payment methods. In this case, it could be a bank account or credit card.
But remember to find out the fees for different exchanges because they may vary from exchange to exchange. This may not be necessary if you are investing heavily. But if you’re buying a small quantity, finding out about the exchange fees will be necessary.
Step 3: Buy Tron (TRX)
Here is where it gets more interesting. After you have linked your payment option to the crypto exchange, the final phase is to order/buy your Tron tokens. In the past, it used to take a long time before an order is filled, but not anymore.
The wider adoption of cryptocurrencies means that there are always traders available to exchange Tron and other crypto assets. Moreover, the exchanges now have more features than before. Their transaction times and liquidity have also improved.
Additionally, several other types are available on different exchanges, which enables users to select their right investment options.
To order for Tron on your chosen exchange, choose the right Tron pair you want to buy, which is generally pegged in U.S. dollars. Go to the “buy Tron” section of the exchange and enter the order you need. The market rate is usually shown to help you determine how much you will be exchanging for the Tron token. Other order types that may interest you include stop-loss orders, stop-limit, or take-profit limit orders.
Once you fill your order, you will be asked to review the order before it is submitted. As we have noted, orders don’t take too much time to fill, unlike in the past when crypto trading is not rampant.
Things to Consider when Buying Tron (TRX) in the USA
Before you invest your funds to purchase Tron (TRX), it’s vital to understand certain things about cryptocurrency and the market.
The following are some of the important things you should know before buying Tron:
Find out about the future of the platform
The TRX is the official token of the Tron platform. Before you choose a token to invest in, it’s important to understand what the platform is all about and its future profitability. In the case of Tron, the platform has a solid build with strong developers backing it. With lots of projects, the Tron platform promises expansion and growth in the future.
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Understand that the crypto market is highly volatile
This is one of the main features of the cryptocurrency market. Before investing, understand that the market could swing in either direction, causing massive gains or losses. It is a highly speculative market, and any investment in Tron should be taken with the fact that that the market may move quickly.
Storing your Tron cryptocurrency is essential
As we mentioned earlier, you can choose either the cold or hot storage methods to store your Tron crypto assets. But the cold storage method is far better for the sake of security.
Whatever you do, try and store your Tron token not with an exchange but at offline personal storage. You can keep them in for a long time and sell them whenever you want. However, if you’re a regular small trader, you may not need a cold wallet to store your Tron since you need the token to be liquid.
There are several reasons why the TRON (TRX) cryptocurrency is very popular within the crypto space. Apart from its increased trading volume, it has grown in market cap and token value.
Whether you’re looking to buy Tron and hold for a long time or trade the crypto asset regularly, the above guide will help you buy TRON in the USA with ease.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.