TRON uses the TRONIX digital token (TRX) that is issued by the TRON Foundation, established by its current CEO, Justin Sun. TRX serves as the basic accounting unit for the TRON blockchain. TRX was originally based on the Ethereum network, but it was later fully transitioned onto its own independent TRON protocol.
TRX acts as a natural medium currency for all other tokens in the TRON network. This includes the USDT stablecoin issued by Tether (that is pegged to the U.S. dollar) through the TRON network. As a blockchain project, TRON has positioned itself as a decentralized platform to be used by the online entertainment industry to facilitate payments.
How to not get scammed when trading TRON (TRX):
Making trades or transactions in TRX will generally be more secure when done through a regulated online broker. Additionally, it also useful to be mindful of fraudulent activities online and the various scams to look out for.
As a starting point, be cautious of firms that charge a start-up fee for instant TRX exchanges for fiat currency. Other dubious behaviours to avoid are altcoin investment schemes that promise to double the value of invested assets overnight, as such ambitious returns rarely feasible in practice.
Also beware of fake cryptocurrency exchanges and cloud mining scams. Additionally, phishing is another scam technique common in emails and social media. This involves someone impersonating a business brand to obtain personal information or currency wallet access. While this might seem quite obvious, it is generally best to avoid making financial arrangements using direct messages.
Exchange hacks are another significant risk with trading altcoins. A classic example was the huge theft from major Tokyo-based bitcoin exchange Mt. Gox that involved a loss of 850,000 bitcoins in 2014 and forced the exchange into bankruptcy.
To be safe, always trade your cryptocurrencies through a regulated broker. For example, AvaTrade, a subsidiary of a firm with about $17 billion in market capitalisation is based in Dublin, Ireland and subject to EU regulations. Another regulated broker is eToro that allows clients to engage in social trading. Both of these brokers are registered in Europe, so they must operate under the EU’s strict Markets and Financial Instruments Directive (MiFID) and its revision the MiFIR.
Trading cryptocurrencies like TRX through one of the many online regulated brokers tends to give traders peace of mind compared to the risks of using exchanges or private transactions. Fortunately, trading TRX via one of these financial companies is relatively easy to do.
Trading TRON (TRX) through AvaTrade
Among the various regulated online brokers, AvaTrade gives traders access to cryptocurrency trading through a very easy-to-use interface known as MetaTrader 4 (MT4). This popular platform would suit traders of any experience level and can be used on desktops, tablets, smartphones or web browsers.
The MT4 platform also provides users with advanced charting functions and technical indicators that allow traders to perform detailed technical analysis of their investments. They can even trade right off the charts or automate their trading activities. The platform’s colours and styles can also be adjusted to taste.
Signing up for a trading account at AvaTrade is simple and also provides access to trading thousands of other instruments. That being said, as like any currency trade cryptocurrencies do involve risk, particularly as prices can move up or down as key influential factors change.
Key Influences on TRON (TRX)
The values of dynamic cryptocurrencies, like TRX, are influenced by several key factors. As like all currencies, underlying most price changes are shifts in supply and demand for the digital token. For example, if a large seller comes into the market, the available supply will increase, and the equilibrium market price will generally fall.
Likewise, when governments try to regulate digital currencies, their values can potentially be negatively impacted, especially if bans on usage and ownership are involved. Moreover, events like the Cyprus banking crisis in 2013 can also affect digital coin prices. In this case, the crisis is viewed to have promoted a spike in the value of bitcoin as people tried to store wealth outside the jurisdiction of their government.
Furthermore, actions from larger companies such starting to use the TRON network and/or allowing payments to be made in TRX can impact and most likely increase the value of the digital token. On the other hand, exchange hacks like the Mt. Gox could reduce the coin’s price.
Changes to the size of TRON’s user base can also impact TRX’s value, as can changes to TRON’s underlying technology, depending on how they are received by the user community. An upgrade to TRON’s Odyssey platform to version 3.6 was announced in June 2019 that offered various new features and promoted a responsive rise in the U.S. dollar price of TRX.
TRON (TRX) Quick facts:
Source: CoinMarketCap.
- When TRX started trading: September 2017
- Highest price to date: $0.300363 on 5th January 2018
- Market capitalisation (30th July 2019): $1,487,320,484
- Volume of TRX exchanged (daily): $423,856,336
- Maximum Supply: 99,281,283,754 TRX
- Circulating Supply: 66,682,072,191 TRX
Want to trade other cryptocurrencies?
Those looking to trade other digital currencies can read more cryptocurrency broker comparisons at the links below:
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