3a – How do I buy tron?
If you are looking to buy tron using the money in your bank account, the best and easiest option is to use a brokerage.
A tron brokerage is essentially an online bureau de change for tron. Brokerage platforms sell tron at a fixed price, depending on the time and date of the transaction. Just like when exchanging pounds for euros at the airport, the price at which you can buy tron from a brokerage will be set by the current exchange rate, plus whatever commission the broker charges for exchanging your money.
Because of their commission rates, brokerages are the most straightforward way to purchase tron but not necessarily the cheapest. To find the best price, trading tron on an exchange is your best option. This will be explained in section 4c, but first you’ll need to know how to store any tron that you buy.
3b – How do I store my tron in a wallet?
In order to store tron, you’ll need a tron wallet. In section 3a we learned what tron wallets are, how they work, and their importance in the movement of tron, so now let’s run through the different types of wallet that you can get.
There are 5 different types of wallets: online wallets, desktop wallets, mobile wallets, paper wallets, and hardware wallets. Each wallet type functions as an account to store your tron, and enables you both to send tron to, and receive it from, other wallets. The difference between the different types of wallet is in the way they secure your private keys (essentially your password that allows you to transfer tron out of your wallet).
There are pros and cons to each wallet type, which you can learn about in our ‘Wallets’ section. If you’re getting your first tron wallet, then it’s easiest to get an online wallet, for which you’ll simply need to register with an email address and create a password. These wallets are commonly attached to exchanges (see 4c) or brokerages (see 4a) through which you can also buy tron.
Once you have a wallet, you’re ready to buy or trade tron on an exchange. Also, if you want to trade tron without needing a wallet then that’s also possible with CFD platforms. Keep reading and we’ll explain your tron trading options.
3c – How do I trade tron?
If you want to trade tron, then your two main options are exchanges and CFD platforms. These platforms are more complicated than brokerages, but provide more options for making profit out of tron. The only difference between the two is that exchanges require you to own and store the tron you’re trading in a wallet, whereas CFDs do this for you.
Trading tron with the above platforms is similar to regular day-trading. Users can try to profit through making trades around the price fluctuations of tron, just like with any other store of value like gold or regular fiat currency (pounds, euros, dollars).
On exchanges you’ll be trading your tron directly for other cryptocurrencies, and on CFD platforms you’re basically making bets with the trading platform about whether the price of tron will rise or fall. For this reason, you will need a wallet to use an exchange, but not to trade on a CFD platform.
As mentioned, these platforms are more complicated to use than brokerages, so it’s recommended to read our pages detailing how CFD platforms and exchanges work, which will guide you through the process and help you start trading for profit – if that’s how you want to use tron.
By now you’re probably wondering if tron has any uses other than trading for profit. The answer is a definite yes, and so the final stage of our tron tour will take you through the different ways you can use tron.