Buy TRON (TRX)
The value of cryptocurrencies is slowly but surely rising, and now is a good time to invest in this sector.
It's easy to join the ranks of crypto investors. Today we will tell you how to buy TRON(TRX) in Nigeria, but first let's have a short overview of this digital coin.
What is TRON(TRX)?
TRON was created by Justin Sun, a businessman who used to be the main representative of Ripple (XRP coin) in Greater China. And despite the Chinese government's rather harsh attitude towards blockchain projects, TRON has more than succeeded.
TRON is a distributed storage infrastructure that allows users to access entertainment content from anywhere in the world without resorting to third parties. Justin Sun, CEO of the TRON Foundation, founded the platform with the goal of giving people a place where content can be shared for free, without an intermediary taking any fees. To do so, the project is based on decentralized, open-source software that uses blockchain technology and P2P networks to enable direct interaction between creators and their users.
In simple terms, TRON is a service similar to all known social networks and platforms, where users have the ability to publish, view and use any available content for entertainment, such as online games.
The TRON ecosystem is a powerful, reliable and easily scalable network that allows transactions to be processed at high speed.
The platform uses smart contracts created in the Solidity language to ensure transaction integrity. This programming language was originally developed for the Ethereum network. This means that smart contracts programmed for TRON are fully compatible with Ethereum.
How to buy TRON(TRX)?
Being in the top 15 is enough to get noticed, which is why many online exchanges have started working with this cryptocurrency. Therefore, now the most profitable option to buy TRON in Nigeria is on a professional trading platform. In the extremely volatile cryptocurrency market, asset values change very quickly, so operating on an unreliable online platform can cost time and money. That's why traders who are focused on making serious profits prefer to work on modern platforms.
What is an online platform, and what are its features?
A trading platform is the software used to trade: opening, closing and managing market positions through a financial intermediary, such as an online broker.
The main purpose of a trading platform is to help make a trader's job easy, fast, straightforward and profitable. On such terminals you will find many tools allowing the use of advanced trading strategies. Some features such as Take Profit help traders optimize their profits and maximize the profitability of fast price movements. Smart orders allow you to control your positions and automate the process of opening and closing positions. With them, you can make perfect trades with minimal risk and maximum benefit.
Such platforms also provide fast and easy access to high-quality historical data and market analytics. This gives traders a complete overview of the current situation before they make a trade.
Online traders have access to instant alerts informing them of all important price movements, because in the world of cryptocurrencies, it is not only important to get timely information, but also to be sure that it is accurate.
When you work on an electronic marketplace, you'll have access to technical analysis tools to help you make informed decisions. Many traders rely on these tools to determine when to open and close their positions. Although it takes some time to become familiar with technical analysis, knowing how it works will allow you to take a step forward in the market.
The best platforms also offer a mobile app, allowing you to trade cryptocurrencies from anywhere.
It is a version of the online service which is linked to the client's account. This gives you a great opportunity to buy TRX at any time. When choosing a cryptocurrency exchange, it is always important to consider the availability of a mobile version, as only it will allow you to get rid of an asset or conversely acquire it literally in the blink of an eye.
We have introduced you to the main features of the trading terminals, but you can see for yourself how useful your chosen platform is by testing it on a free demo account, which we will tell you about later.
How to invest in TRON(TRX)?
The essence of any investment is that by investing money in an asset, you will make a profit regularly or after a certain period of time.
Let's look at the advantages of investing in crypto-assets:
- Low entry threshold;
- Ease of entry into the market;
- High yield;
- Low costs;
- Cryptocurrencies' protection against inflation.
When the returns come will depend on the investment term. As with any other asset, the investment term can be short- term or long- term. Therefore, to invest in TRON in Nigeria, consider which option is right for you.
Investing for the long term is the easiest and most suitable for those who have a good initial capital. The idea is to buy digital coins at a bargain price and hold them for a few months or even years, hoping they will appreciate. Then you sell the asset at a bargain price, thereby making a profit.
It is a promising way to go, but it is too long. If you do not have a lot of money, then your earnings will be modest.
It is best to diversify your investments - that is, invest in buying several highly liquid cryptocurrencies at once. And of course, you must remember to monitor trends in the cryptocurrency market so that if any new cryptocurrency becomes more liquid, you can include it in your investment portfolio.
Short-term investments in cryptocurrency will only be profitable for active traders who track the slightest fluctuations in the exchange rate and make several buying and selling transactions a day. This is where the volatility of the cryptocurrency plays a big role, because large profits are possible at the right time.
On the platform, you can trade CFDs (Contracts for Difference), which means that when you trade, you don't become the owner of the cryptocurrency tokens. Instead, you trade based on the underlying value of the asset, which is a great advantage for short-term market participants.
A CFD is a type of financial derivative that acts as a contract between a trader and a broker. In the case of a crypto CFD, the trader, when entering into the contract, does not own the cryptocurrency, as already mentioned, and the profit depends on the forecast of the rate change. If the trader's forecast turns out to be correct, the profit will be equal to the amount of change in the value of the asset + interest paid to the broker. The loss is calculated similarly. The main difference of CFDs is the possibility of leverage. Traders can operate with amounts much larger than their deposit, allowing for a significant increase in profits. But all possible risks must be evaluated.
How to start to invest in TRON(TRX)?
Here are some recommendations to help you invest in TRON(TRX) properly:
- Choose a reliable online platform and register with it.
- Decide how you want to invest. Here special attention should be paid to the budget, the amount of free time that can be spent to work towards a profit in investing.
- You should research the coins themselves (in our case TRON), their technical component, the teams that develop them, the markets they are aimed at.
- Don't spend money on cryptocurrency that you may need in the near future. You need to build up risk capital to trade.
- Only start trading when you know exactly what you are doing it for, and you have a clear strategy and plan of action for every scenario.
In order for you to buy TRX, you must register and create an account on the brokerage company's website.
The registration process itself takes only a few minutes. You shouldn't have any difficulties, but if you have any questions, you can always contact support - they will be able to help.
So go to the website of the chosen platform, and click on the button "Registration", then a registration form will open, and you will have to fill it in.
You have to give your email address and a complex password. Confirm your acceptance of the terms and conditions of the trading platform. Next, a registration notification will be sent to your e-mail address, and you will need to click on the link provided to confirm your e-mail address and complete your registration.
Get verified, which is the documentary proof that your account really belongs to you.
In order to protect your account the broker must know that you are you, and you are a real person. In order to verify an account, a couple of documents will be enough. Usually they are a copy of your passport, on which you can clearly see your photo, passport number and first and last name.
It is very important to fill in the registration form with your real details. This is due to the fact that the brokerage company transfers money to the accounts of its clients, whose details must be verified.
A demo account is a virtual trading account that is given to each user free of charge upon completion of registration. All market quotes on the demo account are exactly the same as on the real account. Everything is almost the same as in real trading: viewing asset charts in the terminal, executing buy and sell transactions, placing limit orders, performing technical analysis.
Advantages of demo account:
- You learn the interface of the terminal.
- You will test new strategies and thoughts in a real situation.
- You do not need any start-up capital.
- There is absolutely no risk.
If you are an experienced member or have enough practice on your demo account, and you have a desire to buy TRON in Nigeria, then you can confidently move on to real trading by making a deposit. Depositing money to your account is very easy, as there are many different payment systems that can handle deposits.
You can use a debit/credit card and various e-wallet options to make payments. If you take your time, you can also use the bank transfer method to make a deposit into your trading account. Whichever method you use, know that you only need to make a minimum deposit of a few dollars.
Withdrawing funds is done similarly. You create a request, pay for it, specify the details to which you want to receive funds. As you can see, there is nothing complicated!
The safety of investing in TRON(TRX)
The TRON blockchain network is secured using the Proof-of-Stake algorithm. The platform uses smart contracts in its operation, which ensures secure transactions.
Should or shouldn't I invest in TRON?
In its short history, TRON has entered into many high-profile partnership agreements, including one with Samsung. The prospects for future partnerships look promising. In January 2021, TRON announced a new partnership with China's National Development and Reform Commission, part of the Chinese government. Given how big China is as a market, its government's acceptance of TRON's blockchain could open up many opportunities.
How to invest safely online in TRON?
- Under no circumstances should platform passwords and wallet codes be shared with third parties. Keep them in a safe place, and better make several copies, as they cannot be recovered after loss.
- Be sure to set up two-step authentication - this is primarily for your security. Even if attackers manage to discover your password, they won't be able to access your account because the confirmation, the second stage of two-factor authentication, will come to you, on a device that no one else has access to.
- Never hand over management of funds to intermediaries in whom you have doubts.
Invest responsibly, and you are likely to succeed. Good luck!