Tron (TRX) is a cryptocurrency and is fully involved in day trading. The cryptocurrency entered the crypto market in 2017 as an ICO. Few days after it entered the market, the coin was able to amass up to US$81 million. It became a legitimate cryptocurrency towards the end of 2017. Some of the key features of Tron are highlighted below:
- It is founded on a sophisticated infrastructure enabling market forecasting, games, and distribution of digital assets.
- It enables end-users to access the cryptocurrency by simply spreading content
- The cryptocurrency offers unrestrained data flow.
Tron Day Trading Brokers
Tron’s value in early December 2017 was $0.0020. Its value has grown to $0.05 by the end of that month. The cryptocurrency equally occupied the 17th position among the most traded cryptocurrencies. Its market capitalization is $2.2 billion. So, day trading Tron will not be a bad idea.
How to purchase Tron
You can purchase Tron from exchanges all over the world. However, you should only consider an exchange that accepts your country. You need to buy Tron from exchanges before you can start Tron day trading.
A good exchange you can use in Canada is Binance. Cointox and Mercatox are other good alternatives to Binance. Check below for steps to buy the cryptocurrency on Binance.
- If you do not have an account on coinbase yet, sign up for an account first. The sign-up process is very easy and straightforward.
- You will also need to sign up for an account on Binance. Binance is the platform where your Tron day trading will take place.
- Buy ETH coins in coinbase with USD. Once the ETH is in your Coinbase account, transfer it to your Binance account.
- Once the ETH arrives in your Binance account, you can then use it to purchase Tron on Binance. After this, you can start day trading Tron.
Aside from coinbase, it is equally possible to purchase ETH from Bitstamp and Liqui.
After purchasing Tron, you should make sure that you secure it properly. Tron is built on Ethereum blockchain and you can easily get a wallet for storing the cryptocurrency, both online and offline.
Examples of offline wallets for storing Tron are:
- MyEtherWallet (MEW)
- Ledger Nano S
Choose brokers wisely
There are so many brokers for Tron day trading out there today and you must investigate properly before choosing any of them. Check below for tips that can help you to choose a good one among them.
Before you choose any of the brokers for Tron day trading in Canada, check the reliability of the software first. A good broker will regularly update its trading software to correct errors and remove bugs.
A regulated update also protects Tron traders and investors from scammers malware and theft by hackers. Before you use that app for trading Tron, first find out when it was updated last.
Speed of execution
Check how fast that broker executes trades before you register there. A good broker will execute trades within milliseconds of placing the trade. This way, the trader will not be at a disadvantage. A few seconds delay by the broker can make a huge difference between profit and loss for the trader.
Find out if the trading platform is easy to navigate before you pitch your tent with the broker. Does the broker have a mobile trading app? Is the mobile app responsive? What is the quality of the customer service?
Do the customer care agents respond fast to the clients? Does the trading platform record downtime? You should find answers to all the questions above before you register on any of the brokers offering Tron day trading out there today.