Tron Day Trading 2024 – Tutorial and Brokers

Tron (TRX) is a decentralised open-source cryptocurrency and a crypto coin often used in day trading. Calling on blockchain based peer-to-peer technology, it aims to build a free worldwide entertainment system. This page will break down how to trade Tron, and also go into its history, coin price, predictions, wallets and more. The page will then conclude with valuable guidance on how to start day trading with Tron coins.

Tron Brokers

#1 - CMC Markets

Why We Chose CMC Markets

CMC Markets offers trading on popular digital tokens like Bitcoin but really stands out for its crypto indices that provide broader exposure to the cryptocurrency market. There is also minimal slippage and an excellent 99.9% fill rate, making CMC a great option for active crypto day traders.

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

- DayTrading Review Team
  • Coins: BTC, BCH, ETH, LTC, EOS, TRON, NEO, ADA, XLM
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: From 1.3
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Web, MT4
  • Minimum Deposit: $0
  • Regulator: FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA

About CMC Markets

Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

Pros

  • CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
  • CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha scheme also offers perks for high-volume traders with up to 28.6% discounts on spreads.
  • The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.

Cons

  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
  • While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.

#2 - BitMEX

Why We Chose BitMEX

BitMEX continues to offer a highly competitive crypto trading environment, with cheap $1 contracts and leverage up to 1:100. The broker’s proprietary platform offers cutting-edge trading features, including a customizable order book, a depth chart and dozens of technical indicators.

"Active traders who want access to a good range of crypto derivatives will be intrigued by BitMEX's offering, with Perpetual Contracts available. The 100x leverage on Bitcoin is also higher than many alternatives."

- DayTrading Review Team
  • Coins: BCH, BTC, ETH, LTC, XRP, TRON, EOS, XMR, ADA, DOGE, BNB, DOT, SOL, SHIB, AVAX, GAL, NEAR, SUSHI, AXS
  • Crypto Mining: No
  • Auto Market Maker: Yes
  • Crypto Spread: -0.01% maker, 0.075% taker
  • Crypto Lending: No
  • Crypto Staking: Yes
  • Platforms: BitMEX Web Platform, AlgoTrader, TradingView
  • Minimum Deposit: $0.01
  • Regulator: Republic of Seychelles

About BitMEX

BitMEX is a crypto exchange and derivatives trading platform, launched in 2014. The firm offers a fiat–crypto onramp, spot trading, and crypto derivatives including perpetual contracts, traditional futures and quanto futures. BitMEX offers amongst the largest market liquidity of any cryptocurrency exchange.

Pros

  • BitMEX continues to deliver a considerable amount of market information for free, as well as trading guides and community channels on Discord, Telegram and more
  • Comprehensive customizability is available within the platform, with movable widgets and order book filters
  • The broker offers 2 API systems for seasoned traders

Cons

  • BitMEX is an offshore firm and is not regulated by any reputable authority, though this is common among crypto brokers
  • Withdrawals are only carried out at a specified time of day
  • Only Bitcoin is accepted for free withdrawals

#3 - Markets.com

Why We Chose Markets.com

You can open long or short positions 24/7 on 25+ popular digital currencies including Ripple, Bitcoin, Neo and Monera. Spreads on Bitcoin are around 51.13 which is uncompetitive compared to other brands, although the 1:20 leverage will offer greater exposure to the market.

"Markets.com is best for active traders looking for a regulated broker with low fees and fast execution speeds of 82ms. Beginners will also enjoy the in-house platform with its user-friendly interface, clear navigation and dynamic charts."

- DayTrading Review Team
  • Coins: BTC, BCH, DASH, ETH, LTC, XRP, TRON, BAT, NEO, ADA
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 88.94 (USD), ETH 5 (USD)
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Markets.com Web/App Platform, MT4, MT5
  • Minimum Deposit: $100
  • Regulator: FCA, CySEC, ASIC, FSCA, FSC

About Markets.com

Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.

Pros

  • Markets.com is a trusted broker with oversight from tier-one regulators including the FCA, CySEC and ASIC
  • Traders can access the MT4 and MT5 software, which offer dozens of technical tools and a huge online community for scripts, bots and custom tools
  • CFD and spread-betting opportunities are available on multiple asset classes including forex, stocks, ETFs, bonds and indices

Cons

  • The single retail account option doesn't offer traders any choice of trading conditions, or any additional perks for active trading
  • There are no auto or copy trading terminals outside of the MetaTrader platforms, such as DupliTrade
  • Unlike some top competitors like XM, customer support is not available on the weekend

#4 - Alpari

Why We Chose Alpari

Alpari offers a solid selection of popular crypto tokens paired with the USD. Spreads are competitive, starting at 1 and users can analyze the digital asset markets with the leading MetaTrader platforms, including on the weekends.

"Alpari will suit short-term binary options traders with a low $5 deposit, powerful charting terminals, and a rebate scheme. Forex traders also get very high leverage with tight spreads while the broker's PAMM service will appeal to hands-off investors."

- DayTrading Review Team
  • Coins: AVE, BTC, BCH, ADA, LINK, DAI, DOGE, EOS, ETH, ECH, FIL, LTC, XMR, DOT, XRP, MATIC, SOL, XLM, USDT, TRON, UNI, USDC
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: 1
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Regulator: FSC, SEBI, JFSA

About Alpari

Alpari is an offshore multi-asset broker that offers traders a wide range of forex trading opportunities as well as stock, index and commodity CFDs. The broker also offers fixed costs with payouts known upfront. Trading takes place on the reliable MT4 and MT5 platforms, plus the brand's mobile app. Alpari offers tight ECN spreads which will serve active day traders.

Pros

  • There's an excellent choice of funding options with no fees
  • Alpari supports both the MT4 and MT5 platforms with support for Expert Advisors (EAs)
  • The broker offers high leverage up to 1:1000 for experienced clients

Cons

  • The market analysis and research tools are limited
  • There are fairly high charges for strategy manager copy trading tools
  • The lack of educational resources is disappointing compared to alternatives

#5 - OspreyFX

Why We Chose OspreyFX

OspreyFX offers a decent selection of crypto coins paired with USD, including Bitcoin. 1:10 leverage is available with starting deposits from just $10 and support for Expert Advisors (EAs).

"We recommend OspreyFX for day traders seeking a true ECN broker with high leverage, low spreads and ultra-fast execution speeds. The firm is also a good option for traders looking for funded accounts with a three-step process to secure funding and competitive profit splits."

- DayTrading Review Team
  • Coins: BTC, DASH, EDO, EOS, ETH, IOTA, LTC, NEO, OMG, SAN, XMR, XRP, ZEC, DOGE, SHIB, ADA, SOL, DOT, AVA, XLM, TRON, ETC, BNB, BCH, BAT
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5
  • Minimum Deposit: $10

About OspreyFX

OspreyFX is an ECN broker headquartered in St. Vincent and the Grenadines. Established in 2019, the firm offers 120+ forex and CFD assets with high leverage up to 1:500, tight spreads from 0.1 pips and round-the-clock customer support. OspreyFX also stands out for its funded trading accounts where traders can keep up to 70% of profits.

Pros

  • Funded accounts up to $200k with 70/30 profit split
  • Full range of investments including cryptos
  • Tight spreads and low commissions

Cons

  • Bank transfer deposit fee
  • US clients not accepted
  • Difficult to connect to customer service through chatbot

Price Chart

What is Tron?

Before you get bogged down in Tron coin analysis, what precisely is it? The Tron application has been designed to allow content creators to receive compensation for sharing content. Its sophisticated storage capabilities and protocol, allow for users to access entertainment content from anywhere in the world, without needing the likes of the GooglePlay Store and Apple Store, both of whom charge high fees. Tron removes these middlemen by allowing users to receive funds directly.

You can also find a coin overview in the white paper. There it is made clear that Tron essentially wants to revolutionise the way the world consumes entertainment. Users are able to freely publish, store and own data. In effect, creating a decentralised content distribution platform.

The cryptocurrency company is taking an innovative approach to facilitating one-on-one interaction between providers of content and everyday users. This approach has had a notable effect on its cryptocurrency worth and future price predictions.

History

The coin’s history explains the high expectations. On September 9th, 2017, Tron entered the market as an ICO. After raising a staggering $81 million USD in just a few days, Tron was tokenised into a legitimate cryptocurrency by the end of 2017.

Since the coin’s release, much of the attraction has been around Tron’s impressive founder and CEO, Justin Sun. Despite being young, his list of achievements already includes:

The rest of the trading company is also impressive. CTO Lucien Chen is a former employee of Alibaba. They also have veteran technical expertise on the team in the form of Maorong Lin and Xiadong Xie.

Key Features

Below is a summary of the key coin features users can benefit from.

Growth

The value of Tron coins has been enhanced by backing in the Chinese business community, including:

The coin’s growth rate also increased with the announcement that they are transferring TRX onto the Peiwo App. This will allow the 10 million users to exchange coins with ease.

In addition, cryptocurrency graphs mapped significant growth in December 2017. At the beginning of the month price was $0.0020, but by the end of the month price had hit $0.05 per Tronix token. In fact, Tron was the 17th largest cryptocurrency by market capitalisation, at approximately $2.2 billion.

Just a month later, John McAfee helped write the cryptocurrency’s history by tweeting his support. Tron then actually exceeded the $10 billion US dollar mark and was ranked the 10th largest digital currency by market capitalisation.

Partnerships

Tron’s trading price fluctuates whenever significant cryptocurrency announcements are made. For example, December 2017 saw the founder announce developers of Chinese e-commerce giant alibaba.com had joined Tron.

January 2018 then saw the partnership of Tron and bicycle-sharing system oBike. Soon after information about a partnership with Baofeng, also known as the Chinese Netflix, was all over crypto-coin forums and blogs. Baofeng boasts over 200 million users.

Such deals feature hugely in cryptocurrency news and will continue to see Tron’s price on trading sites rise.

Benefits

Cryptocurrency reviews of Tron are quick to highlight a number of benefits, including:

It is clear from coin reviews that Tron’s market capitalisation has significantly benefited from many of these valuable features.

Drawbacks

Despite the number of benefits, this cryptocurrency’s history has already highlighted a number of potential risks:

How to Buy Tron Coins

Fortunately, buying this cryptocurrency is relatively straightforward. There are a number of coin exchanges you can turn to. You can day trade TRX for BTC or ETH at a number of trading exchanges, including Liqui and Bitstamp. New traders can purchase BTC or ETH coins on Bitstamp or Coinbase and then deposit it to their cryptocurrency coin wallet on Binance. Binance is widely regarded as one of the top choices because of its low transaction fees.

To do this, follow these straightforward steps:

  1. Sign up for a Coinbase account
  2. Sign up for a Binance account
  3. Purchase ETH coins in your Coinbase account using US dollars and then transfer it to your Binance wallet.
  4. You can now use the ETH in your Binance account to buy TRX.
  5. Head to Binance – Exchange – Basic – then in the furthest right column, select ETH, scroll down to find TRX/ETH and hit the Buy button.

Mercatox and CoinSpot are two other viable alternatives. It’s also worth bearing in mind that as the popularity of this coin grows, so will the exchange list of potential sellers.

Wallets

It’s no good finding out where and how to buy your new cryptocurrency if you can’t store it securely. Fortunately, because it’s built on the Ethereum blockchain, you have several hardware wallets and offline wallet options, including:

What’s Next?

Tron has released a detailed plan for the cryptocurrency until 2027. It consists of the following stages:

  1. Exodus – This phase is to offer a free peer-to-peer platform for the distribution of content pertaining to the entertainment industry.
  2. Odyssey – This stage is to follow the standard proof of stake of the cryptocurrency. Financial incentives will be introduced to draw in creators of content.
  3. Great Voyage – This is to be the point where issues such as divided management, income payment and the management of supporters will be addressed.
  4. Apollo – Although similar to the last stage, in this phase, Tron would look to launch their personalised tokens that will be available for decentralised trading. The creators put forward 2023 as the deadline for this step.
  5. Star Trek – At this point, Tron will focus on gaming. The stage will utilise similar technology to that used by the gaming platform Augur. If this goes smoothly it has the potential to substantially boost market capitalisation.
  6. Eternity – The final phase of Tron would give developers the opportunity to create their own games. In addition, users will be able to participate in fundraising events.

Final Word on Tron

There is no doubt the Tron foundation is taking a revolutionary approach to the entertainment industry. An industry which on the whole has been continuously growing. They also have significant financial backing, a clear vision and an expert team to help them follow through with their roadmap.

Yet despite this, the cryptocurrency market is volatile and fraught with risk. Each time the latest crypto news is released, prices fluctuate hugely. Throw in fierce competition and the future of this cryptocurrency coin is impossible to accurately forecast.