TRX or Tronix is the Tron Network’s cryptocurrency. It was founded in 2017 and is Singapore-based. If you have TRX and you wish to exchange it for BTC, you are in luck. In this article, you will learn about how you can do that with the best exchange rates. Before proceeding to the tips, it’s important to ensure that you live in a jurisdiction that allows cryptocurrency purchasing and trading. 

Here are five tips to ensure you get attractive exchange rates.

1. Compare various crypto exchanges

Cryptocurrency exchanges compete on many bases, one of which is the exchange rates. It would be best to research the different crypto exchanges available to you and the rates they offer. However, there are various criteria for choosing a crypto exchange, so the fees should not be the only factor you consider. Additionally, you could check out crypto exchange comparison articles that will help you make that decision. 

P.S.: Sometimes, an exchange platform’s fees are high, but their services justify the higher price. So don’t be afraid to pay slightly more if it translates to better service for you. 

2. Compare exchange rates using cryptocurrency calculators

You will find many free converters and calculators online if you search the conversion rates for one cryptocurrency against another. For example, there is the Coinmarketcap’s cryptocurrency converter tool. You should use the information from these converters as a basis for comparison. For example, how does the price of TRX to BTC conversion in Godex compare to conversion rates on the converter? This will also enable you to compare the spread the exchange platform is using. 

3. Check total costs, not just the buying and selling prices

In many cases, you will not just be paying for the exchange. For example, you may also be paying for transfer fees of your TRX to a different wallet. Additionally, there could also be commissions and hidden fees. You should find out what costs accompany the exchange rates to be aware of the full amount you will be paying. 

P.S.: By going through customer reviews, you may learn if the users of the crypto exchange platform have experience being charged hidden fees. 

4. Use the best exchange technique

There are two ways you could exchange your TRX for BTC. You could exchange your TRX for fiat currency and then buy BTC with that. This option could lead to more charges and more losses for you. One simple reason is that you may need to pay bank fees twice. Alternatively, using a cryptocurrency exchange as an intermediary, you could directly buy your BTC with TRX. 

One of the founding principles of cryptocurrency was the decentralization of currencies. There are, therefore, people who would argue against using crypto exchanges because they go against the decentralization principle. If you are among those who feel that centralized crypto exchanges go against the cryptocurrency founding principles, you may assuage your feelings by using a decentralized/anonymous exchange. It would help if you read about the advantages of centralized and decentralized cryptocurrency exchanges to learn more. 

  1. Security

Some cryptocurrency exchanges offer 0% fees. You may be tempted to use these exchanges, but caution is advised. What do you gain if you get 0% exchange fees but lose all your crypto in the end? Some free exchange platforms compromise your wallet, and you could eventually lose all the crypto you bought. You want to use a crypto exchange with stringent security measures. Check if they have two-factor authentication processes, research if they have a history of being hacked in the past, and see what users have to say about them in their reviews.

Points to note

Now that you have some info on how to get the most attractive exchange rates, there are a few extra tips about performing exchanges in general. 

  1. Some exchange platforms offer fixed rates instead of fluctuating rates. A fluctuating rate will most times be listed as ‘x% up to y%’ with the y% being the maximum fee they will charge. 
  2. You may not pay the rate you chose when you initiated the exchange. When it comes to exchanging, you are selling one currency and buying another. In the case of a TRX to BTC exchange, you will buy the BTC at its buying price when your TRX sell is complete. This means that your buying price will be influenced by how long it took for your TRX to get a buyer or for the sale to get recorded on the block.

Conclusion

There are a lot of factors that come into play when you want to perform a cryptocurrency exchange. To get favorable exchange rates is not as simple as just picking a platform and performing the exchange. You have to do your research to ensure you are getting the most lucrative deal possible. Eventually, you will find a good crypto exchange platform with high volume, wide cryptocurrency coin selection, and competitive rates. Once you do, you can decide to stick with this platform for all your trades (until you find a better one). 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here