Table of contents:
- 1 Tron Wallet – CFD traders do not need a wallet for crypto currencies!
- 1.1 Tron Wallet traders can save themselves money with Broker
- 1.2 WHY DOES THE WALLET SELECTION TAKE SO LONG?
- 1.3 WHICH TRON COIN WALLET IS RIGHT FOR ME?
- 1.4 DIFFERENCE IN FUNCTIONALITY
- 1.5 DIFFERENCES IN SECURITY
- 1.6 HACK ATTACKS CAUSE VOLATILITY
- 1.7 VOLATILITY FOR TRADERS DIFFICULT TO TRADE
- 1.8 Acting for brokers without Tron Wallet
- 1.9 OPENING AN ACCOUNT WITH A BROKER: TRADERS NEED TO KNOW
- 1.10 VERIFICATION FOR LIVE ACCOUNT
- 1.11 ACCOUNT CAPITALIZATION FOR REAL PROFITS
- 1.12 CAREFULLY SELECT PAYMENT SERVICE PROVIDERS AT THE BROKER
- 1.13 DIFFERENCES IN LIMITS AND COSTS
- 1.14 TRON TRX WALLET ADIEU – BROKERS DO WITHOUT IT
- 1.15 TRON WALLET AND TRADING ACTIVITIES AT STOCK EXCHANGES TIES UP (UNNECESSARY) CAPITAL
- 1.16 Interpret prices correctly and trade CFDs successfully without the Tron TRX Wallet
- 1.17 TRADING WITH THE TREND OR AGAINST THE TREND?
- 1.18 THIS IS HOW HOBBY TRADERS PROCEED BEST
- 1.19 Broker diversification: How traders make the most of the crypto-market
- 1.20 SKILFULLY SPREADING EQUITY CAPITAL
- 1.21 What does trading with a broker cost me at all?
- 1.22 TRADERS CAN USUALLY SAVE ON CUSTODY ACCOUNT FEES
- 1.23 Finding the right broker: our tips for comparison
- 1.24 TRADING OFFER
- 1.25 TRADING COSTS
- 1.26 TRADING PLATFORM
- 1.27 PAYMENT METHODS
- 1.28 SERVICES
- 1.29 TRADING TIPS FROM PROFESSIONALS
- 1.30 Conclusion: Tron Wallet for successful CFD trading not necessary
Tron Wallet – CFD traders do not need a wallet for crypto currencies!
Tediously selecting a Tron Wallet and losing valuable time for trading activities in the market? No, with crypto brokers, traders do not have to go through this effort. Who decides for the TRX CFDs, can speculate flexibly on the course of the crypto currency and use thereby even a leverage of maximally 1:2. Especially for the volatile price phases on the crypto market, the contracts for difference are predestined, because they offer investors the chance to close their positions after only a few minutes. We show how easy and profitable trading is possible without the Tron TRX Wallet at the broker.
- Successfully trade CFDs without Tron Wallet at the Broker
- Traders can trade CFDs with a maximum leverage of 1:2
- Use TRX volatility with position trading
- Tron CFDs can be traded with little equity
Tron Wallet traders can save themselves money with Broker
The Tron Wallet is a digital wallet that the traders need if they really want to buy the Tron Coins. However, since there is not just one Tron TRX Wallet, but several wallet solutions, the choice is not easy and often takes time. In addition, there are potential costs, as not every Tron Coin Wallet is provided free of charge. For many traders, the time and effort required from the trading decision at the crypto exchange to the wallet selection and the start of the actual trading activity is far too great, so they forego the opportunities in the market. But that doesn’t have to be the case, because there are interesting alternatives that traders can use without the wallet for Tron. Brokers provide interesting financial instruments around the crypto-market, where the traders can actively trade on the market in a few minutes.
WHY DOES THE WALLET SELECTION TAKE SO LONG?
To understand why traders often take so much time when selecting wallet, let’s look at the wallet options. We show the differences in security and functionality. Traders can make their wallet selection from the following options:
- Tron Paper Wallet
- Hardware Wallet
- Desktop Wallet
- Mobile Wallet
- Browser-based Wallet
Differences exist above all between online and offline wallets, also called cold and hot storage. The Hardware Wallet and the Tron Paper Wallet belong to the cold storage, which is performed offline. On the other hand the on-line Wallets and/or hot storage possibilities stand in the form of Desktop Wallet, mobile Wallet and browserbasierten Wallet.
WHICH TRON COIN WALLET IS RIGHT FOR ME?
If traders decide to invest in coins directly at the Exchange and buy Tron or sell it later at a profit, a Tron wallet is essential. Some brokers provide indirect trading of crypto coins, although the choice is extremely limited. Brokers are still dominated by alternative financial instruments, such as crypto CFDs and crypto stocks, where traders do not need a Tron TRX Wallet. But what do the traders who actually trade the coins do? They have no choice, the Tron Wallet German is mandatory for them to manage the coins.
DIFFERENCE IN FUNCTIONALITY
The selection of a Tron Wallet can be based on functionality, for example. While online wallets are particularly easy to use and allow access to the coins via the Internet, the situation is different with offline wallets. They are not connected to the Internet, so users can only access the wallet directly and, for example, force the transaction of coins. The point in terms of functionality thus clearly goes to the online wallet solutions.
DIFFERENCES IN SECURITY
The online wallets are at a disadvantage when it comes to security, because the Internet connection makes them a target for hackers. In addition, there is never 100 percent security with the hot storage options, as the numerous hacking attacks of the past years have shown time and again.
HACK ATTACKS CAUSE VOLATILITY
Millions of coins have already been stolen, which unsettled the traders and at times even caused an enormous drop in prices on the crypto market. If you are interested in a Tron Wallet with maximum security, you should go for the Hardware or Paper Wallet. However, there is a decisive disadvantage with the offline storage options: Not all of them are free of charge. Although the Paper Wallet can be generated online for free and then printed out, this is not the case with the Hardware Wallet. If traders decide to purchase a Hardware Wallet, they have to invest once in the purchase. The costs can vary considerably depending on the provider and can be up to 100 euros.
VOLATILITY FOR TRADERS DIFFICULT TO TRADE
The volatility in the crypto market is usually less profitable for traders with trading activity on the stock exchange. Since it often occurs unexpectedly, traders do not always have the chance to recognize interesting market movements early and use them for their trading activities. If, for example, hacker attacks occur and this news spreads in the media, prices usually react to it within a very short time. As traders are more rigid in their trading activities on crypto stock exchanges, they have hardly any possibility to counteract the volatility and use it to their advantage. In the worst case, the traders have to wait several days, weeks or even months until a promising market situation on the crypto stock exchange appears again, for example, to sell the coins profitably.
Acting for brokers without Tron Wallet
For the crypto exchange, traders need a Tron TRX Wallet, but not for the broker. This already makes a significant, if not the most important difference for many traders. Instead of spending unnecessary time selecting a suitable crypto wallet before the actual start of trading and possibly waiting even longer for its delivery/activation, traders can start trading immediately. The account selection makes it possible with many brokers, because in addition to the live account, a demo account is often part of the trading service. This way, traders can even start trading immediately after registration.
OPENING AN ACCOUNT WITH A BROKER: TRADERS NEED TO KNOW
If you want to open a trading account with a broker, you usually have a choice of different options. Some brokers provide different live accounts with variable trading costs and access requirements. Often there is also a free demo account, which is registered faster. If the traders decide to use the live account, more personal data is requested than with the demo account. In addition to the e-mail address, the name, age and address must be entered. If the dealers have the demo account in mind, they only need to enter the e-mail address and assign a password; after confirming the details, they can already start.
VERIFICATION FOR LIVE ACCOUNT
While the demo account requires no verification of information, traders must have the live account information verified. This is done by sending a valid identification document with proof of address to the broker. This can be done either via an upload link to the broker or by a live phone call to support. Meanwhile almost all brokers are technically so well positioned that they offer traders both options to choose from. Experience shows that verification is fastest with a live phone call, then the trading account is usually activated within a few minutes.
ACCOUNT CAPITALIZATION FOR REAL PROFITS
After the traders have opened a trading account, it is a matter of depositing funds for trading activities. Those who choose the demo account can immediately access their virtual play money and have, for example, 10,000 euros at their free disposal. Some brokers even offer the possibility for traders to determine their virtual starting capital themselves, so that amounts of 100,000 euros or more are conceivable. If the trading activities with the play money are successful, they naturally do not receive any real profits. Who wants to actually work on his fortune structure, must capitalize his account with Fiat money or a crypto currency. Yes, read correctly: Some brokers offer meanwhile the deposit with Bitcoin directly from the Krypto Wallet.
CAREFULLY SELECT PAYMENT SERVICE PROVIDERS AT THE BROKER
If traders want to provide their trading account with their own capital, brokers usually offer relevant service providers. These include among others:
- Bank transfer
- Instant bank transfer
If you are specifically looking for a broker who offers PayPal as a payment option, for example, you should carry out a crypto-broker comparison and include this criterion in your selection. Since experience shows that there are not many brokers who accept PayPal, it may be worthwhile to focus on the alternative electronic purses and to use Neteller or Skrill for account capitalization. The conditions are almost identical for both service providers. Also the procedure is nearly the same, because with all three electronic purses the traders need their own account registration before they can use it to deposit capital into their trading account.
DIFFERENCES IN LIMITS AND COSTS
The differences between payment service providers are that traders are often bound by limits or face additional costs. The quickest and cheapest way to capitalize your account is with credit cards, electronic purses and instant bank transfers. However, the limitations are often limited. If traders want to make a one-time higher deposit to their trading account from the beginning, it may be worthwhile to take a look at the conditions for bank transfers. Although the processing takes up to five business days, traders have the advantage that there is no limit to the amount of money they can transfer.
TRON TRX WALLET ADIEU – BROKERS DO WITHOUT IT
While at this point in crypto stock exchanges the link to the Tron Wallet would come, the traders can be pleased with the broker: Since there is no direct offer for the Coins trade there, this step is omitted. A Wallet is not necessary. This not only saves valuable trading time, but also helps investors to remain flexible and to be able to react to different price developments. Once the coins are in the wallet, the conditions are not always favorable for selling them profitably on the market. There must already be a clear price situation so that the sale is worthwhile itself.
TRON WALLET AND TRADING ACTIVITIES AT STOCK EXCHANGES TIES UP (UNNECESSARY) CAPITAL
Even taking into account the tax aspects, traders are much less flexible with trading at the crypto stock exchange. The reason is easily explained: traders can only save the taxes on the sale of the coins if they keep the coins in the wallet for at least twelve months. If the coins are held for less than twelve months, the sales proceeds are taxable. For this reason alone, many traders keep the coins for a longer period of time, which naturally ties up capital. This is not the case with the trading activity with the broker, because the traders have the possibility of using the course of the price speculatively and of betting on falling, rising or sideways prices equally. In this way the traders do not limit themselves.
Interpret prices correctly and trade CFDs successfully without the Tron TRX Wallet
Whether trading with TRX CFDs is actually successful depends on many criteria. Price analysis is particularly important. Traders take a close look at the developments and determine, for example, on the basis of historical data, how the forecast for the near future will turn out. Since the volatility of the Tron price is always very apparent, the analysis is not easy for many traders without extensive trading experience. Brokers offer extensive support and provide free tools and indicators for technical analysis on Metatrader, one of the most popular trading platforms. Among other things traders can fall back on:
- Several chart types
- Various Timeframes
- Over 25 analytical objects
- More than 30 technical indicators
Interactive real-time charts and much more are also available. This makes technical analysis easier and, above all, is easy to implement due to the high level of user-friendliness. If you need even more support in price analysis, many brokers offer free further training opportunities to have the analytical procedures explained in detail. Brokers often make videos, articles and other content available for this purpose, which can be deepened and practiced again with the help of the demo account.
TRADING WITH THE TREND OR AGAINST THE TREND?
The advantage of TRX CFDs is that traders can trade the price very flexibly. First the trend is identified and then the position is opened accordingly. Investors have the opportunity to trade with or against the trend, whereby trading with the trend is often the easier option. For example, if the price analysis shows that the trend is going up, traders open their position on it. Hedging is particularly important here, as volatility can of course still cause a sudden change in trend. With the help of the limits for losses and profits, traders can minimize the risk in order to secure their equity and still take the highest possible profits. Some traders also trade both options equally, opening one position on the uptrend and another on the downtrend. In a particularly volatile market phase, this makes sense in order to act with as few losses as possible. However, traders should bear in mind that this type of position trading does not generate significant profits.
THIS IS HOW HOBBY TRADERS PROCEED BEST
Hobby traders can use CFDs to earn specific profit opportunities. For example, if you analyze the market early in the morning at the start of trading and trade positions, you will at best have made profits at the end of the working day and at the close of trading. Since traders ideally open positions that are automatically closed when a certain limit is reached, they have no pressure to miss something in the market or close their positions too late.
Broker diversification: How traders make the most of the crypto-market
Of course, the broker does not only offer TRX CFDs for trading, but also other financial instruments. These include, for example:
- Crypto shares
Who would like to use its own capital funds skillfully and trade the short, medium and long-term investment horizon, can use itself the different offers with the broker. While contracts for differences are best suited for the short and medium-term investment horizon, we recommend crypto stocks for the long-term oriented trader. Yes, there are indeed securities of companies that deal with the block chain technology or even use it internally in their processes. However, the traders can also acquire the securities of Bitcoin GROUP SE, where everything revolves around trading with the mother of all crypto currencies. Cross-industry securities are also popular, because logistics companies or the healthcare industry are increasingly adapting the block chain technology, so that they too are crypto-securities for brokers.
SKILFULLY SPREADING EQUITY CAPITAL
Traders have the opportunity to invest their equity capital with financial instruments in a clever way, although not all offers can be traded with as little equity capital expenditure as the contracts for difference. If the traders decide to purchase crypto-securities, they have to pay the purchase price of the company shares at once. In return they secure possible dividends in the long term. Of course, there can always be a loss in the price of the securities, but resourceful traders can compensate for this by skilfully trading the crypto-CFDs. In such a case you simply open crypto-share CFDs and profit from falling prices.
What does trading with a broker cost me at all?
We have already recognized that traders can become active with brokers at more favorable conditions than with the stock exchange. But which fees are actually incurred by a broker? Who trades crypto CFDs, must count on the following expenses:
- Transaction costs
- Financing costs
- Portfolio management
The transaction costs are raised by the brokers completely individually and result when buying or selling the contracts for difference. Over it the brokers finance themselves, so that the costs lie according to experience never with zero. Although the CFD brokers are in direct competition with each other and therefore naturally offer favorable conditions to win over the traders. Nevertheless, practically every crypto-broker charges transaction costs. If the CFD positions are held overnight, the traders have to incur financing costs. Conversely, they receive the proceeds from the financing when the CFDs are sold.
TRADERS CAN USUALLY SAVE ON CUSTODY ACCOUNT FEES
The costs for the depot administration belong generally speaking to the possible expenditures of the investors, however most brokers make a free depot available due to the service orientation. Rather still, because beside the classical Trading account there is usually even a free demo account in addition. However it shows up also here that there are clear differences with the services and conditions. Naturally there are also brokers at the market, which are particularly expensive and offer investors little support with the commercial activity by free training further possibilities etc. Such differences can also be seen in the crypto exchanges. For an easier selection we recommend a crypto-broker comparison.
Finding the right broker: our tips for comparison
To help traders find the best broker, a comparison is usually helpful. One can compare the conditions clearly. We have summarized important selection criteria based on our practical experience:
- Trading offer
- Trading costs
- Trading platform
- Payment options
In a broker comparison, traders can choose which individual criteria are among the most important for them. For example, some traders prefer low trading costs, while others want as many free services and/or a comprehensive trading offer as possible. Let’s take a closer look at the individual selection options.
The trading offer with a broker should not only consist of the crypto CFDs, because then the possibility for diversification is missing. Better are other financial instruments to the crypto-market, like crypto-shares or funds. It can also be interesting if the traders can not only trade TRX CFDs, but also CFDs on Bitcoin and other crypto-currencies. In order to achieve even broader diversification, it is recommended to invest in additional underlying assets to avoid a total loss when the crypto-market collapses.
Each broker determines the trading costs individually. That is why there are also (significant) price differences. In order that the traders do not pay too much, a comparison of the trading costs is important. However, favorable trading conditions should not be the only criterion for the selection of a broker, because what use are favorable trading conditions if the traders have only a small selection of different financial instruments or a less functional trading platform?
Every broker has his own trading platform, whereby many use the well-known Metatrader. It has proved itself thanks to its high functionality and the simple price analysis and is therefore gladly used by the investors. Especially for less experienced traders a trading platform should be functional and easy to use. This facilitates the price analysis and provides for an easier trading entrance. We also recommend a platform that is not only available for the PC but also for mobile devices. In this way, traders can even check the latest market news, monitor their portfolio or seize market opportunities directly while on the move or during their lunch break. Most brokers now offer innovative apps that allow traders to trade via smartphone or tablet without any problems.
Payment options are important if merchants want to invest in crypto-CFDs with the live account rather than just the demo account. However, the choice of payment service providers and the conditions can differ. Not everywhere for example PayPal is available as payment option, although adequate alternatives with Neteller and Skrill are offered with nearly all renowned brokers. Also the deposit with Bitcoin is long not everywhere possible. If the traders already have Bitcoins in their Wallet, nothing speaks against using these also for the payment of the crypto-CFDs. Experience shows that the search for a suitable broker who accepts Bitcoins as a means of payment is somewhat more intensive.
Services provided by a broker are also an important criterion in the selection process. Although the demo account is now standard with every good broker, there are significant differences in terms of training opportunities or free live courses. Above all, real-time quotes are important for a well-founded analysis. By no means all brokers provide their customers with free real-time quotes. Nevertheless, the services offered by brokers in this area are a big step ahead of those of crypto stock exchanges. Experience has shown that crypto stock exchanges much more often provide delayed quotes than brokers.
TRADING TIPS FROM PROFESSIONALS
One of the special services offered by some brokers is that they cooperate with renowned professionals in the industry. For this reason, online events are regularly offered, where, for example, price analysis, assessment of the current market situation or a look into the future with the professionals is possible. Often, the specialists even chat from the next box, so that the traders can pick up one or two tricks for their trading activities. Nevertheless, traders should not adapt the ideas and recommendations of the professionals 1:1, but rather try to develop and implement trading ideas themselves based on this information. Once you have internalized the basic knowledge for successful trading of crypto-CFDs, you can adapt it again and again for new trades and will be more successful in the long run.
Conclusion: Tron Wallet for successful CFD trading not necessary
Traders only need a Tron Wallet if they want to invest directly in the crypto currency or receive them through Tron Mining Coins. However, there is often a lot of time involved in selecting a suitable Tron TRX wallet; time that traders could have used better for their trading activities. However, since there are many different types of wallets available from different vendors, it is important to be accurate in your selection so that you can manage your coins safely and not run the risk of hackers manipulating the wallet and stealing the coins. The crypto brokers can do this without any of this effort at all. Since the coins are not offered there directly for the purchase, the traders save themselves the Wallet and can become basically immediately active after the account opening at the market and work on the generation of their profits. It becomes even easier if the traders first trade crypto CFDs with the demo account, because then one can start within few seconds after the registration. If traders want to generate real profits, however, they must trade via the live account with equity.