SimpleFX is the leading crypto-first trading and investing platform, and we deliver another functionality that proves that. We have enabled superfast payments for Tether over the TRON network (TRC20). Now you can move your Tether almost instantly and pay just 1 USD for a transaction.
Most likely, your crypto exchange supports TRC20 payments for Tether. If so, we recommend using it as it’s much cheaper and faster than ERC20 transactions. Now you can move your USDT quickly and make perfectly timed trades.
When depositing to your Tether account, pick the “TRON TRC20” tab and use the address for your exchange or wallet payment.
Why Stable Coins Are So Great
Many users trade with their Tether (USDT) accounts, as it’s the biggest stablecoin with a market capitalization of over $70 billion.
Stablecoins are pegged 1:1 to the dollar, so they offer the advantages of cryptocurrencies, such as privacy, independence from the banking system, security, and global reach with the stability of the US dollar.
Suppose you don’t want to add complexity to your investments, trading with accounts denominated in volatile cryptos such as Bitcoin or Ethereum, or you think that the crypto market is overheated at the moment. In that case, SimpleFX Tether accounts are an excellent choice for you.
TRON Solves Tether’s Biggest Problem
The biggest problem with USDT is that most Tether still runs on the Ethereum blockchain, making transactions very expensive due to high gas fees. TRON solves this problem.
In response to the growing fees on the Ethereum blockchain, Tether migrates to other blockchains. Currently, the amount of USDT on TRON is comparable to the one running on Ethereum. You can see it here on the official Tether page.
Now you can deposit to SimpleFX and withdraw your USDT tokens for using TRC20. SimpleFX charges no fees for TRC20 deposits. For a withdrawal, you’ll pay up to $1, which is just a fraction of the current costs on the Ethereum network.
If you are looking for cryptocurrency exchanges supporting TRC20, you can find it on the official TRON site.
A Brief History of TRON
The TRON blockchain was inspired by Ethereum. Justin Sun launched the TRON network in 2017. He is now the president and CEO of the firm, having gotten his economics degree from Peking University and the University of Pennsylvania.
Sun was born in China in 1990. He engaged in the Ripple project and worked as the company’s representative in the country.
Technically the virtual machine used by TRON resembles the Ethereum Virtual Machine (EVM) a lot. That’s the reason it can easily take over the functionalities of the smart contracts established on the Ethereum blockchain.
While Ethereum is still working on the significant migration from Proof-of-Work to Proof-of-Stake protocol (known as ETH 2.0), TRON is already using this transaction confirmation method. This way, it works faster, and the users pay much lower fees.
Your deposit and withdrawal to SimpleFX over the TRON network should arrive almost immediately, as most transactions are confirmed within a minute.
If you like the idea and potential of TRON and USDT, you can invest in TRX, a native TRON currency, which is worth at the moment of the writing of this post worth around 0.1 USD. You can store your TRX on a TronLink wallet similar to Metamask for ETH. You can also deposit your TRX and trade any asset available on SimpleFX.
We believe in all cryptocurrencies with the potential to succeed, and unlike eToro, we plan to keep any of the top token pairs available for trading for a long time to come. Cardano (ADA) and newly added TRON (TRX) are here to stay.