Best Exchanges to Trade Using TRC20 USDT — Difference Between TRC20 and ERC20 USDT — Digitally Cool
Crypto beginners looking for insight on what TRC20 tokens and ERC20 tokens have come to the right place. Let’s know what TRC20 and ERC20 tokens are, the differences between TRC20 and ERC20 USDT tokens, why users choose and think TRC20 tokens are better.
There are many crypto exchanges that support USDT TRC20 tokens, such as, KuCoin, Binance, Bitfinex, FTX, etc. But before we look into this, it is important to understand the difference between ERC20 and TRC20 tokens, so that you do not accidentally send your cryptocurrency to the wrong wallet address.
ERC20 is the Ethereum blockchain smart contract technical standard for tokens. ERC20 is an official protocol that improves the Ethereum (ETH) network and can be regarded as a standard for tokens created on the Ethereum blockchain. ERC20 tokens are stored in the Ethereum address and are paid by Ethereum to cover transaction fees. ERC20 is one of the most popular technical standards among many different types of Ethereum technology tokens. Ethereum smart contracts are used to create ERC20 tokens based on the Ethereum blockchain. The most common tokens are Tether (USDT) ERC20 based on Ethereum. You can find a list of other ERC20 tokens here.
What is TRC20? What is the TRC20 USDT Token?
TRC20 USDT is issued on the TRON blockchain network. TRC20 is the token standard for issuing and managing tokens created on the TRON blockchain. TRC20 is a token standard based on implementing a smart contract for the issuance of any new token on the TRON network. Since TRON is a public blockchain, it allows anyone to create and issue tokens following the rules specified in the TRC20 standard. It is a standard technical token powered by the TRON network or the blockchain using a TRON address, which means all transactions made on the TRON network. You can view the whole TRC20 tokens list here.
TRC20 Tokens or ERC20 Tokens Compared: The Difference and Why TRC20 is Better
The question that arises is which token should choose for trading purposes. The CEO of BitTorrent and the founder of TRON, Justin Sun, shared a Coinmetrics chart. The chart reveals that the volume of USDT tokens that passed through the TRON blockchain as of April 2021 exceeded that of their registered ERC20 counterparts at just over $1 billion. Tether transactions on the TRON blockchain have surpassed the ones based on Ethereum. USDT users have switched from Ethereum to TRON due to lower fees and faster transactions. There are some more things to consider when comparing TRC20 USDT and ERC20 USDT tokens, such as:
- Speed: ERC20 USDT tokens can take up to 10 minutes to transfer, whereas TRC20 USDT tokens move in seconds.
- Safety: ERC20 USDT tokens are based on the Ethereum blockchain and provide better security than TRON’s TRC20 USDT tokens.
- Fees: TRON’s transactions are entirely free, but crypto exchanges charge a fee of 1 or 2 USDT for TRC20 USDT tokens which is a lot lower than Ethereum’s ERC20 USDT token fee which is over 30 USDT. This is because the Ethereum network charges a fee for processing transactions.
- Most trustworthy crypto wallets such as Ledger, Exodus, Trust, and more support both TRC20 tokens and ERC20 tokens. You do not need a unique ERC20 wallet or TRC20 wallet to invest or store ERC20 USDT tokens or TRC20 USDT tokens.
What are the Best Exchanges to Trade Using TRC20 USDT?
Following are some of the best exchanges to trade using TRC20 USDT -
KuCoin is a cryptocurrency exchange developed with venture capital money that offers unrivaled performance and services to its users. KuCoin is secure and easy to use for buying and selling cryptocurrencies and assets such as the TRC20 USDT. The KuCoin exchange platform offers excellent deals for both token issuers and liquidity miners. Users can use these tokens to receive special offers, trade discounts, and exchange profits.
Binance is the biggest crypto exchange globally in terms of volume and gives users access to many crypto assets, including Tether USDT tokens. Binance is the perfect choice for users looking to buy TRC20 USDT tokens with a massive user base, excellent liquidity, and low fee structure. Both Binance and KuCoin are useful for experienced traders looking for the lowest fees possible. These exchanges also have simple interfaces that allow newcomers to cryptocurrency to purchase their first USDT. Binance and KuCoin, both platforms that are two of the best exchanges to use if you want to invest in TRC20 USDT tokens.
Bitfinex is one of the best exchanges in terms of daily BTC / USD trading volume, which provides price stability and confidence for every trader based on fiat and digital currencies such as the US dollar bitcoin, Ethereum, and the Euro. Bitfinex has supported TRC20 tokens since 2019. Bitfinex provides access to real-time market data, advanced order types, customized charts, and trade notifications at your fingertips. If you are interested or have already become a serious trader, Bitfinex Exchange is the place for trading TRC20 USDT tokens. It is one of the affordable options as the spot trading fees are 0.10% for makers and 0.20% for takers.
XREX is another blockchain platform and Trade Tech organization that provides users with an excellent, straightforward exchange. XREX has support for many crypto assets, including TRC20 USDT. The exchange also provides XREX Circles that allow users to connect with others to become a part of a trading community for sharing experience and knowledge. With a low trading fee, XREX is one of the best platforms for trading USDTs for beginners and experienced traders.
FTX is a popular crypto exchange that was recently in news for raising $566 million in funding. It caters to a wide range of customer base including retail investors, family offices, and various institutional investors. It also allows users to trade using USDT TRC20 and ERC20 tokens.
List of Crypto Exchanges That Support TRC20-USDT tokens
The exchanges that currently support TRC20-USDT tokens include —
Final Words
Now that you know the differences between TRC20 and ERC20 USDT tokens, you understand why it is better to trade using TRC20 USDT tokens. Choosing the best exchange seems easy, but it never is. So try and select the best exchange that is easy to use and suited to your needs for the best trading experience.
Originally published at https://digitallycool.com on November 11, 2021.
