How to Buy Tron (TRX)
Tron was established in 2017 as an online platform that lets developers create decentralized apps or Dapps for short. Tron works similarly to EOS and Ethereum, but it is claimed to be far more scalable and cost-efficient than others of its kind.
Tron utilizes the TRX coin in powering up its platform. It uses a PoS model or Proof of Stake model that aids in determining who can mine TRX or insert blocks to the current Tron blockchain. Users have the power to vote for who mines the subsequent block by staking a part of their own funds. PoS, unlike PoW or Proof of Work, which requires higher electricity, is even more cost-efficient. Furthermore, Tron utilizes Solidity, a programming language also used by Ethereum.
How to Buy TRX
Buying TRX can be done in a few simple steps. To summarize, purchasing Tron or TRX is as easy as buying any other cryptocurrency. You only have to follow similar steps. But for beginners, here is the short version of how to buy Tron:
- Acquire a safe and secure Tron wallet. Some suggestions would be Ledger and Exodus.
- Set your Tron address. Ensure your privacy.
- Look for a reliable TRX exchange. Binance offers good opportunities and conditions.
- Purchase TRX and send them to your Tron wallet.
The above 4-step process is a simple guideline to buying TRX. The key factors to purchasing this coin is finding a reliable exchange and a secure Tron wallet. Still, the above guideline may not be enough for beginners, which is why there is a more detailed guideline to buying TRX.
Here is the full, but brief guideline to buying Tron (TRX).
A Brief Guideline to Purchasing Tron (TRX crypto):
- Choose a good and secure crypto wallet for your Tron (TRX).
TRX was once kept in Ethereum wallets, thereby making it an ERC-20 token long ago. But Tron has come a long way from that, and has successfully created its blockchain along with secure and reliable wallets.
- Ledger: It’s a hardware wallet type, meaning that it is stored in a hard drive. This type of wallet is much safer and recommended to traders since it cuts the dangers of cyber hack and theft. There are online wallets that are kept on the exchange or as an app on your mobile phone, but they pose bigger risks than a hardware type. Since your wallet is connected to the internet 24/7, it is exposed to the danger of cyber thieves stealing your cryptocurrencies from your wallet. Furthermore, Ledger is among the most recommended hardware wallets in the market.
- Exodus: This wallet is desktop type, which means that it is also stored offline, much like a hardware wallet. It is also considered as a safe and secure choice for most traders, and provides ample security from cyber theft and hacking. It is only one degree away from the security provided by hardware wallets, which are stored separately and as itself. Still, the security provided by a desktop type wallet like Exodus is high, and its lack of connection to the global web makes it easier to keep safe.
- TronWallet: The TronWallet is a cryptocurrency wallet stored on your mobile phone. This wallet type still offers a high level of security, though not as secure as a hardware wallet type. This wallet is an app on your phone where you can store your crypto, and the added benefit is that when you trade on your mobile, you can easily store your purchased coins on that app. TronWallet is also among the most recommended wallets for TRX, since it was designed specifically for this cryptocurrency.
- Set up your Tron address.
Once you have chosen and acquired a decent crypto wallet, the next step to follow would be locating your Tron address. This locates the address of your coins. This address is an important bit of privacy, too, aside from your private keys.
- Purchase Tron (TRX) on an exchange.
TRX has a market capitalization that goes up to billions of USD. Still, there are not a lot of reliable exchanges that support this cryptocurrency. This signifies that there are limited options on where to buy it. If you want to trade this crypto, you can opt for the TRX/BTC pair or the TRX/ETH pair, which are some of the most popular options for trading this coin. However, if you want to purchase TRX straight with a fiat currency like the dollar, you only have limited options. The pairs TRX/USD and TRX/EUR are rare to see on reliable exchanges. Still, below are some of your options:
- Binance: This exchange offers great trading conditions when buying TRX. Arguably, it is the best. Despite the fact that Binance was only launched less than five years ago, it quickly rose to fame as one of the most famous and most widely subscribed cryptocurrency exchanges. Moreover, Binance added a new method in buying cryptocurrency, which is through credit card. Nevertheless, the fees are considerably higher when using this option than a coin-to-coin purchase.
- Bittrex: This cryptocurrency exchange is U.S.-based and was founded seven years ago. It is among the rare ones to support the TRX/USD pair to traders. This exchange requires a quick and hassle-free registration process. You might only reconsider this choice once you look up user reviews, since it has received a ton of negative feedback since it was launched. This exchange is also infamous for having subpar client support service.
- Bitfinex: This exchange is one of the most advanced in the market, therefore not recommended for beginners. But for the professional traders, Bittrex offers the opportunity to buy TRX with the dollar or the euro. This exchange offers high liquidity, which means that there are a lot of traders on it. It also offers reasonable charges, making it one of the most recommended exchanges out there. Still, be careful if you are not an expert.
- Bitpanda: This last exchange supports an extensive range of services for cryptocurrency trading, making it one of the better choices. You can get TRX on the web or via app with ease. This exchange is user-friendly and offers sensible charges. Also, you can opt for the Bitpanda pro, which gives you access to a much wider scope of altcoins.
- Transfer your TRX to your crypto wallet.
Keeping your Tron (TRX) tokens on the exchange is not at all recommended since it poses many risks. The possibility of hacking or a website shut down is present, raising the risks of losing your hard-earned investment. This is why, as already stated above, it is recommended to store your Tron in an offline crypto wallet. Ensure the security and privacy of your wallet, since it houses your tokens. It is also important to guarantee that only you have access to your assets. Only, you better not forget your private keys or note it down somewhere secure as well.
Purchasing Tron is an easy feat, but the most important question could be: is it a worthy investment? Tron is a rising token in the market, and a good deal of investors have expressed interest to it. However, it has not captured as big of an audience as its bigger peers. Still, it makes a worthy investment since it has the possibility to grow bigger in the future. The trader must only consider the difficulties in procuring this coin, since it is supported by a limited number of exchanges only.