Your Guide On How To Buy Tron
Tron is one of the most popular cryptocurrencies in the world, so you’re right in not wanting to miss out on purchasing this gem.
I know that buying crypto can be frustrating, especially if it’s your first time. You’re scared because you’ve heard all of the horror stories when it comes to crypto scams.
I used to feel the same and that’s why I’m here today to guide you through the process of buying Tron – safely and securely!
Once you’ve finished reading this short guide you’ll pretty much know how to buy all major cryptocurrencies, not just Tron (TRX).
What Is Tron (TRX)? Why Should You Buy Tron (TRX)?
Tron (TRX) emerged during the 2017 bull run, which historically occurs after a bitcoin halvening. When first launched it was using the ERC-20 (Ethereum) blockchain, but has since moved to its blockchain TRC-20. It’s pretty much a replica of the powerful, secure and reliable ERC-20 network.
Owned by Justin Sun, Tron has a strong team of blockchain developers who work tirelessly to improve their offerings. And recently in June 2021, Tron (TRX) launched their own Defi (decentralised finance) staking platform, allowing users to stake their Tron to earn additional Tron.
What may come as a surprise to you, as it did to me, is that Tron is now the most popular blockchain for USDT transactions. This cements it as one of the top cryptocurrencies in the world.
Interestingly, the aforementioned Justin purchased the peer-to-peer protocol, ‘BitTorrent’. What this means is that when using the Tron network to send and receive multimedia files, you’ll receive additional Tron just for using their service. Now that’s what I call a great utility for any crypto.
Most importantly, and one of the main reasons for my own usage of the Tron network, is the minimal transaction fees that you have to pay to use their network. ERC-20 transaction fees – otherwise known as gas fees – can go to $100’s per transaction in a congested network. Compare this to Tron (TRX) which charges a flat $1 regardless of the transaction size.
So, you’re probably frothing at the bit to buy some Tron (TRX) and you’ll want to keep reading to do exactly that.
How To Buy Tron (TRX)?
Step 1: Get A Wallet That Supports Tron (TRX)
I remember holding Tron when it shot up 3300% in just 15 days in December 2017. This was long before the ‘pro’ I am today and I remember thinking to myself – “what’s the best wallet to hold all this Tron?”
That’s when I went digging to find the best cryptocurrency wallet for Tron. To help you choose the best wallet I’ve labelled each one as a hardware wallet, software wallet or web/mobile wallet.
If you’re planning to hold Tron (TRX) for the long term then you’ll want to opt for a physical hardware wallet. These are much ‘safer’ than web wallets as you have complete 100% control over your portfolio of crypto. I have the Ledger Nano S and Trezor Model T.
Okay, so what wallet options are there for Tron (TRX)?
|Wallet Name||Type of Wallet||URL|
|Tron Wallet||Web Wallet||https://tron.network/wallet|
Tip: Never, ever, ever give your secret passphrase to any wallet. Ensure you keep this secret passphrase in a secure, offline location.
Choosing a wallet to store your Tron doesn’t have to be a hard choice, here are some questions you should ask yourself:
- Are you planning to hold Tron for the long term?
- Do you want to partake in any ‘staking’ activities to earn extra Tron?
If you answered yes to question 1 and no to question 2, then you want to buy a hardware wallet. But if you answered no to question 1 and yes to question 2, then you want to download Tron Wallet.
I do think Tron Wallet is a secure wallet as it’s created by the developers working at Tron Foundation, but it’s worth keeping in mind the fact that web wallets are inherently riskier.
Okay, so you’ve now chosen your wallet and you want to buy Tron, but how do you do that?
Step 2: Find A Trustworthy Cryptocurrency Exchange
The next step in this journey to securing Tron (TRX) is to find a worthwhile cryptocurrency exchange to purchase some from.
This is where you have to start being careful as you’ll be transferring your money over to buy Tron. By reading this guide you’re making sure you’ll turn up at a safe and trusted exchange to buy Tron.
Due to Tron’s popularity, there are several popular and trusted methods to buy Tron. I’ll only be covering the most-trusted method of securing crypto and that’s through a cryptocurrency exchange.
Yes, you can buy Peer-to-Peer (P2P) on platforms such as Local Bitcoins but that’s riskier than buying through an exchange.
The cryptocurrency exchanges I recommend to purchase Tron are:
The reason for using a cryptocurrency exchange is that with the ones listed above you’ll be able to deposit straight from your credit/debit card and receive Tron (TRX) in exchange.
This eliminates the step to buy another cryptocurrency before purchasing Tron!
You’ll need a government-issued identification card if you are looking to purchase from any of the above. The reason for doing this is for Know-Your-Client (KYC) and Anti Money Laundering (AML) regulations placed on them by government agencies.
So, how do you buy from one of these exchanges? Here’s a detailed guide to buying Tron (TRX) on Binance
Ultimate Mini-Guide To Buying Tron (TRX) on Binance Exchange Using Fiat Currency
- Step 1: Go to Binance and click on ‘Create Account’ on the main screen. Fill in all the necessary details to register your account.
- Step 2: Once you have successfully registered, log in to your Binance account. Click the Profile icon next to the ‘Bell’ icon and navigate to Identification
- Step 3: Upload your official government identification such as a passport or driver’s license.
- Step 4: Take a selfie with the relevant information that Binance has provided
- Step 5: Wait for up to 72 hours to be verified
- Step 6: Once your identification has been verified hover over ‘Buy Crypto’
- Step 7: Click ‘Credit/Debit Card’
- Step 8: Fill in all the necessary details and proceed to press ‘Confirm’
Step 3: Withdraw your Tron (TRX) to your crypto wallet
Well done! You’ve managed to purchase Tron for the first time and add it to your portfolio.
Remember me saying that you’ll want to transfer out all your crypto from exchanges to your own wallet? Well, this is the time to do just that.
You’ll want to head over to your newly set-up wallet and click on your Tron address to copy the long string of numbers and letters.
Okay, so you’ve copied your wallet address and now the next step is to go back to the crypto exchange that you bought your Tron (TRX) from.
Enter your Tron (TRX) address and click ‘Withdraw’ on your stack. Your balance will show up in your wallet shortly.
Tip: Always make sure you copy and paste the addresses. They are case sensitive!
All You Need to Know About Your Tron Purchase
Personally, I think Tron (TRX) has a great future ahead of itself. Blockchain developers are hard to come by and they’ve got a solid squadron of them.
On top of that, they have a cult-like following all over Asia due to the owner Justin Sun. Justin is pretty good friends with Alibaba’s Jack Ma so you can see why so many have latched on and hodl Tron long-term.
The fact that they are entering the Defi ecosystem with their lucrative staking model, and the fact that they have a working utility in file sharing, I would put Tron quite high up my list to purchase if I was a complete beginner.
All cryptocurrencies are volatile but Tron is especially so. Prepare your diamond hands for the wild price action on Tron – I mean it did increase in price by 33 times in just 15 days!
That’s $100 to $3300 in just 15 days. Crazy. (Of course, it did tumble after that).
Frequently Asked Questions when buying Tron
What is Tron (TRX) used for?
Tron is a decentralised blockchain platform whose main aim is to build a global digital entertainment system. The goal of this is to be more cost-effective and ‘easier than traditional content storage solutions, all the while rewarding users of their utility service.
Why is Tron so cheap?
Tron price is so low compared to other cryptocurrencies due to the number of Tron (TRX) coins in circulation.
If more coins are in circulation then the price will normally be lower per coin if it is to equal the same market capitalization of a cryptocurrency with fewer coins in circulation.
Is Tron better than Ethereum?
Tron could be considered ‘better’ than Ethereum. However, in my opinion, it is not. It may have cheaper transaction fees and handle more USDT transactions, but the ecosystem of Ethereum is much larger.
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