How to buy Tron – A Beginner’s Guide
Last updated: 2/6/19
Tron is a platform for creating decentralized applications (aka Dapps) that uses the TRX currency. In this short guide I’ll give you a quick overview of what Tron is and where are the most popular places to buy it.
Here’s how to buy Tron:
- Get a Tron wallet (Ledger Nano x, Exodus)
- Get your Tron address
- Find a TRX exchange (Binance, Bitfinex)
- Withdraw the TRX to your wallet
That’s it! If you want a detailed overview of Tron and the process keep on reading. Here’s what I’ll cover:
- What is Tron?
- Buying Tron in 3 Steps
Founded by Justin Sun in 2017, Tron is a platform that allows developers to write decentralized apps. It is very similar to Ethereum and EOS, though its founders claim that it is more scalable and cost effective than the alternatives.
Tron uses the TRX token to power its platform. A delegated Proof of Stake model is used to decide who can add blocks to the Tron blockchain (i.e. mine TRX). 27 representatives are chosen and users can stake part of their funds in order to vote who they want to mine the next block. Unlike Proof of Work that requires a lot of electricity, PoS is much more cost effective.
If this all sounds too confusing perhaps it’s better to go over our Bitcoin mining video to get more familiar with mining in general.
Tron uses Solidity as its programming language (same as Ethereum), and the move from programming Dapps for Ethereum to Tron is relatively easy.
Storing your Tron tokens on a cryptocurrency exchange isn’t recommended because exchanges can be hacked or even shut down. Even smaller issues such as scheduled maintenance can prove problematic.
Ledger is a hardware wallet that allows you to store your TRX securely offline. It’s a multi-currency wallet that’s compatible with over 700 different assets aside from Tron. There are currently two main models for the wallet – the Nano S and Nano X. The Nano X is the more advanced model that also offers mobile support through Bluetooth. You can read my Ledger Nano X review here.
Similar to Ledger, TREZOR is also a hardware wallet manufacturer that supports a wide variety of crypto assets, TRX included. Trezor has two main models – the TREZOR One and the Model T. The TREZOR Model T is the more advanced wallet and you can read my review of it here.
Unlike the Nano X, none of the TREZOR wallets offer mobile support.
A multi-currency desktop wallet that offers a simple user interface and the ability to change coins from within the wallet (through Shapeshift integration). Exodus is available for Mac, Windows and Linux. You can read my complete Exodus review here.
TronWallet for mobile
Tron paper wallet
If you want to get serious about security you can store your TRX on a paper wallet. This means that the private key for your TRX coins will be printed on a piece of paper that should be kept safe and secret. This website allows you to print your own paper wallet.
You can find a complete list of additional recommended Tron wallets by the Tron foundation here.
Once you have your wallet you’ll need to get your Tron address. A Tron address is a long string of letters and numbers that starts with a T. Here’s an example:
Step 2: Buy Tron on an Exchange
Despite TRX’s having a market cap in the billions of dollars, there isn’t a wealth of choices when it comes to reputable exchanges on which to buy it. Right now, the most common TRX trading pairs are with Bitcoin (BTC) and Ethereum (ETH). If you’re looking to buy TRX with fiat (i.e. USD or EUR) there are only two worthy options.
Binance is arguably the best place to buy Tron, and this is evidenced by the very high volumes compared to other exchanges. Although Binance only launched in 2017, it has quickly established itself as one of the most popular cryptocurrency exchanges. Recently the exchange implemented the option to buy cryptocurrencies with a credit card, but the fees are higher than crypto to crypto purchases. If you don’t want to use the credit card option, you’ll need to buy Bitcoin or Ethereum on another exchange before sending it over to Binance and trade it for TRX. You can read my full Binance review here.
A US-based cryptocurrency exchange founded in 2014, Bittrex offers a TRX/USD trading pair. Another reason to consider this exchange is the relatively quick and easy registration process. However, Bittrex has poor reviews from users concerning customer support (or the lack of it). You can read my review of Bittrex here.
An advanced exchange normally not suited for beginners. Bitfinex offers a TRX/USD and TRX/EUR market. The exchanges has high liquidity (i.e. a large number of traders) and offers reasonable fees. If you’re not new to trading this would probably be your best option. You can read my Bitfinex review here.
Once you found your exchange, signed up and made the trade, make sure to withdraw the TRX to the Tron address you got on step 1. There are so many hacks and exchange failures going on that you want to make sure you’re the only one who has control over your coins.
Tron has certainly captured the interest of many cryptocurrency investors, however it’s still not showing the same signs of adoption as Bitcoin or Ethereum, so there’s a long way to go. It’s also one of the harder altcoins to buy, since not many popular wallets support it. I hope the information in this guide gave you a clear overview of the buying process.
Have you used any of the above wallets or exchanges? What do you think of Tron? Let me know in the comments below!
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