How & Where to Buy TRON (TRX) - Beginner's Guide

How to Buy Tron (TRX) - Quick Guide

You can purchase Tron online using a cryptocurrency exchange. This is the easiest way to buy and sell cryptocurrencies—all you need is a computer or mobile device. See below for our top picks of platforms that offer Tron and simple steps to buy Tron.

1. Choose a Platform

Signing up with a reputable broker or exchange that accepts Tron will be the first step of your investment journey when looking to buy Tron. We have selected the best platforms for you to buy Tron because of their low transaction fees, data protection, and user-friendly features.

2. Create and Fund Your Account

You will have to provide a few things like photo documentation of yourself and proof of address to confirm your account. After this, you can deposit fiat onto your account using a variety of methods including PayPal and credit or debit cards like Visa, and Mastercard.

3. Buy Tron

You can buy Tron instantly on your favored cryptocurrency exchange by selecting the trading pair that best fits your local fiat currency. For instance, if you live in the United States, you will want to choose the buy TRX/USD trading pair.

How to Buy TRON - Step-by-Step Guide

Just like choosing the right broker is important; the same is true for those who wish to buy or trade TRON with a crypto exchange. Different exchanges, naturally, offer different security of different qualities. They also come with different fees, and some of them may even offer discounts if you use their native coins, or fulfill some other condition.

It is also important to always choose regulated exchanges, or at the very least trusted ones, which have survived for years in the shifting crypto markets, and which you can trust not to disappear with your funds.

So, with that out of the way, here is what you need to do to trade with a crypto exchange.

1. Set up a TRON Wallet

The first step is to set up a wallet for TRON. There are different types of wallets to choose from, and the biggest difference between the types is security vs convenience.

Software wallets (online wallets, desktop wallets, mobile wallets), for example, are the most convenient, but also the easiest to hack, since they maintain a constant internet connection.

Cold storages are the safest, and they come in the form of a small, portable device (or a simple piece of paper, if you choose a paper wallet) that doesn’t have an internet connection on its own. But, you need to connect them to a computer in order to get to your coins.

2. Choose and Join an Exchange That Sells TRON

Next up, you will have to choose an exchange on which you will buy, sell, or trade TRON. There are plenty of major exchanges that service most parts of the world, such as Binance, Coinbase, or Poloniex.

Of course, all of these exchanges have different regulations and requirements, and even the registration procedures might be different. There are also all kinds of key features to keep in mind, so be sure to check them out and see which one of these fits your needs best.

3. Choose Your Payment Methods to Buy TRON

These days, most crypto exchanges offer multiple different methods for buying coins such as TRON. All you need to do is which platform offers the method you prefer, and if everything else regarding that platform fits — it will likely be the best option for you.

However, when choosing a method, you need to keep in mind things like the time needed for transactions to get processed, the cost of said transactions, as well as convenience of the payment method itself.

Debit cards are great because they won’t let you spend the money you don’t have, like credit cards. Credit cards, on the other hand, let you buy more coins than what you can afford to pay with the money you own currently.

Bank transfers are the cheapest, but they last the longest amount of time.

4. Place an Order to Buy TRON

How to buy TRON via an exchange is very simple, and usually quite fast. All you need to do is select the coin you wish to buy, enter the desired amount, and choose your payment method. You will see how much it will cost you to buy this amount, and then you can decide whether to go through with the transaction.

That is pretty much all there is to it, and doing so will secure your coins inside your exchange wallet.

5. Safely Storing Your TRON in a Wallet

As mentioned, exchanges are not the safest place for storing your TRX long-term, as they can be hacked. This is why you should always store the coins you don’t plan on using soon in a safe wallet.

The procedure is quite simple here, as well. You start by going to the wallet and copying its address. Then, you go back to the exchange and proceed to the withdraw screen, where you will enter the wallet address, and withdraw your funds. This is an optional step, best suited for long-term investors.

What Is Tron?

Tron is a blockchain network that is home to a growing number of decentralized applications (dApps) and smart contracts. Many of these dApps operate in, and advance, evolving spaces that have come to define the crypto sphere like decentralized finance (DeFi), Web 3.0, and the Metaverse.

Tron’s ecosystem is similar to that of Ethereum’s but unlike the latter, it offers faster transaction speeds and lower transaction fees that are paid in TRX, the native token of the network. The founder of Tron, Justin Sun, once notably suggested that Tron will eventually overshadow Ethereum’s market capitalization for these very reasons.

TRX is the primary means of paying fees for all transactions on the diverse dApps found on Tron’s blockchain. Holding TRX tokens also provides users with the ability to earn rewards by loaning out their coins for certain periods of time so they can enhance the security of Tron’s network.

In addition to this, Tron uses a delegated Proof of Stake mechanism as the consensus model to govern its platform. This means that Tron’s community votes for 27 “super representatives” to take charge of many of the democratic decisions shaping Tron’s ecosystem and any potential updates to it.

How to Invest in Tron

As an investor, you’ll want to shape your approach toward buying Tron around your present financial position and your financial goals for the future. Some cryptocurrency investors will choose to allow the value of the TRX they own to appreciate over time while others will look to make faster –– but potentially smaller –– profits by only holding onto their TRX for the short-term.

Buy and hold Tron

The most popular strategy for investors tends to be buying and holding onto Tron for the long term because it requires a limited amount of skill and attention.

At the same time, Tron can also be staked to generate passive income for investors. This function allows investors to enhance the security of the Tron blockchain by loaning out their TRX in return for interest.

Best Tron wallets

Investors have a couple of key choices to make when it comes to the safekeeping of their Tron tokens. They can either place their confidence in custodian services by leaving their TRX in web wallets provided by exchanges or store their TRX in private crypto wallets.

Using a private wallet means you will have sole responsibility for the safety of your Tron, but is often considered a better way of safeguarding your tokens because exchanges can fall prey to cyber-attacks. In this case, you can choose to self-custody by using software crypto wallets (such as the official Tron wallet) or recommended hardware wallets like Trezor, BitBox, and Ledger. Don’t forget to factor in the speed and amount of transactions you plan to make with your chosen Tron Wallet, hardware wallets tend to be a longer process than their software cousins.

Trade Tron

Rather than holding onto their Tron for the long-term, some investors look to capitalize on the fluctuations in Tron’s price by actively trading it on exchanges with the aim of generating large profits in a short time.

This is a financial strategy that requires a significant degree of expertise and can result in even the most proficient traders incurring losses. Traders will usually use web wallets, integrated with cryptocurrency exchanges, rather than private wallets to store their traded TRX because regularly transferring tokens between them can be a taxing process.

Should I Buy Tron Now?

Before buying Tron immediately, we’d advise you to conduct your own research on the project’s motivations, landscape, and roadmap for the future. To help you in this investment opportunity, here are a few points you may wish to weigh up.

Tron’s vision as a digital currency is to advance a more democratic internet where individuals, rather than large private corporations, have greater autonomy in creating, storing, and disbursing data on a decentralized web. This also means that there is no single point of failure if centralized servers crash (i.e. when Meta, formerly Facebook’s, servers crash and leave users around the world disconnected and over-reliant on one tech giant).

Because of this, many of the best and brightest developers are attracted to creating content on Tron’s blockchain that is controlled by no single entity. Alongside this, a number of developers are also attracted to Tron’s blockchain because it is home to user-friendly programming languages like Java and Python. This not only adds to the utility of the network but immediately brings more value to TRX: the token used for all transactions on Tron’s dApps.

Tron has also achieved a strong foothold in the Asian market and has secured financial backing from deep-pocketed venture capital firms in the region. This is in addition to a partnership Tron has reached with Samsung that sees them showcase some of Tron’s dApps on their Galaxy store. The investment pouring into Tron demonstrates the value institutional investors see in the project and its future trajectory.

How to Use Tron (TRX)?

The first thing that you need to decide about working with TRON is what would you want to do with it.

You see, there are several things you can do with cryptocurrency. You can simply purchase it with fiat currencies, such as USD. After that, you can choose to trade TRON or hold it as you wait for its price to increase.

This is called HODLing, and it is a particularly good strategy if you are interested in long-term investments. To do this, you will have to set up your own private TRON wallet and handle the security in order to ensure that you don’t lose your coins to a hacking attack.

If you wish to trade daily or be a mid-term investor, you can do that as well. However, if that is the case, you might want to store your coins in an exchange’s wallet, rather than a personal one.

Every centralized exchange has its own wallet for storing users’ coins. You can simply fill the wallet with your TRON coins, and buy and sell as you wish. However, as centralized institutions, they are at risk of being hacked, which is a real danger in the crypto space. Hackers might find their way in through another user, or an employee of an exchange. They might even discover a new bug and steal coins from the wallets.

This is why it is recommended to only keep small amounts of coins in your exchange wallet, and only if you plan to use them relatively soon.

If you want to store a large amount or keep it for a long time, then a private wallet with your own security is your best option.

Alternatively, you can also profit from TRON without actually owning it. You don’t even have to buy it on cryptocurrency exchanges. Instead, you can go to brokers that would allow you to invest in CFDs (Contracts For Difference) or futures contracts.

These are derivatives contracts that would use TRON as an underlying asset, and allow you to only speculate on the price of TRX, instead of actually owning the coin or worrying about security. They are also a great way to see quick returns and rather large ones, at that, as they allow trading with leverage. So, it might be worth considering.

Is Tron a Good Investment?

Tron’s suitability as an investment depends on your risk tolerance, your reasons for investing, and your time horizon.

As a network, Tron boasts speed and scalability but needs more of the decentralization that blockchain networks are known for. The network is the third largest EVM smart contract platform after Ethereum, with $8.27 billion worth of non-native assets.

The network is widely used in China and Asia, which may be a tricky investment choice for Western investors. Its skewed demographic also means that most dApps built on the network are of Eastern origin, as most Western developers flock to more decentralized networks.

Despite this, the Tron network has forged ahead to become a leading blockchain with high throughput and services like TRX-backed credit cards and ATMs.

When considering the time horizon, remember that the crypto market moves in two-year cycles, i.e., two bullish years and two bearish years. The ideal time to invest in TRX would be during the end of the bear market. However, ensure that you refrain from attempting to time the market.

TRX has an infinite supply and can theoretically be minted without stopping. However, the network’s DAO votes on decisions of printing and staking rewards.

Long vs Short Term Investment

A long-term investment in TRON would include buying a certain amount of coin and then storing it in a private wallet. After that, you can simply forget about it, and wait for years until its price is high enough.

Short-term investments can last anywhere from minutes to weeks, and they are based on your expectation that the price will move favourably. Basically, as soon as the coin’s price moves in a way that you would profit by selling, you can sell, or wait to see how far it will go to make the most out of the move.

3 Tips to Buy TRON

There is a lot to keep in mind when buying each individual crypto, but some things remain constant, so here are our top 3 tips for TRON.

Choose the Right Time and Do Your Own Research

You should never buy coins just because someone else said it or did it. Do your own research and learn everything you can about it, first. As you do, you will also learn how the price moves, and be able to deduce when is the right time to buy.

Comparing Costs to Buy TRON

As you may know, different platforms offer different fees, prices, and even trading pairs for TRON. This is why you should check out several of them before deciding which one will let you get away with the biggest amount of money.

Safety and Security

Safety and security are the most important things when working with any form of money, including cryptocurrencies like TRON. You should always set all the security measures possible, including things like two-factor authentication, and a private wallet, as mentioned.

What Payment Methods Can I Use to Buy Tron?

Credit Card

Credit cards are a popular method of buying cryptos like Tron because of their global availability, high transaction speed, and automated currency conversion capabilities. However, they are also the most expensive method as charges can rise as high as 2% of transaction volume.

An exchange like Binance charges 1% – 3%, while Coinbase charges around 2%. Credit cards are also only suitable for small deposits.

Bank Transfers

Bank transfers are suitable for large transfers, but can be expensive and slow for international transactions. However, they are an excellent option for exchanges that integrate local bank services. For example, Coinbase allows users to connect their bank accounts and seamlessly move funds to their exchange accounts.

However, note that bank transfers usually go one way. Most exchanges do not allow you to sell crypto and send the proceeds to your account directly. You may have to sell on the platform for cash and then transfer to your account.

e-Wallets

E-wallets include PayPal, Skrill, and Neteller. They are digital wallets that allow people to store funds (fiat) and make payments. They are usually quick, as fast as credit cards, and as cheap as local bank transfers. Hence, they are a great middle choice for most users.

However, they are not suitable for large sums and are only sometimes available in all countries where an exchange may be operating.

Final Thoughts on How to Buy Tron

We explored the best ways to buy Tron and chose eToro as the most suitable method because the platform complies with regulatory requirements, is easy to use, and supports popular payment methods.

eToro provides various investment tools like thematic portfolios that allow investors to make thematic investments in specific sectors or ideas represented by a group of cryptos.

The platform also provides traders with the ability to copy other trades in real-time thanks to the CopyTrader feature.

Deposits are cheap, with a $10 minimum, while withdrawals cost $5 for sums below $30. You can start with eToro by opening an account in a few easy steps.