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How to Buy TRON (TRX) in 3 Simple Steps

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Author: Hanut Singh Updated: April 28, 2022

Tron is a blockchain that is used to support a number of decentralised applications that are bringing utility and value to the crypto space. The Tron network was launched in 2018 and has since been branded an “Ethereum killer” by its proponents. 

This page will explain where you can buy Tron, as well as sell and trade its native token, TRX, in the simplest way possible, and how Tron gains an edge over its rivals. 

3 Steps to Buy Tron TRX

1. Choose a broker or cryptocurrency exchange

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 platform for you to buy Tron because of its low transaction fees, data protection, and user-friendly features. 

 

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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 favoured 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. 

Buy TRON in 5 Simple Steps

Create an account on Binance

Sign up with our recommended partner Binance now to get started. Once you’ve signed up, verify your account by uploading some form of photo ID and proof of address.

Buy some BNB

Next, you’ll need to purchase some BNB to swap for TRX. Fund your account with your preferred payment method, then search for BNB. Select the trading pair with your local currency, and click “buy”.

Send your BNB to a Web 3.0 wallet

Next, set up a Web 3.0-compatible wallet like MetaMask or Trust Wallet—you’ll need this to swap your BNB for TRX. Paste your wallet address into the “withdraw” section of Binance, and transfer your BNB.

Connect your wallet to Pancakeswap

Go to Pancakeswap and connect your wallet. Your wallet will display a few prompts to confirm the connection, and after that, you will be able to complete your swap.

Swap BNB for TRX

Find the coin’s pair here, enter the amount you want to buy, then complete the swap. Your TRX will immediately display in your wallet.

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Buy Tron Today!

What Is Tron?

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

Ways 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 capitalise 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 decentralised web. This also means that there is no single point of failure if centralised 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.

Frequently Asked Questions

  1. Tron was first created by Justin Sun, a former Ripple employee, in 2017 on the Ethereum blockchain.
  2. TRC tokens are a standard of tokens that are built on and supported by the Tron blockchain.
  3. A mainnet entails the final stage of a blockchain project when it is ready to host large numbers of users, transactions, and the creation of dApps.
  4. Gas fees are the costs paid by a user for making transactions on a blockchain. These fees are paid whether a transaction is successful or unsuccessful.
  5. Smart contracts are automated mechanisms that execute trades without the need for human assistance (and therefore, reducing the margin of human error).

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