- Created as an ERC-20 standard coin, Tron is now a rival of the Ethereum.
- It is traded on most of the biggest cryptocurrency exchanges.
- Ways of how to buy TRX include purchasing it with both fiat and cryptocurrencies.
Tron (TRX) sits among the 20 biggest cryptocurrencies and aims to become the world’s decentralized internet.
Ever since it entered the cryptocurrency space, Tron has brought up a lot of controversies. A protocol went through a multi-billion dollar whitepaper plagiarism scandal a few years ago, but currently, it is one of the largest blockchain-based operating systems for decentralized applications.
In terms of scalability, Tron already surpassed Ethereum and became another network that allows tokenizing Bitcoins. Find out where and how to buy Tron (TRX) by following this quick step-by-step guide.
What is Tron?
In 2017 Tron was founded by Chinese entrepreneur Justin Sun and Tron Foundation. Initially built on the Ethereum network, Tron was designed to eliminate the intermediaries between content creators and users and enable cost-effective digital content sharing.
A year later Tron moved away from the Ethereum blockchain. Since then it is an independent peer-to-peer (P2P) network that aims to become a decentralized internet and a platform for smart contracts and decentralized applications (dapps). Moreover, it intends to compete with the Ethereum network.
Now Tron allows building dapps on its blockchain. It offers competitive features like 2000 transactions per second (e.g. Ethereum processes 15 tx/s), produces 3 blocks per second, and supports different programming languages.
Its native cryptocurrency Tron coin or Tronix (TRX) is a proof of stake (PoS) cryptocurrency, used across multiple gaming, gambling, and entertainment platforms. As a PoS coin TRX can be staked for additional rewards. You can also use it as a medium of exchange and transfer it to anyone with a TRX wallet. TRX is among the 20 biggest cryptocurrencies by market capitalization and ranks 16 at the time of publishing.
How to buy Tron cryptocurrency?
There are multiple ways of how to buy TRX. We will go through them later in this article. But if you’re looking to purchase TRX for the first time, prior to this you have to set up a Tron wallet to store these coins.
How to buy Tron (TRX)?
- Set up a Tron wallet
- Choose a crypto exchange
- Create a trading account
- Buy Tron coin
1. Set up a wallet
Since TRX is not an ERC20 coin anymore, it is not compatible with ERC20 wallets. Storing TRX coins requires specialized software to access and use them.
You can find Tron wallets in a variety of forms. As any other cryptocurrency wallet it may come in as:
- Online wallet. Easily accessible via the web browser, however, the least safe cryptocurrency wallet because of the hacking risk.
- Paper wallet. Like hardware wallets, Tron paper wallets have no connection to the internet and are one of the safest ways to store large amounts of TRX. You’ll have to print the private keys and TRX addresses, but this is completely free of charge.
2. Choose an exchange
After you’ve set up the Tron wallet, you will need to find a reliable cryptocurrency exchange where to buy Tron (TRX). There are multiple cryptocurrency markets selling Tron, thus you should consider some key factors to choose the right one. Use the criteria below as a guideline:
- Regulation. Cryptocurrencies are financial instruments and dealing with them requires compliance with the various standards, including Anti-Money Laundering (AML) or Know Your Customer (KYC). ID verification is part of the regulation standards, which helps to eliminate the untrustworthy players and prevent fraud.
- Security. Crypto exchanges process hundreds of millions (or even billions) of combined trading volume in dollars. Thus cybercriminals regularly target online crypto exchanges. Check up if the exchange meets today’s security standard: does it offer two-factor authentication (2FA) or custodial storage services?
- Prices and fees. The prices of cryptocurrencies vary on various exchanges because of their supply and demand. Check up for the trading volume to choose an exchange with higher liquidity and more competitive prices. Keep in mind deposit and withdrawal fees that all trading platforms apply.
- Payment method. Trading platforms differ in ways how they accept deposits and enable withdrawals. Their fees also vary on the diverse payment methods. The faster ways of deposit (e.g. crest cards) usually come in higher fees compared to free but slower ones (bank transfer).
3. Create a trading account
When you have already found a trusted cryptocurrency exchange, the next step involves registration. You have to create an account and go through a quick verification process to start trading TRX on cryptocurrency exchanges. Here is a quick step-by-step instruction on how to buy Tron (TRX) on most cryptocurrency trading platforms.
- Sign up for the account. Specify your email, enter a username and strong password.
- Verify identity. Provide a valid ID document (passport, ID card, or Driver’s Licence).
- Enable two-factor authentication. 2FA gives an additional layer of security to your account. It is strongly recommended for better security of your assets.
- Choose a deposit method. Decide the way how you will make deposits and withdrawals from your account (bank account, credit cards, cryptocurrency wallets).
- Make a deposit. Specify the deposit amount and make a payment. Deposit may come in fiat or in cryptocurrencies, for whom you will need to generate a deposit address and send funds form crypto wallet.
- Buy TRX. Once your account is credited, choose TRX on the trading page, enter the amount of Tron coins you want to buy, and confirm the purchase.
Where to buy Tron (TRX)?
TRX is among the top 20 biggest cryptocurrencies, thus it is not difficult to buy it. Nevertheless, it requires a decision whether to buy Tron with USD or with other digital currencies. This is an important step before choosing a trading platform as not all of them support TRX/USD trading pairs and only allow buying Tron with crypto.
Buy Tron with USD
- Kraken. Supports TRX/USD trading pairs and allows instant XRP buying with the US Dollars. The exchange does not accept credit or debit card purchases. The US users can make domestic and international payments with Fedwire (domestic only), High-Limit, Etana Custody, Silvergate Exchange Network (SEN), which may take 1-5 business days. The trading fees are based on a trading volume. Deposit fees vary on different payment methods, you may check up the particular prices here.
- Cex.io. The UK-based crypto trading platform allows buying Tron (TRX) in 99% of the world’s countries and in 47 US States. The platform lets you instantly buy Tron coins with VISA or Mastercard. Deposits from bank accounts are free of charge, while withdrawals come with a 0.3% + $ 25.00 fee. More options on cex.io fees, you can find on their website.
- eToro. One of the biggest multi-asset trading platforms is another place where to buy Tron (TRX) with USD. Deposits come with no fees on eToro, and it charges a fixed $5 fee for withdrawals. The platform also charges the spreads (the difference between Buy and sell prices), which is 3.5% for TRX.
Buy TRX with crypto
- Coinbase. One of the biggest crypto exchanges in the US allows purchasing TRX for BTC or ETH. Coinbase exchange supports direct conversions to TRX with up to a 2% spread margin. However, the trading fees vary depending on the transaction amount. Crypto deposits come free of charge, but Coinbase applies a 1% fee to convert and withdraw crypto-to-fiat in addition to its standard network fees.
- Huobi. A Singapore-based cryptocurrency trading platform is available to trade globally and has a huge range of altcoins. It currently has a variety of TRX trading pairs, including BTC/TRX and ETH/TRX. Huobi charges a fixed trading fee of 0,2%, the cryptocurrency deposits are free, withdrawal fees apply depending on the specific coin, in Tron’s case its 1.0 TRX for a withdrawal.
- Binance. The crypto exchange is famous for its numerous trading pairs, however, TRX trades are not available for the US users. The exchange applies a fixed trading fee of 0.10%. Withdrawal fees vary depending on crypto trading pairs.
Once created as a blockchain-based decentralized protocol for digital and cost-effective content sharing, Tron has a bigger goal to decentralize the web and is already competing with the Ethereum network.
The 16th biggest cryptocurrency at the time of publishing currently is a growing platform for decentralized services, whose trend has recently skyrocketed and does not seem to slow down. For those interested in TRX investment, there are various ways of how to buy Tron, as almost all major cryptocurrency exchanges trade fiat or crypto to TRX.