Tron is a platform that allows the creation of decentralized applications – or DApps – that utilize the TRX currency. Founded by Justin Sun in 2017, Tron is similar to Ethereum and EOS, but it is more scalable and cost-efficient than other alternatives.
Tron uses the TRX token to power its blockchain, as well as a Proof-of-Stake (PoS) consensus to decide who can add blocks to the network. Users can stake part of their assets to vote who they want to mine the next block. If you’re interested in purchasing TRX, here is a simple guide on how to do so on Binance, CEX.IO, or Bittrex.
How to buy TRON (TRX)
Choose a Wallet That Supports TRX
Tron used to be stored in Ethereum wallets, but the developers have created dedicated wallets as they crafted the Tron blockchain. Ledger, for instance, is one of the best options when it comes to storing cryptocurrency. Because it is a hardware wallet, it keeps your assets securely offline, with minimal risks of attacks.
Exodus is another wallet that offers a simple user interface and the possibility to change coins from within the wallet. Meanwhile, TronWallet is a mobile application available on both Android and iOS. The wallet doesn’t require any signup or login, is open-source and easy to use.
As soon as you have installed your wallet, you need to get your TRX address, which is a long string of letters and numbers that starts with a ‘T.’
Buy Tron on an Exchange
Despite TRX having a market cap in the billions range, there aren’t many choices for decent exchanges on which to purchase it. The most common Tron trading pairs are with Bitcoin (BTC) and Ether (ETH). So, if you’re looking to buy TRX using fiat money, there aren’t many options out there. Some reputable exchange platforms that allow you to purchase TRX with fiat are CEX.IO, Binance, Bittrex, and Bitfinex.
Binance
Binance is perhaps the best place to go to when purchasing TRX. Even though the platform only launched in 2017, it has established itself as one of the leading cryptocurrency exchanges on the market.
The exchange has an option that allows you to buy crypto coins with a credit card, but we should note that the fees are higher than crypto to crypto purchases.
CEX.IO
CEX.IO also offers the possibility to purchase TRX with a credit card. You can deposit fiat to your account using a credit or debit card, through a bank transfer, or using cryptocurrency. Once the funds are in your balance, you’ll be able to buy Tron immediately. The downside here is that using a credit card for the purchase usually means higher fees.
Withdraw the TRX to Your Wallet
Storing your crypto assets on a cryptocurrency exchange platform is not recommended at all because these platforms are vulnerable to hacks and can even shut down. Even small issues like scheduled maintenance can end up being problematic.
Once you decided on an exchange, signed up, and made the trade, ensure to withdraw your coins to the Tron address on your wallet. With so many cyberattacks and exchange failures that have happened, you’ll want to ensure that your funds are safe and you’re the only one with access to them.
The Bottom Line – Is Tron a Good Investment?
Tron has definitely captured the interest of many crypto investors. Still, it does not show the same signs of widespread adoption as Bitcoin and Ethereum, so there’s perhaps still a long way to go.
TRX is also one of the hardest-to-buy altcoins since not many popular wallets support it. However, the cryptocurrency can become one of the most sought-after altcoins as it is a good investment.
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