Tron is a relatively new cryptocurrency, which is most often used on the Tron network. By buying Tron tokens (TRX), users can participate in the network and create decentralized applications there. Not only that, but TRX is now regarded as an interesting investment opportunity. Below you can see a detailed overview of how to buy Tron and store your TRX tokens properly.
Tron and its token TRX are used on the Tron network, which facilitates the creation of decentralized applications (Dapps). Below you can see a detailed overview of how to buy Tron and store your TRX tokens properly.
Summary of the process:
- Get a TRX wallet – Ledger or Atomic are good choices
- Note your TRX wallet address
- Find an exchange, which offers TRX – Coinbase and Bitpanda work great
- Buy TRX on the exchange
- Send your TRX tokens to your wallet address for storage
Step-by-step purchase and storage of TRX
Step 1 – Choose a cryptocurrency wallet
Before we get to the part where we explain how to buy Tron, you first need to find a place to store your TRX. In this section, we will take a look at two different wallet options for storing your Tron tokens.
- The first option is a hardware wallet called Ledger, which is a remote device, you can carry anywhere you go.
- The second option is Atomic – a desktop and mobile wallet, which is software-based.
Both Ledger and Atomic are also recommended by Tron’s developer teams and are featured on the official wallet suggestion page of the Tron network.
Pros: extremely secure, as it has virtually no touch with online environments
Cons: there is a physical device you have to carry around
Ledger is a hardware cryptocurrency wallet, which looks very much like a USB flash drive. However, it performs complex functions and stores all your cryptocurrency assets. Getting yourself a Ledger is very easy. You can purchase a device here. There are currently three types of Ledger devices.
In order to start using the Ledger wallet, you have to download the desktop or mobile version of Ledger Live. It is the software, which facilitates the use of your Ledger wallet. For the purposes of this tutorial, we will be using the mobile version of Ledger Live, as it is easier to set up.
Setting up your Ledger Live application
- Choose the device you are using
2. Follow the instructions to set up a PIN code for your device
3. Choose a recovery phrase, and make sure to remember it – it is the only way to retrieve your profile and funds if you forget your PIN code.
4. Pair your Ledger device to your mobile phone via Bluetooth (or via USB connection if you are using the desktop application).
Once you successfully pair your device, you will be all set to securely store cryptocurrency on it. Take a note of the wallet address, as this is where you will be sending your funds.
Ledger Live is available for all computer and mobile operating systems.
Pros: Easy to set up and use from your computer or mobile
Cons: Does not have the added layer of security of a hardware wallet
Atomic is a software-based cryptocurrency wallet, which is part of the official wallet suggestions for storing Tron tokens. Aside from TRX, you can store more than 300 other cryptocurrencies in Atomic. In order to use the wallet, you have to visit the Atomic website or download the app straight from your mobile application store. We are going to be using the mobile version for this tutorial.
Step 1 – Setting up your Atomic wallet
- Save and install the Atomic app on your mobile
- Click on create new wallet once the app loads
3. Choose a password for accessing your wallet
4. The next screen is very important – it shows you a 12-word backup phrase, which will be used in case you forget your password. As you can see, the words have no meaning and were randomly selected for the sake of security. Make a note of this sequence of words, as it is your only backup option.
5. After writing down your backup passphrase, you will be redirected to the main menu, where you can see all the available cryptocurrencies and your wallet address for each one of them.
Probably the most significant advantage of the Atomic wallet is that it allows you to swap between currency balances in-app, or in other words, without the necessity to go through a cryptocurrency exchange.
N.B! Regardless of the wallet service you choose, you should make a note of your TRX wallet address – this is the most important piece of information you are going to receive from your cryptocurrency wallet. Tron wallet addresses always start with a T, which is followed by a long string of letters and numbers.
Here is an example of a Tron wallet address:
Step 2 – Choose a cryptocurrency exchange
In order to buy Tron tokens with fiat money (either a credit card, debit card, or bank transfer) you have to use the services of a cryptocurrency exchange. Below you can see a detailed guide on how to sign up and purchase TRX on several trusted cryptocurrency exchanges. Note that it is a common practice to first purchase one of the more established cryptocurrencies like Bitcoin or Ether, and then exchange it for TRX. (With Atomic you can do this directly in your wallet.)
Coinbase is one of the leading cryptocurrency exchanges in the world, and one of the most trusted ones. They support a ton of different currencies, and the signup process is fast, easy, and secure.
Briefly about the process:
- Get started by stating your name email and choosing a password
- Verify your email
- Set up your phone number for two-step verification
- Upload identity documents and proof of address
- Link your credit or debit card and top up with fiat currency
Pros: Coinbase is well-established and secure. It also comes with an integrated cryptocurrency wallet.
Cons: The verification process takes a bit longer than other exchanges – approximately two hours.
Here is a step by step guide on how to buy Tron on Coinbase:
- Create an account and fill in your login information
2. Provide your phone number, in order to go through the two-step verification and authenticate your account via a code sent to you through SMS
3. Fill in your personal information, and the purpose for your use of Coinbase
4. Verify your identity via passport, driver’s license, or personal ID
5. You can choose between three different ways to upload your personal documents
6. We chose the recommended upload method, which is through your mobile phone camera
7. The final step of the verification process will take you to a page asking for a recent document (past three months) which has your address on it – this is done to verify that you live at the address you state a few steps back.
8. Once you submit all necessary documents, you will get verified, and you will be redirected to the Coinbase home page.
9. By clicking the Trade button, you will be redirected to the purchasing page, where you can deposit fiat currency into your account
10. Once you deposit funds in your account, you will be able to exchange them for cryptocurrency
11. Coinbase does not support direct purchases of TRX, so a good choice for you would be to buy Bitcoin or Ethereum, and send it to your Atomic wallet, where you can convert it to Tron tokens.
While Coinbase does not allow you to purchase TRX directly, it is one of the most trusted exchanges out there, which is why it is featured in this guide. If you want to know how to buy Tron without the need for additional conversions, you can move on to our second suggestion – Bitpanda.
Bitpanda is another trusted cryptocurrency exchange, targeting customers in the euro area. We cannot miss to mention it in this guide. Some of its biggest advantages include the easy verification process, and the ability to purchase TRX directly from the exchange.
Pros: Easy to use, automated platform, full wallet integration
Cons: Available only to customers in the euro area
Briefly about the process:
- Register on the platform and confirm your email address
- Verify your account by indicating your personal information
- Deposit fiat currency (US, EUR, etc.) and buy Bitpandas’ supported cryptocurrencies
Guide on how to buy Tron on Bitpanda
- Fill in your name and email address – the signup process takes only about a minute.
- Once signed up and logged in, you will see all currencies available for purchase, however, before you can get some TRX, you will have to verify your account.
3. Clicking on Verify Now will take you to the first screen of the verification process, which gives you two options – a light or a full verification. To keep things simple we will go through the light version.
4. Next, you will have to fill in your personal information, your ID information and submit a biometric data sample (a selfie). This whole process happens on-site, without the need to upload any documents. You just have to show your ID to your computer or mobile camera.
5. Once you show both sides of your ID and your face, your verification will enter the pending phase. It usually just takes several minutes for the Bitpanda team to verify your account.
6. Once your account is verified you will be able to deposit fiat funds to it. Bitpanda accepts deposits in EUR, USD, CHF and GBP.
7. After depositing the desired amount of fiat currency, you will be able to trade it for Tron tokens by clicking the bubble of the cryptocurrency on the homepage.
Bitpanda is a very suitable option for people who want to buy Tron directly, as their verification process takes no more than fifteen minutes and the exchange supports direct purchases of the cryptocurrency.
Step 3 – Move your TRX from the exchange to your wallet
Now that you know how to buy Tron, you might wonder why you need to move your assets, as you already have them stored on the exchange. While this is true, storing your assets on an exchange is never recommended as you are exposed to malpractices like theft and fraud.
Remember that Nota bene remark we mentioned earlier? Your wallet address comes into play at this step.
Both Coinbase and Bitpanda support withdraws to external wallets. In essence, your wallet address (the long string of letters and numbers) lets the exchange now where to send the funds, much like an email address lets you receive your mail.
Moving your assets to an external wallet protects you, as storing your TRX on an exchange leaves you vulnerable to hacks.
What is Tron?
You now know how to buy Tron, but here is a little more information about the cryptocurrency itself.
Tron was developed as a direct competitor of the Etherum network and performs the functions of an environment where developers can create decentralized apps.
The Tron network was created by Justin Sun back in 2017 and is the latest network focusing on decentralized apps. According to its founder Mr. Sun, Tron is much more scalable and cost-effective than predecessors like Ethereum, or EOS.
Justin Sun claims that Tron is way cheaper to mine because unlike Bitcoin, where Proof of Work consumes a lot of electrical energy, TRX miners use Proof of Stake to decide whether someone can contribute by adding blocks to the network.
Updates/Developments – 21 Nov 2019
Justin Sun has recently disclosed that he has invested in cryptocurrency exchange Poloniex. The exchange was struggling with its finances under previous owner Circle. Sun intends to integrate it with Tron’s ecosystem to improve its influence in trading.
McAfee Dex and Tron have finally launched their collaboration on 8th November 2019 after regular delays.
Nile Test Network has been launched by the TRON community. The main network and its code version is very much in sync with each other. Reportedly, the stable release will not rollback.
We hope that this detailed guide on buying buy Tron tokens will help you out. Here are the main points you need to remember:
- Keep in mind that nowadays, there are numerous alternatives to the wallets and exchanges we mentioned above, but these are our trusted and tested choices.
- You can stick to our suggestions, or go exploring the vastness of options available; however, we would always recommend choosing a trustworthy wallet and exchange, to better safeguard your assets.
- TRX is getting traction even though it is a relatively young cryptocurrency. Justin Sun and the Tron Foundation are making headlines as the company and the cryptocurrency are experiencing rapid growth.
- It might be a wise decision to invest in TRX tokens now, as the cryptocurrency and its founders are extremely ambitious and always push new projects.
- Don’t hesitate and visit the wallets and exchanges we mentioned here, and get your hands on some TRX today.