How To Buy Tron (TRX)?
A common question you often see on social media from crypto beginners is “Where can I buy Tron?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Tron (TRX)
First, you will need to open an account on a cryptocurrency exchange that supports Tron (TRX).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
10% reduced trading fees*
Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 0.2%*-0.2%*
Available for Trade 1500+
10% reduced trading fees & up to $170 in USDT vouchers*
North America, South America, Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Tron (TRX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Tron (TRX)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Tron (TRX) or Tron (TRX) trading pairs. Look for the section that will allow you to buy Tron (TRX), and enter the amount of the cryptocurrency that you want to spend for Tron (TRX) or the amount of fiat currency that you want to spend towards buying Tron (TRX). The exchange will then calculate the equivalent amount of Tron (TRX) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Tron (TRX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is TRON (TRX)?
TRON is a robust blockchain ecosystem designed and developed by blockchain developers over the world, which follows the philosophy of “Decentralize the Web”. There are multiple kinds of products involved in TRON ecosystem, including public chain, wallet client, decentralized applications(DAPPs), Etc. These products are closely related to each other, and together, this supports the stability of the whole ecosystem.
TRON public chain is a decentralized blockchain network implemented based on TRON protocol, performs as the core of TRON ecosystem, launched on Jun 25th 2018. Many things can be done through TRON public chain, including token assets issuing, DAPP deployment and running, stake and vote for gains, assets transferring, Etc.
TRON public chain is one of the most secure public chain systems at present. The reason it is outstanding is that the blockchain runs in a decentralized network environment, in which creation and storage of the data do not rely on specific individuals or organizations, and the data is ensured to be never changed by cryptography.
TRON public chain has better operational efficiency and stability than most public chains due to a well-designed architecture and code.
TRON public chain realizes the design of highly abstract modularisation. It separates the system into several core modules, including underlying network, data storage, consensus, transaction actuator, TVM, and application layer interface.
Who Are the Founders of TRON?
TRON was founded by Justin Sun, who now serves as CEO. Educated at Peking University and the University of Pennsylvania, he was recognized by Forbes Asia in its 30 Under 30 series for entrepreneurs.
Born in 1990, he was also associated with Ripple in the past — serving as its chief representative in the Greater China area.
The underlying network module is a set of customizable and efficient message response systems, built based on Netty, a high-performance network framework.
The underlying network module is separated into two modules: node communication and node discovery.
Node discovery is implemented based on the Kademlia algorithm. It meets the requirements of node discovery in decentralized network environments and can defend eclipse and witch attacks by a set of node scoring mechanism.
The node communication module uses TCP for data transfer. Based on this, a flexible and extensible message registration response mechanism is designed on the business layer.
We have designed a data storage module that can support fast rollback and an in-memory database KhaosDB for fast blockchain switching. These reflect the ultimate pursuit of the performance of the TRON public chain.
We also published ChainBase, a database product for the blockchain system, based on the excellent interface design of the data storage module. It supports the switching of data engines between LevelDB and RocksDB as well as the customized development of data engines, only needed to implement the corresponding interface set.
TRON public chain currently adopts DPOS as the consensus algorithm, which enables a maximum 2000 TPS.
Blocks are categorized as solidified and un-solidified block to tap the performance potential of the public chain. It can reduce the limits of the CAP theory of distributed systems and give the most consideration to data availability and consistency.
Solidified blocks cannot be rolled back. Un-solidified blocks contain the latest transaction data. Full nodes provide data inquiry services for both types of blocks to meet various needs from users.
We have designed an excellent on-chain governance mechanism that attributes to the implementation of the DPOS algorithm. Super Representatives (SRs) and Super Representative Partners (SRPs) can initiate voting requests for proposals. After voting, all votes from SRs are counted to determine whether a proposal takes effect.
A proposal can include adjustments of blockchain parameters, the opening of new features, etc. Proposal mechanism can prevent a node from multiple restarts during a blockchain update, which improves the efficiency of the consensus and provides a channel for community supervision.
On-chain governance & incentive mechanism
Through the decentralized election, TRON public chain produces two types of roles: Super Representative (SR) and Super Representative Partner(SRP), and they participate in the on-chain governance. An SR/ SRP can initiate votings for specific proposals, and other SRs/ SRPs can give their opinions to the proposals through voting, which ensures the blockchain governance is entirely decentralized.
TRON public chain has a precise and efficient incentive mechanism that can promote the self-prosperity of the blockchain. SRs have the power of packing transactions, producing blocks and obtaining block production incentives. SRs and SR partners gain awards based on the votes they get, and at the same time, ordinary voters can earn stake reward for voting SRs and SRPs. The amount of incentive is transparent, and the distribution process is entirely decentralized.
Double spend attack has always been the issue that needs to be treated strictly in the history of the public blockchain. TRON has the TaPos mechanism to defend this kind of attacks, which improves the safety of TRON public chain.
TRC10 token support
TRC10 token is based on system contracts, can be issued simply on TRON public chain. TRC10 standard significantly reduces the cost of token circulation, as system contract transactions only consume bandwidth. TRC10 token transactions can be done in the decentralized exchange built in TRON public chain.
TVM and smart contracts
TRON Virtual Machine(TVM) implemented in TRON public chain is fully compatible with the Ethereum Virtual Machine(EVM). Not only does TVM reduce the learning cost for developers, due to the born advantage of DPOS consensus algorithm of TRON public chain, but also improves operational efficiency and reduces the cost.
We have made many optimizations on TVM to reduce the cost of the operational cost of DAPPs. Also, we develop a lot of new features to support more business logic in smart contracts, including batch signature verification, contract address judgment, etc.
TRON public chain has an excellent resource model. We have designed a dynamic adjustment mechanism for resource model parameters, which is useful for feedback regulation. The brief explanation of this mechanism is the number of processing transactions is positively correlated with the resource fee.
Every user has a certain amount of free resource quota.
Users can freeze their TRX to acquire free bandwidth/energy and a corresponding amount of votes. Voting for SRs will be rewarded base on the voting volume.
Official website: https://tron.network/
Best cryptocurrency wallet for Tron (TRX)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Tron (TRX)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).