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TRON was founded in 2017, and the firm’s native cryptocurrency goes by the same name or TRX. The digital asset is mainly used for paying artists. While it isn’t as valuable as Bitcoin (BTC), TRON is a reputable coin worth investing in and adding to your cryptocurrency portfolio. Cryptocurrency traders know that trading in small coins with unique features is the best way to get good returns. If you’re wondering where to get TRX to start trading, this guide will take you through the process.
Tron has attracted global attention due to its vision of a decentralized internet. The project is famous for big-spending to partner with new services. Consider buying Tron if you are interested in developing an app that’s powered by its cryptocurrency. You can also use it to create a long-term cryptocurrency portfolio, use Tron-based applications, or play Tron-based games.
The fastest way to acquire TRX is through a trusted cryptocurrency exchange. Choosing a reputable cryptocurrency exchange is the difference between keeping your digital assets or risk losing them. Always buy TRX according to your purchasing power, meaning that you don’t have to acquire whole coins since it’s divisible. One Tron coin is divided into 1 million Sun. The Sun is the smallest unit, and it’s named after the founder of the project. Buying Tron takes the following four simple steps:
Buying Tron using a credit or debit card is among the most convenient ways of owning TRX. This convenience has a price tag as most cryptocurrency exchanges charge about 4% for every card purchase. Most reputable exchanges enable Tron purchasing using the leading Debit/Credit cards besides allowing you to compare rates across significant exchanges.
Using cards to buy Tron enables you to buy your required amount of TRX anonymously using major fiat currencies like the USD (U.S. Dollar), Euro (Euro), JPY (Japanese Yen), RUB (Russian Ruble), and AUD (Australian Dollar). You can buy Tron quickly and easily using these three simple steps:
Note. The 2nd step is only applicable if the platform you’re going to use does not have a built-in cryptocurrency wallet. The below platforms all have built-in wallets.
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Once the exchange receives your payment, they will transfer the TRX to your wallet instantly. Depending on your credit/debit card, you could earn rewards when you buy Tron if they treat it as a purchase. The use of a credit card lets you leverage an extensive credit line, something that can be beneficial during price swings.
To get Bitcoins or Ethereum with which to buy Tron, you can also use PayPal. PayPal is a primary global online payment processor that’s trusted by over 300 million people. It’s easy to use and accepted by several cryptocurrency exchanges. Buying TRX using PayPal is similar to the use of credit/debit cards.
You can buy Tron using PayPal, but you first need to buy Bitcoin or Ethereum and exchange them for Tron. Once you purchase your BTC or ETH using your PayPal balance, you need to send it to your preferred trading platform and buy TRX. The following are the steps for buying Tron through PayPal:
Unfortunately you will not be able to purchase TRX via Paypal on traditional cryptocurrency exchanges. Only CFD trading platforms allow you to invest in cryptocurrencies through PayPal.
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While it’s possible to fund your Tron wallet using your bank account, you can’t buy TRX directly via bank transfer. To actually purchase TRX via bank transfer, you must identify a platform that allows bank transfers. Once you have transferred the funds, you will have to buy Bitcoin or Ethereum. Then using your BTC or ETH, you can buy/exchange from an exchange that trades TRX.
When you make an online payment via bank transfer, you must transfer funds from one account to another. To buy Tron using bank transfer, select the payment option on the exchange’s platform, and specify your transaction’s currency. Some brokers might require evidence that you made the transfer, depending on whether you are making a bank transfer or a wireless transfer. The following are the steps to follow to buy Tron using bank transfer.
Lawmakers globally are continuously introducing tighter cryptocurrency trading regulation. This makes it a little challenging to buy Tron without an I.D. Thankfully; if you don’t have proof of identification or just prefer some privacy level, you can visit some sites where you can buy cryptocurrency without undergoing the verification process. Some exchanges where you can purchase crypto without I.D. verification include Paxful, LocalBitcoins, Paybis, and KuCoin. The following are the steps to buy TRX without an ID:
If you’ve decided to buy Tron, you can choose from several trusted cryptocurrency exchanges and brokers. Many brokers and exchanges are meaning you must always choose the safest and most reliable ones. Among the leading exchanges where you can buy TRX include:
Binance: One of the leading exchanges globally. Note that they don’t allow cash transactions when you Buy Tron.
HitBtc: A multi-currency exchange that enables you to deposit fiat currencies through SWIFT or SEPA. Trading fees are meager at 0.1%.
OKEx: OKEx supports over 100 cryptocurrencies, including Tron. The exchange offers state-of-the-art security and asks for verification every time you log in. You’re not charged to deposit OKEx, but your account’s status determines transaction fees of between 0.02% – 0.2%.
CoinEgg: This is a small UK-based exchange with among the highest Tron volumes. Trading fees are 0.1%, but you can’t use a bank transfer or debit/credit card. Purchases are made using popular coins like Bitcoin and Ethereum.
Like all other cryptocurrencies, you can buy Tron using popular cryptos like Bitcoin and Ethereum. You can also buy TRX from cryptocurrency exchanges and brokers using PayPal, credit/debit cards, or bank transfer.
If you’re going to use cash to buy Tron, you’re better off exchanging your cash for bitcoin at a cryptocurrency ATM. This will ensure that you have BTC in seconds to carry out your transaction. If you must use real cash to buy Tron, do a thorough background check of the person selling and ensure the Tron is deposited in your wallet before you depart.
If you’ve chosen to buy Tron, do your research because some payment methods are not acceptable in some parts of the world. There are countries where all cryptocurrencies are still considered illegal, and you want to avoid breaking the law. Check whether particular crypto exchanges are licensed or regulated if the laws in different countries require it.
There are also trading platforms and exchanges that aren’t available in different or all states in the U.S. They also check whether particular online brokers or CFD platforms operate where you live. If you live in the United States, you want whether popular platforms like Plus500, IQ Option, AvaTrade, and XTB are allowed. eToro is an example of a popular CFD platform that doesn’t yet operate in the United States.
It doesn’t matter what part of the world you come from. Make it your due diligence to carefully check for any restrictions that may prevent you from buying Tron. Most countries in the E.U. are open to cryptocurrency trade, and most reputable firms operate freely.
Trading in cryptocurrency CFDs has become popular due to increasing awareness of digital assets. There is an increasing number of CFD trading platforms offering services to global customers. Several popular cryptocurrency exchanges offer Tron “contracts for differences” (CFDs). CFDs are popular but risky investment vehicles where over 80% of investors lose money. You are advised only to invest as much money as you can afford to lose.
Buying Tron is the easy part of cryptocurrency trading. Once you got some keeping it secure is an entirely different game altogether. Storing your TRX is similar to storing cash so you can protect it from loss or theft. Choosing the right cryptocurrency wallet means you will avoid the common challenges related to crypto security.
A cryptocurrency wallet is a software that’s designed to secure your public and private keys. The wallet is also essential for storing, sending, receiving, and monitoring balances besides interacting with blockchains. You need to have a secure cryptocurrency wallet to secure your digital assets and manage them effectively.
There are different classes of cryptocurrency wallets in the market, but there are two main distinctions, cold or hot wallets.
Hot wallets: A hot wallet is a cryptocurrency wallet connected to the internet, and you can access it anytime. Examples of hot wallets are mobile wallets, cloud wallets and software wallets, and cryptocurrency exchanges.
Cold wallets: A cold wallet is a device used to store your funds offline, meaning it’s not connected to the internet. While you can always receive funds, no one can transfer your funds unless you give them the gadget. Some cold wallets are offline paper wallets, hardware wallets, USB, and other offline data storage devices.
You will most likely use both hot and cold wallets. Hot wallets are handy if you are involved in frequent trading or spending. Use a cold wallet if you plan to buy Tron and hold it in the long term as they’re more secure. Most importantly, it’s never a good idea to keep your cryptocurrency in an exchange. However, if you’re want to buy Tron for trading and don’t want to struggle with storing them, you want to consider a Tron CFD. CFD platforms are somewhat affordable in terms of fees, as no real asset trading happens.