TRX is a cryptocurrency that empowers the Tron blockchain— it’s designed to facilitate dApps. Tron’s vision is to create a free content entertainment system. If you are looking forward to being part of the Tron ecosystem, one must first purchase Tron. Follow this guide to buy Tron (TRX) without much hassle.
Picking a Platform to Purchase Tron
You can buy Tron on many different platforms. The best one for you will depend on your needs and preferences. Some of the most popular options to consider include:
- CEXs: They sort of act as intermediaries between buyers and sellers of cryptocurrency, providing the easiest overall user experience and enabling users to buy Tron directly with fiat currency, such as USD or EUR, using a debit/credit card. However, CEXs relate to higher fees as compared to the rest. Some of the popular CEXs that support Tron include Binance, Kraken, and CoinEx.
- DEXs: DEXes are peer-to-peer marketplaces where digital asset trades are directly matched with one another, totally leaving out the interference of a central authority. DEXes give users control over funds and may have lower fees than CEXs. In the same breath, DEXs can, however, be more complex to navigate and could have inferior liquidity levels. This will make your Tron hard to sell or buy. Among popular DEXs available for trading and supporting Tron are Uniswap and SushiSwap.
Here are some few things to consider before choosing a platform through which you would want to buy Tron:
- Security: Look into the reputation of the chosen platform, especially regarding its security features and the safety of your funds.
- Fees: Compare the fees of different platforms before settling on one.
- Payment Methods: Consider what payment methods the platform supports.
- Regulation: There may be laws and regulations in some jurisdictions that consequently may affect the platforms you can use in buying Tron.
How to Buy Tron (TRX)
After you have decided on the platform you want to acquire Tron on, you would normally do so through the following steps:
- Create an Account: Make an account with your selected platform. You most likely have to provide your name and email and choose a password; most times, other verification sets should be done.
- Fund Your Account: You will need to fund your account prior to being able to buy Tron. The deposit methods available will vary on the platform. Some allow fiat deposits using a debit or credit card, bank transfer, and more. Others may only support cryptocurrency deposits.
- Place Order: Now that you have the money in your account, proceed to make an order to buy Tron. Specify the amount of Tron that you have to buy and indicate the price you are ready to pay for each Tron. There are different types of orders. There are market orders and limit orders. Just check one or two sources to get some understanding before placing an order.
- Store your Tron: When you purchase Tron, you will need to store it securely. You can hold your Tron on the platform from which you made the purchase, but generally it is considered better to have the cryptocurrency stored in a wallet, especially a hardware wallet. There are hardware wallets and software wallets, so go through possible options and choose what is best for you.
Key Things to Consider Before Buying Tron
Below are some added measures to realize before buying any Tron:
Volatility: It is like every other cryptocurrency—very volatile. The price of Tron might make a move, so be prepared for losses.
Regulation: The surrounding regulatory environment for cryptocurrencies continues to change. Keep yourself updated with the required regulatory compliance in your jurisdiction that might affect your ability to buy or sell Tron.
Investment Goals: Before you buy Tron, consider what your investment goals are. Are you looking towards a long- or short-term investment? This will reflect in the amount of Tron to buy and how you wish it to be stored.