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How to Buy Tron Online in 2024
Tron is a decentralized network that aims to provide digital content creators with full ownership rights. Transactions and applications on this blockchain are powered by its native TRX cryptocurrency.
This article will explain how to buy TRX, the best platforms for making a TRX purchase, and everything else you should keep in mind when investing in Tron.
Best Brokers to Buy Tron in 2024
Tron is not as well-known as Bitcoin and Ethereum, but you can still find many top brokers who sell this particular type of digital coin. Compare rates, benefits, and features with the table below.
What Options Do I Have When Buying Tron?
The most popular options to buy Tron include:
Exchanges: For many buyers, a crypto exchange is the number one way to purchase any cryptocurrency, including Tron. You can link your crypto wallet to your exchange account and buy TRX coins directly from the exchange. Each exchange will set its own exchange rate, which is usually in line with the current value of Tron, with a percentage added on for the exchange to take a commission. You can pay via different methods and use either fiat currencies or cryptocurrencies.
Brokers: While an exchange lets you purchase Tron directly from their service, a broker will act as an intermediary, pairing you with sellers on the market. As a result, you can usually compare prices and find the best deal using a broker. Depending on the broker, you’ll either have the option to buy Tron with fiat and/or other cryptocurrencies. A broker will often have an easy-to-use interface as well.
P2P Marketplaces: Some buyers prefer to use P2P marketplaces, where you deal with a seller directly. The seller will set their own price, and both parties will reach an agreement to which they are happy to complete the transaction.
Pros and Cons of Buying Tron?
- Tron is widely available on crypto exchanges
- Buying Tron could diversify your crypto portfolio
- Tron is home to a variety of projects that aim to decentralize the web
- TRX can be used to obtain voting rights, bandwidth, and other tokens issued on TRON
- Tron’s founder, Justin Sun, has left the project and reportedly, “left it to its holders”
How to Buy Tron?
If you are looking to buy Tron, make sure you follow these steps:
Step 1: Find an Exchange
Find an exchange that suits your needs. Compare rates and features to find the right platform for you. Ensure this exchange is regulated by the relevant authorities.
One of the most popular ways to buy Tron is to register with eToro.
Step 2: Create an Account
If you have picked a reputable exchange with competitive rates and robust features, you’ll need to create your account. You will have to supply KYC documents confirming your identity and verifying your email address and phone number before completing the sign-up process.
Step 3: Deposit Funds
Then, deposit funds into your account. Your exchange will have several payment methods available. Some exchanges will offer more payment methods than others. For example, many exchanges accept cryptocurrency payments; brokers are less likely to do so.
Step 4: Purchase Your Tron Coins
Once you have deposited your funds, you can buy your TRX coins.
Where to Buy TRX?
While TRX may not be as popular as Bitcoin, or Ethereum you can still find it on many exchanges and brokerages. Some of our top options for new and experienced crypto traders include:
For Beginners
If this is your first time buying crypto, you’ll want a user-friendly platform to show the ropes. These include:
eToro: eToro is valued for its intuitive interface, demo account, and range of educational resources. It also caters to buyers who like additional features like charts and figures when choosing their cryptocurrencies. eToro has a useful CopyTrader feature, which you can use to copy successful investors.
Uphold: Uphold is one of the simplest platforms for buying Tron as it enables users to purchase crypto with a single click. It also emphasizes transparency and security, and is registered with FinCEN.
For Experienced Users
If you are looking for a more advanced platform for buying and selling Tron, you may want to try some of the following platforms:
Kraken: Kraken is a popular name in the crypto game, with relatively low fees. You can also purchase many different cryptocurrencies, Tron included. It features a sleek design and a good overview of the crypto market.
Bittrex: Bittrex is a great platform for anybody who prefers a streamlined registration process. You can also view one-minute charts to make investment decisions and understand the value of Tron more accurately. In addition, the service is largely interruption-free, and the fees are reasonable as well.
Your capital is at risk when trading on crypto platforms
What to Consider When Buying Tron?
Consider the following considerations when buying Tron:
Fees: The fees set by a platform determine how much determine how much you will need to pay when depositing, withdrawing, trading, and performing other actions. Different platforms charge different fees, and some are more transparent than others.
Volatility: One of the most crucial things to consider about buying Tron is the volatility of the cryptocurrency market. Crypto prices are constantly changing. Some traders like this volatility as it provides the opportunity to sell at a much higher price than they bought at, but there is no guarantee which way the market will go and your coins could end up suddenly being worth a lot less
Security: However you choose to buy your Tron tokens, you have to figure out what type of wallet you are going to use to keep them safe. Are you going to store your Tron tokens in a cold or hot wallet? You may prefer to keep your coins in your exchange wallet if you plan to sell them again quickly, but you should be aware that it is less secure. We recommend choosing a hardware wallet if you want to ensure your Tron coins’ safety.
Crypto Transactions Cannot Be Undone: You should be aware that any crypto transaction you make is irreversible. As such, you should type your details correctly whenever making a transaction. We also recommend keeping your wallet address and key stored in another file. Then you can copy them over without worrying about making a mistake.
Regulation: You should also choose an exchange or broker that follows SEC regulations, stringent security procedures, and user identity verification.
What Payment Methods Can I Use to Buy Tron in the United States?
You’ll find that there are plenty of ways to pay for Tron, though this depends on your particular exchange or brokerage:
Bank Transfer: This is a popular method as it is often the cheapest way of making a deposit and is accepted on a number of platforms. You can deposit for free via ACH on Coinbase and Binance, but it can take longer than other methods and there may be limits on how much you can transfer.
PayPal and Venmo: These are two of the most popular e-wallets that millions of people use to make online transactions. However, they are not as widely accepted as some other payment methods, so you may want to check if you can use these methods before signing up for any exchange. eToro and Coinbase are two of the biggest crypto platforms that accept PayPal.
You can buy crypto directly on PayPal, but Tron is not on the list of available currencies, so the best option is to use Paypal as a deposit method, rather than an app to buy crypto.
Credit/Debit Card: Most exchanges will accept debit or credit cards to pay for Tron tokens. Simply link your debit or credit card to your exchange and make your deposit. However, the exchange should also let you pay for your Tron coins directly, if you prefer.
You should take note of the high fees associated with credit cards.
Wire Transfer: Wire transfers can be more costly than bank transfers, but they enable you to send larger amounts with a quicker transfer time. You’ll be able to use wire transfer options such as FedWire on platforms like eToro and Coinbase.
Other Cryptocurrencies: Many exchanges will let you use other cryptocurrencies like Bitcoin to buy your Tron coins. This is one way to diversify your crypto portfolio and trade coins, often at a lower trading fee rate than you would if you used fiat currencies.
Is It Safe to Buy Tron Online?
There are several things you should do to stay secure and protect your Tron funds. These include:
Regulation: Firstly, you should use a regulated exchange or broker. Per rules set by governing bodies in their base countries, regulated exchanges must follow additional security protocols and verification procedures on their service.
Understand the Risk: Exchanges may be targeted by online hackers. If you leave your funds in your account, you risk possible theft. Also, if an exchange goes out of business, you may not be able to retrieve your funds, though some compensation schemes do allow for this possibility.
Use a Secure Wallet: Use a secure wallet to keep your coins when you are not using them. Keep those coins in cold storage if you are not going to use them for a while.
Secure Websites: Only use an exchange or broker that runs on a secure website with SSL encryption.
Two-factor Authentication: This has become increasingly common on exchanges and a necessity on regulated platforms. Some may send codes to your email or phone. Others may ask you secret questions to withdraw funds.
How to Store Tron?
Crypto wallets are used to store and protect your Tron funds. Exchanges provide free wallets where you can keep TRX for easy access. If you choose to keep your TRX in an exchange wallet, you should select a platform with strong security measures that you trust to look after your coins.
If you want to take custody of your coins yourself and ensure your own security, you have two options available: hot wallets and cold wallets.
Hot Wallets: Hot wallets are similar to your exchange wallet; they are software programs or apps used to store cryptocurrency. However, they are separate from your exchange.
Cold Wallets: Cold wallets are hardware wallets and the most secure way to store your Tron coins. In addition, hardware wallets can be stored offline, adding a second level of security.
Some of the best wallets include:
Exodus: The Exodus wallet is a good choice for beginner buyers. Like most hot wallets, Exodus is free and features a user-friendly interface. In addition, the wallet includes additional support for cold storage. The wallet also has a built-in exchange and supports a wide selection of cryptocurrencies, suitable for buyers with a diverse portfolio.
Ledger Nano X: Ledger Nano X is a cold wallet that offers cold storage and connects to devices via USB or Bluetooth. Ledger Nano X is compatible with desktop and mobile apps. Ledger Live has an easy-to-use interface and storage for up to 20 different wallets. This wallet supports 1,800 cryptocurrencies, and the open-source software comes with excellent customer and community support.
Is It Worth Buying Tron Right Now?
The future value of Tron lies in its potential to revolutionize the entertainment industry in terms of real-world application, improving streaming services and entertainment-based transactions. Still, you should keep up with the latest Tron research, news, and industry insights to make informed investment decisions.
Final Thoughts
If you’re looking to diversify your crypto holdings and support blockchain-based content, Tron could be a useful addition to your portfolio. The first step of your journey to invest in Tron is to select a platform that meets your needs.
Our top choice of platforms that offer Tron is eToro as it provides strong security, transparent fees, free deposits, and innovative features to suit users of all experience levels.
FAQs
Can I buy Tron in any country?
Cryptocurrency trades and purchases are illegal in some parts of the world, such as China. However, in the US, the UK, and most other countries around the world, it is perfectly legal to buy cryptocurrencies such as Tron.
Is there a limit to how many Tron coins I can buy?
Many brokers and exchanges will set a maximum amount of coins you can buy, but this differs from platform to platform. Check with your exchange or broker for their maximum trading limit.
Can I buy Tron without an ID?
No, you’ll need an ID, proof of address, an email, and a phone number before you can create an account with a broker or exchange. In addition, you’ll need to provide a few KYC documents before completing your registration.
Can I buy Tron instantly?
Whenever you buy Tron via an exchange, your transaction should take no longer than a couple of seconds. However, withdrawals to your wallet may take longer.
What is Tron?
Tron is an operating system that uses blockchain technology. Users can create decentralized apps and share streaming media content. The TRX token is used to gain access to features and apps on the Tron operating software.
How does Tron work?
Cryptocurrencies like Tron work by recording your transaction in a blockchain or digital ledger. Once this transaction is recorded, it cannot be removed and is available for anybody to see if they require it.
Do I need to pay tax on profits from trading Tron in the United States?
Yes, when you sell Tron you need to report it to the IRS and pay capital gains tax on any profits made. The rate of tax you pay will depend on your income and how long you held your TRX for.
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