Even today, many people believe that blockchain technology is about creating a digital currency payment system that is decentralized to the core. While that is true, there are many more things to blockchain tech and its use. Tron, one of the trending names in the crypto world, aims to change how people pay for content consumption by creating a middlemen-free platform for incentives.
Therefore, if you want to get into this world of decentralized content consumption, you must get your hands on some Tron tokens, commonly known as TRX. Having TRX at your disposal means that you can directly pay artists who create the content you love. It works better than subscriptions on Netflix and YouTube since the middlemen — the companies — take a cut from what you pay.
Of course, not all your favorite creators may be on the Tron platform yet. Nevertheless, if you want to be an early adopter of the platform and incentivize budding content creators worldwide, you can consider buying Tron in 2021. We do not want to go so deep into Tron, though. You can visit the official website to know more about the platform and the token.
This article covered everything you should know about where and how to buy Tron in 2021. First, we will have a step-by-step guide to buying Tron.
Step-by-Step Guide for Buying Tron
Below are the steps you have to follow to purchase a few tokens that you can use to pay creators via the Tron platform. You have to note that, while Tron is becoming more popular day by day, some experts recommend that you buy TRX by giving some Ethereum in exchange. This article has explained both the direct and Ethereum-based ways to buy Tron for your use.
Step 1 – Find an Exchange
Just like other tokens we have seen, Tron is also available on several exchanges. You have to pick one of these exchanges, where you would pay fiat money or other tokens to get a Tron coin in exchange. We will cover some of the best places you can buy Tron coin from; you have nothing to worry about.
Step 2 – Choose A Wallet
In the same way, you need a digital wallet where you can store the Tron coins. You would be using this wallet to make payments using the Tron platform. Once you have decided where you are buying the Tron coin from, you can choose a digital or physical wallet for Tron.
Step 3 – Purchase Tron Coin
Now that you have found the right exchange and the right digital wallet, it is time to purchase tokens. To do this, you have to go to the exchange and choose TRX from the available options. While many exchanges allow you to pay via fiat money like USD and EUR, some may want you to purchase another token in the first place.
If you end up in the second scenario, you can purchase Ethereum, which you can easily trade for TRX later. In either case, you have to proceed to the buying page, where you will do the transaction.
Step 4 – Provide the Wallet ID and Finalize
It is the last step for buying Tron. In this step, you can provide the digital wallet ID on the exchange where you are getting the Tron coin from. Make sure that you give the same wallet ID since errors could incur heavy losses. Even if you have a physical wallet, you can find the unique wallet ID easily.
Once you have provided the necessary confirmation, the exchange would process your order.
Depending on multiple factors like the network traffic and the exchange you have chosen, it may be quite a few hours until you see the TRX tokens on your wallet. If everything works fine, however, you should see the coins reflected in a few minutes.
That is it! You have now successfully purchased Tron coins and added them to your crypto wallet. You can now start paying for unique content from creators without involving third-parties like Netflix, YouTube, or even your bank, for that matter. Rest assured, everything you pay would reach the content creators.
Now that you know how to purchase Tron from the standard options, we will now cover some products and services you should know before following these steps.
Choosing the Best Wallet for TRX
As we mentioned earlier, you need a digital/physical wallet to store and make payments using Tron coins. In case you did not know, there are quite a variety of wallets you can choose from. Here, we have listed some of the options you should consider.
If you are looking for a hardware crypto wallet that can store TRX and other tokens, you should consider the Ledger Nano X Wallet. It is so robust that it works with more than a thousand cryptocurrencies, including BTC, XRP, ETH, ADA, XLM, XMR, and DASH. The Ledger Live app has a reputation for being one of the best places to manage your cryptos. So, managing your storage would be an easy task.
If you prefer managing your Tron coins at the convenience of a desktop, you should check out Guarda Wallet. While the wallet does not support as many coins as we have seen on Ledger Nano X, you will not have trouble managing TRX and famous others like Bitcoin and altcoins such as Ethereum and Ripple. The best part is that you can use the desktop, mobile, web wallet apps, and Chrome extension to manage your tokens. The desktop wallet is available for Windows, macOS, Ubuntu, all of which use a fantastic User Interface.
Cobo Wallet is a fantastic option if you want to manage your tokens from your smartphone screen. The app comes with an impressive design that can integrate with hardware wallets as well. As for payments and trading, you do not have to worry even a bit. The Cobo Wallet apps are available for Android and iOS, offering almost the same set of features. If you feel you need extra security, you can pair the app with the hardware wallet, supporting DApps and advanced verifiability.
Where to Buy Tron Coin?
We will now take a look at some popular exchanges where you can purchase Tron coins with ease.
Kraken is a robust exchange that simplifies buying, selling, trading crypto-based tokens like Bitcoin, Ethereum, and Tron coin. The best part about Kraken is that it adapts to your level of knowledge about the crypto world. For instance, if you have used a crypto exchange in the past and want to upgrade to something better, Kraken is a fantastic option. Thanks to the intuitive design onboard, even watching the prices of your favorite cryptocurrency tokens is an easy task.
There are a few features that make Kraken one of the best places to get Tron coin from. For instance, you are looking at advanced security and staking options. You can also check out the Kraken Pro app, which brings many unique features into a beautiful app. Because Kraken uses a volume-based fee schedule, you can lower the fees if you purchase a higher number of TRX tokens. If you plan to trade, you can also avail of options like margin trading. We also noticed that the Kraken Exchange keeps things as straightforward as possible.
Binance is currently one of the best cryptocurrency exchanges in the world right now. Thanks to its extensive support for cryptocurrencies and fiat currencies, this is also one of the best places to buy Tron coin from. In the end, you end up paying only the competitive fees to the company. Because Binance is a more modern and advanced exchange, you can keep track of in-depth analytics between cryptocurrency coins. You can, for instance, track the competition between Tron and Bitcoin before investing.
As you can guess, this platform is the best if you are looking for long-term investments and trading via Tron and other currencies. Thanks to its expertise and experience in the industry, you can pay a minimal fee if you choose the Binance coin instead of fiat money. You should also note that Binance offers some of the lowest withdrawal fees if you ever want to sell your TRX to get some USD. You can also expect additional support for wallets.
BitFinex is another reputed space where you can get Tron coin and other crypto tokens. It is had some issues as an exchange, but the services have sustained for an extended period now. Because the service has been made for traders and lenders alike, you do not have to worry about quality. As a place where you can buy TRX and other coins like BTC and Ether, you get options like margin trading, derivatives, and margin funding. You also get to access advanced charts.
We recommend BitFinex if you want a Tron coin exchange that supports various payment methods and gives you advanced analytics options. That is, if you are going to watch the decentralized content consumption trade closely, BitFinex can provide you with the right set of tools. Unlike some of the other exchanges, BitFinex is following the maker-fee-taker-fee structure for cryptocurrency transactions. It also maintains a proper chart that allows you to keep track of all these commission rates.
Coinbase has been an essential player in the cryptocurrency for many years now. It is no surprise that the exchange has started trading and exchanging Tron coins for fiat money and cryptocurrencies alike. When we compare the service to other exchanges, Coinbase charges higher transaction fees. However, you can avoid these fees by either upgrading to the Pro version or trading high volume. It is also one of the best methods to keep track of the coin’s progress.
Here is the scenario. You want to buy TRX coins at a competitive rate and analyze the paths the currency is taking. In this case, Coinbase added the support for TRX quite recently, obviously due to the great success and popularity this crypto tech has had among tech enthusiasts. Four more TRX-based tokens are available through the exchange. We should also mention that Coinbase is an exchange that listens to its customers. This feature itself makes the exchange a remarkable space to buy Tron coins.
Which Payment Methods Can I Use to Buy Tron?
This is a difficult question to answer, not just in Tron but also in other cryptocurrency tokens. You do not get to purchase Tron from an exclusive website or anything. Instead, there are more than hundreds of cryptocurrency exchanges that would give you Tron coins by taking fiat money or cryptocurrency from your side.
Considering this fact, you can use the following payment methods to buy Tron:
- Cryptocurrency tokens, such as Bitcoin, Ethereum, Litecoin, Tether, Dogecoin, etc.
- Credit and debit cards, depending on the country of your residence and payment terms.
- Bank deposit of funds in USD/EUR/AUD/GBP, depending on the exchange.
- PayPal, if the cryptocurrency exchange offers support for the payment.
However, given below are the options you would want to check out the most.
How to Buy Tron with USD
Probably the best way to buy Tron with USD is to choose a cryptocurrency exchange that lets you pay using traditional payment methods like a credit card, debit card, bank deposit, or even PayPal. Once you have done this, you can provide the amount of Tron coins you want to purchase and pay the USD’s corresponding amount. As you can guess, you will have to pay a transaction fee while doing so.
It would help if you kept in mind that purchasing Tron with USD is possible across all exchanges. It is just that every exchange may charge you different fees, depending on where the exchange is based. For instance, exchanges like Binance and Coinbase have strong traction in the United States market, and they support a variety of ways to pay for crypto coins using USD.
In case you did not know, you can purchase Tron coins using your VISA/MasterCard/Maestro credit cards as well. Once again, you do not get the options on all exchanges. Due to the legalities and payment structures in the credit card systems, some exchanges stick to bank transfer of funds. At the same time, you will not have any trouble finding an exchange that works well with credit card payments.
In this case, you can use credit cards on Coinbase to purchase Tron with ease.
What Costs Are Charged When Buying Tron?
Depending on the exchange and payment method you choose, you may be charged the following fees:
- Deposit fees if you are depositing crypto/fiat currencies to the exchange.
- Transaction fees for the conversion/trading process
- Maker/Taker fees, depending on the exchange.
- Withdrawal fees when selling the Tron coins for fiat money
As we mentioned in the descriptions, some exchanges use the Maker/Taker fee system while others charge a cut from the entire transaction. For instance, if you want to buy Tron with Bitcoin, you might end up paying a few more Bitcoins than the exact equivalent of the TRX tokens you get.
Despite the overthrowing nature of the movement it represents, Tron has received much popularity among even the traditional cryptocurrency exchanges. Depending on the country you are from, you can pick from various payment options as well. Therefore, you do not have to think twice if you plan to invest in Tron or keep some Tron coins handy to pay your favorite creators in the future.