TRON, or TRX, is one of the popular cryptocurrencies aimed at creating a decentralized internet and giving improved access to content creators. Buying TRX can be straightforward if one knows the right steps to take. This guide will walk both beginners and more advanced crypto investors through the process.
How to buy TRX
Key Takeaways:
- TRX is widely listed on both centralized and decentralized exchanges.
- Centralized exchanges (CEX) require KYC (Know Your Customer) for regulatory purposes, but they offer an easier experience.
- Decentralized exchanges (DEX) have the privacy connotations attached to crypto but may require a little more crypto knowledge.
How to Buy TRX
Step 1: Download and set up a Tron crypto wallet
If you don’t already have one. You may use Trust Wallet to send and receive TRX.
Click to see how to set up a Tron wallet.
Step 2: Choose a Platform
Go for the well-known centralized exchanges like Binance, Kraken, or Bitget. They have a bunch of different fiat currency pairs you can use to buy with, like the USD or EUR. Make sure this exchange offers TRX trading in your region and is a reputable exchange with many years of operation that has proof of reserves and security audits.
For those conscious of their privacy, decentralized exchanges, similar to Uniswap, are an alternative. In any case, crypto wallets require knowledge to manage and do not require the headache of KYC (Know Your Customer) verification.
Binance platform
Step 3: Complete the KYC Process (For Centralized Exchanges)
If you choose a centralized one, the next process will be the KYC, which is a must for compliance with financial regulations. For that, you will have to provide a government-issued ID and proof of your address. The time of KYC verification can be from a few minutes up to days, depending on the exchange.
Step 4: Deposit Funds
After successfully opening your account and clearing KYC, you will be required to deposit funds. Carefully follow the instructions provided by the exchange to avoid any mistakes while making a bank transfer. Most of the exchanges have minimum deposit limits, so better to check the limits in advance.
In the case of decentralized exchanges, you are supposed to have some stablecoins like USDT or USDC in your wallet to swap for TRX.
Step 5: Place Your Order
With your funds all setting up, you are now ready to buy TRX.
- Market Orders: This allows you to instantly buy TRX at the current market price.
- Limit Orders: You set a specific price that you want to buy TRX for. If the market reaches that price, the order is executed.
Step 6: Secure Your TRX
Once you have bought TRX, you could leave it on the exchange or transfer it to a non-custodial wallet such as Trust Wallet or Ledger. Generally speaking, it’s much safer to withdraw TRX into a personal wallet from the exchange if you plan to hold for long in order not to lose your investment due to possible hacks or issues with an exchange.
How to Buy TRX Using Debit or Credit Cards
You could also buy TRX with a debit or credit card, although the fees will be bigger. Normally, the service is provided by centralized exchanges, but you can also buy TRX through such services as EasyCrypto or directly in your wallet app. However, before proceeding with the purchase of TRX, ensure that the fiat currency you’re using is accepted and compatible in your country, as regulations and available payment methods may vary.
Basic Steps to Buy TRX with a Card:
1. Log into the exchange/wallet platform where you plan to purchase TRX.
2. Choose TRX among the listed cryptocurrencies.
Search for TRX
3. Click Buy TRX and specify the TRX amount you want to purchase.
Specify the TRX amount
4. Choose your preferred payment method (Visa, Mastercard, etc)
Payment method
5. Verify the fees for various payment providers and complete the transaction.
Proceed the transaction
6. Once purchased, make sure that the TRX has arrived in your wallet.
Conclusion
Buying TRX is pretty straightforward once one learns the process and chooses a platform that fits their needs. It will be quite easy to securely buy TRX, whether you like the convenience of centralized exchanges or the anonymity of decentralized ones. Remember, for more long-term security, it is always worth transferring your assets to a non-custodial wallet.