How To Buy TRON (TRX) In 2024 – Invest Safely And Securely!

If you are a TRX investor or enthusiast, then you most likely would have bought TRON (TRX) in the past. But for those who are new to the crypto space, understanding how to buy TRON (TRX) safely and securely can be key to avoiding unpleasant circumstances such as scams. It can also help you ensure compliance with regulatory requirements.

This guide aims to provide a walkthrough of the steps needed to buy TRON, one of the industry’s top altcoins in safety and security.

What Is TRON (TRX)

Founded by the controversial Justin Sun and his TRON Foundation in 2017, TRON is an open-source, decentralized peer-to-peer blockchain platform.

The original aim of TRON developers was to revolutionize the sharing and monetization of digital media by decentralizing the internet and eliminating the involvement of intermediaries such as YouTube, Apple, and Facebook.

The idea was to allow creators to get rewarded directly by those patronizing them without any third-party meddlesomeness.

In December 2021, TRON transformed TRON DAO after the resignation of Sun as its CEO. The TRON network uses a native currency known as Tronix (TRX).

TRX tokens were initially Ethereum-based ERC-20-based tokens. However, in June 2018, TRON moved its protocol from Ethereum to an independent peer-to-peer network. TRON operates on a delegated proof-of-stake (DPoS) consensus mechanism.

The chart below from TradingView shows the price of TRX as of early November 12, 2024.

Reasons To Buy Tron (TRX)

There are a variety of potential benefits you can derive by investing in TRON (TRX). Here are some of them:

• High scalability: TRON can handle up to 2,000 transactions per second (TPS), making it one of the faster networks around and ideal for applications that demand high throughput.
• Support for smart contracts and a wide variety of dApps: The TRON network supports smart contracts and lots of dApps, especially those related to gaming and entertainment. This can help stimulate increased demand for TRX.
• Strong ecosystem: TRON’s ecosystem is made up of multiple projects and services (e.g., BitTorrent, which it acquired in 2018), which can improve adoption and user engagement.
• Low transaction fees: Transaction fees on the TRON network are lower than in some other networks, making it more appealing for those prioritizing cost-effectiveness.
• Active development community: TRON boasts an active and vibrant development community that provides frequent updates and makes other contributions towards innovation and growth in the network.
• Future prospects: The introduction of more dApps and other services on TRON could increase its adoption and potentially drive up TRX demand.

How To Buy Tron (TRX) In 2024

Buying Tron TRX in 2024 involves the following simple steps:

Step 1: Choose A Reliable Cryptocurrency Exchange

Choosing a trusted cryptocurrency exchange should be the first step when looking to buy TRON. There are other ways to buy TRX, but buying from a regulated exchange is usually considered the best way. You’ll find lots of exchanges out there, which is more reason to select carefully.

The TRON website specifically provides a list of 19 websites where users can purchase TRX. It includes companies such as Binance, Bitfinex, Coinnest, Upbit, CEX and Gatecoin.

Before settling for an exchange, you need to consider variables such as user-friendliness, security features, fees, supported payment methods, and availability in your locality.

Step 2: Create An Account And Verify Your Identity

After selecting the ideal crypto exchange for your needs, it is time to sign up with the chosen platform. This is usually a simple process that typically includes providing information such as your name and email address as well as a password and consenting to the exchange’s terms and conditions.

Most exchanges also subject newcomers to a Know Your Customer (KYC) routine check that often requires the customer to submit official documents that may include a government-issued ID, such as a driver’s license or passport, and sometimes a proof of address (like a utility bill).

KYC verification is a regulatory requirement in many jurisdictions all over the world and aims to prevent money laundering and illicit financing. The KYC routine can take anywhere between a few minutes to a few days, depending on the exchange and your location.

As soon as your account is verified, you’ll subsequently enjoy access to the exchange’s trading features, where you can buy, sell, and store TRX and other cryptocurrencies.

Step 3: Deposit Funds Into Your Exchange Account

Though you now have an account with your crypto exchange, you’ll not be able to buy TRON or any other crypto until you fund the account through a deposit.

Most crypto exchanges offer a variety of deposit or payment methods, such as bank transfers, credit/debit cards, PayPal, or other cryptocurrencies. The method you choose will depend on the exchange’s supported payment options and your location.

• Bank transfers: Involve transferring funds directly from your bank account to your exchange account. Though they offer security and convenience, bank transfers can take several days to process, especially for international transfers.
• Credit or debit cards: Credit cards can be a faster way to deposit funds than bank transfers. However, they typically attract higher fees and can be riskier to transact with.
• PayPal: This is not available in some exchanges and countries, and it charges relatively higher fees for users of its platform. These higher charges tend to discourage some crypto exchanges from supporting PayPal.
• Other cryptos: An ideal option for those who already hold digital assets (including stablecoins like USDT and USDC) and are intending to invest even further.

Step 4: Buy TRON (TRX)

After successfully depositing funds into your new account, search the exchange and find TRX. For some beginner-friendly platforms, all you need to do is go to the appropriate section to enter the TRX amount (or its USD equivalent)and then click on “Buy.”

Alternatively, you may have to use the exchange’s trading feature to execute either a market or limit order.

• Market orders: If you submit a market order, you commit to buying TRX at the current market price. The request is processed immediately (provided sufficient liquidity exists on the exchange). Market orders are ideal for users who want to make quick purchases without worrying about price fluctuations.
• Limit orders: Unlike a market order, a limit order lets you determine the price at which you are willing to buy TRON. If the price of TRX reaches the level you set, your order will be executed automatically. Limit orders are usually best for experienced traders who wish to purchase at a fixed price and are prepared to wait in the hope of the market hitting that level.

Once you’ve decided on the type of order to place, locate the exchange’s trading section to choose the TRX trading pair (e.g., USD, Bitcoin, or USDT), enter the amount of TRX you want to buy, review the transaction details, and complete the transaction.

If you’re using a market order, the process will be completed almost immediately (as noted above). In contrast, limit orders may take longer to execute, depending on the price action in the market. Once you complete the transaction, the exchange will add the TRX you’ve purchased to your portfolio. 

Conclusion

Despite regulatory challenges and the controversial nature of its founder, the TRON network has continued to rank high in the crypto industry due to attractive features such as high transaction speed, support for numerous dApps, lower fees, and more.

Though there are other ways you can buy TRX, regulated and trusted crypto exchanges are highly recommended since they not only ensure regulatory compliance but also offer strong security, among other perks.

Frequently Asked Questions