5 of the best wallets for storing, sending and receiving TRON (TRX) compared.
TRON is a blockchain-based content entertainment protocol designed to allow users to publish, store and own data for free. TRONIX (TRX) is the official token of the TRON network, and at the time of this writing (July 2018), it was one of the world’s top 20 cryptocurrencies by market cap.
If you’re planning on buying some TRX or you already have some of these tokens, you’ll need to find somewhere safe and secure to store them. Read on for more information on some of the best TRON wallets for online and offline storage to help you find a wallet that suits your needs.
Best wallets for TRON
What to look for in a TRON wallet
If you’re looking for the right wallet for your TRX tokens, remember to keep an eye out for the following features:
- TRX compatibility. First and foremost, make sure any wallet you’re considering is actually compatible with TRX tokens, as there’s no wallet that supports every available cryptocurrency.
- Private keys. Security is paramount when storing TRX or any other cryptocurrency, so make sure any wallet you choose allows you to retain control of your private keys. If you don’t control your private keys, you effectively don’t control your cryptocurrency holdings.
- Other security features. From secure PINs and recovery passphrases to 2-factor authentication and multi-signature support, check out what measures a wallet provides to help protect your funds against hacking and theft.
- Ease of use. Another key area to focus on is how simple and straightforward a wallet is to use. Cryptocurrencies and the wallets that hold them can be quite complicated, especially for beginners, so make sure any wallet you choose is easy to operate.
- Ongoing development and support. Look into the team behind the wallet to find out whether it’s constantly being developed and upgraded with new features. Also, make sure you’ll be able to get in touch with customer support if you ever have any questions or problems.
What you need to know about TRX and TRON wallets
Following the launch of the TRON mainnet in mid-2018, TRX is no longer an ERC20 token on the Ethereum network. Make sure any wallet you choose supports TRX mainnet tokens.
5 wallets to securely store TRON (TRX)
Ledger Nano S (hardware wallet)
- Secure offline storage, peace of mind, can also store a wide range of other cryptos
- Costs $100+, interface may be a little confusing for new crypto users
If security is your main priority when storing TRX, you may want to consider a hardware wallet like the Ledger Nano S. This popular hardware wallet connects to your computer via USB and allows you to store your crypto private keys offline.
Built around a secure chip, it features a built-in screen and buttons which must be used to physically verify all transactions. You can also use the Ledger Nano S to store 40 other digital currencies, including major players like bitcoin, Ethereum and Litecoin.
To manage your TRX holdings through the Nano S, you’ll need to download the Tronscan Desktop wallet from the Tronscan github. The user interface may be a little intimidating for crypto newcomers, but you should be able to get the hang of it pretty quickly.
However, the main downside is the cost. At $115 at the time of writing (September 2018), the Ledger’s price tag may be a turn-off for some.
Tron Wallet Chrome (browser extension)
- Convenient way to manage TRX, transactions signed offline
- Not as user-friendly as some other options
The first wallet on our list is an extension for the Chrome web browser. It’s quick to download and install, and is designed to offer convenience for anyone looking to send, receive and store TRX.
The Tron Wallet Chrome extension is fairly simple to use, if perhaps a little confusing for crypto newcomers, and also helps protect your funds by ensuring that all transactions are signed offline. This means that your private keys are never sent out over the Internet, providing extra peace of mind.
Tron Wallet iOS (mobile wallet)
- TRON’s recommended wallet for iOS users, simple to use
- Can’t store any tokens not on the TRON network
Quick and easy to use, it offers a simple and straightforward interface that you shouldn’t have any trouble navigating. However, if you’re searching for a mobile wallet that will also support other cryptos that aren’t on the TRON network, for example bitcoin, you’ll need to look elsewhere.
Tron Wallet Android (mobile wallet)
- TRON’s recommended wallet for iOS users, decent security features
- Can’t store any tokens not on the TRON network
Next on the list is TRON Foundation’s officially recommended wallet for Android users which is supported by the foundation through TRON Loan. This multifunctional wallet features a cold wallet setup and a straightforward user interface designed to make it easy to manage your TRX.
All of your private details are encrypted with a password, while you can also create a 24-word recovery phrase to ensure you don’t surrender your funds if you lose your phone.
The wallet is free to download from Google Play. However, you’ll once again need to look elsewhere if you want a mobile wallet that can store coins and tokens that aren’t part of the TRON network.
Cobo Wallet (mobile wallet)
- User-friendly interface, supports a wide range of currencies
- Still a relatively new wallet provider
The final entry on our list of TRX wallets is the Cobo multi-currency wallet. Designed with the aim of making it easy to store and manage multiple cryptocurrencies in one app, Cobo also supports bitcoin, Ethereum, Litecoin, EOS, Dash and a wide range of other cryptos.
Its user interface is clean and intuitive, and the setup process is straightforward. Security features include 2-factor authentication, password authorisation for every withdrawal, and multiple security levels with different withdrawal limits.
Cobo only started building its wallet in August 2017, so it’s still a relatively new player on the crypto wallets scene, but it’s well worth a closer look when comparing your options for storing TRON.
Storing TRX in an exchange walletOne other option you may want to consider is storing your TRX tokens on an exchange. This is often the best choice if you’re planning on placing a trade and you want quick access to your tokens.
However, this practice is not recommended for a couple of reasons. In most cases, exchanges retain the private keys to your wallet, which effectively means they have control over your funds. There have also been numerous reported incidents of theft and hacking attacks from cryptocurrency exchanges, so the safest option for storing your TRX is to move them into a private wallet.
Tips for securely storing your TRX
Keep the following tips in mind to help ensure that your TRX tokens are stored as safely and securely as possible:
- Get offline. If you’ve got a large amount of cryptocurrency you need to store, you may want to consider moving the bulk of it offline into a cold-storage solution such as a hardware wallet. You can also keep a small amount in a desktop, mobile or web wallet for easy access if you need to manage any urgent transactions.
- Use all security features. Make the most of all the security features offered by your wallet, such as setting up 2-factor authentication or creating a secure PIN.
- Back it up. Check out the recovery options available if something goes wrong with your wallet, and make sure your backup is always up to date.
- Research first. Before depositing TRX into any wallet, make sure you thoroughly research the features, benefits and drawbacks of any wallet. This includes looking into the team behind the wallet and checking out reviews from other users to make sure you’re using a safe and secure product.
- Watch out for scam wallets. Keep an eye out for incorrect links that are the source of phishing attacks, and do your due diligence to ensure that any wallet you use is backed by a reputable provider.