Your guide to TRON and how to buy, sell or trade Tronix (TRX) on an exchange.
So you want to buy some Tronix (TRX)?
These days, you can buy and sell TRON’s native currency, Tronix, on a wide range of crypto exchanges, so keep reading for step-by-step instructions on how to start trading TRX in Canada.
How to buy TRON (TRX)
- Register for an account with an exchange like Binance.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit”.
- Transfer crypto, such as BTC or ETH, into your account.
- Click the “Buy” button.
- Search for TRON in the pairing you want, such as TRX/BTC and choose a Limit, Market or Stop-Limit Order.
- Enter the amount of TRX you want to buy with your cryptocurrency.
- Review transaction details.
- Click “Buy TRX”.
This is our quick guide to just one way to buy TRX. Compare some other options in the table below.
TRON vs TRX vs Tronix: What’s the difference?
TRON is the name of the blockchain-based entertainment content sharing platform.
Tronix tokens are the platform’s native currency and are used to reward users for creating content.
TRX is the ticker symbol crypto exchanges use to refer to Tronix, in the same way that the Canadian dollar is commonly abbreviated to CAD.
A step-by-step guide to buying TRON
If you want to buy Tronix, you can either:
- Buy TRX with fiat currency (like Canadian or US dollars)
- Buy TRX with another cryptocurrency, such as bitcoin (BTC) or Ethereum (ETH)
Buying TRX with CAD
You will likely have to buy TRX with another fiat currency, such as USD or EUR, since no exchanges currently offer TRX and CAD in a trading pair.
Buying TRX with another cryptocurrency
If you want to trade another cryptocurrency for TRX, here’s an example of how to do it.
How to sell TRON
If you want to sell your TRX, the process you’ll need to follow is fairly similar to that described in step 4 above. Of course, you’ll need to make sure you enter your transaction details in the “Sell” rather than “Buy” tab and remember to review your transaction before submitting.
It’s also worth pointing out that TRX isn’t listed in trading pairs alongside every possible crypto and fiat currency, so it may not be possible to directly exchange your Tronix for the currency you want.
Which wallets hold TRX?
After the launch of the TRON mainnet in June 2018, TRX is no longer an ERC20 token on the Ethereum network. As a result, you’ll need to find a wallet that supports TRX mainnet tokens.
The wallet options available were initially quite limited but are increasing all the time. There are desktop, web, Android/iOS mobile and even web browser extension wallets that have been developed by the TRON community and are listed on the TRON website.
You can also use the Tronscan desktop app to manage your TRX holdings through the Ledger Nano S hardware wallet.
How TRON works
TRON is a blockchain-based entertainment content sharing platform that aims to transform the global entertainment industry. Launched in 2017 and with a stated aim to “decentralize the web”, TRON aims to allow users to create and publish content without the need to use centralized services, and without needing to hand control of their content over to major entertainment companies like Google, Apple or Facebook.
It was built in response to the perception that users are losing control of the Internet, with social media giants, advertisers and other large sites taking control. By using blockchain technology and its peer-to-peer benefits, TRON aims to cut out the profit-taking middlemen and allow content creators to connect directly with consumers.
To this end, TRON developers have created a formula that determines creator rewards. This reward system takes into account the following:
- Content creation. Simply creating content and thereby contributing to a healthy ecosystem is enough to earn rewards. People who contribute regularly will earn more rewards.
- Popularity and engagement metrics. Likes, shares, comments and other signals of user engagement or enjoyment will increase the rewards for content creators.
Before you buy TRON: Things to consider
Cryptocurrencies are complex and notoriously volatile assets, so you should never buy any digital coin or token without doing some thorough research first. You’ll need to understand the factors that can potentially influence the price of TRX, as well as the risks involved in buying digital currency, before making a purchase.
If you want to buy TRON, make sure you consider the following factors:
- Supply. According to CoinMarketCap, at time of writing in September 2018, the circulating supply of TRX is 65,748,111,645 out of a total supply of 99,000,000,000.
- Use. Tronix is the native currency of the TRON ecosystem. It will essentially be mined by content creators, with their mining rewards based on the quality of content they produce.
- TRON Power. By locking their TRX coins away for an extended period of time, TRON holders can earn TRON Power. TRON Power holders are entitled to greater privileges in the TRON ecosystem, such as voting rights.
- Justin Sun. TRON is led by founder and CEO Justin Sun, the creator of mobile social application Peiwo. Sun has also served as Ripple’s former chief representative in greater China and was named one of Forbes Asia’s “30 Under 30” entrepreneurs in 2017.
- Plagiarism accusations. In January 2018, TRON was hit by accusations that large sections of its whitepaper were plagiarized. Justin Sun dismissed the alleged plagiarism as translation errors made by volunteers, and revised English and Chinese whitepapers without any plagiarized content were soon released.
- Partnerships. TRON has secured partnerships with a number of other projects and companies, including virtual gifting platform Gifto, gaming site game.com and mobile social media platform Peiwo.
- Technology. If you want to know more about the tech behind TRON, check out the Design Book of TRON Architecture.
- The battle for adoption. TRON’s wide-reaching goals include everything from creating a high-quality content hosting platform and a social network that provides a link among all users, to turning TRX into the digital currency of choice for content creators in TRON’s autonomous ecosystem. Whether or not TRON can achieve the widespread adoption needed to make this a reality, succeeding in the face of competition from major established content channels, remains to be seen.
Consider these and a range of other influencing factors before deciding whether you should buy TRON.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.