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.
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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 writing (01/03/18) 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.
Learn more Where to buy TRON (TRX)
If you’re looking for the right wallet for your TRX tokens, remember to keep an eye out for the following features:
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.
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.
Tronscan offers an online wallet designed to provide quick and easy access to your TRX. The signup process is fairly straightforward and requires you to create a strong password, save the keystore file and keep a copy of your private key.
The user interface, while not all that easy on the eye, is fairly simple to navigate and understand. All the information you need to check your balance, send and receive funds, freeze some TRX or even apply to be a TRON Super Representative is presented in front of you.
However, before choosing this option, make sure you understand and are happy to accept the increased security risks that come with web wallets.
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.
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.
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.
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.
Keep the following tips in mind to help ensure that your TRX tokens are stored as safely and securely as possible:
Check out our comprehensive guide to choosing a crypto wallet
Images: Shutterstock
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