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 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.
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 two-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 is 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
TRON is currently an ERC20 token on the Ethereum network. However, when TRON’s “mainnet” is officially launched, which is scheduled to occur at some stage in 2018 (the beta version is set to launch on 31 March), TRX will no longer be an ERC20 token and will be replaced by a TRX coin. Make sure you stay up to date with official announcements on TRON for advice on the best wallets for storing your coins.
On 20 January 2018, TRON founder Justin Sun was asked by a Twitter user if TRON had plans to release a wallet. He replied: “Yes. It is one of our plans in developing mainnet. It will be released with mainnet.”
Also, in an interview with Forbes in August 2017, Sun said: “We are very confident that TRON will reach a target of one million wallets registered within a year. The first million registered users will be rewarded with considerable TRX tokens by registering on the TRON platform.”
5 wallets to securely store TRON (TRX)
Ledger Nano S (hardware wallet)
- High level of security, easy crypto management, compatible with multiple cryptocurrencies
Easy to set up and use, the Nano S connects to your computer via USB and places a big emphasis on security. Features include a secure PIN, private keys stored in isolation, and an OLED screen and manual buttons you can use to double-check and verify transactions. Two-factor authentication is also available.
The main drawback of hardware wallets is the cost. At the time of writing the Ledger Nano S was retailing for €79 (approximately AUD$125) on the Ledger website. If you don’t have the cash to put towards a hardware wallet, you’ll want to consider one of the free options instead.
TREZOR (hardware wallet)
- Security features, easy to set up and use, can store multiple coins and tokens
It also provides support for a wide range of digital currencies, including bitcoin, Bitcoin Cash (BCH), Ether, Litecoin and Dash. To control the TRX and other Ethereum tokens stored with your TREZOR, you’ll need to use an Ethereum web wallet such as MyEtherWallet.
The drawbacks to using a hardware wallet are that they’re not as convenient as some other options, while you also need to be willing to pay for the added security. The TREZOR was listed for €89 (approximately AUD$140) at the time of writing, which could be a bridge too far for those who are only looking to store a small amount of cryptocurrency.
MyEtherWallet (online wallet)
- A convenient way to manage tokens, simple to use, you retain your private key, can interact with smart contracts
- Does have some security risks
This is a key reason for the popularity of this open-source wallet, which aims to provide a simple and convenient way to manage your TRX tokens.
You can set up a wallet without providing any personal information, which is a big plus for those who value their privacy, and then use it to manage your TRON, Ether, Ethereum Classic and any other ERC20 tokens on the Ethereum blockchain.
You can access MyEtherWallet through your web browser, but it’s also compatible with hardware wallets like the TREZOR and the Ledger Nano S. It’s considered easy to send and receive payments, while there’s also an in-built facility to exchange ETH for bitcoin or Augur (REP).
The main drawback of this option is that, as an online wallet, it’s not going to be as secure as hardware storage. Some users have also reported that they have been targeted by phishing attacks, so remember to exercise all the usual safety precautions when using this wallet.
MetaMask (online wallet)
- Easy access to the Ethereum network, convenient way to manage tokens
- Security risks associated with online wallets, slightly confusing for beginners
You can also use the platform to access dapps, and MetaMask is compatible with Chrome, Firefox, Opera and Brave browsers. There’s no personal information needed to register and your private keys are encrypted for extra security.
The downside, of course, is that online wallets are inherently less secure than hardware wallets, so if you’re planning on storing a large amount of TRX then you may want to look elsewhere.
Eidoo (mobile wallet)
- Convenient, user-friendly interface, stores an extensive range of tokens
- Not as secure as hardware wallets, no support for bitcoin (yet)
Available for iOS and Android devices, Eidoo has a Hierarchical Deterministic (HD) structure which means you only require a single backup passphrase. Private keys are managed by you and encrypted on your device, allowing you to maintain full control over your holdings.
Another strength of the Eidoo platform is its user interface, which is simple to understand and just as easy to use. This makes it more convenient for you to keep track of your TRX and manage your transactions from your smartphone.
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 two-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.