If you’re new to crypto, buying with AUD will be the easier of the two options, so that’s where we’ll start.
Buying TRX with AUD
If you want to buy TRX with AUD, here’s an example of how to do it:
While you can buy TRX on an extensive range of exchanges, only a handful of them allow you to purchase TRX with Australian dollars. For this example, we’ll use Melbourne-based CoinSpot to take you through the steps involved.
You can register for a CoinSpot account by providing:
Your email address
Your mobile number
Proof of residency
Proof of ID
A photo of yourself holding a signed statement
We also recommend that you enable 2-factor authentication before you deposit any funds.
Once you’ve verified your account, log in and click on the “Deposit AUD” link from your CoinSpot dashboard. There are three ways to make a deposit:
Online using POLi Payments
Online via BPAY
In person by depositing cash at a participating newsagent that uses blueshyft
Once your deposit has cleared, click on the “Buy/Sell” tab at the top of the screen before searching for TRON and clicking on “Buy TRX”. You can then type in the amount of TRX you want to buy or the amount of AUD you want to spend.
Don’t forget to review the full details of your transaction before you click “Buy TRX”.
Buying TRX with another cryptocurrency
If you want to trade another cryptocurrency for TRX, here’s an example of how to do it.
TRX is listed in trading pairs alongside a host of cryptocurrencies but is most commonly traded against bitcoin and Ethereum. So if you want to buy any TRX, the best place to start is to acquire some BTC or ETH. Find out how in our handy guides:
You can trade TRX on a wide range of exchanges, so compare the features and fees of a number of platforms before deciding which one you want to use.
Binance is one of the world’s most popular crypto exchanges and it lists TRX in several trading pairs. To sign up for a Binance account, provide your email address, create a password and remember to enable 2-factor authentication before depositing any funds.
If the BTC or ETH you’ll be using to buy TRON is already in your Binance wallet, skip ahead to step 4.
If not, you’ll need to transfer BTC or ETH into your Binance account from your private wallet. To do this, click “Funds” and select “Deposits”, and then search for the coin or token you want to deposit.
Choose your desired currency and copy the relevant wallet address or scan the QR code provided. Use this address when initiating a transfer from your external crypto wallet.
Once the funds have arrived in your account, click the “Exchange” tab and select either the “Basic” or “Advanced” trading view.
Next, search for the pair you want to trade, such as “TRX/BTC”, and choose a Limit, Market or Stop-Limit Order. You can then enter the amount of TRX you want to buy.
As always, take some time to review the transaction details and total cost before you click “Buy TRX”.
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.
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 “decentralise the web”, TRON aims to allow users to create and publish content without the need to use centralised 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.
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 (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 plagiarised. Justin Sun dismissed the alleged plagiarism as translation errors made by volunteers, and revised English and Chinese whitepapers without any plagiarised 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.
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.
You can buy TRON with cash through a crypto broker or exchange that accepts cash deposits and lists TRX. For example, both CoinSpot and Cointree accept AUD cash deposits.
If you want to buy TRX with your bank account, look for a platform that accepts bank deposits and lists TRX in one or more trading pairs. Examples of exchanges you may want to consider include CoinSpot (which accepts BPAY and POLi Payments transfers) and Cointree (which supports electronic funds transfers and POLi Payments).
There’s currently no way to directly buy TRON with PayPal. If you want to use your PayPal balance to acquire some TRON, you could consider using PayPal to buy bitcoin on a platform such as VirWox or Paxful, and then trading your BTC for TRX on a crypto exchange.
If you want to buy TRX without ID verification, there are some platforms that allow you to protect your privacy. For example, Bitfinex allows users to deposit, trade and withdraw cryptocurrencies (but not fiat currencies) without verifying their ID, while many decentralised exchanges don’t require you to enter any personal details before you can start trading.
No. Despite online rumours that TRON may soon be listed on the exchange, you can’t buy TRON on Coinbase as of September 2018.
In June 2018, TRON transitioned from the Ethereum blockchain to its own network. As part of this shift, TRON’s old ERC20 tokens on the Ethereum network were migrated to TRX coins on TRON’s new mainnet. To participate in the token swap, which was completed on 24 June, TRX holders had to move their TRX tokens to a participating exchange.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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