TRON (TRX) is a prominent Layer 1 protocol in decentralised finance, boasting a value locked on their network surpassing $1 billion. The TRON platform allows developers to deploy solidity-based applications for DeFi and GameFi, offering remarkable scalability and minimal transaction expenses. This article will guide you on how to buy TRON in Australia using AUD.
What is TRON (TRX)?
Tron is a decentralised digital platform built on blockchain technology and powered by its native cryptocurrency, Tronix or TRX. It was established in 2017 by the Tron Foundation, a non-profit organisation based in Singapore. The primary goal of Tron is to create a global entertainment system that enables cost-effective sharing of digital content.
Tron differentiates itself from other cryptocurrencies like Bitcoin by employing a delegated proof-of-stake system, significantly reducing energy consumption. This innovative approach allows the Tron network to handle a larger volume of transactions simultaneously compared to proof-of-work systems like Bitcoin, which rely on extensive networks of cryptocurrency miners. Developers use the Solidity programming language to build applications hosted on the Tron platform.
Within the Tron ecosystem, the currency of exchange is Tronix or TRX. The TRX token entered the market through a private sale in January 2017, accounting for 25.7% of the initial token supply. Subsequently, an initial coin offering (ICO) was conducted in August 2017, releasing 40% of the token supply. The Tron Foundation retains the remaining 34.3% of Tron tokens.
How to Buy TRON in Australia?
There are five simple steps to buy TRON in Australia:
Step 1: Select a crypto exchange
When you purchase TRON or any other crypto, choose a suitable platform. Consider factors such as authenticity, security, supported coins, user interface, trading features, fees, customer support, payment methods, and the ability to purchase directly with AUD. Conduct thorough research, read customer reviews, and opt for transparent exchanges that align with your trading preferences and offer reliable services.
You can refer to reviews of Australia-based crypto exchanges for further details. But now, to effortlessly follow along, we recommend signing up with CoinSpot, where we will demonstrate how to acquire cryptocurrency through screenshots from a CoinSpot account.
Step 2: Sign up CoinSpot account
To open a CoinSpot account, click the “Register” button to access the registration screen. Provide your email address, password, and optional referral or affiliate code.
Complete the reCAPTCHA verification and read the terms and conditions. Click “Create Account” to proceed.
Once your account is created, you will receive an email. Click the “Confirm Email” button in the email to verify your address and be directed back to the registration page.
Step 3: Deposit AUD in your account
After verifying your account, the next step is depositing AUD into your CoinSpot account. To initiate the deposit process, locate the “Deposit Funds” button in the top left corner of your account interface. Clicking on it will take you to the deposit page.
CoinSpot supports many deposit methods in AUD, including POLi, PayID, BPAY, direct deposit, or cash deposit. We recommend POLi as you can instant deposits without any additional charges. Enter the desired deposit amount, select your bank, and click the “Continue to POLi” button to finalise the deposit.
Note that low-level accounts have a daily deposit limit of AUD 2000, which can be increased after verifying your account. If you require assistance, feel free to contact CoinSpot customer support.
Step 4: Buy TRON (TRX) in Australia
To choose from over 380+ cryptocurrencies on CoinSpot, click the “Buy/Sell” option. You can see details such as the current price and price change over the last 24 hours. To purchase a diversified portfolio and minimise transaction fees, you can use CoinSpot’s Bundles feature, accessible through the CoinSpot Dashboard.
To buy TRON (TRX), navigate to the top menu and search for TRON. Click “Buy TRON” to access the purchase screen, similar to the provided screenshot. The price of TRON will be displayed on the screen.
Specify the amount of AUD you want to spend on TRON, then click the “Buy” button. A pop-up confirmation will appear, outlining the amount spent, associated fees, and the number of coins you will receive.
Verify that all the information is accurate, and then click “Confirm Buy” to complete the transaction.
Step 5: Store your TRON safely
By default, when you buy TRON on an exchange like CoinSpot, it will be stored in an in-built CoinSpot crypto wallet. Clicking Wallets at the top of the screen, you can see details such as how much TRON you own and the value in AUD.
Alternatively, cold wallets not connected to the internet are considered the most secure option. They come in external devices like USB drives or hard drives. However, you must handle them carefully, as losing the key code or device could permanently lose your cryptocurrency.
If you prefer enhanced security beyond CoinSpot, you can send your TRON to a personal wallet. Ensure you choose a wallet that meets your security requirements and provides a reliable storage solution for your TRON. Read our reviews of the best crypto wallets for Australia for more details.
Where to Buy TRON in Australia?
Where to buy TRON in Australia, we have compiled a list of the top crypto brokers and exchanges.
CoinSpot
CoinSpot is the best platform for buying TRON in Australia that offers the most extensive range of coins, with over 380 coins available, including TRON. This diverse selection enables users to diversify their investment portfolios and explore various opportunities. CoinSpot users can also earn interest on 21 coins, generating passive income while holding their assets.
As an AUSTRAC-registered platform, CoinSpot provides a user-friendly interface accessible on desktop and mobile devices, catering to newcomers in the crypto market. The platform’s clutter-free dashboard ensures a seamless user experience. CoinSpot is highly rated for its excellent customer support, offering assistance through Live Chat, email, and a Help Centre with informative articles and tutorials.
CoinSpot prioritises security and compliance, holding certification from Blockchain Australia, ASIC registration, and AUSTRAC regulation. This ensures that the platform meets all KYC/AML obligations, providing users with peace of mind when conducting transactions involving the purchase and sale of TRON tokens. For further details, please refer to our CoinSpot review.
eToro
eToro is a mobile app-based social investing platform that offers a convenient way to buy cryptocurrencies. With its social and copy trading features, users can benefit from the investment decisions of experienced peers. eToro provides access to over 70 coins, including TRON (TRX) and other investment assets like stocks and commodities.
Direct conversions from fiat to crypto on eToro incur a 1% transaction fee, and specific cases, such as Luna Classic transactions, may involve additional fees. The platform supports multiple deposit methods, including credit cards, PayPal, and bank transfers, although certain limitations and conversion fees may apply.
Deposits on eToro are free, but payment providers may charge their fees. The minimum initial deposit is $10; subsequent deposits have their minimum thresholds. eToro is regulated in Australia by ASIC and the Australian Financial Services.
Binance
Binance is a renowned global cryptocurrency exchange that offers an extensive selection of more than 600 cryptocurrencies, NFTs, vanilla options, and automated trading services. Known for its competitive fees, Binance is a favoured platform among crypto enthusiasts. When purchasing TRON on Binance’s classic trading terminal, the transaction fee is a mere 0.1%, ensuring a cost-effective experience.
AUD deposits can be made on Binance through various methods such as bank transfers, credit cards, and third-party providers like Simplex and Poli. Different deposit limits apply, ranging from 25 AUD to 20,000 AUD for credit card payments, with a minimum of 75.41 AUD for local bank transfers. Payment providers may impose additional fees, such as a 1.8% fee for credit card transactions and a $1 fee per transaction for bank transfers.
Binance also offers a peer-to-peer market that connects buyers and sellers worldwide, enabling fee-minimized transactions. Users can directly exchange fiat and cryptocurrencies through this market, while Binance is an escrow service. Besides purchasing TRON coins, Binance provides TRON futures, allowing users to trade derivatives based on TRON’s price movements.
Swyftx
Swyftx, an Australian cryptocurrency exchange, offers a diverse range of over 310 assets and features a convenient mobile app with a portfolio tracking feature. The platform facilitates local deposits, enabling users to deposit and withdraw AUD free of charge via bank transfers, credit cards, PayID, Poli, and Osko. Transactions across these channels are processed instantly.
Users must pay conversion and spread fees when converting fiat to crypto on Swyftx. The conversion fee is a fixed rate of 0.6% based on the transaction value, while spreads are variable, typically starting at 0.41%. It’s important to note that purchasing TRON incurs both spread and conversion fees.
Swyftx offers additional functionalities, including depositing in USD and trading popular cryptocurrencies like TRON and USDT. Users can also change their account’s base currency to USD, set up recurring purchases, invest in crypto bundles with customisable proportions, and practice trading using a demo account.
Coinbase
Coinbase is particularly suitable for users seeking a user-friendly platform, making it an excellent choice for beginners. Depositing funds to buy TRON is straightforward, as it supports popular methods such as bank transfers, credit cards, and wire transfers. Credit card transfers incur a fee of 2.49%, while wire transfers cost $10. Withdrawals also carry fees, with credit card transfers charged at 2.49% and wire transfers at $25.
Coinbase allows users to link their bank accounts to add funds, make direct crypto purchases, receive sales proceeds, and facilitate balance transfers. However, credit card transfers are limited to direct crypto purchases. It is advisable to initiate an initial deposit of $50 for bank account verification and PayID creation, as this helps with the process.
For direct fiat-crypto conversions on Coinbase, there is a 1% conversion fee. The trading terminal on Coinbase applies fees ranging from 0.05% to 0.60% for trades. For more comprehensive information, please refer to our Coinbase review.
Should I Buy TRON in Australia?
Determining whether TRON is a viable investment is not a straightforward task. However, we can provide guidelines to assist you in making an informed decision.
TRON operates decentralised, meaning it does not rely on government endorsements to function and maintain its infrastructure. Transactions are free from many constraints and disadvantages associated with traditional financial networks, such as exorbitant fees for international transfers.
Cryptocurrencies, including TRON, generally exhibit high liquidity and portability. They can be easily acquired on one crypto exchange, swiftly transferred to another exchange in a different country, and promptly sold, facilitating the seamless movement of wealth.
TRON has demonstrated a track record of generating substantial returns on investment, which can be attributed to its volatility or more fundamental factors like increasing adoption and institutional interest. The potential for growth and profit becomes significant when combined with the fact that blockchain technology is still in its early stages.
However, you should consider the downsides of investing in TRON. First and foremost is its volatility. Cryptocurrencies are known for their substantial price fluctuations, often resulting in significant losses for investors within short periods.
Also, there exists a risk of rug-pulls, blockchain attacks, and wallet hacks. These technological risks involve attackers exploiting vulnerabilities in a crypto’s blockchain network or compromising your wallet, often leading to the theft of funds.
Finally, the cryptocurrency market as a whole remains susceptible to legal crackdowns and stringent regulatory policies that could hinder its growth and adoption rate.
Final Thoughts
To purchase TRON (TRX) in Australia, it is necessary to compare various crypto brokers and exchanges available. Carefully assess their characteristics, fees, security measures, and overall reputation to identify the most suitable platform. Prioritising an exchange registered with AUSTRAC can provide an additional layer of confidence regarding regulatory compliance. It is crucial to recognise that owning and using TRON carries inherent risks. Therefore, it is advisable to incorporate TRON into a broader investment strategy and seek guidance from a financial advisor if necessary. Once you have bought TRON, evaluate your short- and long-term objectives to determine whether storing the tokens on the exchange or transferring them to a personal wallet is preferable.
