Considered a “veteran” in the crypto industry, Tron is one of the world’s most popular decentralized projects and as a result, its native token TRX is one of the world’s most popular cryptocurrency investments. Tron initially started on the Ethereum blockchain but in 2018, it built its meaning the TRX token is no longer an ERC20 token. Therefore, choosing a Tron wallet means one needs to get a little more creative with the options. In this Tron wallet choosing guide, we’ll recommend some to you.
Key talking points:
- Learn what a TRX wallet is and how they work
- Understand the main features of a TRX wallet
- Learn about TRX wallet security
- Compare different types of TRX wallets
- Discover what TRX wallets are best for you
What is a Tron wallet?
A Tron wallet is a wallet that enables holders to store TRX in addition to sending and receiving. There are different types of Tron wallets most notably hot (online) and cold (offline) wallets. Cold wallets tend to be the most secure way to store private keys while hot wallets tend to offer more innovative features like access to DeFi protocols and more. Then, of course, there are hybrid wallets like YouHodler that use a combination of both hot and cold wallets to deliver the best mix of security and efficiency for clients.
How does a Tron wallet work?
Tron wallets are designed with two codes, like most other crypto wallets. One code enables the user to access and send TRX on the blockchain while another code allows the user to receive and request payments. These two codes come in public and private varieties and users are generally responsible for keeping these codes safe themselves unless they are using some type of third-party wallet solution where the keys are managed by that wallet provider.
Main features you need in a Tron Wallet
When researching your Tron wallet, make sure it comes with the following features:
- Security and privacy
- Low or custom TRX transaction fees
- Two-factor authentication (2FA)
- Fiat onramps and offramps
- Low minimum deposit amount
- The ability to lock and unlock withdrawals at will
- Complete crypto exchange capabilities
- Customer support
- Multi-chain support
- Multisig
- Bonus features like Yields accounts, trading tools, and loans.
Do I need a Tron Wallet to Buy or Trade TRX?
The short answer here is “yes.” If you buy TRX on a crypto exchange, then that exchange will have a built-in TRX wallet for you to hold TRX until you decide to trade it or withdraw it. Even if you manage to buy TRX with cash from your friend, you still need a wallet to store Tron.
Are all TRX wallets secure?
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure TRX wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Are all TRX Wallets Free? How Much Does It Cost to Use a Tron Wallet?
Any good Tron wallet should be free. If someone is trying to sell you a Tron Classic wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Tron wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
How to deposit and withdraw from Tron Wallet
The crypto industry has come a long way over the years. Nowadays, Tron wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Tron using your wallet, just open up your app and find Tron in the wallet section. You should then see buttons to deposit or withdraw Tron. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Tron can do so. If you are withdrawing Tron, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Tron there.
Types and differences of Tron wallets - How to choose the right one for you?
Tron wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
Desktop TRX wallet
As its name suggests, a desktop TRX wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
Mobile TRX wallet
More or less, a mobile TRX wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile TRX wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are TRX wallets for all types of operating systems like Android or iOS.
Web TRX wallet
Web TRX wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
The Best Tron Wallets
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Tron wallet.” To be honest, there is no “best TRX wallet” for us as a collective whole. However, there is a Tron wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Tron wallet? Well, that’s for you to decide.
Best Tron Wallet for Beginners
When asking what the best Tron wallet for beginners is, it’s important to first dissect what a beginner demands from a Tron wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Best Tron Wallet For Advanced Tron Users & Investors
Advanced Tron users and investors also appreciate clean simple interfaces on their Tron wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Best Tron Wallet for Mobile Users
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Tron wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Tron wallets match this quality but YouHodler tries its best to.
Best Tron Hardware Wallet
As mentioned earlier, it’s a smart idea to buy a Tron hardware wallet to use in cooperation with your mobile or web wallets. Tron hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Best Tron Wallet for software storage
Once again, this comes down to the idea of “not your keys, not your crypto.” The best Tron wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
Best Tron Wallet For Security
The best Tron wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
Best Tron Wallet for Android Users
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Tron wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
Best Tron Wallet for iOS Users
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Tron wallet functionalities for your iPhone.
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