TRON is an entertainment protocol running on blockchain, allowing people to post and keep content for free. The TRON network has an official native token, TRONIX (TRX). So, if you have some TRX tokens, you definitely need to find a secure place for their custody. In this article, we will talk about ways for TRX tokens custody, and their pros and cons so that you will find out which one is better.
Factors to Consider When Choosing a Crypto Wallet for TRON
When choosing the right wallet for storing your tokens, be sure to pay attention to these points:
- Adaptivity. The wallet should be adaptive to TRX. You should determine if a wallet is interoperable with TRX tokens since no wallet supports all the existing cryptocurrencies.
- Private keys. Your funds’ safety must be crucial when you decide which wallet to choose for storage. So you should make sure that you have total control over your private keys. Otherwise, you don’t control your assets.
- Security. Pay attention to the level of security of the wallet. It would be good if it offers all the possible protection measures such as recovery phrases, PIN, multi-signature support, and 2-factor authentication. If all these points are provided, you may be calm about protection from hackers.
- UI. One more thing that is worth mentioning is the user-friendly interface and ease of use. It may become crucial for newcomers who have no experience working with crypto wallets. Also, it is no less critical for experienced investors and traders, as simplicity and transparency of all the features and tools in the wallet always contribute to fast and more efficient performance.
- Credibility. Before deciding on any exact wallet, you should also check its developers. Nowadays, it is easy to find information on any organization, and there are special social media channels intended for this, like LinkedIn. Find out who is behind the wallet. Do they constantly develop their project? Do they update it regularly? Does their tech support work properly? If there is no information on the project on the Internet, that must be a bad sign. Pick only active, developing, open, and progressive project teams.
One more thing you should know… After the TRON main net launch in 2018, TRX is not an ERC20 token anymore. You should make sure that you pick a wallet that supports TRX network tokens.
Five Trusted Wallets to Store TRON (TRX)
Ledger Nano S (Hardware Wallet)
This is a trusted offline storage option that supports 40 other cryptocurrencies such as the most popular Bitcoin, Ethereum, etc. It costs about $100, but beginners may find its design rather complicated.
You just connect this wallet to your PC using USB when you need it, and they take it away and store your assets offline, which is really the most secure way, as no one can access it but you. This Ledger has a secure chip as a core, a screen, and buttons to verify all your transactions.
Tron Wallet Chrome (Browser Extension)
It is a convenient option for storing TRX, and easy to download. Maybe beginners will find it challenging to handle this wallet, but over time, it becomes fairly simple. Transactions proceed offline, so your keys never pop up on the Internet, which ensures their safety.
Tron Wallet iOS (Mobile Wallet)
This is an option for iOS users, supported by the TRON Foundation. This cryptocurrency wallet for TRON does not provide for storing any tokens that are not on the TRON network. The design is easy and simple to handle. This is a fairly convenient app for using on the go, but sorely for tokens on the TRON network. If you want to store Bitcoin, for example, this option will not suit you.
Tron Wallet Android (Mobile Wallet)
TRON Foundation suggests using this wallet if you are an Android user. Its interface is also user-friendly. It features many functions and a cold wallet setup. It provides a 24-word phrase to protect your assets in the case you lose your smartphone, while your private data is encrypted with the password. You can find this wallet on Google Play. The wallet is suitable only for the TRON network tokens. Thus, if you wish to store other currencies after such conversion operations as, for example, WAX to XRP, you need to find another solution.
Cobo Wallet (Mobile Wallet)
This option supports many crypto assets. It is a rather young wallet aimed at making an easy way to store multiple cryptocurrencies supporting not only tokens on the TRON network but also many other crypto coins. The design is easy. To withdraw funds, you will have to provide the password, and there are different security levels, depending on what sum you wish to withdraw.
How About Storing on an Exchange? Final Thoughts
If you want to perform a trading activity and use your tokens often, choosing an exchange wallet would be a proper option, as it would provide quick management of your funds when you need to proceed with operations ASAP. It is good sorely for trading operations that you need to perform immediately. Keep in mind that, usually, exchanges keep your private keys, which means, in fact, no keys – no funds. Besides, there have been many cases of data theft. Thus, it is better to keep your tokens in a private wallet.