Tron is undoubtedly a very popular cryptocurrency project. It seems to have everything required for success - a great vision, a strong team behind it, and a clear plan for the future. However, the one thing that you are going to need in order to start trading and investing in TRX is a reliable wallet.
Same as with most other cryptocurrencies, Tron has a pretty broad selection of wallets that you could utilize. However, even though all of them are going to be different on their own accord, some are going to be better than others.
Today, we’re going to try and figure out the best Tron wallets - whether it be desktop, hardware, or else. If you’re looking to purchase some TRX, read on - some contenders on this list might surprise you!
What is Tron (TRX)?
If you're looking for the best Tron wallet, you probably know what it is. However, let me refresh your memory. Tron is a decentralized blockchain network that provides users with an entertainment and content-sharing platform. It was launched in 2017 by Justin Sun.
TRX is the native coin of the Tron blockchain. Initially, it was launched based on the ERC-20 token standard. However, once the Tron mainnet was launched, TRX was migrated to the TRX-20 token standard. Thus, since it's not compatible with wallets that support only ERC-20-based tokens anymore, you need to find a wallet that supports TRX-20.
Don't worry, though, there are plenty! However, before jumping into the list, let's first figure out what types of Tron wallets there are overall.
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The Different Types of Tron Wallets
Before we go ahead and jump into the list of the best Tron wallets of the year, there are a couple of things that are important to discuss. For starters, you should be aware of all of the different Tron wallets that are out there.
While crypto wallets, in general, are often categorized in four or five different categories, for simplicity’s sake, we’re going to stick to two - hot and cold ones.
As we discuss both of these types of wallets ahead, please keep in mind that the tags are used as umbrella terms - however, as far as this list goes, it should be sufficient.
Hot Wallets - The Peak of Convenience
The term “hot wallet” refers to cryptocurrency storage that maintains a constant connection to the internet. An example would be a Tron desktop wallet (software), a Tron wallet app, a web browser extension, or a website-based one.
Hot wallets are probably the most common wallets that you’ll find, as far as storing Tron is concerned. This is due to their accessibility - if you’re using a hot wallet, chances are that you’ll be able to access your cryptocurrencies (in this case - TRX) in a matter of seconds.
By extension, a mobile app-based Tron wallet can be considered a hot wallet, too. As you can probably imagine, app wallets are super-popular, especially among people who trade TRX coins on a day-to-day basis. Such wallets allow you to access your TRX on the go, wherever you might be located - I mean, you probably have your phone with you all the time!
Not the case with a computer, though.
So, hot wallets are very accessible, usually completely free to use, and beginner-friendly. What’s the trade-off?
Well, typically, a Tron desktop wallet isn’t going to offer you the “best possible” security. If you choose to use a high-end wallet, sure - it will be secure. However, break-ins and hacking attempts do still happen.
Now, before we move on to discussing cold Tron wallets, there is one more type of hot wallet that needs to be mentioned, and that you can expect to see on the list ahead - exchange-based storage.
That’s right - you can store and keep your TRX coins on a cryptocurrency exchange - the same one that you’ve bought them on. If you’re searching for the best Tron wallet app, you’ll quickly notice that this is a rather contentious point - people have very different opinions on whether or not this is a good idea. We’ll get to that in due time, though.
Cold Wallets - The Beacons of Security & Privacy
On the opposite side of hot wallets, you’ll find cold ones. These are (usually) special devices that are dedicated to keeping your cryptocurrencies as safe as they virtually can be.
A “cold wallet” doesn’t have to be a “device”, though. If you’d like, you could go ahead and use a Tron paper wallet - that’s completely in the realm of possibilities! However, paper wallets are fragile - they can end up being burned or damaged by water (or simply crumpled), and thus, people are usually keener on using hardware devices than Tron paper wallets.
So, what’s so special about hardware Tron wallets, you may inquire?
Well, one, single word - security.
Hardware cryptocurrency storage, in general, has become synonymous with the aspect of keeping your cryptocurrencies as safe as possible. There is no better alternative, security-wise - if all you care about is maintaining the ownership of your TRX coins, then you should definitely look into a hardware crypto storage device.
With that being said, though, it’s worth mentioning that not everything is perfect, as far as Tron cold storage goes. There are shortcomings that are going to be common with both Tron paper wallets, and also high-end, advanced hardware devices.
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Table: The pros and cons of the Ledger Nano X and the Trezor Model T
The most common complaint that people have concerning cold storage devices is that it takes a decent amount of time to transfer your funds in and out of the wallet. If you have a Tron wallet on, say, an exchange, you can swap different cryptocurrencies instantly - if, however, you keep your TRX coins in a cold storage device, this process is going to take some time.
Pricing is another point worth considering. While this doesn’t really apply to Tron paper wallets (for obvious reasons), if you’re planning on purchasing a cold storage device, you should take into account that it’s going to cost you some money. Not something that you’d need to consider with a hot wallet, though.
It does make sense, when you think about it. These hardware devices in question are some advanced pieces of crypto storing technology - they work to keep your private keys, well… Private! It’s only logical that such devices would come with an added price tag.
We’ll discuss the specifics of each of the wallets as we get to them, though. So, without lingering around any longer, let’s move on to the actual list of the best Tron wallets of the year, and try to find the perfect wallet for you!