Do you know TRX cryptocurrency? Then you know this wallet. The Tron Wallet. This is a very own cryptocurrency wallet of the Tron foundation. Today, I’m going to review it for you. Let’s begin this Tron wallet review.
First of all, there’s something you need to know about cryptocurrency wallets. There are many types of wallets. Why do you go for a cryptocurrency wallet?
To store your coins securely. For a little longer. Most people do holding cryptocurrencies than trading these days. I think that’s a smart choice by the way.
However, there are major things that you need to check when you choosing a wallet to store your cryptocurrencies. So what are they?
Most importantly, the security. Then you need to look whether your wallet supports the cryptocurrency you have or not. Additionally, you need to consider if there’s any service fee.
And that’s all it. But in this Tron wallet review, I will all of those and some other facts as well. keep reading.
Tron Foundation
As I told earlier, Tron is a cryptocurrency project with a successful carrier. Actually, TRX (Also known “TRONIX”) is the product of the Tron foundation. Recently, I wrote an article about Tron. Here’s the link if you want to check that out too.
Tron foundation started in 2017 by Justin Sun. But the initial establishment of TRON was in 2014. He was the founder of the Tron Foundation and currently, CEO of BitTorrent as well.
However, in a short period of time, the Tron foundation gone so far and its cryptocurrency is already a bright coin in the market.
What this company does is, decentralizing the web to change the world with technology. And they aiming to build a TRON ecosystem in the future.
In fact, you can join with Tron foundation and work. Tron has established two headquarters located in the Americas and Asia Pacific. If you wish to find out more, check this FAQ.
Here’s the company roadmap.
This wallet is available on every platform which are iOS, Android and Desktop platforms as well. (Linux, macOS, Windows). For Windows, it only supports if the Windows version is 8.1 or up. The desktop version is named as the Tron Wallet Play is a weird thing.
Tron Wallet Security Features
As I mentioned at the beginning of this article, Security is the most important thing in a wallet. But the thing is, the Tron wallet is completely decentralized.
That means there’s no central authority to secure your wallet. But there’s not always bad. However, in the Tron wallet, you have the responsibility of your wallet’s security. Let me show you.
You know that most cryptocurrency wallets, (Centralized) don’t share your private key with you. They securing it instead. But things are different in a decentralized wallet.
In a decentralized wallet, the private key is in your hand. You have to make keep it secured. This is similar to the myetherwallet. Let’s find out other security features.
Account Password
Used to access your wallet. This feature is available in the desktop versions. In mobile versions, you have to set up a passcode. However, this is the basic security option in every wallet or exchange.
Backup Phrase
This feature also available in many cryptocurrency wallets these days. When the creation process of the wallet, you will get a 12-word phrase.
Here’s the backup phrase introduction on the mobile platform
All you need to do is write it down and securely keep it. What this does is, When you forget your login password/passcode or lost your mobile device, you can access your wallet with this backup phrase.
So keeping it secured is really important. I highly recommending not store this phrase in somewhere online. Keep it locally instead.
Security Of Private Key
This key is the most important thing in your wallet. Every wallet has a private key. It is generated with a mathematical algorithm with a combination of Public key which is also known as your wallet address.
It’s impossible to reverse the process and determine your private key. Tron wallet developers saying the private key of your wallet is protected with many security layers.
However, you have access to your private key.
Biometrics Security
This security feature is only available on mobile platforms. You can link your fingerprint if your device supports it. And can be used when you log into your account.
This is a great feature which I also recommend. So make sure to turn on biometric security as soon as you created your wallet.
And that’s all it.
Supported Currencies
Here we’re running into a disadvantage in this Tron wallet review. A lot of cryptocurrency support is really helpful for everyone. You don’t need a lot of wallets for each cryptocurrency.
Instead, keeping all in one is really helpful and easy to handle. But with the Tron wallet, The supported currencies are limited to Bitcoin (BTC) and Tron (TRX).
When you’re using the desktop version, You have one more cryptocurrency supported which is Ethereum.
But there’s a good thing. You have access to all the cryptocurrencies which run in the Tron blockchain (TRC10 and TRC20). Here’s the link with all TRC20 and TRC10 based coins listed.
Fees Of Tron Wallet
What are the fees? In a centralized exchange, there’s a service charge when you into buy and sell. But in wallets, how fees are generated?
Usually, there’s a fee when you making a withdrawal. That is for the transaction. But something special with this Tron wallet.
There are no transaction fees either. I know this is completely cannot believe. But there is an official statement on google play store.
Unfortunately, I don’t have transaction experiences with the Tron wallet. Do you have? Then leave a comment so we can make sure that’s true.
Setting Up Tron Wallet
I will show you how to set up a Tron wallet by continuing this Tron wallet review. It’s easy and simple. Download the wallet from the links below.
It’s easy to set up and get to the dashboard. I will show you steps with the Windows wallet.
First, open the app.
Then click on “CREATE WALLET”
Then you have to write down or print your backup phrase which we talked earlier in this post. Once you wrote and secured, choose a password for your wallet.
When choosing a password, make sure to set a complicated one with symbols, letters, and numbers. And set your password with at least 8 characters.
Now you’re good to go. You can proceed with send and receive with your Tron wallet.
Furthermore, under the settings section > backup wallet, you have access with the password to your 12-word phrase and your most important private key.
Advantages And Disadvantages Of Tron Wallet
Here’s the final and one of the important parts of this Tron wallet review. Pros and Cons. This helps beginners to take a quick idea of what they are looking for.
Advantages
1) Decentralized. The reason why I considered this as an advantage, most wallets these days are centralized. And sad to say, centralized wallets have more potential to get hacked than decentralized wallets.
2) Easy to set up and get started. Tron wallet has no complicated setup process but the thing is, you need to be educated about decentralized wallets and that’s it.
3) Built it exchange. This feature is also known as Swap in the Tron wallet. That means you can swap your coins instantly to other cryptocurrencies supported in the Tron wallet.
4) DApp browser. That offers a lot of decentralized applications.
5) Full privacy. When creating the wallet, your personal details are not required. It’s a good thing.
6) Fees. As I mentioned above, there are no fees. However, I still want that sure. Leave a comment if you have experiences
7) Built-in signal notifications.
Disadvantages
1) Limited assets supported. However, we might see other cryptocurrencies are supported in the Tron wallet in the future.
And that is the only disadvantage I can found on the Tron wallet.
Conclusion
Tron wallet is a completely decentralized peer to peer cryptocurrency wallet from the developers of the Tron Foundation. Initially, this wallet was built for TRX.
But now it does support all the TRC based tokens and Bitcoin as well. However, I think this wallet supports many cryptocurrencies in the future.
Therefore, this wallet is completely legit and safe to use. But you need some extra care of decentralized exchanges. Because the private key is in your hand.
Always remember, someone has your private key or backup phrase, the person has the access to your wallet too. So keep that in mind.
Besides, when choosing any wallet, don’t choose it by someone’s recommendation. Do your own research always instead. That’s good for you. I hope my Tron wallet review is worth your time.
Do you like this article? Learned something new?
Reminder: Please leave a comment or contact me if you have any experiences with the Tron wallet. Especially with the fees.
Share this article with your cryptocurrency beginners so they don’t miss anything.
