At the start of January 2018, Tron boasted a market cap of over $16 billion, with a 24-hour trade volume of almost $5 billion. While it has dipped in the bear market of 2018, Tron remains a platform many are excited about. Below is a guide for beginners or traders of all types on how to buy TRON TRX on Binance.
Having migrated the TRX token from the ERC20 standard to a native token on their own mainnet, Tron is gaining steam, and the TRX token is looking to acquire more and more exchange listings.
- What is Tron?
- What is Binance?
- Step 1: To Buy Tron, Register for an account on Binance
- Step 2: Verify your account
- Step 3: Send BTC or ETH to your Binance account
- Step 4: Wait for confirmation
- Step 5: Find and select the BTC or ETH pair
- Optional: Use Binance’s advanced tools to buy at the right time
- Step 6: Choose the amount of TRX to buy
- Step 7: Buy Tron TRX!
- Step 8: Move your coins to a secure Tron wallet
- Learn More Before You Buy Tron
What is Tron?
One of the basic ideas for the blockchain is to be a “free internet” – an alternative that cannot be controlled, throttled or censored. Tron is essentially this.
The platform was built as a decentralized system of content distribution. Where currently the internet is controlled by titans such as Facebook, Google, and Amazon, Tron wants to create an internet where data and content are controlled by the users. Not by third parties with corporate interests. The system will also pave the way for the use and distribution of digital assets online, which is where the TRX token derives its value.
If the project’s development roadmap comes along as planned, TRX could see decent growth in 2019 and on. So let’s see how you can get your first tokens, and start investing in the Tron ecosystem.
What is Binance?
Binance is one of the best platforms to handle and trade cryptocurrencies. Digital assets have been growing over the last few years and Binance became one of the largest exchanges to trade virtual currencies.
Nowadays, Binance is offering more than simple trading services but they are also offering derivatives and other services such as staking and lending. Furthermore, Binance has now expanded and offered Decentralized Finance (DeFi) services.
Several users are trading on this platform to get access not only to Tron (TRX) but also to other digital currencies. At the same time, Binance has launched its own currency called Binance Coin (BNB) which is now connected to several projects and initiatives. BNB is also used to pay for fees on this exchange and to get access to exclusive offers.
Step 1: To Buy Tron, Register for an account on Binance
At this point, few significant exchanges or Fiat gateways have added the ability to buy TRX with Fiat (USD, EUR, JPY etc). So this guide will show you how to buy TRX with BTC or ETH on Binance.
The first step, if you haven’t already, is to create an account on Binance. The process should be quick and easy, and account creation is open to users almost anywhere in the world.
Step 2: Verify your account
You will need to submit several verification documents before you can begin trading. Binance have a large operation, so verification is often completed very quickly, but it can take a little time in some cases.
Additionally, take this opportunity to set up security measures on your account, such as 2-Factor Authentication.
Step 3: Send BTC or ETH to your Binance account
Once your account is up and running, you’ll need to send BTC or ETH to your Binance wallet.
To make a deposit to Binance, go to the site header and select “Funds” then “Deposits”.
Choose the coin you wish to deposit from the dropdown menu. Now you’ll have a wallet address to send your coins to. Make sure you only send the chosen coin to this address (i.e. BTC to the BTC wallet or ETH to the ETH wallet). Any other type of coin sent here may be lost.
Step 4: Wait for confirmation
Your transaction will often be completed very quickly, but may take a while depending on the network load at the time.
Wait until Binance confirms everything has been completed successfully before moving on.
Step 5: Find and select the BTC or ETH pair
When you’ve successfully added BTC or ETH to your Binance account, it’s time to move to the exchange section of the site. To get here, go to the header and choose “Exchange”, then “Basic”.
Now go to the right side of the page, and select the coin you deposited earlier. Search “TRX” in the search box, and click on the pair that comes up (TRX/BTC or TRX/ETH).
Optional: Use Binance’s advanced tools to buy at the right time
Binance offers a lot of tools and data to help inform your trading. This includes real-time price graphs, price and order history, and limit orders.
Limit orders mean you can set the price at which you want to buy TRX (in relation to BTC/ETH). Once its price hits this point, Binance will automatically execute your trade (buy or sell).
Step 6: Choose the amount of TRX to buy
Go to the box just below the price graphs. Put in the amount of TRX you want to buy, as well as the price you want to buy it at. Alternatively, select the “Market” tab to buy at the current price (this is recommended for beginner/novice traders).
Step 7: Buy Tron TRX!
Hit the green “Buy TRX” button, and you’re done! Congrats! You’ve just completed the steps to buy Tron,
Step 8: Move your coins to a secure Tron wallet
It’s always a good idea in crypto to keep your coins off an exchange when you aren’t trading. This is so you have full control over the security of your funds, as opposed to trusting in the exchange’s security measures.
To do this, you’ll need a wallet that supports TRX. Tron has a list of official wallets here, provided by the Tron community. These include the Atomic and Exodus wallets for Desktop, which support a number of different currencies, as well as the Satowallet for Android and iOS.
Alternatively, for the highest level of security, you may want to invest in a hardware wallet such as the Ledger Nano S.
When you’ve chosen and set up a wallet, withdraw your coins from Binance. Go to the site header and choose “Funds” then “Withdrawals”. Choose TRX from the dropdown menu to buy Tron.
Put in the address from your TRX wallet, and how many coins you want to withdraw. Double check the address is correct, and hit Submit.
Once your transaction has cleared, your coins should show up in your TRX wallet.
Learn More Before You Buy Tron
Want to learn more about TRON? Read about how Tron’s transactions have passed other major coins in our in-depth article. You can also read about how Tron’s price was boosted earlier this year with the rumor of a big partnership.