In early January 2018, Tron boasted a market capitalization of over $ 16 billion, with a 24-hour trading volume of almost $ 5 billion. While plunging into the 2018 bear market, Tron remains a platform that many are excited about. Below is a guide for beginners or traders of all types on how to buy TRON TRX on Binance.
After migrating the TRX token from the ERC20 standard to a native token on its mainnet, Tron is gaining ground and the TRX token is trying to acquire more and more exchange cards.
What is Tron?
One of the basic ideas for blockchain is to be a "free internet" – an alternative that can not be controlled, choked or censored. Tron is essentially this.
The platform was built as a decentralized content distribution system. Where the Internet is currently controlled by titans such as Facebook, Google and Amazon, Tron wants to create an Internet in which data and content are controlled by users. Not from third parties with business interests. The system will also open the way for the use and distribution of online digital resources, which is where the TRX token gets its value.
If the project development roadmap comes as planned, TRX could see decent growth in 2019 and beyond. So let's see how to get the first tokens and start investing in the Tron ecosystem.
Step 1: To purchase Tron, register for an account on Binance
At this point, few significant exchanges or Fiat gateways have added the possibility of buying 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 have not already done so, 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 start trading. Binance has a big operation, so verification is often completed very quickly, but in some cases it may take a while.
Also, take advantage of 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 will need to send BTC or ETH to your Binance portfolio.
To make a deposit on Binance, go to the site header and select "Funds", then "Deposits".
Choose the currency you wish to deposit from the drop-down menu. You will now have a wallet address to send your coins. Be sure to send only the currency chosen at this address (for example BTC to the BTC or ETH portfolio to the ETH portfolio). Any other type of money sent here could be lost.
Step 4: wait for confirmation
The transaction will often be completed very quickly, but it may take some time depending on the network load at the moment.
Wait until Binance confirms that everything has been completed correctly before continuing.
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 site exchange section. To get here, go to the header and choose "Exchange", then "Base".
Now go to the right side of the page and select the coin you previously deposited. Search for "TRX" in the search box and click on the displayed pair (TRX / BTC or TRX / ETH).
Optional: Use the advanced Binance tools to buy at the right time
Binance offers many tools and data to help inform your trading. This includes real-time price charts, price and order history, and limited orders.
Limit orders means that you can set the price at which you want to purchase TRX (in connection with BTC / ETH). Once its price reaches this point, Binance will automatically execute your trade (buy or sell).
Step 6: Choose the amount of TRX to purchase
Go to the box just below the price charts. Enter the amount of TRX you wish to purchase and the price you want to buy it for. Alternatively, select the "Market" tab to purchase at the current price (this is recommended for beginners / beginners traders).
Step 7: Buy Tron TRX!
Hit the green "Buy TRX" button and you're done! Congratulations! You have just completed the steps to purchase Tron,
Step 8: Move your coins to a secure Tron wallet
It's always a good idea in crypto to keep your coins out of the trade when you're not trading. This is how you have full control over the security of your funds, as opposed to trusting the security measures of the exchange.
To do this, you will need a portfolio that supports TRX. Tron has a list of official portfolios here, provided by the Tron community. These include the Atomic and Exodus desktop portfolios, 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 portfolio such as Ledger Nano S.
When you have chosen and set up a wallet, withdraw your coins from Binance. Go to the site header and choose "Funds" and then "Withdrawals". Choose TRX from the drop down menu to purchase Tron.
Enter the address from your TRX wallet and how many coins you want to withdraw. Check that the address is correct and press Submit.
Once the transaction has been canceled, your coins should appear in your TRX wallet.
More information before buying Tron
Want to know more about TRON? Read how Tron's transactions have surpassed other important currencies in our in-depth article. You can also read how the price of Tron has been boosted at the start of this year with the voice of a great partnership.
Are you interested in investing in Tron? You'll want to start with ours Tron price forecasting article as well as our analyst read about the TRX trading in ours Tron Technical analysis.