How to Buy Tron on Binance – Step-By-Step Guide
Before we dive into the guide on “How to Buy Tron”, it is essential to know what TRON is. Out of so many altcoins out there such as bitcoin, Ethereum, EOS, Qtum and other public blockchain smart contracts, why TRON stays as one of the most popular cryptocurrencies in the market? Stay with us and read on.
Disclaimer: This article should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
How to Buy Tron on Binance – Step-By-Step Guide
What is TRON (TRX) in Short?
TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet. The Tron Protocol, one of the largest blockchain based operating systems in the world, offers scalable, high-availability and high-throughput support that underlies all the decentralized applications in the TRON ecosystem.
TRON enables large-scale development and engagement. With over ten thousand transactions per second, high concurrency, low latency and massive data transmission. TRON is ideal for building decentralized entertainment applications. Free features and incentive systems allow developers to create premium app experiences for users.
TRON is designed to ‘heal the internet’ globally by creating a free content entertainment system. It is designed to make the payment, storage, development and credit sharing easy for entertainment enthusiasts.
TRON Protocol and the TVM allow anyone to develop DAPPs for themselves or their communities, with smart contracts making decentralized crowdfunding and token issuance easier than ever. Tron DAPP projects already include Peiwo, Obike, Uplive, game.com, Kitty live and Mico, with 100M+ active users from more than 100 countries and regions around the world.
Why Buy TRON (TRX)?
Tron has a charismatic founder, Justin Sun, who knows how to build tech that scales and then market it. He wants to win and has gathered around him prominent investors and allies who also want to win.
Note: Forbes had an article about TRON and Justin Sun
Justin Sun and his new team to stay focused on the niche, not get too lofty, and above all execute. If you pull together a bunch of business development partnerships (and announce them on Twitter), make sure that the use case for TRX is achievable and that you deliver on your promises. Always deliver.
Tron TRX, is a famous cryptocurrency for representing the gaming industry in the world of digital values and blockchain ecosystems. So it’s no surprise that this cryptocurrency signs partnerships with gaming portals like BitGuild, Game.com and Xu Le.
Tron has the technological potential to allow the load and distribution of multimedia content and soon it should be able to function as the main platforms like: Google Play Store or iTunes.
Step-By-Step Guide to Buy TRX
At the time of writing, TRX is available on Binance, Lnank, Liqui, Gate.io, HitBTC, EtherDelta, Kucoin, and COSS.
If you are new and would like to know how to purchase some TRX, it is not that straightforward to just deposit your fiat currencies and buy them on these platforms.
TRX now is available for trading on Binance, which can be traded with USD, BTC, and ETH.
Binance is the world’s leading bitcoin exchange. It offers platforms for trading and for providing and receiving financing. It was the first exchange in the world to implement real-time proof-of-reserves via segregated customer wallets and boasts some of the best security features in the industry.
However, you can send bitcoin to the above-mentioned exchange accounts and buy TRX with BTC.
If you are totally new in this, please refer to the following steps to get your first TRX.
Step 1: Create a Coinbase Account to Get bitcoin
There are many ways to buy bitcoin. Perhaps the easiest way is through Coinbase. Go to the Coinbase Signup Page and fill in your first name, last name, email and choose a password. You’ll need to verify your email, phone number, and bank account.
Then, go to Coinbase.com/buy. After choosing your payment source and how much you want to buy, click Buy Bitcoin.
The registration is quite straightforward. Once, you hit “Create Account”, then you just need to verify your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some bitcoin.
Many people have the wrong impression that they must buy one full (unit) of BTC. In fact, you can buy even a small fraction of BTC (e.g. 0.05).
The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.
If you are buying bitcoin via credit card, Coinbase will post two small charges on your credit cards. All you need to do is to verify these charges through your credit card’s recent transaction history and confirm them on Coinbase dashboard.
Step 2: Create a Binance Account
Create an account with Binance by going to their registration page.
The registration process in Binance is super fast & easy. Less can be said about interpreting their dashboard, but it’s not the worst. Once, you’re approved here, we’ll get to the good stuff.
Step 3: Transfer BTC to Binance
Go to Binance “Funds” and “Deposit” from on the top right menu.
Here, you’ll see a list of currencies and you need for “Bitcoin.” When you find Bitcoin, click the “Deposit” icon to open a lightbox in which you will generate a Bitcoin Deposit address. Once you’ve done this, copy that long string of letters & number.
Now, go back to Coinbase. Here, you’ll navigate to the Send/Request tab. Now paste the Bitcoin deposit address you got from Binance into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your Bitcoin or some fraction.
Just one click and your funds should be on their way to Binance. It will take a bit of time, perhaps 15 minutes or more, for your BTC transfer to complete. To see whether this transaction has completed, go to Binance Transaction History. It can take 1–3 minutes for the transaction to appear, and 10–30 minutes for it to be fully confirmed.
Step 4: Trade Bitcoin for TRX on Binance
Before you even start trading in cryptocurrencies, we highly recommend you familiarize yourself with Binance and what it has to offer. Binance basically charges a flat 0.1% fee for executing trades on their exchange, regardless of transaction type. This flat fee is applied automatically once a buy or sell order is fulfilled, and is deducted from the end cryptocurrency.
Go to Binance’s BTC–TRX exchange: www.binance.com/trade.html?symbol=TRX_BTC
In the middle of the page, you will see a chart. Just below the chart, there is an interface (below).
There are two options to buy your TRX – Limit Order or Market Order. Basically, limit orders let you get in or out at a specific price point, while market orders let you instantly buy or sell alt-coins at their current market rate. Ultimately, it’s up to you to decide which method is most ideal as you trade alt-coins in Binance. That said, both methods are pretty simple to execute.
If you have decided to go for “Market” price, click 100% (this means “convert all of the Bitcoin in my Binance account into TRX”).
Then click Buy TRX. To view your newly purchased TRX, go back to the Balances page on Binance.