Tron tags itself as a decentralized entertainment content platform. It creates a decentralized content ecosystem that allows content creators to publish, store and monetize content in a transparent method.
Tron specifically targets the digital entertainment industry, from video streaming companies, online gambling firms to social networks.
Tronix is the underlying cryptocurrency for the Tron network although the platform supports many other cryptocurrencies.
The network has been performing well since December 2017.
The information provided here is for informational purposes only and should not be seen as investing advice. Our opinions on this site are only that, if you are considering an investment into cryptocurrency or anything we speak about on this site, please advise a trusted financial professional first, before doing so.
TRX is traded in a number of popular exchanges and buying some shouldn't be a complicated exercise. There are two main methods of acquiring TRX; you can use fiat currencies to buy it, or you can exchange it with another cryptocurrency in a digital exchange.
In case you are wondering how to exchange Bitcoins for Tron, the Binance cryptocurrency exchange is a good place to start.
Here are the steps involved when buying Tron on Binance.
Step 1: Create an account on Binance
If you're new on Binance, you'll need to create a Binance account.
To do this, you'll need a valid email address and a strong password.
After creating an account, the next step is to confirm it using a link sent to the email you used to register your Binance account.
Clicking on the link provided essentially completes the registration process.
Step 2: KYC Procedure
The Binance exchange takes security issues seriously.
That's why they require all users seeking to withdraw over 2 BTC to fill a KYC verification form, complete with a Photo ID.
It's worth noting that if you do not intend to withdraw more than the 2 BTC, you can still access and transact on the Binance platform.
For larger withdrawal amounts, it's recommended that you undergo a full verification process.
The process itself is easy and straightforward.
All you need to do is to fill the provided form and to upload your Photo and Voila!
You become a verified account holder.
Most important to note is that a full verification process takes time to be confirmed, up to two weeks in most cases.
Step 3: Deposit your desired currency
Having successfully registered an account with Binance, you're now ready to fund your account with the currency of your choice.
Before depositing any funds into your Binance account, you need to buy cryptocoins from a friend, an exchange or a local Bitcoin trading site like LocalBticoins.com.
With that out of the way, the first step is to click on "Deposits and Withdrawals" tab under the "Funds" menu.
Next, select the type of token that you would like to deposit into your account.
This can be NEO, BTC, LTC, ETH, or BNB. Click on the "Deposit" tab which takes you to a new window with your deposit address.
The next step is to copy the wallet address.
Paste it to your external wallet or exchange from where you'll be getting your cryptocurrency.
If you've made it to this point, you are a moment away from making your first Binance deposit.
The good news is that you won't need to wait for your funds to hit the account as Binance automatically confirms your deposits.
To see the details of your transaction, head over to the "Funds" tab and proceed to History.
Step 4: Purchase TRX with your chose currency
Once on the Binance platform, you'll need to trade the cryptocurrency that you just deposited for TRX. Assuming you're using BTC, head to the trading platform and search for the TRX/BTC trading pair from a drop down list of trading pairs.
Clicking on it takes you to a new tab where you'll select the amount of TRX that you want to buy. Check the "Market" tab to buy TRX at prevailing market prices.
Clicking on the "Buy TRX" button completes the transaction. Congratulations, you have now made your first transaction on Binance.
Alternatively, you can opt to make your first transaction in style, by simply utilizing the built-in tools to get the best deal on TRX.
When you click on the TRX/BTC trading pair, a new window appears with three key options at the top side.
On the left is the "Limit" tab, followed by the "Market" tab and finally the "Stop Limit" tab on the right.
Optional: Set Limit Buy
By leaving the "Limit" tab active, you'll be able to set a bid price for TRX tokens.
The higher your bid price, the higher the chances of filling your order as sellers will be looking to sell at a high price.
Because you want to buy TRX at the lowest price, you'll set a low bid price. When the system detects a seller whose price matches your bid price, the order is filled and TRX coins are deposited into your Binance account.
Optional: Stop Loss
In basic terms, the Stop Loss order does exactly what the name suggests; it stops losses whenever the price of altcoins plunges.
With Binance, you can easily set the lowest price at which you can sell your coins.
In case the price of that specific token is on a free fall, you wont make significant losses as a stop loss order will be activated the moment the price hits the specified amount.
For instance, if you're selling a unit of BTC at $1000, you can set a stop loss order at $800. When the price of BTC falls to around $800, the stop loss order is executed and you're saved from making further losses in case the price of BTC continues on a downward trend.
It's to be noted that both the "Limit" and "stop loss" options could take time before they are executed as they depend on the availability of a seller with matching prices.
To buy TRX at the current rates, click on the "Market" tab. Finally, click on "Buy TRX" to complete the transaction.
Step 5: Safely storing your TRX
Let's assume you have successfully bought TRX from Binance. Where do you store them?
There's the option of leaving TRX coins in the Binance wallet but that's not recommended because of possible hacks on crypto exchanges.
The other alternative and the best method of storing TRX safely is to invest in a strong hardware wallet or a reputable software wallet.
Being an ERC20 compliant coin, TRX can be stored in a variety of Ethereum wallets.
MyEtherWallet, an Ethereum based wallet that comes with an additional layer of security is an ideal choice.
In terms of hardware wallets, the Ledger Nano S seems like a tried and tested wallet that can secure your TRX coins.
If you'd to check out the Ledger, here's our honest opinion on it.
It's worth noting that these are not the only wallets that can secure your coins.
Many other hardware and software wallets exist in the market so be sure to do your due diligence.
Ready to get some TRON? Click here to purchase from Binance.