How to Buy TRON (TRX) on Binance - Coindoo
Buy TRON on Binance

How to Buy TRON (TRX) on Binance

Editorial Team Avatar
Jan 18, 2019
4 min reading time

About TRON

TRON is a blockchain- based platform which enables the decentralized creation and sharing of online content. The Tronix TRX is the is the native currency of the TRON blockchain.

With a market cap of $1,584,175,839 USD, TRON is currently the 9th most traded cryptos, having a price of $0.025190 USD. TRX is supported by over 70 crypto exchanges, being available in 100+ trading pairs.

About Binance

Binance is a popular cryptocurrency exchange that was initially based in China but then relocated to Malta due to friendlier regulation. The exchange allows only crypto-to-crypto conversions.

The platform quickly gained popularity due to its long list of supported cryptocurrencies and competitive fees.

Buying TRX on Binance

Step 1: Register on Binance

Currently, very few exchanges accept fiat deposits (USD, EUR, JPY etc.) for TRX purchase, and Binance is also one of those exchanges. The available method to buy TRX is either with BTC or ETH.

In order to trade on Binance, you have to register for an account. Signing up shouldn’t require much time, and it should be an option available to anyone regardless of residency. But just to be sure, check their policies and see if your region can access their services.

Step 2: Verify your account

Before starting any trading operations, you will be required to submit some personal documentation. The verification process might take up some time, but users usually report they waited a few hours.

2-Factor Authentication should be enabled at this point, this process ensuring your account’s security.

Step 3: Deposit BTC or ETH to your Binance account

Both BTC and ETH are paired with TRX for trading on Binance, and the platform’s native coin BNB can also be used for trading and incurring some discounts.

Now we will move on to sending BTC or ETH to your Binance wallet. To make your deposit, navigate to the site header and click on “Funds” and on then “Deposits.

On your screen, a search bar should be displayed. Enter the ticker for your coin of choice for the deposit and click on it when you find it in the drop-down menu. A wallet address to send your coins to will be featured.

Step 4: Wait for confirmation

Depending on the network traffic at the time, your transaction might take a while to be completed. After Binance confirms that your transaction has been successfully completed you can proceed to the next step.

Step 5: Place a buy order for TRON

After depositing BTC or ETH to your Binance account, access the exchange sector of the platform. Go to the top part of the site and click on “Exchange”, then “Basic”.

On the right side of the page, you will be able to select the coin you added earlier. Enter “TRX” in the search box, and click on the pair you want to trade in.

Then, a price chart will be featured in the middle of the screen. Under the chart, place your buy order. You can buy TRX either when it reaches a certain price, by using the Limit order, or at its current price by clicking on the Market tab.

After clicking on the Market tab, type in how much TRX you want to buy. The order should be finalized as soon as it was placed.

Step 6: Move coins to TRON wallet

In order to complete this step, you must find a wallet which supports TRX. TRON has various official wallets which have been created by the TRON community. The list of options includes desktop wallets such as Atomic and Exodus, TRON Android and iOS wallet for mobile devices, and Tronscan web wallet.

For those looking for higher security features for their TRX storage, there are hardware wallet options: Trezor and the Ledger Nano S.

After you have chosen your wallet, you can now proceed to withdraw your coins from Binance. Go to the site header and click on “Funds” then “Withdrawals”. Select TRX from the dropdown menu to withdraw TRON.

Enter you TRX wallet address and the number of coins you wish to transfer. After you’ve verified the address one last time, click Submit. Once your transaction has been confirmed, the coins should be available in your TRX wallet.

Final words

If you have followed our tutorial up to this point, congratulations, you have acquired TRX coins using Binance. If trading with Binance wasn’t your type of trading experience, there are plenty of other exchanges you can choose from.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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