What is Tron?
Tron is a blockchain-based platform that aims to build a decentralized entertainment network. The platform allows users to publish, store and own content in an independent form, allowing them to release, distribute, circulate and deal with digital assets.
The project was founded by a Singapore-based foundation and is led by CEO Justin Sun. The native cryptocurrency of the TRON blockchain is called TRONIX (TRX), but Tron also supports other cryptocurrencies.
The TRX currently ranks as the 11th cryptocurrency on the CoinMarketCap platform according to market capitalization. The current price of TRON is $0.027669 USD, with a market cap of $1,819,208,290 USD. The amount of coins currently available in circulation is 65,748,111,645 TRX out of a total of 99,000,000,000 TRX.
Get Your Own TRON Wallet
TRON was initially launched as an ERC-20 token on Ethereum blockchain. From June 2018 the network moved to its own mainnet. This means that you should get a new wallet compatible with the TRON mainnet to store to TRX coins. There are a few TRON- compatible wallets, which will help secure your TRX coins, some for mobile devices and desktop: TRON Android Wallet, TRON iOS Wallet, TRON Web Wallet, and TRON Chrome Extension Wallet.
Where Can You Buy Tron’s TRX?
TRX trading is supported on many exchanges, but the exchanges that have the largest percentage of the transactional volume are BitForex and Binance. Seeing as Binance is an established exchange, we will continue our article with how you can purchase TRX on this platform. Binance currently has TRX trading against BTC and USDT.
1. Register on Binance
Binance is one of the most popular and widely-used exchanges in the crypto industry. Binance’s popularity is largely due to its wide options of altcoins, which is constantly expanding with new additions. No verification is needed on Binance for withdrawals under 2 BTC per day, and the exchange can be used on both iOS and Android devices.
If you are not currently registered on the platform, create a Binance account.
A quick form is required to be filled out during the registration process. You will be asked to provide a valid email address and a secure password. After registration, click the link sent to the email you registered and confirm the registration.
2. Deposit cryptocurrencies
The most convenient cryptocurrencies with which you can trade are the Bitcoin (BTC) and Ethereum (ETH) pairs. Binance also lets you trade TRX against Tether (USDT) and Binance Coin (BNB) which is the platform’s native coin.
To make your deposit, go to Funds and then click the Deposits option and then search the crypto with which you want to trade.
Enter the ticker of the coin you wish to deposit in the search bar and select it from the drop-down menu.
A deposit address will be generated for the cryptocurrency you selected. The address will be composed out of numbers and letters (both lowercase and uppercase). Copy the address entirely and go to the wallet you selected. Send the sum you want to deposit to the address you copied.
If you are short on time, an ETH deposit is usually faster than a BTC deposit and has lower fees.
If intend on trading with more than one cryptocurrency, it would be advisable to buy some BNB first. The BNB token can be used to pay exchange fees on Binance and can even get you a 50% discount.
3. Verify your balance
To view your current balance, click on Funds and then on the Balances option featured in the navigation bar at the top of the website.
The coin and amount will be displayed on the list when your deposit has been processed.
4. Place a buy order for TRON.
For order placements click on the Exchange tab and then go to Basic.
On the top right corner, select ETH and search for TRX, and the respective trading pair should appear.
Click on the trading pair, and place your buy order under a chart which will appear in the middle of the screen. If you intend on purchasing TRX when it hits a specific price, use the Limit order. Enter the desired price in ETH and the amount of TRX you plan on buying, then click Buy TRX.
If you want to buy TRX right away, click on the Market tab and put in the amount of TRX you wish to buy.
This has been our guide on how to purchase TRX coins in the easiest way. Of course, there are plenty of other exchanges that support TRX trading, and if you feel more comfortable using them because you already have an account there, please feel free to take the option that is more comfortable for you.