Binance is one of the most popular cryptocurrency exchanges on the internet. It is well known for its low transaction fees and fast processing time, but it also has a robust trading interface that makes it easy to execute your trades.
If you are interested in buying TRON tokens, make sure that you buy them on Binance. This is one of the most trusted exchanges available and it has a wide variety of cryptocurrencies to choose from.
Tron is one of the more popular cryptocurrencies on the market right now, but it can be difficult to purchase. This guide will walk you through how to buy Tron with Bitcoin and then trade that for Tron coins.
How to Buy Tron on Binance summary
Follow the steps step below to buy TRX on Binance:
- Create a Binance.com account
- Enter invite code and get lower trading fee: C3JJ7VEM
- Fund your account with Bitcoin or fiat currency
- Buy Tron on Binance
- Withdraw your Tron to your wallet
What Is Tron (TRX)?
Tron is a decentralized content entertainment ecosystem, which aims to construct an infrastructure for the global digital entertainment industry. The Tron Protocol enables users to publish, store and own data freely on the blockchain.
It was first launched in September 2017 by Justin Sun, who became famous as one of Alibaba’s earliest employees with a net worth of over $2 billion at age 26 and now serves as the CEO.
Step 1 – Register for an account on Binance
First, sign up for a new account by clicking the Register button at the top of the screen. Enter your desired username and email address then click Register.
After you have created your account, you may now log in by entering your email address and password into the fields provided and then selecting Sign In from the dropdown menu that appears.
If you want to change your login information after logging in, click on the “Login” button on the top right corner of your screen, select “Change Password” from the drop-down menu and enter a new password, then confirm it by entering it again.
Now it’s time to secure your account! To do this:
- Log in to your account
- Click on the “Account” tab at the top of the page
- Select “Security Center” from the drop-down menu that appears
- Underneath “Two-Factor Authentication,” click on “Google Authenticator App” and follow instructions for setting up this security measure
Step 2 – Fund your Binance account with Bitcoin or fiat currency
In order to fund your Binance account, you need to have one of the following: Bitcoin or fiat currency. To purchase Bitcoin, you can use standard exchanges like Coinbase, Gemini, or even right there on Binance itself.
Before sending any Bitcoin, make sure you have confirmed your account with Binance by following through with their verification process. Once this has been completed, it will allow you to deposit BTC into your wallet at Binance before making trades.
The process for sending Bitcoin to your Binance wallet is basically the same when sending from other exchanges or wallets like Exodus. For this example, we’ll discuss sending Bitcoin to your Binance wallet from your Coinbase wallet.
The first thing you’ll need to do is get your Binance wallet address. You can do this by going to “Funds” and clicking the “Deposits” button, then copy your Bitcoin wallet address. Once you have your Binance wallet address, you can now send your Bitcoin from Coinbase or any other Bitcoin wallet.
When sending from Coinbase, just enter the amount of BTC you want to transfer on the right-hand side, enter your Binance Bitcoin wallet address, and click “Send”. Once your Bitcoin arrives in your Binance account, you’ll receive a deposit confirmation email.
To use fiat to fund your Binance account, you can buy crypto on Binance with a credit card or you can purchase a stable coin on an exchange like Coinbase, then send it to your Binance wallet as you do with Bitcoin.
A stable coin is a cryptocurrency that has low volatility and maintains the same value as the U.S. dollar. This means a stable coin can be used to store and transfer value without any major fluctuations in price.
Step 3 – Buy Tron (TRX)
Now you’re ready to buy Tron on Binance. The first thing you’ll need to do is click the “Exchange” tab at the top of the page. In the search box on the right side of the page, type TRX/BTC and select that pair.
You can choose to purchase Tron using one of two order types:
A limit order will let you set a specific price for your purchase. A market order will buy TRX at the best available price.
For this example, we’ll use a limit order to show how it would work:
- Enter the amount of Tron that you want to buy in BTC
- Select “Limit” under Order Type
- Set up your Limit Price and Quantity by selecting from prices on Binance’s list of orders (or by entering your own)
- Click Buy TRX.
Once your price is met, your order will go through and your Tron will be sitting in your Binance wallet.
To place a market order, follow the same steps as a limit order, but use “Market” under Order Type.
Limit orders are generally more advisable for larger purchases because they don’t require you to specify an exact price where it might be difficult to find one that meets both your criteria and Binance’s.
For smaller transactions, market orders may provide faster results without requiring time-consuming research into the current prices of TRX/BTC pairs on the exchange.
Step 4 – Withdrawing your Tron to your wallet for full control of your coins
It’s always best to have your cryptocurrency stored in your own personal wallet and not on an exchange.
Some Tron wallet options include:
- Trust Wallet
There are many more Tron wallets out there, but these are some of the more popular options. To withdraw your TRX to a wallet that you control for full security and have 100% access to your coins, follow these steps:
- Click the “Funds” tab
- Select “Withdrawals” from the drop-down menu and click “Deposit/Withdrawal history”
- Find TRX in the list of coins and click it to select it, then enter your withdrawal address (found inside your Tron wallet)
- Enter how much you want to withdraw and confirm that you have copied down the correct address.
- Click the button and follow the prompts for any Binance security.
- Wait for the transaction to go through. This can take some time depending on how much you are withdrawing and whether or not there is a current backlog of transactions waiting in line.
Buying crypto on Binance is a great way to invest and grow your money. The process of buying Tron is very straightforward, but it’s important to follow the steps closely in order not to lose any funds. Now that you know how simple it is to buy Tron on Binance, you’re ready to start investing in cryptocurrency.