How To Buy TRON (TRX) – July 2018

TRON logo

TRON is a world-leading blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. The protocol allows each user to freely publish, store and own data, and in the decentralized autonomous form, decides the distribution, subscription, and push of contents and enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem.

The root issue of the internet is that everything is hosted on central data centers of Facebook, Amazon, Netflix, and Google plus some other “small” companies like drop box and such. This is a huge issue, because when you use these services that are “free” you are really paying by selling all the information you provide them in which tellsell to other people extending from anything you type to pictures and videos you upload. Additionally, especially with net neutrality being repealed, large companies will be able to prioritize themselves over competition, forcing you to pay a premium for your entertainment.

TRON is a solution to that because it is aiming to be the foundation of a entirely new internet protocol. Data will be stored in fragments around the network that is provided by miners, truly decentralizing the internet. Its a self sustaining economy in which everyone provides a bit of storage to the network in reward for TRX and in turn that TRX is used by you consuming entertainment. In this way entertainment providers can realistically generate reliable income based off the popularity of their content.

Read the full Whitepaper here.

How to Buy TRON in the US

Quick reference instructions, followed by more detailed instructions and screenshots below.

  1. Open an account on Coinbase.
  2. Open an account on Binance.
  3. Buy Ethereum ETH on Coinbase. ETH has a lower exchange and conversion fee and is faster than Bitcoin.
  4. Fund your Binance account with the Ethereum you just purchased. Note: Coinbase will charge a $14.25 transfer fee, so make sure you purchase and send enough to make it worth it. I recommend at least $500 at a time.
  5. Open the Exchange page on Binance and trade as you will.

The reason you must fund Coinbase first is the company accepts FIAT currencies, i.e USD, EUR, etc. From there, you can take your FIAT converted to ETH and purchase TRON, or any other coin at Binance.

These two companies are the most reputable I have currently encountered and used. Fees are reasonable compared to other options I’ve tried.

Fee roundup:

Coinbase: $14.25 to transfer to Binance

Binance: 0.1% trading fee.

Binance: 30 TRX to withdraw from Binance back to Coinbase.

Coinbase to Bank Account ACH: Free.

Total estimated fees on a $500 investment based on January 2018 rates: $26.25

Binance

Open an account in Binance.

Verify as necessary. The further verifications provided, the more you can deposit and withdraw at a time.

iota binance verify

Click over to Funds, then Deposits and Withdrawals. You will be presented with a screen showing all of the available cryptocurrencies.

binance currencies fund withdraw

Click on Deposit for Ethereum.

binance ethereum deposit address

You will be presented with an address to send your Ethereum to as a deposit. Copy the one time use address from Binance and paste it into the Coinbase accounts page under the Send button. The screenshot below shows BTC, but you will want to click on ETH.

coinbase send btc to binance

Once the fund have finished transferring, head over to the Binance exchange.

how to buy tron binance july 2018

Binance allows you to set limit, market, and stop-limit orders on buying and selling.

You are on your own from here. Good luck! To withdraw from Binance, go back to the Funds Deposits and Withdrawals page and click on the Withdrawal button for whatever currency you have.

Secure Your Tron Investment

It is not recommended to store your funds long term on an exchange as exchanges can be hacked, be shut down, or do wallet maintenance. If you do, it is recommended you use 2 factor authentication. Currently there is not an official TRON wallet, save keeping it on their website, but hardware wallets are usually the best way to store your crypto long term. TRON is an ERC20 token until the release of the main net so it may be stored on Etherum wallets. Here are a few you can use and links to step by step instructions on how to set them up.

Metamask: https://myetherwallet.github.io/knowledge-base/migration/moving-from-private-key-to-metamask.html

TRON website: https://www.reddit.com/r/Tronix/wiki/walletsetup

MEW: https://myetherwallet.github.io/knowledge-base/getting-started/creating-a-new-wallet-on-myetherwallet.html

Ledger: https://ledger.zendesk.com/hc/en-us/articles/115005200009-How-to-use-MyEtherWallet-with-Ledger

Trezor: https://doc.satoshilabs.com/trezor-apps/mew.html

Digital Bitbox: https://digitalbitbox.com/ethereum

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