The ultimate beginner's guide to trading Tron
What is the Tron Exactly?Tron is aiming to be a decentralized entertainment ecosystem, where users and creators control their data and are fairly repaid for positive actions within the network. The ecosystem will include social media, gaming, video, and all forms of digital entertainment. This sounds like a great idea, but there are lots of cryptocurrencies with great ideas. Are there good reasons that Tron can be expected to reach its lofty goals? The Tron team lays out a plan for 8-10 years of development. CEO Justin Sun has connections to Alibaba and Ripple and was listed in Forbes' "30 Under 30" for Asia. The young network currently has its first smash hit, a digital pet breeding game a la CryptoKitties. The company will debut its first messaging app any day now. Furthermore, in late December 2017, the head of Alibaba data mining jumped ship and joined Tron. The network is slated to release its main-net in Q1 2018. There's also the partnership with Game.com, and the promise of 100 million users waiting to join the network once released. Tron, at this time in history, remains more promise than reality. But as promises go, the project seems to have the team, resources, and connections necessary to make good. We expect progress to be steady, with similar action from the Tron coin price. Tron is a relatively new coin on the market and is not offered by brokers that now allow for other cryptocurrencies. Brokers like eToro now offer 11 coins (bitcoin, ethereum, cardano, stellar-lumens, plus many more) and the also have many other benefits other exchanges are yet to get. The main one being is regulation, your money is secure when you deposit into an eToro account.
Register at eToro
The Tron Coin TRXThe Tron coin Tronix/TRX is going to be the currency of the network. There is little use case now, and buying today is a speculative venture, but as soon as main-net drops sometime in the next few months, expect the utility to increase and the price to skyrocket. In the meantime, users should carefully hang onto their TRX and watch and wait for developments. Tronix TRX started out at just .002 in October of 2017. At the time of this writing, it's at just under $0.17, boasting gains far beyond those realized by Bitcoin. Tronix is also a "cheap coin", which though meaningless because of its 65 Billion supply, is nonetheless a strong psychological factor in attracting new investors. It feels cheap, despite its $10 Billion market cap. All this being said, there is no guarantee that TRX will increase in value. There are many strong projects in crypto, not all of which will become a success. But with so much going for it, and so many possible ways for the company to expand in a supportive national/international environment, we think it's one of the better speculations you can currently make.
How to Buy Tron CoinRemember, Tron is the network, Tronix/Tron Coin TRX is the coin. To buy this coin you'll have to go to the UK based exchange or Binance, an exchange based out of Hong Kong and available in most parts of the world. The issue with buying with Binance is that you will need to buy either Ethereum or Bitcoin first before you can exchange it for Tron. Lots of exchanges are wary of accepting coins like Tron on their platform. Before you begin you will be required to open a wallet that accepts Tron, such as MyEtherWallet.com. Create your account, carefully store the private key MEW provides, and take note of a couple of important items seen in the image below. First, take note of your account address, which is visible in the upper right-hand corner of the homepage. Next, notice the little grey button at the bottom right that says "Show Tokens". Once your Tron TRX is deposited in MEW, it will be visible on the drop-down menu under "TRX". You can store and send TRX just like any other ERC20 token supported in the MyEtherWallet platform.
Buying Bitcoin or Ethereum to Buy Tron Coin/Tronix TRXOn Binance, you can trade Ethereum or Bitcoin for Tronix/TRX. Because Ethereum transactions are much faster and more affordable than Bitcoin transactions, we'll urge you to buy Ethereum from a source like Gemini or Coinbase. You can do this with US Dollars.
Binance to Buy Tron TRXBinance is an excellent cryptocurrency exchange based in Hong Kong. Its ease of use, reliability, strong support for new coins, and ability to handle demanding trading volume have all made this a new exchange of choice for investors around the world.
Setting Up Your Account With BinanceBinance is also the only large exchange that sells Tronix, so buyers really don't have much choice in the matter. If you don't already have an account with Binance, we'll give you some detailed instructions on how to do it here. Step 1: Get yourself over to Binance.com and create an account the usual way: with a new username and password. Hit "Register" and you'll be on your way. Step 2: Complete Binance's clever little CAPTCHA puzzles. They even tell you how fast you completed the CAPTCHA compared to all other users! Step 3: Click the verification email that Binance sends you. Step 4: Activate 2 Factor Authentication (2FA). Not only will this give you better trading privileges, it will also prevent anyone else in the world from being able to get into your account and the precious coin wallets therein. This is a good habit to have whenever you create a financial account of any kind online. A password alone just isn't safe enough.
Sending Ethereum to Binance So You Can Invest in Tron Coin/Tronix/Tron Coin TRXWhenever you want to send Ethereum to an exchange, you will have to find your personal Ethereum deposit address within that exchange. We'll show you how to find that on Binance, as well as how to send money to that address from a different wallet outside of Binance. Step 1: Go to Binance.com and click on "Funds", then "Deposits Withdrawals". This will take you to your wallets page, where you'll see a wallet for every coin that Binance supports. All you want to pay attention to is Ethereum, so type "Ethereum" into the text box near the upper left hand portion of the screen, and this will make all wallets but the ETH and ETC wallet disappear. Ignore ETC. Step 2: Click "Deposit" on your ETH wallet. Step 3: Copy the alphanumeric address that appears. Now it's time to move to your external wallet. Step 4: For the purposes of this example we're using the Exodus wallet, which is a great software wallet that holds several different coins. Whatever wallet you choose, you need to select "Withdraw" for Ethereum. Paste your Binance address into the address text box (always always always double check!). Then choose how much Ethereum you wish to send to Binance in order to invest in Tron coin. When you're satisfied that all of the information is correct, hit "Send". In a few minutes, your Ethereum will arrive in your Binance Ethereum wallet.
How to Exchange Ethereum for Tron Coin/TRXNow that your Ethereum has safely arrived in your Binance wallet, you no doubt want to start buying some Tronix/Tron coin TRX. Here's how to do it. Step 1: In your new Binance account, click on "Exchanges" and select "Basic". This will take you to a trading screen. On the right side of the screen you will see a pile of trading pairs. Click the "ETH" box to only see the coins which trade against Ethereum. Then type "TRX" into the text box so that only the TRX/ETH trading pair is shown. Step 2: Focus on the "Buy TRX" and "Sell TRX" boxes near the bottom of the screen. First, you want to decide how much you want to pay for a single TRX coin. On the left hand side of the page, you'll see a live trades, as well as the prices at which the trades are being completed. The price you see in the "Price" box on the "Buy TRX" menu is the present market value of Tronix. If you want to buy right away at this price, select how many TRX you wish to buy, or just hit "25%, 50%, 75%, or 100%" to indicate the portion of your Ethereum which you would like to spend on TRX. If you want to buy the coin at a lower price, you can specify that lower price in the "Price" text box. There is no guarantee that the price will ever fall that far, but when and if it does, your order will be completed at that price. When you are satisfied with your order, just hit "Buy TRX". If you made your bid at the present market price, your order should be filled in seconds.
How to Store Your TRX is a Personal Wallet for SafekeepingTRX does not have a dedicated software wallet for you to download, though this will come in time. Fortunately, trusted wallet providers like MyEtherWallet support TRX, because TRX was created on the Ethereum blockchain. Step 1: Create a new password and create your new wallet. Step 2: Save your keystore file. This will help you regenerate your wallet anywhere in the world, so you can use your coins even if you are away from your primary device. It's also a security measure just in case you lose your password or something. Step 3: Take careful note of the Private Key shown on the next screen (I can't show you mine, obviously). This private key can act as a password for you to get into your account. It can also be used to regenerate your wallet anywhere in the world. Type in the private key. On the home screen, you'll see your account address on the right side. Copy this address. This is the address you'll send Ethereum, TRX, and any other ERC20 token for safekeeping in the future. Head back over to Binance. Click "Withdraw" on your TRX wallet and paste your MyEtherWallet address. Then hit "send". You'll be charged a 30 TRX fee, and in a few minutes you TRX will arrive. It's important never to store your TRX or any other cryptocurrency on the exchange on which you purchased it. Exchanges are routinely hacked and can be slow and unpredictable. You want your coins out of harm's way.
The China ConnectionChina has had a dominating role in crypto during the past 365 days. When China threatened to ban Bitcoin, the entire industry suffered major losses. Chinese ICOs had to refund their buyers. It looked like blockchain innovation was going to be squashed for good. But that's not how it turned out. China did their best to stop in its tracks the trend of flawed, scammy, pointless ICOs that bloated the Ethereum network in 2017. Instead, they found a way to promote real blockchain innovation in an environment where it can flourish. Since then, blockchain networks like NEO and Loopring have seen massive expansions and investment returns. For many, China means quality, at least as it pertains to blockchain. Holders of Walton, Metaverse, and the list of NEO ICO coins tend to agree. China also has a way of creating its own technologies, which it uses in favor of Western alternatives. They've got Alibaba instead of Amazon. WeChat instead of a host of western social media platforms. Blockchain is likely to work the same way. So when we see a Chinese entertainment blockchain project with a development team of this quality, it is implicit that the government has already given the "OK", and that China as a whole is likely to be a strong user base. This is all bullish for Tron.
Final Thoughts on Tron Coin TRXTron is a massive project in development, with a great team behind it, and a tremendous amount of community interest. We are bullish on Tron for all the reasons listed above, and because something like this should exist and China seems the best place in the world to do it. Only time will tell if Tron Coin is truly a good investment, but with all of these good signs already known, we expect Tron to be one of the big cryptocurrency investment stories of 2018. Good luck, do your own research, and enjoy when you invest in Tron!
If this article has given you the confidence to start investing in cryptocurrencies and you want to buy Tron, click the button to get started.