How to buy TRON (TRX) Full Guide (Coinbase)

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There are three parts to this guide (click to skip to them): Setting up a TRON wallet, buying Ethereum and then exchanging Ethereum for TRON.

 
1

For this guide we’ll be using the easiest & most convenient wallet option for storing your TRON coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including TRON).

Go to myetherwallet.com and enter a password that would be hard to guess (but which you won’t forget!).

Note: if you forget this password you might lose access to your coins.

Press ‘Create New Wallet’.

2

Click ‘Download Keystore File’. Be sure to read and understand the warnings.

It’s very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).

Once you’ve done that, click ‘I understand. Continue.’

3

Now you will be given a powerful unencrypted private key to your wallet.

Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.

Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.

These things will target a private key, as it’s an easy way to open your wallet and steal your coins.

So why print out your private key at all, if it’s so insecure? Because it’s your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.

There is also an option to print a paper wallet (which displays everything you’d need to access your wallet).

If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.

Next, click ‘Save your address’.

Important Note: We all hear of computers and phones being hacked. Websites running illicit code to steal passwords. Phishers tricking people into clicking links that steal information from their computers.

Another line of defence to keep our coins from being siphoned out of our wallets is essential.

And that’s a hardware wallet.

Hardware wallets plug into your computer like a USB stick, and they have one job- to be a firewall between your TRON and the outside world.

To do this, they encrypt the private keys to your cryptocurrency wallets so that no-one- not even you- can know them. That way only someone with physical access to your hardware wallet- and who also knows its password- has a chance to access and move your coins.

Which hardware wallets support TRON?

Hardware wallets made by Ledger and Trezor support the storage and sending of TRON.

Where do I get a hardware wallet?

Our recommendation is to either get a Ledger Nano S from their official website or Amazon, or a Trezor from their official site or Amazon.

The Nano S makes it easy to manage your coins- it’s compact and discreet, and wallet management is achieved through a small LCD screen and two buttons.

The Trezor is just as easy to use, small and also featuring two buttons, with a lot of information packed into its small LCD screen.

Here’s the Ledger setup guide, and the Trezor user manual.

4

Now we’re going to open your new wallet.

Select the ‘Keystore File’ option, then upload the keystore file you saved in step 2, then enter your password.

Once you’re done, scroll down the page to see your opened wallet.

5

You will see a long string of letters and numbers labelled ‘Your Address’.

This is your personal wallet address, and it’s where we’re going to be sending your TRON coins.

Copy this address and keep it somewhere safe as we’re going to need it soon.

 

6

Now we’ll purchase the popular cryptocurrency Ethereum, so that we can exchange it for TRON (if you already own Ethereum you can skip ahead).

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Coinbase

  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.

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Press the ‘sign up’ button and fill out your name (make sure this is exactly how it’s written on your photo ID), email, password and location.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It’s a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

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Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Once your payment details are verified, click ‘buy/sell’ on the top menu.

Select ‘Ethereum’, and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you’re happy with the amount, click the big ‘Buy’ button.

10

You’ll be asked to confirm your purchase.

Press the ‘Confirm Buy’ button.

Congratulations! You now own some Ethereum. But don’t close Coinbase yet, we’re going to need it again in a few minutes.

11

We’ll use the site Binance to exchange your Ethereum for TRON.

Click here to go to Binance, and click ‘Register’ on the top right menu.

 

12

Enter your email and a strong password (that you won’t forget!).

Click ‘Register’.

13

You will be sent an email to confirm your email address.

Click the link in the email.

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You will be taken back to Binance as your email is confirmed.

Press ‘Login’.

On the login form, enter the email and password you just used to sign up, then press ‘Login’.

 

15

A pop-up will advise you to set up 2FA (two factor authentication) on your account.

We strongly advise you to do this- in the event a hacker manages to get hold of your password, this second level of security makes it very unlikely they will be able to get into your Binance account.

We recommend using the Authy app on your mobile phone or web browser.

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Hover your mouse over ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals’.

This screen displays any coins you have stored on Binance- obviously none at the moment.

Type ‘Ethereum’ in the search box.

This will narrow the wallets displayed to just a few- in those, find Ethereum.

Press ‘Deposit’

You will be given a Ethereum deposit address (a long string of numbers and letters).

Copy this address and keep it somewhere safe as we’re going to need it soon.

Note: Double check you’ve actually selected Ethereum (ETH)- if you send your coins to the wrong wallet you will lose them.

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Now, return to Coinbase.

Click ‘Accounts’ from the top menu, then find your Ethereum wallet listed on the left.

Click ‘Send’.

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In the ‘Recipient’ box, paste the Ethereum wallet address we just copied from Binance.

In amount, type how much Ethereum you wish to send (there is a ‘use max’ option if you wish to send it all).

Click ‘Continue’.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

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Now we’ve got to wait a few minutes for the coins to move across the network.

Unless there’s an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Binance wallet.

Binance will update automatically so there’s no need to refresh the page.

While you’re waiting, consider sharing this guide with your friends and followers to spread the word about TRON, encouraging its popularity and value to grow.

Here’s some share buttons to make it easy:

20

Once the Ethereum shows in your ‘available balance’ we’re ready to trade for TRON.

Click here to jump straight to the TRX/ETH exchange market on Binance.

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The exchange page can look overwhelming at first, but don’t worry, we’re only going to use a small part of it.

There are two ways of buying coins:

A ‘Limit’ order, which lets you manually set the price at which you want to buy TRX.

A ‘Market’ buy, which fills your order automatically at the best price available.

As market buy is the simpler of the two options we’ll go with that.

Look for the big green ‘Buy TRX’ button.

Above it, click the ‘Market’ option.

In the input box marked ‘Amount’ you now need to fill in how many TRX you’d like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you’d like to exchange 50% of your Ethereum for TRX.

When you’re happy with the amount, press the buy button.

Your order will be filled immediately.

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Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’.

In the search box, type TRX. You will now see your new TRX in your TRX wallet.

 

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If you’re comfortable with it, you could just leave your coins on Binance and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here’s how:

Note: You CANNOT store Ethereum tokens, such as TRON, on Coinbase. If you send your TRON to Coinbase you will lose them.

Click the ‘Withdrawal’ button.

In the boxes that appear, fill in this information:

Label: Write ‘My wallet’

Address: Put the wallet address that you copied from MyEtherWallet (in step 5).

Amount: Press the ‘Max’ button to send all your TRX.

Once you’re sure all this information is correct (double check you’ve inputted the correct wallet address!), press ‘Submit’.

If you’ve set up two-factor authentication, you will be asked for a code from your phone. Enter it and press ‘Submit’.

You will be sent an email to confirm the withdrawal.

Go to your email and click the link that has been sent to you.

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Go back to MyEtherWallet.

You should now see the TRON (abbreviated to TRX) in your wallet under ‘Token Balances’.

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One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?

TRON coins exist as a token on the Ethereum network. To move TRON coins across that network costs ‘gas’, which are in the form of Ether coins. If in the future you want to move your TRON coins to another address, you’re going to need some of those Ether coins to power the transaction.

You already know how to buy Ether, but you can use this guide if you’re still unsure how to move them to your personal wallet.

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What about when you’re ready to sell your TRON?

You simply reverse the order of tasks you performed in this guide.

For example, you send your TRON to Binance, exchange it for Ethereum, send that Ethereum to Coinbase and sell it for your preferred currency.

PS full disclosure: This is a guide only. This is not financial advice. My personal opinion on TRX – we haven’t bottomed out (yet), so I can’t recommend buying TRX @ current bid (0.000006 @ time of writing). Wait for all the cryptos to bottom out 3-4th week of April, don’t try to catch a falling knife (yet).