This blog post will show you how to purchase Tron (TRX) via Binance. If you are new to this blog, you might want to start from the beginning as we walk through step-by-step how to get set up and purchase the top 10 cryptocurrencies.
So we are now in May, and as discussed in the Top 10 Cryptocurrency Index Concept, on a quarterly basis, we will see what cryptocurrencies enter the top 10 that are new and invest $1,000 in each of those coins.
Looking at CoinMarketCap, we see that Tron (TRX) is now in the top 10 (at #9) pushing NEO out to the 11th highest market cap. As such, we will want to purchase $1,000 of TRX.
To do this, we first have to transfer funds to Binance. Again, the key is that we can no longer use USD for purchases because all of the trades on Binance are done from one cryptocurrency to another. As such, we will need to purchase either ETH or BTC to transfer into Binance.
So, log into your GDax account and put in a limit order for $1,000 worth of ETH. In this case. we are going to put a limit order in for $1,000 of ETH at $731.15/ETH (or roughly 1.367 ETH)
Once that fills, you will have that additional amount of ETH in your account (added to the $1,000 worth we had purchased previously).
Now, we want to transfer that 1.367 ETH to Binance to purchase the other cryptocurrencies. To do that, log into Binance, Goto Funds->Deposits, and then enter in ETH to choose to deposit Ethereum:
This will show you an Ethereum Address to deposit to. In this example, it is: 0x6701bfd9c726153df24c7af63a8f5f3cb22076c2
Go back to Gdax and choose to Withdraw ETH. The Withdraw Funds screen will appear. Choose ETH Address, Enter in the Amount to withdraw (in our case, the 1.367 that we purchased), and the address to send it to (In our case, the 0x6701bfd9c726153df24c7af63a8f5f3cb22076c2 address we got from Binance). Look up your two-factor authentication code from Coinbase in Google Authenticator, and click on Withdraw Funds.
You should receive a Success message:
Go back to your Binance account and refresh your ETH Deposit Page. You will see your Deposit pending. It will require 30 nodes on the network to confirm the transaction before you can use the funds, so you can continue to refresh the page every so often to see progress.
Once 30 confirmations are complete, your ETH will be available in Binance:
Go back to the Basic Exchange in Binance:
From there, choose ETH in order to trade in Ethereum and then enter in TRX, which is the symbol for Ripple and select TRX / ETH:
Similar to the trades we did on GDAX, we enter a Limit order for TRX, entering the price in ETH we ware willing to pay for each XRP coin, and an amount to get us close to 1.3667 ETH worth of what we want to purchase. Once that is done, click on Buy TRX.
Once the trade is completed, you should have balances in your Funds for TRX.
Since it is a limit order, you need to wait for it to get filled. If it does not get filled at the price desired, you can always cancel and enter a new order for a new price.
Congrats. You should now have 11 coins based on the quarterly balance. Don’t forget to add the TRX trades to coins.live as discussed in our post here.