A step-by-step guide for people that want to know more about investing in new Tron projects, and buy their tokens by using TronScan.
What is an ITO?
Before a project (token) can start, money must first be collected to finance the project (a kind of crowdfunding). An ITO is similar to an ICO, a fundraising mechanism. The difference is the fact that an ITO, uses the blockchain of another token, in this case TRON. If u participate in an ITO u will help a project gather the funds for launching their product. In the pre-sale u will be able to buy the tokens of the Tron-project, the TRX that is raised by selling their tokens will be used to pay for the costs of their project. Tokens in the pre-sale are often sold with discounts and promotions actions like airdrops. Which makes it for investors a great, but risky oppurtunity.
Before u decide to invest an amount of TRX in a Tron Project make always sure that u do some research about the project. If u want to know more about the bisnuess plan, it’s great to start by reading the whitepaper, checking their website and team and joining their telegram. A good article that will help u determine to find a way about filtering the ‘red flag’ projects from the ‘green flag’ ones is this article.
Please note: Investing in ITO’s can be risky. Not all projects have good intentions, or gather enough funds to be able to start the project.
What do I need to buy tokens from a new project?
–A Tron Wallet: First of all u need a Tron Wallet, where u can savely store your TRX and all other supported Tron Tokens, TRC10 & TRC20. U could use for example your GoSeedit Wallet from Telegram, make a new Wallet on Tronscan or download the TronWalletMe app on your tablet or phone and use this wallet. A list of all Tronwallets u can find here.
–The Private Key of your TronWallet: The private key is your password for your Tronwallet. It will give u acces to all your funds, so u can withdraw and send them to others. That’s why u never give your private key to anyone, so no one can acces your funds. Make sure u always backup your private key in a safe way. For example on extern harddisk, or print it and safe it in a vault.
– TRON (TRX): And last off course u will need funds to buy the new tokens so u can participate in the crowdfunding of a project. Since Tron uses her own blockchain network, it’s for now only possible to buy tokens with TRX and not with Bitcoin. U can buy Tron on an exchange as Binance with Bitcoin or Ethereum, u find our guide hereor directly with a creditcard by using Changelly.
How do I buy tokens from other Tronprojects on Tronscan?
-Step 1: Go tot he website of Tronscan https://tronscan.org/#/ always check if this is the correct website and not a fake one. Next go to “Tokens” and choose “Participate”.
-Step 2: Scroll down in the list of pages to find the project where u want to invest in, or use the search function in the right corner. Please note: always check if u have the official link off the project. Sometimes there are fake ITO’s that use a similar name to scam people. Click on the project u want to invest in and u will get an overview with all the information about the project like their website, the token holders, the price and so on.
Step 3: Click on “Open Wallet” in the upper right corner of the menu at Tron Scan and enter your private key and click on “Sign in”. You will get instant access to your Tron wallet. S
Step 4: Once you have logged into your wallet. Click on “participate” in the right corner. Make sure you’re still on the right website of the project u want to invest in.
Step 5: A popup will open with the question “How much tokens do you want to buy?”. Choose the amount of tokens u want to buy, and it will calculate the cost of this in TRX. Submit the amount of tokens and click on “Participate”. Make sure u have enough TRX in your wallet to proceed.
Step 6: A new popup will open with a double-check: “Are u sure you want to buy?” check if this information is right and click on ‘Confirm”. After clicking on confirm the transaction will take a few seconds, if the transaction is finished u will get this message.
Step 7: The transaction has been confirmed. If u will get look in the overview of your tokens by clicking in the right corner on the information of your wallets. U will see that the transaction has been made and the TRC10 or TRC20 tokens have been added to your wallet.
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- Campaign & Project Manager @ CyberTronServices
- Tron ICO researcher @ TronICOList
- Creative Writer @ Tronsformer.com
- Co-Founder @ Girls Know Blockchain