IOTA is a cryptocurrency that launched in 2017 with a design specifically geared towards the Internet of Things. It promised an advantage over its dominant competitor, Bitcoin, through a superior distributed ledger, the Tangle, which circumvents the precedent of blockchain-based coin systems for a more efficient, decentralized peer-to-peer system. In contrast to Bitcoin, there are no transaction fees with IOTA, as its founders envisioned a cryptocurrency that enables small transactions or nano-payments.
Where can I buy IOTA?
Since IOTA is a relatively new coin, many exchanges don’t offer it. Binance would normally be the safest choice to get IOTA, but recently, US citizens along with most of the other coin exchanges that offer IOTA have been cut off from Binance. However, for those looking to speculate solely on the value of various cryptocurrencies, including IOTA, the eToro website remains a viable option.
How to buy IOTA
How to buy from eToro: 3 steps
1. Sign in and verify an eToro account
Go to the eToro registration page, enter your name, username, password, email address and phone number. After you have accepted the terms of use and clicked Create Account, you will receive a confirmation email. After clicking the link attached to this email, your account will be verified.
2. Complete your profile
Once you are on the website you will need to enter some personal information to complete your profile. This includes verification information like your social security number and questions about your personality and financial situation. It can seem a little invasive at times and asks about your employer, income level, and outside investments. However, all of this fits the standard know-your-customer protocol and should not trigger an alarm.
3. Make a deposit
eToro requires a minimum deposit of $ 200. The website offers a variety of payment methods including credit, direct debit, Paypal PYPL, or wire transfer, all with no fees. Once that’s done, you can buy and sell IOTA (or one of its other coins) to your heart’s content.
Be warned, however, cryptocurrencies have seen very volatile changes in value in the past and around 66% of retail investor accounts have lost money when trading on eToro. Before proceeding any further, make sure you have a solid understanding of what you are trying to achieve and the serious financial risks involved.
Buy on Binance: 6 steps
For those residing outside of the US (or knowing how to bypass residence restrictions), Binance is the best option for buying IOTA. That’s how it’s done.
1. Get a wallet for IOTA
While you can keep your coin on most exchanges, there is a risk that it could be lost or stolen. If you want to ensure the security of your IOTA, you should set up a wallet into which you can transfer your coin.
There are many wallet options and they come in different forms. Ledger is one of the best hardware options you can get. Trinity is a dedicated IOTA wallet in software form. The fact that it is a dedicated wallet makes it convenient for IOTA traders, but it is also a newer and less popular wallet so there may still be bugs. Electrum is another popular software wallet and is probably your best all-digital option for storing coins.
2. Buy a popular cryptocurrency
Binance doesn’t allow users to buy IOTA with fiat money (USD, Euros, etc.) so you will need a different type of cryptocurrency to trade. Sites like Coinmarketcap showcase the best places to buy different coins (as well as their relative popularity and value). Coinbase is one of the most popular destinations for buying popular cryptocurrencies. Once you have some type of coin (Bitcoin and Etherium are two safe options) you can head over to Binance.
3. Set up your Binance account and log in
Binance has a straightforward process for setting up an account. Go to the registration page, enter an email and password, and then a confirmation email will be sent. Clicking the link in the confirmation email will take you to the website. Once there, you’ll need to verify your account by entering some personal information (make sure you have your passport and government-issued ID).
4. Deposit cryptocurrency with Binance (generally Bitcoin, Ethereum and USDT)
On your account page, hover over the button labeled Funds at the top of the page and click on Deposits once it appears. You will see wallets for several types of coins. Click the one that corresponds to what you bought on Coinbase (will use Bitcoin for this example). Copy the Bitcoin deposit address from Binance and then return to Coinbase. Open your account page there and click on your Bitcoin wallet. This should open a dialog where you can paste the address of your Binance Bitcoin Deposit Address. Confirm the address matches, determine how much you want to send from Coinbase to Binance, then click Submit.
The transfer process is not immediate, but it rarely takes more than a few minutes.
5. Buy IOTA with your cryptocurrency
Once Bitcoin has been transferred to your Binance wallet, find the IOTA / BTC pair, check the exchange rate to make sure you’re okay with it, then just enter the IOTA amount or percentage of Bitcoin you want, you want to transfer to IOTA. Click “Buy” and you have your own IOTA.
6. Transfer IOTA to your wallet
Don’t forget to transfer your IOTA from the wallet and into a secure wallet that you selected in step 1. Click the “Withdraw” button next to your IOTA, enter how much you want to transfer to your wallet, then find and paste the public address of the wallet you want to transfer the coin to. Just click on “Send” and after a few minutes you will be enjoying the knowledge that your IOTA is completely safe in your wallet.
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