Today’s post is based on “ How To Buy Iota ?”
In last post we cover How to Buy Augur coin. Today we will see “Where to buy IOTA Coin”
IIOTA is one of the most famous Cryptocurrencies that is gaining lots of Eyes in these days. In addition to that, IOTA is some or Little same as Bitcoin, but the key features are different from Bitcoin.
What is IOTA ?
IOTA is an open source cryptocurrency mainly based on distributing secure communication and payments between machines on the Internet of Things.
IOTA was founded in the year of 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. IOTA stands for Internet of things application.
As of now until December 2017 the total market capitalization of IOTA is $11 Billion. In addition to that, it is the 6th largest cryptocurrency in the market. In addition to that, IOTA is placed on number 6 in the coinmarketcap.
At June 2017 the price per IOTA was $0.63 USD and now it is ranging between $4 to $5 USD.
They are divided into units like weights such as,
Iota= 1 Iota= 1i= 1i
KiloIota= 1 Kiota= 1Ki= 1,000i
MegaIota= 1 Miota= 1Mi= 1,000,000i
GigaIota= 1 Giota= 1Gi= 1,000,000,000i
TeraIota= 1 Tiota= 1Ti= 1,000,000,000,000i
PetaIota= 1 Piota= 1Pi= 1,000,000,000,000,000i
How To Buy Iota ?
You can Buy IOTA by using cryptocurrency exchange platforms. As of now, you cannot trade in IOTA by direct using Fiat currencies. It means that if you want to Buy IOTA firstly you have to buy something like Bitcoin or Ethereum.
For now, there are only two exchange platforms are available with the significant amount of IOTA and that is Bitfinex and Binance.
Bitfinex is a Hong-Kong based cryptocurrency exchange platform. It is mainly better for Non-US-customers. On the other Binance is a Chinese based cryptocurrency exchange platform mainly based on Chinese trading.
So let’s start our Main topic,
How To Buy Iota using exchange platforms ?
Here as I mentioned above we can use two most trustable exchange platforms Bitfinex and Binance.
How To Buy Iota using Bitfinex ?
I suggest you to read my post on bitfinex exchange review. after that you can start buying Iota.
Sign up for Bitfinex, create your account and verify your Email for trading purpose. You can use their 2-Factor authentication to make your account more secure.
Deposit your cryptocurrency on Bitfinex.
Click on the “Deposit” tab, select the cryptocurrency that you want to Deposit. Bitfinex trades IOTA in Bitcoin and Ethereum pairs.
Select your trading pair between Bitcoin and Ethereum.
Here you will get the variety of order types. In addition to that Bitfinex automatically purchases the maximum amount at Market price. You just Click on the green circle then click on “Exchange Buy” option.
An order confirmation will give you IOTA in the exchange wallet.
Trading pair on Bitfinex for IOTA
How To Buy Iota using Binanace ?
Step 1 will be the same, as the previous one. Sign up using your email and verify your account.
Step 2 will bring you to the email verification step. Go to your email. Click on the link for verification and log in.
In step 3 set up your account. following up you can use Google 2-Factor authentication for enabling more security features. In addition to that you can get Google authentication free from Google play store and Apple IOS store.
Deposit your cryptocurrency on Binance. You will see a large number of trading pairs. Trading pairs are denominated as Bitcoin, Ethereum, and USDT(Tether).
Select your cryptocurrency, click on “Deposit” and then send funds to the given address.
You can see pending Deposits till you wait for the transaction confirmation.
After the completion of Deposit, trade your cryptocurrency for IOTA. Click on the “Exchange” Button in the menu. You can trade IOTA in Bitcoin and Ethereum.
Select your trading pair. Place the order for Buying IOTA. Binance charges 0.1% fees on trades. Set your limit according to the market order and after the trade completed then your IOTA will be transferred to the exchange wallet.
Trading pair on Binance for IOTA
Some other trading platforms for IOTA ?
- YDX – No trading fees and no Deposit Limit
- BIT520 – Chinese cryptocurrency exchange platform listed on 3rd August 2017 for IOTA.
- COINSPOT – Australian Exchange platform, Trustworthy but poor exchange rate.
How to Buy IOTA with PayPal ?
You cannot directly purchase IOTA using PayPal. You can Buy Bitcoin with PayPal and then you can convert it to IOTA.
How to Buy IOTA with Cash ?
If you want to trade IOTA in Fiat currency than you can trade on Bitfinex and You can also, use their IOTA/USD pairing to directly Buy IOTA with Dollars.
There are several options and platforms available for IOTA trading. It Depends on you that how you want to trade IOTA. It also depends on your location. In other words, If you want to directly trade with USD to IOTA then you can use Bitfinex. Otherwise, Binance is also a good alternative. If you want to try something new then you can go for YDX. In Australia, COINSPOT can be an option for IOTA trading except for its exchange rate.
That’s all for how to buy IOTA. If you have any doubts let me know in the comment section. Please like and share this post with your friends and family.