IOTA, one of the top 6 cryptocurrencies 2018, has been posting significant gains during the past month. While the investors’ appetite for IOTA is on the rise, many traders still wonder: How to Buy IOTA? This is exactly what we aim to answer in our educational article today.
7 December, AtoZForex – In spite of being one of the largest digital currencies in terms of market capitalization, very limited amount of exchanges offer the opportunity to buy IOTA. In fact, IOTA now enjoys the 4th place according to the Coinmarketcap data, with its market cap standing at $9,464,856,520.
Moreover, the prices of this unique cryptocurrency have risen more 50%. Considering the rising interest from the investors’ side, we decided to discuss the step-by-step guide on how to buy IOTA. We will walk you through the most popular and common way to buy MIOTA coins.
How to Buy IOTA?
First of all, we need to consider the following questions:
Can I buy IOTA with fiat?
No. As of the moment, it is only possible to purchase IOTA with other cryptocurrencies, such as Ethereum and Bitcoin.
Is it safe to buy IOTA?
It is safe to buy IOTA as long as you are using the reliable service providers and exercise common sense. It is also recommended to carry out a comprehensive research in regards to any cryptocurrency you intend to buy.
Where can you buy IOTA?
IOTA can be bought on a number of different cryptocurrency exchanges. After carrying out an extensive research we have concluded that these are the most recommended and easy-to-use exchanges for IOTA purchase:
- Bitfinex. This cryptocurrency exchange offers the greatest liquidity, while you can buy MIOTA with BTC, USD, and ETH. However, as of now, this digital currency exchange is no longer verifying the users from the US.
- IOTA Exchange
Yet, out of the abovementioned, only Binance and Bitfinex have the significant trade volume of IOTA. However, none of them accept fiat currency for IOTA. Thus, in order to buy IOTA, you will need to purchase BTC or ETH at first.
How to buy IOTA on Binance
In this particular article, we will focus your attention on how you can buy IOTA on Binance. In case you are looking for a guide on how to buy IOTA via Bitfinex, let us know in the comments section below.
It is relatively easy to purchase IOTA on Binance. We have come up with a detailed step-by-step guide.
1. Create an Account
First things first, you will need to create a Binance account. Registration is a no-brainer and should not take much of your time. You will need to provide your email and create a unique password. Here, you will need to make sure that your password is strong and hard to guess.
After you’ve completed this step, you will receive an email from Binance asking you to verify your email.
2. Login to Your Binance Account
The next step involves logging into your freshly activated account.
3. Set up your Binance Account
After you have logged in, you will be redirected to your personal Binance account page. It is recommended to enable 2-factor authentication (2FA) to advance your account security. Particularly, one of the most common ways to do this is to use the Google Authenticator App.
At first, your account will have the withdrawal limits at 2 BTC for every 24 hours. However, it is possible to lift the limits by completing Binance’s Identity Authentication.
4. Deposit Cryptocurrency
You are almost there! Now, you need to deposit cryptocurrency to your Binance account. Whichever digital currency you will opt for, click deposit then send funds to the given address.
5. Buy IOTA
Here you go – you can buy your first IOTA with BTC or ETH. As soon as your deposit has been approved and completed, you can exchange the cryptocurrency you deposited for IOTA. You can do so by hitting the “Exchange” button in the menu.
As a matter of fact, IOTA is traded in Ethereum and Bitcoin markets. You will need to locate IOTA in the market of your choice. Place an order “buy IOTA” using either a limit or market order. You need to know that Binance will charge you a .1% fee for any trade.
In case you are placing a market order, it is possible to choose the part of your cryptocurrency balance that you wish to use to buy IOTA. In this particular scenario, you can purchase via the market order the maximum amount of IOTA available for the BTC/ETH amount you have indicated. The platform will purchase the cheapest available IOTA until it has filled the required amount.
As soon as your order has been filled, you will see you available IOTA balance.
Think we missed something? Let us know in the comments section below.