IOTA is a blockchain project meant to record and execute transactions between machines and devices under the Internet of Things system. The role of IOTA in the blockchain is to handle transaction fees and issues of scalability through eliminating block and chain. The IOTA network does not need miners since the verification mode does not rely on a centralized blockchain. IOTA invented the Tangle, a system of nodes deployed on verifying transactions. According to IOTA founders, the network will eliminate most of the challenges experienced by cryptocurrencies.
The IOTA network uses the MIOTA as the native cryptocurrency to power transactions on the platform. Considering that IOTA targets communication between devices connected to the internet, we should expect the asset to grow in the coming few years. By press time, MIOTA was trading at $0.247544 with a market capitalization of $688,054,963 and in the 19th position. If you plan to buy IOTA, here are the best places to purchase the tokens.
Before Buying IOTA
Before buying IOTA or any other cryptocurrency, there are several factors to put into consideration. First, you need to identify the compatible wallet that you will store your tokens. In this case, hardware wallets are the most preferred based on their unique security features. You can go for the Ledger Nano S. Before settling on an online wallet, consider the security and market reputation to avoid losing your assets. Take a look at our review of best IOTA wallets here. Additionally, you need to be on the lookout for market happenings. Cryptocurrencies are known to be volatile and any news can sway the price in any direction. Therefore monitor IOTA related news to ensure you don’t buy the asset at the wrong time.
Where to buy IOTA
The best place to buy IOTA is on cryptocurrency exchanges. We have several exchanges that support IOTA. However, before settling on any exchange, consider factors like security, trading volume, and the region covered. Here are the best places to buy IOTA in 2019.
Binance is a leading cryptocurrency exchange with support for dozens of digital assets. On the exchange, you can find several trading pairs like IOTA/USD. To buy IOTA on Binance, you need to create an account first. You will need a valid email address and a strong password. Additionally, enable the two-factor authentication for extra security of your account. Binance also requires you to verify your identity before buying IOTA. Verification entails providing your government-issued identity card or driving license.
The next stage is to add funds to your account. With Binace, you can buy IOTA through another cryptocurrency like Bitcoin. On the dashboard, click on the ‘Funds’ section and then ‘Deposits/Withdrawals’. Click on deposit tab and then select the crypto you would like to deposit. Binance will give you a Bitcoin address, where you will deposit the asset. Go to the wallet holding the Bitcoin and send the amount of Bitcoin to the address provided by Binance. Confirm with your account balance to see if Bitcoin deposited has reflected.
You will then make a trade to buy IOTA. Click on the ‘Exchange’ section and then select basic. Binance will display a list of Bitcoin trading pairs. Locate and click on the IOTA/BTC pair. An order form will pop up and you need to fill it with the amount of IOTA you wish to buy. Confirm all the details and then click Buy IOTA. The IOTA will then be deposited in your account.
Alternatively, you can deposit fiat through a credit card and purchase Bitcoin. You will then initiate a trade and buy IOTA with the newly acquired Bitcoins. Remember that with Binance, you will be charged a fee of 0.1% of the trade amount when buying IOTA. You can get a 50% fee discount if you decide to convert your funds into Binance Coin (BNB) before you buy IOTA. Withdrawing IOTA will cost you 0.5% IOTA.
Bitfinex is another ideal platform to buy IOTA tokens. Note that the exchange does not admit US residents. The exchange supports numerous cryptocurrencies among them IOTA, Bitcoin, Ethereum among others. Bitfinex was the only exchange that initially supported IOTA before Binance followed suit.
To buy the tokens on the Hong Kong-based exchange, you will need to create an account first by providing a valid email address and a strong password. After confirming your email address, complete the two-factor authentication process to proceed. The next phase entails depositing funds into your account where you can transfer either fiat or assets from another cryptocurrency wallet. Bitfinex will provide you with an address to deposit the assets in a process that will take about 20 mins. On the other hand, bank wires can take several days.
Bitfinex gives you an option of three wallets: exchange, margin, and funding. In this case, you will select the exchange wallet. Once the funds reflect, you are now on the verge of buying IOTA. Next, go to the dashboard and click on ‘Trading’ and select IOTA where Bitfinex will give you an option of trading it with either USD or BTC. A new left sidebar should pop up with all the details you need for the trade. For starters, it might be confusing. However, select the ‘Limit’ option and enter the maximum amount of USD, BTC or ETH you would like to trade. Next, click on the green button above ‘Price USD/BTC/ETH’ and this will automatically calculate how many IOTAs you can buy with your set limit.
Click ‘Exchange Buy’. You should see this message on your screen and IOTAs should be available on your account within seconds. For safety purposes, transfer your IOTA to another wallet.
OKEX is a multi-cryptocurrency exchange allowing users to trade crypto and fiat-backed tokens. The exchange also provides digital asset-based futures with multiple leverage choices. The trading platform specializes in BTC and LTC futures, but it also supports IOTA. You can trade on margin with up to 10x or 20x leverage, or hedge to lock in your mining profits.
To buy IOTA on OKEX, you will need an account and conduct the account verification. You will also need to activate the two-factor authentication feature for additional security. OKEX provides IOTA trading pairs in IOTA/USDT and IOTA/BTC. You will need to deposit Bitcoin to trade for IOTA. Click on ‘Account’ and go to ‘My Wallet’ and select Bitcoin then click on ‘Token Deposit’.
You will be re-directed to the Token Deposit section and copy the address for you to transfer Bitcoins into your OKEx account. After depositing your funds, go back to ‘My Wallet’ to check your balance. With Bitcoin in your account, it is time to initiate a trade for IOTA. Note that OKEx has four major trading categories: C2C, Index, Token and Futures trading. Trading funds are divided into four different accounts to minimize investment risks and for you to be able to manage your accounts effectively. To trade, select IOTA and then buy the token. You will then transfer the tokens to a compatible wallet.
IOTA seeks to revolutionize the internet by bringing micro-transactions together with zero fees across all connected devices. This means that IOTA is destined for great things in the future. This is evident based on the already established partnerships between IOTA organization and leading global firms. If you plan to invest in IOTA the mentioned platforms are ideal.
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