Buy IOTA (MIOTA) – A Step by Step Guide

IOTA

IOTA is one of the most exciting altcoin projects on the crypto market. From a technological point of view, the developers of IOTA did choose a completely different approach to (almost) all the other cryptocurrencies. IOTA is not based on a blockchain but uses the so-called “tangle” protocol. In the following article, we show you how to buy IOTA

Buy IOTA (MIOTA): Which platform to buy from?

How do you buy IOTA? Unlike the “normal” stock market, where stocks, funds or bonds are traded, buying IOTA is not that obvious. Generally you get direct support from your bank when trading stocks, funds, etc., or you have friends and acquaintances who can help out. In the case of IOTA, this is usually a bit more difficult.

Banks do not offer cryptocurrency trading. So you are usually on your own. In the following section we would like to give you recommendations based on our experience on how to buy IOTA.

To buy IOTA, you first need to buy Bitcoin and then trade BTC for IOTA. Here is how to do it:

Step 1: Find a Trustworthy Exchange

From our experience, Coinbase is a reliable, reputable and established exchange. Coinbase offers the possibility to buy Bitcoin in a fast and uncomplicated way. You can start right away with the purchase of the digital currency.

Step 2: registration

Visit coinbase.com and click on the “Sign up” button. You will get to the following overview:

coinbase create account

After entering your full name (first and last name), e-mail address, password and country, just click the “Create account” button. Coinbase will send a confirmation link to your email address. After clicking the link in the e-mail sent by Coinbase, you can start buying Bitcoin.

But before, you will have to enter your phone number and provide additional information about yourself like employment situation, anual income etc.

Step 3: Buy Bitcoins

After logging in, you will see a overview of the current Bitcoin Price. You can also choose Bitcoin Cash, Ethereum or Litecoin in the overview section.

coinbase overview

Under the menu item “Buy/Sell” you select Bitcoin and enter how much Bitcoin you want to buy. You can choose between the following Payment Methods:

  • Banc Account Link (US Users)
  • Debit Card (US + European + Australian Users)
  • Wire Transfer (US + European Users)

Bitcoin Wallet

Coinbase offers a wallet for all the currencies you can buy and sell on coinbase.com. Once you bought Bitcoin on Coinbase, you will see the corresponding units automatically in your Bitcoin wallet.

coinbase wallet

If you want to sell Bitcoin, you just have to generate your Bitcoin address and send your funds from your Desktop wallet, hardware wallet like Ledger or another Exchange to you the Coinbase address and you will see your funds in the overview.

Step 4: Buy IOTA at Binance

To buy IOTA, you just have to send your Bitcoins to Binance in order to trade them for IOTA (MIOTA).

To do just that, visit binance.com and register for an account. You don’t need to verify your identity: with an unverified account, you can withdraw up to 2BTC in a 24h time window.

Search for IOTA or MIOTA in the overview section:

iota binance

Then click on the trading pair IOTA/BTC. This will take you to the Exchange view:

buy iota

Here, you simply enter the amount of IOTA that you want to buy. By using the Market option, you will buy IOTA at the current market price. This is the best option if you want to buy IOTA in a fast and uncomplicated way.

You can define your own price when choosing the Limit option, but Binance will show an error message if the price is too different from the current IOTA price, since the probability of someone willing to sell you IOTA for that price is relatively low.

Once you click on the Buy IOTA Button, your order will be processed immediately. Your funds will be transferred to your IOTA Wallet at Binance. From here, you can send them to a Hardware Wallet like Ledger or trade them for a different cryptocurrency at Binance.

If you have any questions about the process let us know and we’ll do the best to help you out.

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