It’s the latter part of 2017 and the world of cryptocurrencies has exploded in value! Bitcoin is soaring to new heights every day, and new traders are looking for the next big thing. There are a number of coins which could make claim to being just that, but few are so convincing as IOTA.
Buying IOTA on Binance
Binance is a Chinese crypto exchange with an international scope. Because Binance is based in Hong Kong, they were able to avoid closure when China banned Chinese crypto exchanges late summer 2017. They’ve been going strong ever since, adding many new currencies, and bringing in crypto investors from around the globe.
Note: It’s important here to point out that Binance has their own currency: BNB. Users who use BNB to buy their coins get generous discounts. BNB has value all its own, and gains value the more people around the world use Binance. It’s also a deflationary currency; Binance destroys millions of BNB on a set schedule, meaning that the coins you hold for a long time will likely grow in value because the basics of supply and demand. BNB can be used on Binance to buy all kinds of currencies, not just IOTA.[/su_note]
- Input the ol’ information.
- Carefully complete the CAPTCHA (Binance CAPTCHAs are the coolest).
- Click on the big link in the verification email Binance sends you and login.
- You’ll be prompted to at 2-Factor Identification, which we always believe is a good idea, especially when money and personal information is involved as it is here. In this case it’s required. Download the Google Authenticator app, scan the QR code, and you’re good to go. This is your first step to verifying your account for full trading potential. Enable 2FA on the right side of the screen using the code that’s on your phone’s Google Authenticator App. This code changes every 30 seconds for security.
- Click on “Funds” and select “Deposits Withdrawals”. Click “deposit” by a coin that you own. Bitcoin is always a good choice because you can buy so many coins with it. Ethereum is another good option generally, but you can’t buy IOTA with Ethereum on Binance so Bitcoin is the only choice. The address that appears will be the one you put into your outside wallet. It’s your Binance address. Make sure to copy/paste it carefully. After you send the funds, it could take minutes or even hours for the funds to arrive, especially with Bitcoin. Be patient, they’ll show up.
- Click on “Exchanges” and select “Basic”. Near the right side you’ll see a currency pair called “IOTA/BTC”.
IOTA is a cryptocurrency. No smart contracts. No Dapps. No fancy bells and whistles. Still its technology can run circles around Bitcoin and its price is much, much cheaper. We’ll give you a little primer on what it is and how to buy IOTA. Investing in IOTA is a hot topic as more traders try to get in before the price explodes. We’ll walk you through how to buy IOTA below.
Other way to Buy IOTA
Now that you know what IOTA is, you’re probably marginally interested in buying some of your own. Fortunately, there are plenty of options in this regard, though not as many as there will be in the coming weeks or months. Early adopters like yourself have to do a little more research, but they get the biggest reward!
When buying IOTA, you can choose to go with CFDs or conventional ownership. Both options have their benefits, but CFDs tend to be the more accessible option to individual investors. We’ll do a short walkthrough of both tactics so you can decide which method works best for you, your finances, and your investment goals.
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Buying IOTA CFDs with AVATrade
AVATrade is a trusted source for CFDs and Forex trading. In addition to stocks and currencies, they allow users to trade on the price action of a variety of cryptocurrencies, including Monero, NEO, Bitcoin, Litecoin, etc. It’s pretty easy to set up an account, get it funded, and start trading away, but we’ll still walk you through it step by step right here.
If you don’t want to start a full fledged account just yet, just follow along and start a demo account when given the opportunity. This will allow you to use play money to see how the system works and to track the gains you would make from your real life trading instincts.
- Simply start out by navigating to the homepage and click on Trade Bitcoin now. You may also select Practice Bitcoin Trading if you want the training wheels trading experience without the risk of losing any money.
- Enter your details. You can also link your Google+ or Facebook, if you don’t mind Mark Zuckerberg being informed about yet another aspect of your personal life.
- Voila! Your account is ready. Go ahead and click on Web Trading. Note that you can also download the AVAtrade software or get the same trading power from their iPhone and Android compatible app.
- To get into the meat of the platform, input the login details you’re provided with.
- Move your mouse over the the white space in the bottom left of the screen, right above the tab labeled “Symbols”. Right click and select “Symbols” from the resulting menu.
- Click on “CFD-crypto” and choose MIOTAUSD. This is the symbol for MIOTA (IOTA sold by the million) paired with United States Dollars. That’s it! Once you’ve funded your account, you’ll be able to trade IOTA CFDs.
Buying IOTA to Keep in Your Personal Wallet
CFDs don’t require ownership for profit. This makes them cheaper to start out with. CFD users also won’t have the hassle of managing funds, sending them from place to place, and working hard not to lose them! CFDs are great for all of those reasons, but some people still prefer ownership, and we don’t blame them. So, let’s talk about how IOTA can best be bought. Because our readers are so often split between the UK and the US, we’ll talk about methods that will work for both.
Note: IOTA is most heavily sold on the crypto exchange Bitfinex. However, due to changing regulatory environments and high costs of doing business, Bitfinex recently stopped accepting American users. Some Americans (we’re not endorsing this, by the way) use a VPN to start an account, then lie on the pop-up that asks about American residency. Bitfinex is a great exchange, but since we don’t want you to violate the law, we’ll focus on Binance, the second largest IOTA exchange by volume.
Purchase IOTA FAQ
By now you know how to invest in IOTA through CFDs and through conventional ownership. Now we’re going to quickly answer some of the most frequently asked questions we see around the web. Skip to the conclusion if you already know this stuff.
- How to I buy IOTA from Coinbase? You can’t. Coinbase doesn’t sell it.
- Where can I buy IOTA wallet? The wallet is free at the official IOTA Github page.
- How can I buy IOTA Polniex/Buy IOTA Kraken/Buy IOTA with Paypal/Buy IOTA with GHP/Buy IOTA with Euro/Buy IOTA with Ether/buy IOTA with credit card/Buy IOTA with LTC/ buy IOTA on Bittrex/Buy IOTA directly? You can’t! The guide above maps the only way to do it (except through Bitfinex, outside of the US, with Bitcoin).
- How can I buy IOTA in India? Buy IOTA in Australia? Buy IOTA in Canada? Buy IOTA in USA? Buy IOTA in Singapore? But IOTA in South Africa? Binance is probably your best option as it’s the most generally available worldwide. Bitfinex is also widely available. For CFDs, AVATrade is your best bet.