IOTA is an open-source distributed ledger protocol that uses ‘Tangle’ instead of the Blockchain. IOTA has a fixed supply without an inflationary cost. IOTA has zero-fee transactions and focuses on machine-to-machine (m2m) of the Internet-of-Things (IoT). This article will cover how to buy IOTA.
Check out the official IOTA site to learn more about IOTA, and learn how to buy IOTA (MIOTA) with this guide!
This step-by-step guide was created to help you learn how to buy IOTA and avoid the large transaction fees that some exchanges charge. Below are the exchanges we will cover step-by-step to buy IOTA.
Disclosure: No content in this article should be taken as financial advice. Investing can be risky, so it is recommended that you consult with your accounting, legal, and tax advisors before engaging in any kind of transaction.
What is IOTA?
How to Buy IOTA on Binance
Step 1: Create and verify your Binance Account
If you are a U.S. resident:
Go through the guided steps to set up your account. You will be required to verify your identity in order to buy IOTA. The verification process on Binance is simple and is based on the country you reside in. Use the links above to sign up, and we will both receive commission rewards!
Step 2: Deposit Fiat
You will need to connect your bank account in order to buy IOTA, or you can buy IOTA with a debit/credit card. Note that you will be able to buy IOTA with your local currency. We highly recommend purchasing by connecting a bank account to avoid high fees! Buying with a debit or credit card is good for small purchases.
Simply navigate to Buy Crypto on the top menu bar of the site:
You will see Buy and Sell Cryptocurrency at the top of the page. Simply click on Payment Method and Add New Payment Method and then choose one of the following:
- ACH (this is a bank transfer and recommended for beginners + lowest fee)
- Credit/Debit Card (recommended for beginners and small purchase amounts)
- Domestic Wire (not recommended)
Once you have chosen your preferred way to transfer fiat to your account, you’ll simply follow the on-screen instructions to move money into your Binance account.
Step 3: Convert Fiat to USDT
Great! You’ve successfully deposited fiat into your account! If you are in the U.S., you can SKIP this step to buy IOTA.
If you are outside the U.S., you will need to convert your fiat (i.e., USD, EUR, etc.) to cryptocurrency. We recommend buying USDT with your fiat. USDT is simply a token that is equivalent to the U.S. dollar. It makes it simple to purchase currencies like IOTA and other coins in the future!
Once you purchase USDT, you are ready to start buying IOTA!
Step 4: Buy IOTA
Now, the moment we have all been waiting for: buying IOTA! Simply navigate to the Buy Crypto option on the top menu bar. Choose the amount of USD you would like to spend at the top. Under “Buy” you will search for “IOTA.”
Mission accomplished! You now have IOTA!
How to Buy IOTA on Bittrex
Step 1: Sign Up for an Account on Bittrex
Complete the process to register a Bittrex account below:
After you create the account, you’ll need to follow the link in your email from Bittrex to verify the email address on the account.
You will be asked to verify your identity before you are allowed to buy or sell IOTA. The identity verification process usually takes 5-10 minutes.
Step 2: Deposit Fiat / Cryptocurrency to Fund Your Account
The next step is to deposit either fiat currency with a debit card or wire transfer, or you can transfer other cryptocurrencies into your account to trade for IOTA.
To fund your Bittrex account with a debit card, click the blue button on the right-hand side Deposit by debit card.
Enter the amount you would like to deposit and click the Enter card info next button to finish entering the information for your debit card. Note that wire transfer deposits take much longer to settle in your account before you can use them for trading, so if you want to buy IOTA now, you can fund your account with a debit card.
Step 3: Exchange Fiat for IOTA
Once you create your account, verify your identity, and fund your account, the next step is to navigate to the Instant Buy & Sell page linked in the menu or by clicking here: https://bittrex.com/instant?market=IOTA-USD (if you navigated to the page, change the I want to buy option menu to IOTA).
Enter the amount you would like to spend, select your fiat currency, and then select either a debit card or the balance already deposited into your account. Alternatively, you can quickly and easily buy IOTA with Bitcoin, Ethereum, USD, and Tether.
If you selected Debit card, the final step to buy IOTA is to complete the card information on the following screen when you click the Next, enter card info button.
The Bottom Line
Buying IOTA is easy when there are so many exchanges that now offer it. Overall, we recommend using Binance due to its ease of use and low fees as well as the variety of coins offered. If you thought this guide was helpful, please share it with someone who is also learning to buy cryptocurrency!
We’d love to hear from you. Let us know in the comments what other cryptocurrencies you plan on purchasing.
Frequently Asked Questions
Where can I buy IOTA?
IOTA is available on many mainstream cryptocurrency exchanges, such as Binance and Bittrex. If you use Binance, Bittrex, or another large exchange, you can also purchase it with a credit or debit card.
Is IOTA cryptocurrency a good investment?
Historically, IOTA has been a good investment for cryptocurrency traders and investors. IOTA has great scalability potential, and as more investors buy IOTA, the price will continue to rise.
Is IOTA better than Bitcoin?
IOTA has a much better scalability solution than Bitcoin. However, Bitcoin continues to remain the “gold standard” of cryptocurrency as far as value is concerned.