How to buy IOTA cryptocurrency

IOTA is a relatively new crypto on the crypto scene.  It started earlier in 2017 and has gained a lot of traction ever since.

The reason IOTA is gaining a lot of attention is because bit IOT (Internet of Things) companies are jumping on board to use the token.  The companies that have recently joined to use IOTA in their business are:

  • Microsoft
  • Samsung

With many more industrial IoT players already onboard and many rumored to join in the near future.

In the last week the crypto price of IOTA has risen sharply from approximately $1 to around $4.41 as of this posts writing.

That is an increase of approximately 440% in just a few days.  And right now the price is still quite low to be affordable for most people.

I myself have approximately 100 units of IOTA sitting in my exchange wallet (exchange wallets should only be used if you have no other choice)

In order to buy IOTA you first need to buy one of the main cryptocurrencies either BTC (Bitcoin), or ETH (Ethereum) and some exchanges may even trade LTC for IOTA.

You can do that on coinbase or another exchange that accepts creditcard payment for crypto.

buying

 

buying crypto coins

After you have your ETH or BTC you then need to transfer it to an exchange.  Firstly you will need to sign up for an account on an exchange.  I suggest Binance – they seem to be quite secure in terms of login security.  I used binance as well.

Binance.com and all exchanges that are centralized (we will cover this in another post) will verify that you are who you say you are with document checks, and once you have a log in you will be prompted with a captcha and a two factor authentication to login to ensure that only you have control of your own crypto purchasing and selling.

The first thing you will need to do is deposit some ETH or BTC from your coinbase or other wallet into the binance.com exchange.

To do this click on Funds -> then Deposit Withdrawals and you will be shown a screen like the one below:

If you click on deposits on the ETH line it will give you a box under neath the line with a “wallet” address for ETH that you will be sending too.  So copy this to your clipboard.  Then go to your wallet or coinbase or whereever and click on send from your ETH or BTC stash:

buying crypto

Paste in the copied address and double check that what you have pasted in matches the address you were shown on the deposit screen (you want to make sure this is accurate because if you send to a random address you will lose your ETH or BTC) and then press continue.  After verifying that its you via another two factor authentication challenge the amount will be sent and should show up in binance pretty quickly.

To get to the exchange from binance.com click on Exchange -> Basic.  To find IOTA or another crypto search on the right hand side.  Below the screen shot shows that I have searched for IOTA and I am now on the IOTA / ETH exchange screen.

 

To buy IOTA scroll down on this page and there will be a place to either buy or sell IOTA:

After you click on buy the new crypto will show up in your list of cryptocurrencies and you can check your balances on the funds -> deposits withdrawals screen.

I personally find logging into coinbase or binance a bit of a pain so in order to see what your crypto is at I recommend using an app on your phone called Delta. It allows you to enter in your transactions that you can find on binance under Orders -> Trade History:

and then once you input the transactions it will track any price fluctuations of the crypto for you.  Below is a screenshot of what this looks like on my phone:

For my tutorial on how to buy crypto currency on coinbase check out this post

 

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