How to Buy IOTA Coin | Step-By-Step Guide
For those who are totally new to Iota, it was created as a far related derivation of the blockchain technology but is far more advanced. If you are planning to buy and invest in IOTA, you are looking for some action. The price of IOTA will further rise in anticipation of exchange launches. Want to buy IOTA for long-term profits? Here goes the step-by-step guide on how to buy IOTA coin.
How to Buy IOTA | Step-By-Step Guide
At the time of writing, IOTA is only available on Bitfinex and Binance. If you are new and would like to know how to purchase some IOTA coin, it is not that straightforward to just deposit your fiat currencies and buy them on these platforms.
However, you can send bitcoin to Bitfinex and Binance accounts and buy IOTA with BTC.
If you are totally new in this, please refer to the following steps to get your first IOTA.
Step 1: Create a Coinbase Account to Get bitcoin
There are many ways to buy bitcoin. Perhaps the easiest way is through Coinbase. Go to the Coinbase Signup Page and fill in your first name, last name, email and choose a password.
The registration is quite straightforward. Once, you hit “Create Account”, then you just need to verify your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some bitcoin.
Many people have the wrong impression that they must buy one full (unit) of BTC. In fact, you can buy even a small fraction of BTC (e.g. 0.05).
The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.
If you are buying bitcoin via credit card, Coinbase will post two small charges on your credit cards. All you need to do is to verify these charges through your credit card’s recent transaction history and confirm them on Coinbase dashboard.
Step 2: Create a Bitfinex Account
Create an account with Bitfinex by going to their registration page.
The registration process in Bitfinex is super fast & easy. Less can be said about interpreting their dashboard, but it’s not the worst. Once, you’re approved here, we’ll get to the good stuff.
Step 3: Transfer BTC to Bitfinex
Go to Bitfinex “Wallets” from on the top right menu.
Here, you’ll see a list of currencies and you need for “Bitcoin.” When you find Bitcoin, click the + icon to open a lightbox in which you will generate a Bitcoin wallet address. Once you’ve done this, copy that long string of letters & number.
Now, go back to Coinbase. Here, you’ll navigate to the Send/Request tab. Now paste the Bitcoin deposit address you got from Bitfinex into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your Bitcoin or some fraction.
Just one click and your funds should be on their way to Bitfinex. It will take a bit of time, perhaps 15 minutes or more, for your BTC transfer to complete.
Step 4: Trade Bitcoin for IOTA on Bitfinex
To trade your BTC for IOTA:
- Check the price of IOTAin real time (1-minute), and when you are happy with the price, say 0.0001300 (IOTA/BTC) as shown in the below figure.
- Click the “Limit” and change to “Market”. This means you are calling the platform to generate the latest bid price.
- Then, key in the number of IOTA you want to buy. This example, I key in 50,000 IOTA.
- Click “Exchange Buy”.
You just exchanged Bitcoin for IOTA. Be aware that there often isn’t much IOTA for sale at the very lowest price, so you may need to repeat steps 1-3 a few times until all your Bitcoin is exchanged.
You then can check your wallet again and see the amount of IOTA you have just purchased.