How to Buy Iota (IOTA) – Invest with Low Fees Today

IOTA is an alternative cryptocurrency, many times referred to as an altcoin, that relies independently on Bitcoin or any other cryptocurrency for that matter. IOTA is also one of the only cryptocurrencies that don’t run on a blockchain framework, but rather its own modified rendition of a blockchain, called “The Tangle”. IOTA has stated an intention of providing an additional data layer to the financial atmosphere, specifically in the world for the “Internet of Things” (IoT), hence the title, “IOTA”.

While Bitcoin serves mainly as a global currency used for settlements and payments for virtually anything, IOTA is targeted and tailored more specifically for the IoT market, in that it has a goal of reaching billions of devices, programs, and much more, creating a virtual environment where transactions can be sent amongst one another. IOTA is the native “currency” of the IOTA Network, almost parallel to how Ether is the native currency of the Ethereum Network.

IOTA was founded in 2015 and raised money for project funding via Bitcoin worth a total of about $500,000 at the time. IOTA stands today as one of the most profitable inceptions to current day standards in assets, as the native currency netted initial investors tens of billions of dollars worth of profit.

How to Create An IOTA Wallet

Before you can start trading IOTA on CryptoRocket, you will have to create an account. To do that, you will have to fill in a short form with your email address, full name and password. Once you’ve done that, you will have to open a trading account before you can get to the deposit stage. It is here that you can choose to set up a demo account before getting a real one. Our advice is to try trading in demo mode before you make your deposit. That will help you gain familiarity with how the exchange works.

Deposit Funds

You can now make your deposit. CryptoRocket requires a minimum deposit of $10, which is much lower than the vast majority of cryptocurrency exchanges out there. You can make your deposit via credit or debit cards and they can have either MasterCard or VISA circuits. Alternatively, you can deposit your funds via Bitcoin. To make the payment, you have to click on the “deposit” button on the left side menu on your trading profile. You can then choose your payment method, insert your deposit amount, type in your bank details and complete the transaction.

Open a Trade for IOTA

As soon as you’ve made your deposit you can switch from a demo account to a normal one. You will be given some login details to access the trading platform at any time, so make sure you store them in a safe place. The trading platform will have an asset list on the left side of the screen, the trading chart linked to the asset you select on the right side and there will be your trading history at the bottom of the screen. To trade IOTA, you will have to find the currency pair you are interested in on the asset list, then select it and decide whether to sell or buy.

Visit CryptoRocket

In order to purchase IOTA on Binance, you’re going to need a setup a Binance account which requires an email, ID verification (If you plan to surpass certain limitations or plan to open a fairly large account), and a 2-factor authorization application/method (Phone number or Google Authenticator).  If you’ve done so, you can then move on to the next steps. Ensure you’ve setup as much security as possible, as Binance is one of the most commonly replicated cryptocurrency exchanges out there meaning scammers try to lure users through Binance because of its online and internet-heavy presence in comparison to other more institution-like companies such as Gemini.

Deposit Funds via Cryptocurrency

Binance, at the time of this writing, doesn’t enable processing of other types of fiat deposits such as bank accounts, however, that can definitely change within the next year or two. For now, you’ll have to deposit funds to Binance via a base cryptocurrency, which is traditionally either Bitcoin or Ethereum. Then, on your Binance account, find the “Deposit” section of each subsequent cryptocurrency, set up a deposit address (This may require verification from your 2FA app), and confirm its addition.

A further Binance deposit tutorial is available on their site, found here. 

Open a Trade for IOTA Based On Your Deposited Cryptocurrency

Dependent on which cryptocurrency you deposited in the previous step, you’ll then have to open a trade for IOTA that is based on that deposit. So let’s say you deposited Bitcoin to Binance, you’ll need to find the IOTA/BTC trading pair, as such:

In the above example, we’re buying IOTA at the market price, or the best available price that is out there. In the “Amount” section, you’ll just indicate how much of IOTA you’d like to purchase in exchange for the market price. Upon purchase, you can then go to the top right of the exchange at “Funds” and navigate to your holdings under “IOTA” to see your newly purchased IOTA. You can then withdraw/sell as you wish.

Visit Binance

IOTA is currently not available for purchase on Coinbase. However, you can still view the price chart of IOTA on Coinbase; it is unclear if Coinbase will ever list IOTA as a tradeable pair

. 

Trading of IOTA is available on Plus500 in the form of tradeable CFDs, or contracts for differences, as well as various other cryptocurrencies. IOTA CFD trading is available on Plus500 under the following requirements in terms of margin, maintenance, and regulation:

As a regulated and legally acknowledged broker, Plus500 offers trading of IOTA in the form of CFDs in accordance with a level of security that not many other platforms can enable.

Register

In order to start with IOTA trading on Plus500, you’ll need to register your account by clicking here and provide proper credentials for investor verification as well as bank accounts/methods of funding.

Verify

As a regulated broker, Plus500 requires verification of investors. As such, you’re required to provide some provisional information about yourself as an investor.

Trade and Purchase

Once verified, you’re then able to trade IOTA CFDs on the Plus500 platform in accordance with the broker’s rules and regulations.

Visit Plus500

80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.