Where to Buy IOTA (MIOTA) Coin – Beginner’s Guide

IOTA is a tangle-based distributed ledger designed to make data interaction possible between Internet-of-Things. It is open, fee-less, and distributable. Due to those factors, it has gained popularity in the crypto ecosystem, especially among those looking for more substantial development in blockchain technology.

MIOTA is the governance token of IOTA. In 2021, MIOTA’s price rallied by almost 1000% within the first four months of its launch before retracing nearly 80%. And the token faced another downturn in the crypto winter.

While it has suffered like other crypto assets due to the crypto winter, the crowd sentiment about IOTA remains bullish. Investors are asking where to buy IOTA and if it is a good investment in 2024. This guide provides all the answers in great detail, starting with how to buy IOTA in 2024.

How to Buy IOTA – Quick Guide

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Where to Buy IOTA – Best Platforms Reviewed

Due to the use-case IOTA represents and the generally bullish sentiment of the crowd, even during the bear market, many crypto exchanges have listed MIOTA. This section reviews the best platforms to buy IOTA in 2022.

1. eToro: Overall the Best Platform to Buy IOTA

eToro added support for IOTA on 20 August 2021. Since then, it has become the primary platform to invest in this cryptocurrency.

Launched in 2007, eToro has 70+ cryptocurrencies listed at the time of writing. The trading platform also offers staking opportunities on three crypto-assets: Cardano, Tron, and Ethereum.

eToro is a social trading platform. It takes a social media-like approach to trade, allowing traders to communicate and learn from each other.

Due to this factor, two features of eToro differentiate it from others on the list: Copy Trading and Copy Portfolio. With Copy Trading, first-time investors can follow the investment strategies of successful traders on eToro. Copy Portfolio automates this process as eToro aligns your portfolio with the investor you follow.

If you’re a successful investor on eToro, then users copying your portfolio allows you to earn a passive income. The Trading platform will incentivize you whenever the one who has copied your portfolio buys the listed assets.

eToro charges a 1% (plus bid-ask spread) fee for selling or buying IOTA or other cryptocurrencies.

The user interface of this crypto trading platform is simple to use. Newcomers will feel right at home on eToro as, in addition to providing a simple UI, eToro has a feature called eToro Academy. eToro Academy curates a collection of simple-to-understand blogs to learn about cryptocurrencies.

eToro is regulated by multiple authorities such as CySEC, FCA, and ASIC. The regulations ensure that eToro performs as per the standards and follows strict security protocols. Speaking of security, eToro stores the crypto assets in tier 1 banks, and SSL encrypts the client information.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

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2. Binance: Buy IOTA at the Lowest Fees

Binance is the world’s most popular cryptocurrency exchange. It has listed over 600 cryptocurrencies, has an average 24-hour trading volume of $76 billion, and has approximately 90 million users worldwide.

Binance was one of the first trading platforms to list IOTA. It listed MIOTA on 30^th September 2017.

Those who want to avoid paying high crypto trading fees can use Binance. Here, you can buy IOTA at 0.10% trading fees. If you wish to reduce the fee even more, you can invest in BNB, Binance coin.

However, that fee is for those swapping their crypto assets to buy IOTA. Investors using fiat methods such as credit or debit cards must pay a 3.5% trading fee. On the other hand, ACH deposits are free of charge.

If you want to withdraw from your IOTA holdings at Binance, you must pay the withdrawal fee of 0.5 IOTA. Also, the minimum withdrawal amount that Binance has set for IOTA is 69 IOTA. At the time of writing, it is equivalent to $19.32.

Along with trading, Binance also offers an NFT marketplace and Binance earn. The NFT marketplace allows users to use fiat currencies to buy Non-Fungible Tokens. With Binance Earn, users can earn passive income through three ways of saving: four types of staking, three types of yield farming, and dual investment.

That being said, the user interface is complex, making Binance more suitable for seasoned crypto investors.

Binance uses a Trust wallet to secure users’ assets. Since 31^st January 2022, Binance has built a $ 1 billion insurance fund for investors due to the rising count of crypto hacks in the past.

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3. Huobi Global: Exchange with Wide Varieties of Cryptos

Huobi Global Listed IOTA in May 2018. The cryptocurrency exchange was founded in 2013 in Beijing. For a while, it was China’s biggest crypto platform. However, China’s ban on cryptocurrencies forced Huobi to relocate to Singapore.

Huobi Global has listed over 500 cryptocurrencies that contain popular assets such as BTC and ETH and altcoins such as Ripple and Polkadot. At the time of writing, Huobi’s 24-hour trading volume has been $4.5 billion.

The trading platform has many features, such as a rewards hub, CandyDrop, PrimeEarn, etc. Besides trading, the platform offers financial facilities such as Staking, Primepool, Crypto loans, ETH 2.0, and iToken.

Staking allows investors to commit their crypto assets to earn up to 14.87% APY. With Primepool, you can lock your assets and earn up to 449.58% APY. ETH 2.0 Beacon Chain Genesis mining program where users can earn BETH. Crypto Loans is an instant loan facility, and iToken is a multi-chain wallet.

Other new features are Dual investment and Huobi earn. Huobi Earn is a way to earn interest on the listed cryptocurrencies.

Huobi has a simple UI, allowing newcomers and long-time investors to easily interact with the crypto ecosystem. First-time investors can also jump into Huobi’s blog section to learn about crypto assets in great detail. Huobi’s Dual Investment is similar to Binance’s dual investment, where users can invest in coin/stablecoin pairs.

The only drawback of this platform is that it is not available to US citizens. However, Americans can trade via HBUS. Huobi’s strategic US partner.

Huobi charges an affordable 0.2% maker/taker fee per trade. If you want to lower the fee when you buy IOTA, you can do so by holding Huobi’s native HT token in your account. Your discount will depend on the amount of HT you hold.

Recent hacking attempts have made Huobi more conscious of consumer security. It has recently set up a 20,000 BTC reserve as insurance for clients.

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What is IOTA?

IOTA is a distributed ledger based on Tangle technology. It is a system of nodes that uses a DAG- Direct Acyclic Graph, which is not under the authority of a bank or any other financial institution. It was designed to power machine-to-machine communication in the Internet-of-Things economy.

What makes IOTA unique is the fact that there are no “blocks” in this technology. As there are no blocks, there are no miners. And since there are no miners, there are no fees. If you send an IOTA transaction, you automatically validate two IOTA transactions in return. It nullifies the cost and deals with the scalability issue of the standard blockchain.

Simply put, instead of relying on blocks, IOTA uses Tangle. It is a unique consensus mechanism that uses a Directed Acyclic Graph (DAG). Unlike blockchain, where new blocks are added to store the information of blocks that came before it, DAG adds more complex nodes with more nodes. It improves the security of the technology.

DAG is also one-directional and doesn’t move backward. IOTA’s transactional data and consensus is built into the system itself. Unlike Proof of Work, where miners are required to form a consensus, Tangle needs a user to confirm two transactions in return for their transaction to be confirmed. It creates a decentralized peer-to-peer network.

This is why IOTA is feeless. It will remain feeless regardless of how much bigger the network grows.

Is IOTA a Good Investment?

IOTA takes a different approach to the crypto ecosystem. Doing away with blocks enforced a fee-less environment with no miners and high transaction speeds. Investors are also saying that IOTA is the closest ecosystem in the crypto world to being entirely decentralized.

That said, before investing in IOTA, consider the following points.

It has High Scalability

Scalability is the biggest issue faced by standard blockchain technology. Adding more blocks slows down the ecosystem, resulting in high gas fees. It is not an issue with IOTA. It follows a DAG model where not the miners but nodes confirm the transaction.

Increased Transaction Speeds

IOTA follows a system where the faster the transaction speeds become, the more nodes are added to the DAG architecture. The inbuilt consensus protocol removes the need for miners to reach a consensus.

The requirement that each node confirms two transactions in return for their confirmed transactions incentivizes the node operators to strengthen the network. Also, the computing power that these node operators need to provide is meager. It makes the ecosystem more inclusive.

As a result, the speed of the overall network increases.

Fee-less Transactions

Many believe the high transaction fee is the most significant factor holding back the crypto economy. IOTA’s novel approach to confirming transactions removes the need for blocks, which eliminates the need for miners and removes the need for fees.

Highly Secure

IOTA’s DAG architecture grows increasingly complex as more nodes and transactions get added. It provides an additional layer of security to the ecosystem.

Concerns About Technical Flaws

Despite the ecosystem being mostly bullish about IOTA, there are some concerns regarding the technical flaws of the system. Many say that the system is still Nascent and unproven.

While the network is inherently designed to be more secure, it did suffer a phishing attack in 2019 that led to the theft of $3.94 million. Hackers hacked the protocol again, stealing $1.5 million worth of MIOTA. While the IOTA 2.0 upgrade addresses these issues, it is too soon to tell whether it will hold up.

Partnership to Create Carbon Footprint Tracking Technology

IOTA’s novel approach to the crypto economy has earned it several partnerships. The most recent among them are Dell, BioE, and ClimateCheck.

Dell conceptualized a project called Alvarium in 2019, in which IOTA has actively participated since day 1. The project will create a digital Measure, Reporting, and Verification Tool to track and verify climate change data globally.

IOTA Price

In 2015, the IOTA project embarked on its journey, initiating an Initial Coin Offering (ICO) to secure funding for its developmental pursuits. The ICO managed to raise approximately $590,000 by selling 1,000,000,000 IOTA coins at a price of $0.00059 per coin. Riding the wave of this initial success, IOTA swiftly entered a period of rapid expansion.

During this phase, IOTA’s value experienced an unprecedented surge, reaching an all-time peak of $5.69 with a remarkable market capitalization of $14.12 billion on December 19, 2017. However, this bullish momentum was fleeting, and the price soon encountered a substantial downturn, hitting a low of $0.2131 by December 2018.

The year 2020 marked a point of stagnation for IOTA, with the cryptocurrency touching its lowest recorded price at $0.07962. Remaining below the $0.5 mark, IOTA struggled to regain its footing until the onset of a bullish crypto market in early 2021.

In February 2021, IOTA underwent a noteworthy price spike, although it fell short of revisiting its historical peak. The ascent was hindered, stalling at $2.5142 due to resistance, which left numerous investors disheartened. In the subsequent trajectory, the price experienced a decline, briefly recovering to $1.8 before embarking on another descent.

Post 2022, IOTA found itself entrenched in a persistent bear market. Throughout 2023, the coin’s price struggled to stage a significant recovery. While the initial weeks of the year exhibited promising price increments, the coin’s value took a drastic plunge, ultimately ending up only marginally higher, by around 10%, than its initial value at the year’s commencement.

Presently, the IOTA price stands at $0.146004, accompanied by a 24-hour trading volume of $10.65 million. The coin’s market capitalization is calculated at $405.82 million, holding a market dominance of 0.04%. In the past 24 hours, the price of MIOTA has shown a modest increase of 0.62%.

As for the supply aspect, IOTA’s current circulating volume is represented by 2.78 billion MIOTA, aligning with its maximum supply. Within the Layer 1 sector, IOTA holds its position at the 40th rank in terms of market capitalization.

IOTA Price Prediction

In the face of a prevailing bearish sentiment in the crypto markets, the IOTA community remains resolute as it pushes forward with groundbreaking advancements and collaborative efforts. The Fear & Greed Index currently reads 38, indicating a sentiment of “Fear” among investors.

Despite this cautious outlook, the IOTA Foundation and Shimmer teams have been working tirelessly to foster innovation, community engagement, and the advancement of distributed ledger technology. Watching IOTA’s price movements amid this market turbulence, predictions suggest that the maximum potential for IOTA’s MIOTA token price in 2023 is $0.193.

On the development front, both the IOTA Foundation and Shimmer have made significant strides. Shimmer’s highlights in Q2 2023 include the successful launch of the ShimmerEVM Testnet, the engaging Treasures of the Shimmer Testnet campaign, and crucial governance propositions. The Testnet’s remarkable processing of over 3 million blocks and 15 million transactions, with a peak of 1.8 million transactions in a single day, underscores the platform’s scalability and potential.

The Treasures campaign attracted substantial participation, with 16 projects earning $SMR token rewards through 10 million transactions. Establishing independent committees dedicated to fund management and ecosystem growth garnered an impressive 98% community support.

Meanwhile, the IOTA Foundation concentrated on advancing its protocol development efforts, with notable progress in IOTA Core Node, Protocol, and Ledger Research. The Core Node team’s shift to iota-core signified a focus on staking, delegation and implementing an account-based ledger system.

The Protocol team’s presentation of research papers and workshop preparations reflects the Foundation’s commitment to staying at the cutting edge of technological innovation. The Ledger Research segment has been diligently working to enhance IOTA’s data and application layers, exploring new avenues in programmability and Tangle properties.

The IOTA ecosystem’s growth is evident in various engineering achievements, including developing the IOTA SDK, improvements to the Identity framework, and enhancements to the Tangle Improvement Proposal (TIP) process. Additionally, the Community and Ecosystem Team’s efforts in fostering collaboration and growth are noteworthy. Regulatory Affairs and Social Impact teams have proactively addressed industry regulations and sustainability concerns, positioning IOTA as a responsible and influential player in the crypto space.

Participation in international events has provided a platform for IOTA to showcase its influence and technological prowess. As the crypto landscape enters Q3, the thriving IOTA ecosystem and its ongoing developmental momentum suggest a future marked by innovation and progress.

These collective advancements are anticipated to serve as a solid foundation for IOTA’s price growth in the near future, signaling the potential for a positive trajectory despite current market sentiments.

Best Ways to Buy IOTA

Here are the best payment options to buy IOTA-

Buy MIOTA using a Debit/Credit Card

As eToro charges 1% for buying crypto assets, we recommend it is the best platform to buy IOTA.

Buy MIOTA using PayPal

If you don’t want to enter your bank credentials repeatedly, you can buy IOTA through PayPal. eToro provides this facility.

Buy MIOTA Without ID

Changelly is a platform from where you can swap your other crypto assets for IOTA.

Best IOTA Wallet

Many wallets support IOTA. By our recommendation, the best one is the eToro Money Crypto wallet.

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How to Buy IOTA – Full Tutorial

Here is the full guide to investing in IOTA:

Step 1: Create your Crypto account on eToro

Go to the official eToro website and create an account. Enter your user credentials, such as username, email, and password.

Step 2: Upload Your KYC Documents

You can’t start to buy IOTA or any other crypto on eToro without providing your KYC details. Upload a government-issued ID to complete this process.

Step 3: Deposit Funds

If you are from the US or UK, you must top up your eToro account with at least $10. You can complete the process using PayPal, debit/credit card, bank transfers, or Neteller.

Step 4: Search for IOTA

Enter IOTA in the search box. You will see MIOTA as the first option. Click on the trade button beside it.

Step 5: Buy IOTA

Enter the amount you want to invest in IOTA and click on Open Trade to finalize your investment. IOTA tokens will be transferred to your eToro account.

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How to Sell IOTA?

Selling IOTA has a similar process. Go to your account, select IOTA, and click the Trade button to sell it. Remember that selling IOTA is a taxable event, depending on your country.

Conclusion

IOTA takes a different approach to the crypto ecosystem. It removes blocks and introduces a new concept that is more scalable, faster, and requires no gas fees. If these factors interest you, you can invest in IOTA using the eToro Platform.

It is a social trading website that will allow you to buy IOTA and invest in 70+ crypto assets while you interact or get inspired by other traders to buy IOTA at the right time to maximize your profits.

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FAQs on Buying IOTA