In the 21st century, people are focusing on investing in Crypto Currency as the best try to make money and if in your investment portfolio you want to add IOTA than we will help you on how to Buy IOTA.
Well before digging in deep IOTA is not a Blockchain technology based Crypto Currency as you have heard about other like Bitcoin (BTC) and Ethereum (ETH).
What is IOTA and How it Works, will give a brief overview below in this guide and at the end will discuss how to Buy IOTA using low trading fees.
Well, there are a lot of other Top Altcoins which are available to buy less than 1$ price which is worth looking for your investment portfolio.
Before digging further let’s focus first on what is IOTA and why this is important?
Table of Contents
What is IOTA and Why it is important?
IOTA Project was started back in the year 2015 by Sergey Ivancheglo, David Sontesbo, Serguei Popov and Dominik.
IOTA is the smallest token of this CryptoCurrency project, which is a token as well as the system to which the whole network works.
In a few cases, you will also hear about MIOTA which equals to 1 Million IOTA, this guide is to discuss how to buy IOTA.
IOTA was first introduced to work as a Cryptocurrency but this is not limited to that only, it also allows to transfer any type of data on IOTA network
Well as I said earlier IOTA is not using BlockChain technology to create a decentralized platform.
It is using something called the Directed Acyclic Graph to which IOTA calls Tangle.
Tangle is the pieces of data connected to each other, well in another CryptoCurrency platform, we have miner to clear or validate the transactions here in IOTA we don’t have any.
This network runs by the owner of IOTA like you or me who wants to use the network.
If A initiate a transaction to B in that case A has to use his computational power to clear other two transactions waiting in the network.
In a similar way, if B has to send any amount of data to C in that case B has to clear another two transactions.
Where clearing of transactions will be done through the same Proof of work mechanism as used in Bitcoin and Ethereum, where you need a computer to do so.
But the consumption of electricity will be very low and transaction speed will be very fast.
As we learned earlier, there will be no miner, so no transaction fee in the network and hence the use of the IOTA network will be completely free.
While talking about scalability, it totally depends on the network user. If more user will start using the IOTA network in result more scalable will be the network.
Due to the current limited user, IOTA has installed a centralized system calls “Coordinator”. It does the same job as what other user does to clear transactions.
What if this system will down or not working than clearance of the pending transactions may take longer than usual time.
The coordinator will be removed from the network once the IOTA network has good enough user to drive the network.
IOTA team is also working on protocol calls “Flash Channels” which help them to clear transactions instantly in the future.
Use OF IOTA
To use IOTA, won’t require any transaction fees, in result, this can be used for Micropayments.
While comparing with bitcoin to process any transaction you have to pay around 10-20$ which is not the case with IOTA.
The network will be more scalable and can be used for financial institutes to implement as part of payment transfer.
IOTA has recently announced that they are planning to install charging facility in Netherland for the electric car.
Where the user of Electric car will pay only that much amount of fee for which they have used electricity.
IOTA is something like the internet of things (IoT) as it has the capability to connect every device with internet.
IOTA can also be used in the advertisement industry. Where an advertiser can run an ads campaign using the IOTA network.
If An advertiser wants to pay a minimum amount of CPC for any Ads to click, so they can create their network on IOTA and ask the publisher to show their ads.
Publisher after clicks will get the amount and there will be no fee for that click operation or transaction on the IOTA network.
IOTA has already done a partnership with Tesla Bosh and Volkswagon as it is referring to the internet of things in the future.
While talking about Cons than IOTA is still an emerging platform where they require more and more user to Onboard for the successful working of the network.
Still, IOTA platform is facing security issues and they have to make sure that Coordinator should be under a very high-security level else anyone can hack the complete network.
I hope you almost got a good overview of what is IOTA and why this is important, there are few bad and few good things.
Currently, all Crypto platform is emerging as new learning and doing their best to improve this and IOTA is one of them.
If you concern about IOTA future price prediction before buy then do miss our detailed exclusive guide on IOTA price prediction.
So if you have decided to buy IOTA than keep following below steps on how to buy IOTA.
How to Buy IOTA Coin: Best Way
If you want to buy IOTA Coin than there are two ways, so you should decide which one you want to choose as best of your availability.
- Buy using Cryptocurrency like Ethereum, Bitcoin, Litecoin, etc
- Buy using Fiat currency like USD, GBP, EUR, etc.
IOTA is nowhere listed to buy directly using fiat, so the alternative is to invest first in buying any of the Cryptocurrency like Bitcoin, Ethereum, Litecoin.
Then immediately exchange or trade that for IOTA by selling Cryptocurrency you bought earlier.
But in this exchange process user may charge with a lot many trading fees in some cases around 0.50%.
Hence how to Buy IOTA with minimum trading fee and by paying minimum transaction fees using fiat and Cryptocurrency?
Hence to solve your problem I have to give all-around the best possible ways.
Buy IOTA From Cryptocurrency Exchange
Well IOTA is more than 3 years older cryptocurrency and hence it is already been listed with many more exchanges.
But the problem with many exchanges are their high trading fees and in that case, the biggest challenge is to find a platform which charges minimum transaction fees.
I found Binance among the top of all other exchanges which has more than 2 billion Dollar Daily volume of trading and ranking top of all other exchanges.
One of the most secure and very active team support and the great number of coins are listed with Binance.
Binance supports the trading market for below three major currencies.
- Bitcoin
- Ethereum
- Binance Coin
- USDT
Means you will be getting trading pairs like IOTA/BTC, IOTA/ETH, IOTA/BNB, and IOTA/USD.
To buy from Binance, learn here all in detail how Binance works and what you should care before start trading with Binance Full review.
First Sign Up with Binance and no need to do KYC unless you are withdrawing below 2 BTC per day. I hope you are done with Sing Up process, this time is to start on how to buy IOTA.
Now let say, initially you have Ethereum(ETH), so you need to transfer Ethereum to Binance Ethereum Wallet from your existing wallet.
You Can Get Ethereum Deposit Wallet address form your Binance account by navigating below path.
Click to Funds –>Deposit_>Search for Ethereum and a long 32 character unique address will display.
You need to transfer your Ethereum CryptoCurrency to this wallet and do similar if you have Bitcoin or other coins.
Search for your coin and get Deposit address and transfer your CryptoCurrency to that wallet address.
Let say in our case you transferred Ethereum (ETH), so your balance will be in available to validate in the wallet.
Click to Funds->Balance->search for Ethereum
If amount credited successfully than you could validate amount in Available balance.
Now you have Ethereum, so using ETH you can easily buy IOTA in IOTA/ETH pair market. Now let’s head over to the exchange where we will buy IOTA coin.
Click to Exchange->Basic->Select ETH market and search for IOTA coin.
Once found IOTA/ETH trade pair, click to that and a trading market with IOTA/ETH will display which allow buying IOTA in exchange of ETH.
If you want to Buy IOTA than check highlighted buy section which will have ETH available balance same as what you have deposited.
If you have gone through Binance overview guide than you are aware of how to buy any coin on Binance else let me brief you.
Price – Set what amount of ETH you want to spend for buying single IOTA coin.
Amount – Quantity of IOTA you want to buy.
Total – It will multiply price with quantity and find total Ethereum, which will be deducted from your available balance.
You can set price less than existing price, if you want to buy at a lower price, by default it will display the current price.
Once your order fulfilled than your bought IOTA coins will be added to your available balance. In above-highlighted sell area, IOTA balance will display as an available balance.
You can also validate the IOTA coin in available balance same as what you did for Ethereum available balance check.
Well in terms of trading fees I should say Binance charge you only 0.1% as trading fee as compared to 0.25% Bittrex and 0.50% Changelly.
Even many other exchanges are trading IOTA buT their trading fee is more than what Binance is offering.
If you trade IOTA/BNB pair, your trading fee will further reduce by 50% means the new trading fee will be just 0.05%.
Well, this was the process on how to buy IOTA with CryptoCurrency but what if you want to buy using Fiat than focus on the below method.
Buy IOTA with USD, EUR, GBP Etc.
Well if you do not have any Cryptocurrency than the first part is to buy Basic CryptoCurrency like Ethereum, Bitcoin using USD, EUR or GBP, whatever fiat currency you have.
Now, this will cost some extra money as you are dealing with centralized bank authority but it is possible through a few simple steps.
Few of the places charge you more than what you are expecting but I have also explained how to buy crypto with 0$ Trading Fee, so you can check that step by step guide in detail.
Buy IOTA with Binance
Binance offers you to buy BTC, LTC, ETH like any cryptocurrency in exchange of Credit or Debit Card.
Well, I advise you to buy Ethereum as it can be traded against IOTA/ETH pair as we discussed earlier.
To Buy from Binance first go to Funds–>Click to Buy with Credit Card.
A new window will pop up to chose Ethereum in the drop down and provide USD balance or EUR only two currency accepted.
Let say you want to buy Ethereum for 100$ than enter 100$ and an automatically corresponding amount of ETH will display.
Click to Buy Now and complete rest of the verification process, verify email from your registered email ID and amount of ETH will be deposited in Binance Ethereum wallet.
Well, make sure that Binance processes your payment through simplex which charges you around 3.5% or 10$ whatever is maximum.
Once you have Ethereum, you know how to buy IOTA on Binance exchange.
Buy IOTA using Coinbase GDEX
Well, IOTA is not registered with CoinBase, so the same process you have to do with CoinBase.
CoinBase is one of the most famous wallets to buy cryptocurrencies like Ethereum, Bitcoin and a few others.
It allows depositing local currency like USD or GBP or EUR based on the country you belongs to. If not than default USD will be there.
It allows transferring from Bank or credit and debit cards, so first deposit amount let says GBP to Coinbase wallet.
It will immediately available in wallet, now you can buy Ethereum with Coinbase where the charges will apply as explained below.
So you will be paying less than what you are paying on Binance, to buy on Coinbase go to Buy/Sell window.
Select Ethereum and provide an amount for which you want to buy and respective details will be auto-calculated and display on the screen.
Hit the Buy Ethereum and amount of ETH will be added to your wallet, which you can transfer from Coinbase to Binance.
Once Ethereum available with Binance, you know how to buy IOTA. Well, still these fees look a bit more than as promised I will tell you how you can get this for 0$ trading fee.
To get full detail idea on how to buy IOTA with 0$ trading fee check our detailed explained guide.
If you don’t want to use any of the above platforms as Coinbase ask you to complete KYC before using this in that case we have another alternative Changelly.
Changelly allows to buy any cryptocurrency in simple steps and you won’t need to do KYC, how it works and how to Buy IOTA check our explained guide on what is Changelly.
My View on How to Buy IOTA
If you are a beginner or already a Crypto trader than whatever I have explained you is the best way to buy IOTA using simple easy and affordable prices.
Especially for the beginner who is new to the Crypto world, first need conversion from fiat to BTC or ETH so he can purchase IOTA and in that case, he may lose 1/10 of the initial investment in fees only.
I have given you the best low fee platform and for reference do not miss our 0$ trading fees guide, which almost saves your initial investment.
If new to crypto than do own analysis before investment as it is a very volatile market and the prices can change any time.
Hence it is all up to you that how much profit and to which coin you want to invest. Let me know your comment on what do you think about our guide on How to buy IOTA.
