How To Buy IOTA?

By Sumedha Bose

We have already discussed in depth about Internet of Things Application (IOTA) in our guide to IOTA, so by this point, you should be familiar with the cyptocurrency. If not, here’s a quick recap.

According to www.iota.org, IOTA is

“The first open-source distributed ledger that is being built to power the future of the Internet of Things with feeless microtransactions and data integrity for machines.”

IOTA is powered by a DLT called Tangle, via which, the crypto aims to develop a layer for settling transactions in a manner that assures greater security, scalability and cost-effectiveness. It uses a quantum resistant signature scheme which we have already discussed in a previous article. Now all that said, if you are looking to indeed invest into IOTA, take a look at the following instructions to figure out how you can buy the cryptocurrency.

Binance

Well the fist place to visit if you are looking to buy IOTA is the famed Chinese crypto-to-crypto trading exchange, Binance . On Binance, you can use your existing cryptocurrencies to buy IOTA. Once you get on Binance, you will have to deposit a fees to purchase the IOTA coin. This fee has to be either Bitcoin or Ethereum, which you can easily transfer from another exchange to your Binance account, without any transaction costs.

If you want to buy IOTA, you’ll pay a fee of 0.1% of the trade amount. However, if you want to convert your funds into Binance Coin (BNB) before you buy IOTA, you’ll get a 50% fee discount. During withdrawal, you will be charged a sum of 0.5 IOTA. Binance is clearly a very cheap option to buy IOTA.

 Bitfinex

One can also buy IOTA on Bitfinex, since it supports US Dollars, Euros and cryptocurrencies, which effectively eliminates the need to fund one’s account from a different exchange first. Makes it more convenient for beginners to buy IOTA.

You can buy IOTA coin as takers on Bitfinex and pay a lower fee, instead of buying it as makers who have to wait for a price that is not already listed.. It’s easier and less time consuming way to trade. The withdrawal charge will be 0.5 IOTA.

Well, those are two convenient ways to buy IOTA. If you are looking to sell them, check out our guide on how to sell IOTA.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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