How to Buy IOTA 2020 – Detailed Beginners Guide
In this guide, we will help you by taking you through the different options that are available for how to buy IOTA cryptocurrency.
We will also briefly explain what IOTA is, why there is so much interest in buying IOTA, but also a few other very important things that you need to be aware of before buying IOTA.
In this guide, we are focusing on providing you with both the cheapest options but also the easiest possible methods where to buy IOTA. We will mention a few additional examples in the end also.
This guide will be perfect for any beginners that are wondering about where to buy IOTA. So follow this detailed beginner’s guide if you want to invest in IOTA.
How to buy IOTA summary:
- Buy Bitcoin or Ethereum (at for example Coinbase or Binance)
- Create your own secure IOTA wallet (Trinity)
- Copy the address to your IOTA wallet
- Find an exchange that trades IOTA (we recommend using Binance)
- Buy IOTA using either Bitcoin or Ethereum (BTC/IOTA or ETH/IOTA)
- Send your IOTA to your newly created IOTA wallet
What is IOTA?
Before we take you through the detailed step by step guides on buying IOTA we thought it would be useful to give the newcomers to IOTA a brief summary of it.
IOTA was founded in 2015 by four crypto entrepreneurs. Namely David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Dr. Serguei Popov.
Where Sergey Ivancheglo interestingly had been involved with other blockchain projects such as NXT and he was also one of the early pioneers in the development of the Proof of Stake consensus mechanism.
(Learn more about Proof of Stake here)
IOTA is an open-source distributed ledger (like the blockchain) that aims to be the go-to network for the future of the Internet of Things (IoT) and the machine economy.
IOTA aims to be the global network, where fast, free and scalable transactions flow smoothly between computers, machines, and people.
There has been a lot of promise and interest in the future of IOTA. They are working on creating their own unique solution to a decentralised and distributed ledger (their own ‘blockchain’-like model). That goes under the name of the Tangle.
If IOTA succeeds with what they are working towards then the future is surely very bright for the IOTA team and its solutions. But also for the investors of IOTA.
Where to buy IOTA?
So now it is high time for us to help you learn more about where to buy IOTA. To buy IOTA you need to use an online cryptocurrency exchange. It is a website or app where you trade (buy and sell) cryptocurrencies with other people from around the world.
But don’t worry it really isn’t that complex. And with the help of this guide to buying IOTA, you will have no problems at all.
Now we will walk you through all the steps to buy IOTA cryptocurrency.
Step 1 – Buy some Bitcoin or Ethereum first
So to actually buy IOTA at a cryptocurrency exchange you first need to buy some Bitcoins or Ethereum (Ether). This is because there aren’t any exchanges available around the world where you can buy IOTA directly with your bank card (credit card or debit card) or via a bank transfer yet.
So you first need to buy either BTC or ETH at a crypto exchange or platform where you can buy it with your card or bank transfer (wire transfer).
We recommend that you use some of the more popular cryptocurrency exchanges to buy BTC or ETH. For example Coinbase or Binance.
So we will guide you through how to buy ETH or BTC via those two sites.
How to buy BTC or ETH via Coinbase
To buy BTC or ETH at Coinbase you can follow this guide:
- First head over to www.coinbase.com and register for a new account by clicking on ‘Get started‘
- Complete the sign-up process
- When you are logged into to Coinbase you can either buy BTC or ETH via your credit card, debit card or bank account
- To buy with either of those three you first need to link them to your Coinbase account. Click on ‘Settings’ and then ‘Linked accounts’ to add your cards or bank account
- After that click on ‘Trade‘ to either deposit funds or buy with your card
- Now when you have bought some BTC or ETH you can then move on to the next step in this guide
NOTE: If you deposit funds from your bank to Coinbase it can take 1-2 days for it to arrive. After it have arrived you can complete the step and buy either BTC or ETH
If you need additional help to use Coinbase then you can read our complete guide to Coinbase.
How to buy BTC or ETH via Binance
The other option that you have is to buy BTC or ETH via Binance. And here there are two options available to you.
- The first one is to buy Bitcoin or Ether via your credit card or debit card at www.binance.com
- The other is to buy Bitcoin or Ether via Binance Jersey (www.binance.je) with a bank transfer (the latter is only available for Europeans)
We will guide you through both options here below.
How to buy BTC or ETH via Binance:
- Head over to www.binance.com and create your own account by clicking on ‘Register‘
- After you have completed Binance’s registration process you can then buy Bitcoin or Ethereum with your credit card or debit card
- Click on ‘Fiat‘ and then ‘Buy crypto‘ – select the amount and which Fiat currency you want to buy with (USD, GBP, EUR, etc)
- You will then have three options (for us at least) to buy with. Either Simplex, Koinal and Paxful. They are all safe to use
- When you have bought some Bitcoin or Ether via either of those options and the BTC/ETH is in your account you can move on to the next step
How to buy BTC or ETH via Binance Jersey:
- The process is very similar and you register at www.binance.je with the same signup process
- Then you need to verify your identity and address first before buying BTC or ETH at Binance Jersey (User Center -> Address Verification/Identity Verification)
- After that click on ‘Funds’ and then ‘Deposits’
- Select the amount and click on submit
- Binance Jersey will then show you the information necessary for you to use when transferring from your bank account to your Binance Jersey account
- Go to your bank and complete the transaction (make sure you are using the correct information. If there are any errors you risk losing your funds)
- When complete you click on ‘Exchange‘ and then select the trading pair you want to use for either BTC or ETH. It will be the trading pair that you deposited in Fiat currency. Meaning either BTC/GBP or BTC/EUR vs ETH/GBP or ETH/EUR
- After you have bought BTC or ETH you can then move on to create your own IOTA wallet
Step 2 – Create your own IOTA wallet
Now that you have bought yourself some BTC or ETH to buy IOTA with you can move on to the next step. Which is to create your own IOTA wallet. Which is completely free.
There are some different options for a wallet for IOTA. We recommend the Trinity wallet.
We recommend that you use the official Trinity wallet. It is a very nice-looking and user-friendly IOTA wallet. It is definitely one of the best IOTA wallets. And a great place for where to store IOTA.
The Trinity wallet is available for download to your mobile device – for both iOS and Android, and also for your desktop computer.
The full list of available devices for your IOTA Trinity wallet are:
- Windows 7
So to download the Triny wallet for your desired device head over to trinity.iota.org and click on ‘Download‘
Trinity wallet has a useful onboarding guide that will take you through the steps of creating your own secure IOTA wallet. So don’t worry about that.
But here is a recap of the steps you need to take to create your own IOTA wallet with Trinity:
- Go through the installation of the Trinity wallet
- You will now need to generate your SEED (private keys) to your IOTA wallet. Unless you already have one. You need your SEED to access your IOTA wallet (from any device) – the IOTA SEED is a 81 character long string of numbers and letters
- After you have created your SEED (via the randomiser) and given your account a name the most important part comes
- SECURE YOUR SEED! This is very important. If you lose this SEED you will also lose access to your funds. So make sure you backup the SEED
Step 3 – Copy your IOTA address
Now when you have created your own IOTA wallet and made sure you have created secure backups for your SEED you can move on to the next step.
Which is to send your IOTAs from either Coinbase or Binance to your newly created IOTA wallet.
Here are the steps to send IOTAs to your Trinity wallet:
- To receive (send IOTA to yourself) your IOTAs from either Binance or Coinbase simply click on the ‘Receive’ button
- Now you need to generate a new wallet address – click on ‘Generate address‘
- After that, a long string of random letters and numbers will be shown and a QR-code. Now you should copy the long string of numbers and letters – click on ‘Copy address‘
Step 4 – Find an exchange that trades IOTA
Now that you have copied the address you can move onto to find a cryptocurrency exchange that trades IOTA.
You can use Go CryptoMarket to find crypto exchanges that trade it (https://gocryptomarket.com/coin/iota).
But we can also recommend some popular cryptocurrency exchanges with good trading volume for IOTA that you can use. For example:
If you want to use Binance then you can (or already have) follow our guide above to create your own account with them – it is completely free.
And if you are using Binance and already bought some Bitcoin or Ethereum there then you don’t need to send your BTCs or ETHs anywhere else. So we do recommend this.
But if you bought BTC/ETH via Coinbase then you first need to send them to your BTC/ETH address at Binance.
For those steps see the summary here below:
- Go to ‘Wallet’ – ‘Exchange wallet’ and then find BTC/ETH in the list and click on ‘Deposit’
- Then you will see your BTC/ETH address so copy this
- Go back to Coinbase and send your BTC/ETH to your copied address
We will also take you through the steps of buying IOTA on Binance here below – the steps to buy IOTA on OKEx or another crypto exchange will be more or less the same.
Ok, now it is time to move on to the fun steps of buying some IOTA.
Step 5 – Buy IOTA using either BTC or ETH
To buy IOTA on Binance follow these steps:
- Head over to www.binance.com and log in
- To buy IOTA now click on ‘Exchange’ and ‘Basic’
- And then find the right IOTA trading pairs (IOTA/BTC or IOTA/ETH) and then simply choose the price and amount of IOTA and then click on ‘Buy IOTA’
- Done – congratulations now you have bought yourself some IOTA! 🙂
Now that you have bought yourself some IOTA you can move on to the last step which is to send the IOTA to your IOTA wallet.
Step 6 – Send your IOTAs to your IOTA wallet
Finally, we are here at the last step in this guide on how to buy IOTA. And that is to send the IOTA from (Binance) to your IOTA wallet.
If you have followed this guide then you will have created your own IOTA wallet with Trinity wallet. But if you have created a wallet elsewhere then that is also fine.
What you need is an IOTA address to send your IOTAs to. This is important. You can only store your IOTAs at a specific IOTA wallet.
So to send your IOTAs from Binance to your Trinity wallet address follow these steps below (they will be more or less the same for other cryptocurrency exchanges and wallets):
- Use the address that you copied in step #3
- Go to your Binance account and click on ‘Wallet‘ and then ‘Exchange wallet‘ and find IOTA on the list
- Then click on ‘Withdraw‘ and paste in the IOTA address in the ‘Recipient’s IOTA address‘ field
- Select the amount and click on ‘Submit‘ After that, you might need to verify the transaction with your 2F-Authentication and also the email that gets sent to your account
- That is it, now you have verified the transaction and the IOTAs will be sent to your IOTA Trinity wallet
That is it. That’s the last part of this step by step guide on how to buy IOTA. If there were no problems along the way your IOTA cryptocurrency should arrive in your Trinity wallet in less than 30 minutes.
Frequently Asked Questions about buying IOTA
1 ) Can I buy IOTA with a credit card or debit card?
Yes, you can. There are a few different options available. You could buy BTC/ETH with a credit card using Coinbase or Binance and then buy IOTA. As per the guide above.
But you can also buy IOTA using a credit card or debit card in the Trinity wallet app. Using Moonpay. You need to be aware that the fees are higher for buying with a card. Compared to a bank transfer and then using a cryptocurrency exchange like Binance or OKEx.
If you are an EU citizen then you will also have the option of buying IOTA using Bitpanda. Which is another crypto brokerage site. And it comes with pretty good recommendations.
2 ) Can I store IOTA in any cryptocurrency wallet?
No, it has to be a specific IOTA-supported wallet. For example the Trinity wallet or the Ledger wallets. Unfortunately, there is less support today for IOTA as it is a bit of a complex integration compared to more traditional blockchains and their cryptocurrencies.
3 ) What will the future price of IOTA be?
Ah the million dollar question! We can’t give you any assurances for future IOTA price predictions. And nobody else can. Don’t fall for people giving you assurances about future prices.
But what we can do is to evaluate the project itself. We could ask ourselves a couple of important questions, such as:
- How promising does it seem to be?
- What is the market for this?
- And how realistic is it for them to succeed?
If all three of those questions scored high then we could feel more confident that the future long-term price could reflect that positively. But there are too many factors that come into play.
So our best advice to give is to research the project, its use cases and the use case of their cryptocurrency. And then invest what you are willing to potentially (risk) to lose.
Cryptocurrencies are a high-risk but also a high-reward investment!
By now the process of how to buy IOTA should be clear enough we hope. We wanted to provide prospective IOTA-buyers with such a clear and informative step by step guide as possible.
New cryptocurrency exchanges might arrive and more options might be available over time to buy IOTA. But both Binance and Coinbase will be around for years to come. So they will continue to be safe choices for buying any cryptocurrency!
If you are wondering about should I buy IOTA then that decision is yours!
We can say with a fact that IOTA is a very exciting and ambitious project, and they have a whole bunch of talented people now in some ways associated with the project. People from several industries and C-level roles experience.
So the talent and the potential is there. Now it is just a matter of time to see if they can deliver as promised.
If they do, the future is definitely bright for IOTA
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier