How to buy IOTA?

IOTA has been making steady gains in recent months following a volatile few years. This resurgence has captivated the attention of investors looking to find long-term value within cryptocurrencies. Despite the token trading over 90% lower than its peak level, it remains a top 100 crypto. 

If you are looking to invest in IOTA in 2024, this article will walk you through how to buy IOTA ($IOTA) with a step-by-step guide. We’ll also cover a detailed breakdown of the best places to buy IOTA as well as how to store it safely.

What is IOTA Coin?

IOTA is a distributed ledger technology specifically designed for the Internet of Things (IoT) industry. Unlike traditional blockchains, IOTA operates on a unique architecture called the Tangle, which enables feeless microtransactions and scalable network growth. 

Overall, IOTA aims to revolutionize various sectors, including smart cities, supply chain management, and autonomous vehicles. It plans to do this by focusing on machine-to-machine communication and data integrity.

Its native token, $IOTA, gains utility by being a source of value when transactions are made within the IOTA distributed ledger. At its peak in December 2017, 1 IOTA token was worth $5.69. However, it is currently trading at $0.3191. This is exactly a 94% drop in price, with the global market capitalization now at $1 billion.

How to Buy IOTA in 5 Easy Steps

Now that you have a better understanding of IOTA and its distributed ledger technology, let’s examine how to buy IOTA coin in more detail.

1) Find an Exchange with IOTA Listed

The first step will be to choose a cryptocurrency exchange that supports IOTA trading pairs. Platforms like eToro offer a strong liquidity pool and easy-to-use interface, making it a good choice for beginners. Simply visit the eToro website and select “Sign Up” to register.

2) Complete KYC

Once you have registered, you will need to go through KYC or the Know Your Customer verification process. Here, you must submit an ID document such as a passport and proof of address to prove your identity. This may take anywhere from a few minutes to a few days to be fully verified.

 

3) Deposit Funds

After verifying your identity and address, you can now deposit funds. Deposit fiat currency or other cryptocurrencies into your Binance account. This will enable you to buy IOTA with a credit card. Once on the deposit page, choose your preferred deposit method, then follow the steps.

4) Select IOTA Trading Pair

Once you have funds in your account you are now ready to begin trading. Launch the Binance platform and search for IOTA. This will take you to the chart where you will view the trading pair and current price movement.

Note: IOTA token was previously called MIOTA, and many platforms still use this ticker.

5) Buy IOTA

Once you’ve selected the IOTA trading pair, input the volume of IOTA you want to buy and place your order. Make sure that you review the transaction details before confirming the purchase. After completing this you will now have IOTA in your portfolio.

Now that you have an idea of the steps to buying the token let’s look at where to buy IOTA.

Where to Buy IOTA in 2024? The Best Places

One of the toughest decisions you’ll make on your journey to purchasing IOTA is which exchange to use. As such, we’ve revived the three centralized exchanges that currently list IOTA and ranked them based on security, unique features, market liquidity, and transaction fees.

Each offers a solid option for new investors buying IOTA for first-time or experienced traders looking to use a new platform.

eToro – User Friendly Exchange with Copy and Social Trading Features

eToro is one of the most well-known exchanges in the world, and for good reason too. It offers a diverse range of trading options including 90+ cryptocurrencies as well as stocks, indices, commodities, and more. The user-friendly and intuitive interface makes it a good choice for those new to crypto.

Part of what makes eToro so accessible for traders of any level is its copy trading and social features. Copy trading allows you to automatically mirror the trades of investors you like (proportionate to the amount you set aside for investing). This is a great way to get started on trading and successful traders will receive commission from copy trading, incentivizing them to actively manage their portfolios. Investors can also use the social feature to discuss trading strategies and news about cryptocurrencies. These social features help traders directly connect with each other and gain first-hand knowledge.

Visit eToro

Binance – Global Exchange with High IOTA Trading Volume

Binance is a popular choice for buying IOTA and one of the biggest exchanges within the cryptoverse. Founded in 2017, the platform offers competitive trading fees, high market liquidity, as well as a range of research and analysis features, making it ideal for both novice and experienced traders.

Currently, over 35% of IOTA’s trading volume goes through Binance, and an average amount of $7.1 million in transactions is processed each day.

With over 400 listed cryptos on its platform, Binance charges 0.1% per transaction, one of the lowest fees on the market. Unfortunately, US clients cannot use this exchange due to its ongoing legal battles with the U.S. Securities and Exchanges Commission (SEC).

Visit Binance

MEXC – High Liquidity Platform with 2,000+ Listed Cryptos

MEXC is another reputable exchange that supports IOTA trading. Known for its wide range of and responsive customer support, MEXC provides a seamless trading experience for IOTA enthusiasts.

This centralized exchange has been around since 2018 and has racked up over 10 million customers from over 170 countries. It has done this by offering access to as many as 2,000 cryptocurrencies, which is one of the largest offerings in the market.

Like Binance, MEXC fees are competitive, and they charge 0.10% commission on trades. However, withdrawal fees of $25 are high in comparison with others on our list. MEXC is either licensed or regulated in Australia, Canada, and Switzerland and offers new customer bonuses to users who register with a referral code.

Visit MEXC

How We Ranked The Best Places to Buy IOTA

We ranked the exchanges to use to buy IOTA crypto by considering several factors to ensure a comprehensive assessment of each exchange’s suitability. Our ranking methodology focuses on four main criteria, each weighted equally at 25%. These include trading volume, user experience, fees, and customer support.

Highest IOTA Trading Volume – 25%

Trading volume is a crucial metric as it indicates the level of market activity and liquidity available for IOTA transactions. Exchanges with higher trading volumes often offer tighter spreads, reducing the impact of slippage and providing better pricing for traders.

For example, Binance consistently ranks among the top exchanges in terms of trading volume, with a robust market for IOTA trading pairs, and currently processes over 18% of the daily trading volume.

Quality of Trading Experience – 25%

A positive trading experience encompasses various factors, including user interface design, order execution speed, and the availability of advanced trading tools. Exchanges that prioritize user experience offer intuitive platforms with customizable features to cater to traders’ preferences. 

eToro stands out for its user-friendly interface and comprehensive trading options, making it easy for both novice and experienced traders to navigate the platform efficiently. Binance and MEXC also provide a seamless trading experience with intuitive interfaces and a wide range of order types to suit different trading strategies.

Lowest IOTA Trading Fees – 25%

Trading fees can significantly impact traders’ profitability, especially for high-frequency traders and those executing large-volume trades. Exchanges with competitive fee structures help minimize transaction costs, maximizing traders’ returns.

Binance offers competitive trading fees, with discounts available for users holding the platform’s native token, Binance Coin (BNB). The exchange charges 0.10% on all IOTA transactions and 0.5 IOTA for withdrawals on the IOTA network. While eToro has slightly higher trading fees, it still ranks high due to its competitive withdrawal and deposit fees. Many other platforms have hidden fees or high withdrawal/deposit fees, and as a result, the cost of a trade starts to stack up quickly.

Best Customer Support – 25%

Responsive customer support is essential for addressing user inquiries, resolving technical issues, and providing assistance during the trading process. Exchanges with dedicated customer support teams offer timely assistance through various channels, including live chat, email, and support tickets.

Overall, Binance is known for its reliable customer support services. Its responsive team is available to assist users with their queries and the platform offers live chat around the clock and in multiple languages.  eToro has a good level of customer support, too, with 24/7 automated chat and an active team available from 8:00 AM to 8:00 PM EST, Monday to Friday.

What is IOTA Used For?

IOTA  serves various use cases beyond traditional cryptocurrency transactions, thanks to its unique architecture and features. Some of the primary use cases for IOTA include:

Smart Cities and Payments

IOTA’s Tangle network allows for seamless transactions, making it suitable for microtransactions and IoT (Internet of Things) devices. In 2018, IOTA partnered with the city of Taipei to enable it to become a blockchain-powered smart city. The partnership saw residents given digital ID cards, which were created using Tangle.

These Tangle ID cards will help reduce fraud and identity theft, meaning that citizens will now not need to carry physical documents. 

Content Sharing

IOTA enables new models of content sharing and monetization by providing a secure and transparent platform for creators and consumers. Before going defunct when its founder was jailed for tax evasion, projects like Oyster Protocol utilized IOTA’s Tangle to offer decentralized storage and content monetization solutions.

Conclusion

This guide has provided several options on the best place to buy IOTA tokens. This can be a rewarding venture for those interested in the potential of distributed ledger technology and the Internet of Things. Despite its value being hit in recent years, IOTA is well-positioned to drive future innovation in IoT, decentralized applications, and content monetization.

By following our step-by-step process and choosing reputable exchanges for buying IOTA, like Binance, you can participate in this innovative ecosystem with confidence.

Buy IOTA on eToro 

FAQs

Where do you buy IOTA?

IOTA can be purchased on major cryptocurrency exchanges such as eToro, Binance, and MEXC.

What is the best place to buy IOTA?

The best place to buy IOTA depends on your preferences and requirements. Binance is a reputable exchange with high trading volumes for IOTA.

Is IOTA a good investment?

As with any investment, it’s essential to conduct thorough research and consider factors such as market trends, project fundamentals, and risk tolerance before investing in IOTA or any other cryptocurrency. It is currently 90% below its peak, which means there could be an upside.

Can you buy IOTA with a debit/credit card?

Yes, Binance allows you to purchase IOTA using debit or credit cards. However, availability may vary depending on your location.

How can I invest in IOTA?

To invest in IOTA, you can open an account on a cryptocurrency exchange that supports IOTA trading, deposit funds, and place buy orders for tokens.

References

1. Binance faces SEC lawsuit (Reuters) 
2. Taipei is using a blockchain alternative to transform into a smart city (yahoo.com)
3. ‘Bruno Block’ Gets Prison Sentence for ‘Oyster Pearl’ Tax Crimes (bloomberglaw.com)