IOTA is one of the few cryptocurrencies that has been in the news in a very positive way most recently. First, there was the big news that Jaguar and Land Rover are working on crypto wallets with IOTA technology to be used in their new car models. Secondly, the news came out that Austin, a state in Texas, VS, wants to use IOTA technology to be used for transportation on the blockchain. Also, the cryptocurrency market is growing very fast and demand for these digital coins are also growing on a global scale. Trade.io, a cryptocurrency exchange which is based in Hong Kong, is an example which will list the IOTA token on the exchange very soon.
What is IOTA
So what is this IOTA cryptocurrency all about? We all know Bitcoin which is a cryptocurrency that handles transactions on a Blockchain network in a decentralized manner. IOTA doesn’t work this way. Where Bitcoin is designed to handle financial transactions IOTA is primarily targeted on transactions being handled between devices or Internet of Things. In this video below a more detailed explanation of how IOTA works.
IOTA and trading platforms
If you are willing to buy IOTA with USD or EUR then there are two options which give you the best chance of a quick result. These options are Binance and Bitfinex. Both platforms are cryptocurrency trading platforms which give users the possibility to buy and trade any form of cryptocurrency.
- Binance – Binance originally targeted the Chinese market for trading cryptocurrencies. Due to policies by the Chinese government which are crypto unfriendly, Binance removed its headquarters to Malta in Europe. In 2017, they decided to scale up and target a global audience. Currently, Binance handles more than 2.6 billion! transactions within 24 hours and is one of the biggest trading platforms.
- Bitfinex – Bitfinex is also a very large trading platform which exists for a while now in the cryptocurrency market. Its headquarters are based in Hong Kong and mostly serious investors ($10 000 + accounts) using this exchange for trading.
How to Buy IOTA on Binance
Buying IOTA on Binance is quite easy, but before you can do this you have to sign up and perform some steps for setting up your account the right way.
1. Register and sign up
First you have to go to the Binance website and perform a sign up process here. Like any other registration an email address and password is needed. After signing up a confirmation email will be sent to you.
Solve the very easy puzzle, this to verify you are not a bot.
The confirmation email which has been sent to you contains a link to confirm your account. Click this link to continue the sign-up process.
And after clicking submit button in your email :
Log in to your Binance account.
After loggin in for the first time, Binance comes with a warning screen which you have to read carefully. This Safety risk notice screen comes up with 5 questions which you have to answer before continuing.
Click continue button
2. Continue setting up your Binance account
After logging in you will be taken to your start-up screen within the Binance trading portal. It’s highly recommend that you enable 2-Factor Authentication (2FA) on any exchange you use to trade cryptocurrency to improve your account security. Specifically, I recommend using the Google Authenticator app, as SMS 2FA has a variety of security vulnerabilities. Google Authenticator is free to use from both the Google Play Store and Apple IOS Store.
Initially your account withdrawal limits will be set to a 2 BTC equivalent every 24 hours, but you can raise these limits by completing “Submit verification documents”.
Personal or Business depends on what you are interested in. The next screens needs your personal information like passport, driver license or identity paper and submitting a selfie. These are all optional and only needed if you want to trade with large amounts of BTC( > 100 BTC pro day).
3. Buy IOTA on Binance
After installing and setting up your personal account it’s time to buy IOTA or any other cryptocurrency at this trading platform. To do so, there are currently two ways of doing this and it depends whether you already own some cryptocurrency or not. If not, don’t panic, because Binance also makes it possible to buy Bitcoin with credit card. For buying IOTA you have to buy Bitcoin or Ethereum first and purchase IOTA with it later on. I will show you later how to do this on Binance exchange.
3.1 Use credit card
To buy Bitcoin with credit card you have to choose “Funds” on the left and than click “Buy with creditcard”.
After this screen you have to give the details about your creditcard company and your ready to go.
3.2 Deposit cryptocurrency to Binance
There’s a large number(more than 140 coins) of cryptocurrencies available to deposit onto Binance, although trading pairs are denominated in BTC, ETH, USDT, XRP, USDC, USD, PAX, TUSD and USDS.
Whatever crypto coin you choose, click deposit then send funds to the given address.
It takes some time for the blockchain to handle the transaction, but you can check this in a separate screen on Binance:
After the transaction has been confirmed by the blockchain network, the amount of Bitcoin will be added to your available balance as shown below:
4. Buy IOTA with Bitcoin
Once your deposit has been completed, it’s time to trade your deposited cryptocurrency for IOTA. Click the “Exchange” button in the menu and choose “Advanced”. Now you see the window which shows the current chart and price of several cryptocurrencies.
For buying IOTA with Bitcoin you have to search in the menu for the IOTA symbol. In the menu chose “BTC” and give the IOT(this is the symbol for IOTA).
Place a buy IOTA order using either a limit or market order. Binance charges a .1% fee for trades. To keep it simple, I purchased 45 IOTA using a market order. If you’re placing a market order, you can choose the percentage of your Bitcoin balance you wish to use to buy IOTA.
A market order will purchase the maximum amount of IOTA available for the Bitcoin amount you’ve chosen to spend. It will purchase the cheapest available IOTA until it has filled this amount.
After the market order has been completed and you will receive the amount of IOTA in your IOTA wallet on the exchange. This wallet will automatically be generated for you by the Binance exchange.
IOTA is one of the altcoins which has a lot of potentials to grow in the future. Currently, there is some serious interest from bigger companies which are willing to implement the IOTA technology. Investors who are willing to invest in this token with USD dollars or just Bitcoin, Binance offers a quick but simple way to buy on their trading platform.