Learning how to buy IOTA cryptocurrency early is key to take advantage of its growing value and popularity. A growing number of people, ranging from cryptocurrency enthusiasts to well-known financial figures, are watching IOTA with a close eye. You can find out more about IOTA on their official website.
How to Buy IOTA Cryptocurrency
At the time of writing, knowing how and where to buy IOTA is extremely advantageous as not many exchanges currently offer it for trading – therefore investing before this happens is a great idea. For those who are familiar with cryptocurrency trading or who want quick and simple instructions, here is how to buy IOTA cryptocurrency:
- Buy Bitcoin or Ethereum from any reputable exchange using fiat (real-world currency).
- Create an account on the Bitfinex trading platform.
- Transfer your BTC/ETH to your wallet on the Bitfinex exchange.
- Once your BTC/ETH arrives in your Bitfinex Wallet, initiate a trade for IOTA using your funds (Bitfinex will not make you jump through hoops to trade only cryptocurrency).
- Once you have received your IOTA coins, download and create an IOTA wallet from their official website.
- Set up your wallet – keeping your generated seed and wallet code safe – and navigate to the ‘Recieve function’.
- Click ‘Attach to Tangle’.
- Send your IOTA coins from your Bitfinex Wallet to your IOTA Wallet receiving address.
If you’re new to transferring cryptocurrency, don’t worry. This may look somewhat technical at first but it really is very simple once you begin.
Below we’ll go into more detail on how to progress through all of these steps.
Buying Some Bitcoin or Ethereum
You might ask: “Why am I buying BTC or ETH when I actually want to be buying IOTA?” Well, the reason is twofold.
Firstly, most exchanges aren’t trading IOTA yet, so it’s naturally more difficult to trade for it with fiat – dollars, euros, pound sterling, etc.
Secondly, our chosen exchange which makes this process the most simple solution around at the moment, forces you to go through all kinds of hefty verification processes if you want to trade using fiat. You won’t have to do this when trading Bitcoin or Ethereum.
Anyhow, back to our guide on how to buy IOTA cryptocurrency. You can buy BTC or ETH very easily using real-world money from a range of legitimate sources, here are some we recommend:
These are all exchanges verified and listed by the official Bitcoin website, so any of these will work fine – however, we personally recommend creating a wallet and buying BTC or ETH from the official Blockchain.com website.
Actually buying your BTC or ETH is pretty straightforward – you can catch a glimpse of the buy screen below:
Simply follow along with the site’s prompts and you should have your cryptocurrency in no time. Once you’ve successfully made a purchase, we can move onto the next step in our guide on how to buy IOTA cryptocurrency.
Don’t forget to set up as much security for your account as you can. We highly recommend using Google Authenticator for logging into all cryptocurrency buying/trading/selling websites and platforms.
Create an Account at Bitfinex
Navigate on over to the Bitfinex exchange. Then, create an account and following the site’s prompts for registering – it’s the usual kind of info you would expect to give when signing up to something new so don’t worry.
Eventually, you’ll reach a somewhat dauntingly complex screen which is filled with all kinds of numbers, graphs, and menus. Don’t panic. Most of the stuff here is not relevant to what we’re doing, so don’t pay it any mind. Instead, hit the ‘deposit’ button at the top-right corner of the screen (as shown below):
After you reach the Deposit screen, under the ‘New Deposit’ heading, choose the currency you bought earlier (either BTC or ETH). You’ll then reach a screen which shows your wallet addresses for your chosen coin. You want to take note of your Exchange wallet address – the top one, as shown below:
Once you have this wallet address handy, we can move onto the next step in our lesson on how to buy IOTA cryptocurrency.
Once again, like with the account we made earlier on Blockchain.com, we implore you to take advantage of Bitfinex’s security options. Remember, these are coins with real value, so you don’t want to lose them.
Transferring Your Cryptocurrency to Bitfinex
This part is pretty straightforward, however, it can sometimes take a bit of waiting due to the way Blockchain transactions are handled.
First, navigate to the exchange you bought your chosen cryptocurrency from earlier. We’re going to want to send all of this Bitcoin or Ethereum from this exchange to the Bitfinex Exchange.
Most wallets/exchanges are similarly laid out in terms of how you send cryptocurrency. In this example, we’re going to use Blockchain.com as our example. Please refer to the diagram below to see where to click and where to input details of the transfer:
Transferring your chosen cryptocurrency to Bitfinex should involve:
- Navigating to the send area of your chosen exchange.
- Choosing the cryptocurrency you plan on sending.
- Inputting your Bitfinex wallet code we found in the last step.
- Choosing how much of your chosen coin that you want to transfer to Bitfinex.
- Selecting your level of transaction fee (the more you pay, the less time it takes for your transaction to be processed fully).
Once you’ve made your transfer, simply check Bitfinex periodically until your funds arrive. A new block in the chain is created roughly every 10 minutes, so check back every so often.
Next, we’ll look at how we can actually buy IOYA cryptocurrency using Bitcoin or Ethereum.
Initiating Your Trade for IOTA
Once your BTC or ETH has made it to your Bitfinex wallet, it’s time we actually buy IOTA – or rather, trade for it.
Head on over to the main Bitfinex platform, the page you probably thought was daunting earlier. We’re going to put forward our trade by first selecting a pair from the small window up at the top-left of the screen, known warmly as the ‘Ticker’.
This shows how your chosen currency compares in value to US Dollars, Bitcoin, and Ethereum. You’re going to want to track down IOTA and select the pair that matches the currency you bought earlier – so either IOTA/BTC or IOTA/ETH. We’ve found it below and highlighted it for you:
Once this is selected, you’re going to want to move down to the Order Form where we’ll put forward our trade.
We’ve broken down the order form in the following diagram to illustrate what each part does. We won’t go into detail about every setting you can mess with, just the essentials.
Before you even begin, you will want to make sure that you have ‘Exchange’ selected as well as ‘Limit’. This ensures you’re making the most common and straightforward transaction possible which will get you your IOTA coins. Next, we’ll explain by number:
- These two small buttons will only work once you have value in the boxes which are marked with a 2 and 3. The green one will give you the most expensive proposed trade on the market, which tends to get snapped up much faster. The red will give you the lowest proposed trade, which may save you some cash, although you may have to wait longer to find someone willing to trade IOTA for your Bitcoin or Ethereum.
- This is how much Bitcoin or Ethereum you are willing to trade for the amount of IOTA coins you want.
- This is how many IOTA coins you want for the Bitcoin you are offering.
Once you’ve decided on how many IOTA coins you want (3. on the diagram) and at what price (2. on the diagram), simply click Exchange Buy. Then just wait for your trade to go through in the Order History tab in the middle of the screen. Your purchased IOTA will arrive in your Bitfinex wallet as soon as the trade is made.
Congratulations, you’ve just traded for your first IOTA coins on the exchange! This is how to buy IOTA cryptocurrency the quick and easy way before it becomes available on all the other online exchanges.
Should you keep them here in your Bitfinex wallet though? Not really. It’s usually not recommended as it’s more likely to be compromised by hackers and scammers here than in a cryptocurrency wallet.
Think we deserve a small donation for writing up this guide? Our Freewallet code is: 1GBZYf6xNaT5dFoDtveN8eSVwo5dEQRLZT
So, we’ve shown you how to buy IOTA cryptocurrency, but how should you store your beloved coins? We’ll show you how below.
Storing Your Coins in the Official IOTA Wallet
The IOTA wallet is downloadable on your Windows PC (no Mac release at the time of writing) specifically for storing your IOTA coins securely. While not currently the prettiest sight in the world, it does the job rather well.
Firstly, download the IOTA Wallet from Github – don’t download from any other 3rd party sources as these may be dangerous malware which might try to steal your coins.
Install the wallet like you would a normal program on your PC. Then run the wallet program. You’ll be prompted to choose a server node. We recommend choosing one of the IOTA Support nodes, however, any node should theoretically do.
You will then reach the following screen which asks for a seed:
Your seed is the string of code which identifies your wallet from everyone else’s. You can generate one here for free – don’t worry, your seed will be unique and practically impossible to replicate.
Once you have generated your seed, be extra sure to keep a physical note on paper of your:
- Seed encoded as mnemonic words
- Receiving address/Wallet code
If you do not keep these details safe, you will not be able to access your IOTA wallet later. I repeat. Do not lose these details.
Next, enter your Seed and click ‘Login’. You’ll reach a new screen with a number of options. You’ll want to click ‘Recieve’. You can see the correct screen below:
Now, this part is important. Before you can use your Recieve code to send your IOTA coins from Bitfinex, you must click ‘Attach to Tangle’, otherwise, your transfer won’t reach the IOTA network. Once you have done this, navigate back on over to Bitfinex and we’ll go ahead and send our IOTA coins to our IOTA wallet.
You can do this by clicking ‘Withdraw’ at the top-right corner of the Bitfinex main exchange page and then selecting IOTA. This is similar to how we deposited Bitcoin or Ethereum to our Bitfinex wallet earlier, except we’re taking money out instead.
Place your IOTA wallet address in the Address field. Then, input your desired amount of IOTA coins and make sure you are taking from your Exchange Wallet.
The Recieve amount should be a little less than the send amount to cover the fees for the transfer. At the time of writing, anywhere between the value of $3-$10 can be allocated to fees depending on how many coins you are sending. Of course, giving our larger fees means that your coins will be prioritised by blockchain miners who will confirm the transaction faster.
Now, you simply wait until your IOTA coins appear in your wallet. And just like that, you’ve learned how to buy IOTA cryptocurrency while simultaneously getting in on one of the hottest cryptocurrencies on everyone’s mind right now.
If anything isn’t clear or you have any questions, please don’t hesitate to leave a comment. We’ll always reply with more information if you need it.
Feel like being generous and rewarding for the time we spent making this guide? Why not gift us some cryptocurrency? We sure do appreciate it.
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