IOTA is an open source cryptocurrency mainly based on distributing secure communications and obligations between servers on the web of Things. David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov started it in 2015. IOTA stands for “Online of things application”. As of now until December 2017 the total market capitalization of IOTA is $11 Billion. Adding feather to the hat, it’s the sixth biggest cryptocurrency in the marketplace and IOTA is placed on number 6 in the coinmarketcap. Being as low as to$0.63 in June 2017 IOTA was $0.63 USD it now ranges somewhere between $4 to $5 USD.
They are divided into units like weights such as,
Iota= 1 Iota= 1i= 1i
KiloIota= 1 Kiota= 1Ki= 1,000i
MegaIota= 1 Miota= 1Mi= 1,000,000i
GigaIota= 1 Giota= 1Gi= 1,000,000,000i
TeraIota= 1 Tiota= 1Ti= 1,000,000,000,000i
PetaIota= 1 Piota= 1Pi= 1,000,000,000,000,000i
IOTA can be purchased by using different exchange platforms. Till now, it’s not allowed to trade in IOTA by direct with Fiat currencies. It implies that in case you would like to purchase IOTA firstly you’ve to purchase something such as Bitcoin or even Ethereum.
For the time being, there are only two market platforms are accessible with the substantial amount of IOTA and that’s Bitfinex and Binance.
Bitfinex is a Hong Kong based cryptocurrency foreign exchange system. It’s mostly better for Non-US customers. On the other Binance is a Chinese based cryptocurrency market system mainly based on Chinese trading.
Ways To Buy Iota using exchange platforms ?
Here are the 2 most reliable exchange platforms “Bitfinex and Binance”.
How To Buy Iota using Bitfinex ?
Step 1: Sign up for Bitfinex,
create your account and verify your Email for trading purpose. You can use their 2-Factor authentication to make your account more secure.
Deposit your cryptocurrency on Bitfinex.
Step 2: Click on the “Deposit” tab, select the cryptocurrency that you want to Deposit. Bitfinex trades IOTA in Bitcoin and Ethereum pairs.
Step3: Select your trading pair between Bitcoin and Ethereum.
Here you will get the variety of order types. Compliment to this, the maximum amount at Market price is purchased by Bitfinex automatically. You just need to Click on the green circle then click on “Exchange Buy” option.
IOTA in the exchange wallet is received on an order confirmation.
Trading pair on Bitfinex for IOTA
How to Purchase Iota with Binanace?
Step1: To buy IOTA with Binanace, you will need a platform where you can do your trading. So to get the account for the trading purpose you need to sign up for their service with your email id. Do not forget to activate the two-factor authentication or 2FA, for better protection.
Step 2: In this step, you need to verify your email and show that the email is yours and authentic. To do so you need to check your email inbox for the verification email. Click on the verification link and you will be redirected to your login page where you need to put your credentials and sign in.
Step 3: In this step, you will be setting up your account. Once your account is set you can use Google authentication for more security. Once you have completed setting your account you can now use your account for the trading purpose.
Before you start depositing on your account you need to know about the trading pairs which are Bitcoin, Ethereum and USD tether (USDT) because you will find a lot of trading pairs there.
Deposit your cryptocurrency on Binanace. You’ll see a lot of trading pairs. Trading pairs are denominated as Bitcoin, Ethereum, and USDT(Tether).
To deposit and buy cryptocurrency you need to select the desired amount of cryptocurrency and deposit for the same. To do so you need to select your cryptocurrency first and then click on deposit to send the respective funds to your desired cryptocurrency address. You can check out the pending deposits while waiting around for the confirmation of the transaction.
Here are some of the common trading sets on Binanace for IOTA
However, there are some other trading platforms for IOTA as well.
YDX — The plus point of this exchange is that there are no trading fees or deposit limits.
BIT520 – This is a Chinese cryptocurrency exchange system which is listed on 3rd August 2017 for IOTA.
COINSPOT – COINSPOT is a trustworthy Australian Exchange platform, but it has a poor exchange rate.
Purchasing IOTA with PayPal
There is, however, another way to buy Iota and that is through PayPal. Although you can’t directly purchase IOTA using PayPal, you can buy bitcoin with PayPal and thereafter exchange the bitcoin for IOTA.
Purchasing IOTA with Cash
you can purchase IOTA with cash as well but to trade IOTA for Fiat currency you need to trade it on Bitfinex. Furthermore, you can use their IOTA/USD pairing to purchase IOTA directly with dollars.
The choices and platforms are numerous for trading IOTA but the option you would like to invest in totally depends on you.
The trading does vary from location to location as you can directly make a trade with IOTA for USD using Bitfinex. However, you may also use Binanace as it is a good option for trading purposes. You can also try another platform for trading IOTA. You can choose YDX, Bit 520 or COINSPOT. COINSPOT can be a good option for trading in IOTA in Australia, but you also cannot ignore the fact that it has a high exchange rate.
With the above details you can trade for IOTA easily but in case you’ve any problems, the comment section is always open for you. Your valuable response will always be welcomed. You can share this post with your friends and let them know about this process.