After reading this step by step guide you will be available to buy/invest in IOTA. I would also like to point out, that I’m not giving out a financial advice, investing is still considered risky. I’m purely showing you how you can purchase IOTA.
P.S There are multiple ways how to buy IOTA and any other cryptocurrency, I’m just showing you one of the ways. In my option, it’s rather easy.
Step 1 – Create an account in Coinbase
If you don’t know how to do it already, I’ve prepared a blog post similar to this that explains how to create an account at Coinbase – How to use Coinbase to buy and sell cryptos and bitcoins.
If you read the post you will understand, that, before you actually buy IOTA, you’ll have to invest in another cryptocurrency and you can choose – Bitcoin, Ethereum, Litecoin, Bitcoin cash, those are the options Coinbase is giving you.
I would suggest you start with Ethereum or Bitcoin, since they have the highest trading volumes. In summary that’s step 1 – create an account in Coinbase and buy Ethereum or Bitcoin.
Step 2 – Choose a Cryptocurrency Exchange
You’ve to find a crypto exchange that allows to trade IOTA. You can find the full list of exchanges that trade IOTA on coinmarketcap.
If you don’t know which cryptocurrency exchange is the best for your you can read our blog post on how to choose crypto exchange. It will give you the fundamental understanding how to choose the best exchange that suits your needs the most. It also gives you criteria on which should you choose exchange.
Step 3 – Transfer your Ethereum/Bitcoin to Binance
This part is based on the assumption that you chose Binance. Since it has the biggest volume of all exchanges, seems like a good exchange for this example. It would work the same way with any other exchange, just the interface will be a little different that’s all. The main goal is to transfer your current digital assets – Ethereum/Bitcoin to your new exchange so you can buy IOTA.
Things you need to do in this step:
- Create an account on Binance.
- Transfer your coins from Coinbase to Binance.
I will just go on and assume you bought Ethereum on Coinbase. If you bought another coin, you will just have to adjust:
When you press “Send” Coinbase will ask you for an Ethereum address. Remember you can only send Ethereum to Ethereum wallet, don’t mix it up.
So now you have to log into Binance and find your Ethereum Address.
After you’ve logged in press Funds>Deposit>Find Ethereum (Right corner)
Now Copy that address, I suggest you use the “Copy Address” Button.
Go back to Coinbase, enter the address, double check if you have added the right address because if you make a mistake, there’s no turning back, you will lose all of your coins. When you have done that and you’re sure it’s the right address – press send.
It will take around one hour for the funds to be displayed at your Binance Account.
Also, Coinbase and Binance might ask you to confirm your identity, ID or Passport and a picture of yourself holding a date, just for security measures.
I can’t stress this enough – You can only send ethereum to ethereum address, you can only send bitcoin to bitcoin address, don’t mix this up, guys. So make sure everything is in order. You will only have yourselves to blame. I would suggest if it’s your first try on crypto, send test amount of like $10. That might take the edge off.
Step 4 – Trade Ethereum for IOTA
Go to Binance Exchange (top left corner) and pick Advance (I use advance exchange since it has a better interface)
Now that you’re in the advance exchange pick Ethereum in the top right corner and find IOTA and click on it.
When you will have done that, Binance will show you IOTA’s price against Ethereum, if the price suits you, then you will have to set up an order. Down in the right corner above the green “buy” button, you can set up the price, whichever suits you, if the current price is okay and you’re ready to buy, enter the amount of IOTA you’re willing to buy. If you’re willing to spend all 100%(Ethereum), then just click the “100%” button and click buy. Simple as that.
After that, your order should be filled and you should have IOTA tokens in your Binance Account.
This is how you buy and invest in IOTA Token. One of many options. If you’re willing to know other ways, how to buy IOTA, then leave a comment below and I will find the time to write another blog post.
After signing up for any service I would highly recommend setting up 2FA(2-factor authentication) to any account, try to keep your account safe. Both of the platforms allow you to do so (Binance and Coinbase). I would suggest activating 2FA to all of your crypto accounts. You can never be too safe when it comes to money. Better safe than sorry.
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