How to Buy IOTA Coin: Binance or Bitfinex?
How to Buy IOTA Cryptocurrency? On the off chance that you are hunting down this then you are at the ideal place since this article is voiced to guide you through the processes to buy IOTA coin 2018. In any case, before that, let us give you a concise presentation about the organization with the goal that you can be an educated client and give an idea before buying IOTA tokens it.
Here at BlockchainBiome, we will be clearing all your doubts regarding IOTA like how to buy iota in us and where to buy like on binance or bitfinex or HitBTC or Gate.io etc.
What is IOTA Coin?
There is a well-structured program underlying the core Tangle technology, known as the Internet of Things (IoT). Tangle along with the Internet of Things is what makes IOTA a robust technology. IOTA lets you establish and execute digital settlements among many computing devices instantly. You can also record those data in a database. To let you know further, IOTA is basically an outline of a Data Structure because it has a foundation that is made up of a Directed Acyclic Graph (DAG).
You can notice that it is very much different as compared to Bitcoin or any other Blockchain networks. It is due to the DAG structure that IOTA does not form any blocks and neither it has any miners nor any chains to perform its applications.
The process of transaction over IOTA is very much distinguishable from other Blockchains. In other Blockchains, there is no accord maintained in order to do any transaction. But in IOTA, there is an accord among participants is well-maintained by the company, known as consensus. If a user is active on the consensus network then by approving two transactions, the user is allowed to complete the process.
The main motto of the members in IOTA is to make it a business standard in the world of digital currency trade. It also aims at making it the most reliable platform for doing transactions without seeking for any permissions. The company feels that if the above-mentioned policies are taken into practice then this company could be the future of trading currencies over the internet.
How to Buy IOTA Cryptocurrency?
Well, if you are someone who is already in this business then to let you know that buying IOTA is not as easy as buying other digital coins like BTC, ETH, etc. The main reason behind this is, it is only available on three major exchanges. And secondly, Fiat currency under its “Exchange Reserving Dealership Rights” policy does not include IOTA even though it is one the fastest growing cryptocurrencies at present. Therefore, MIOTA cannot be paired with the Fiat currency.
As we already know that Fiat currency does not support IOTA, therefore, Binance will help you to get into this business. Paired with it, you can buy IOTA on Binance. But for buying IOTA, you will need either Bitcoins or Ethereum currencies.
You will also be amazed to know that Binance welcomes it users from different parts of the world. You don’t need to worry about where you belong. Even if you are the United States of America’s native, you are allowed to create your own account. The signing up process is absolutely for free. But you will be paused for verification if you tend to withdraw more than 2 Bitcoin within a time frame of 24 hours. And to let you know, this verification is mandatory for all.
As compared to the Blockchain network, as mentioned above, buying IOTA is much simpler. You don’t need to mine for coins or need to build up a Blockchain network. It is due to the DAG of IOTA that actually distinguishes it from rest of the platforms’ framework.
Below are the sequential steps that you need to follow in order to learn how to buy iota cryptocurrency.
Getting started with your IOTA Wallet
For establishing your IOTA wallet, you need to download and install the latest version of the IOTA wallet, i.e. v2.5.4. This will help you in two ways; your wallet will be the updated one and due to which you will be able to avail all the latest features of it at one go, you don’t need to scroll and search throughout. The latest features will reflect at the top. For the desktop version of the wallet, you will be offered with two types: Light node wallet, and Full node wallet.
Selecting your Host to buy IOTA Coin
After you end up with the selection process of the wallet, the next step is to choose a host that can help with your transactions. You can find a wide range of hosts; therefore, you have to be very selective while choosing among them because not all of them can fulfill your requirements.
Generating a Seed for your IOTA Wallet
A seed is nothing but what is known as “Private Key” in cryptography. In other words, it is referred to setting up a password for your IOTA wallet so that you can securely store your data into it. As we all know, the long and complex the seed is, the more secured your wallet is and the fewer chances of getting it hacked by an intruder. The IOTA wallet has no inbuilt function that can automatically generate a seed for the user. For generating it by itself, you need to use any third-party applications like Urandom.
Acquiring some amount of BTC or ETH to buy IOTA
In order to buy IOTA coin, the most feasible way is to exchange your existing crypto coins with IOTA. For that, you will need either Bitcoin (BTC) or Ethereum coin (ETH) and a proper exchange platform where you can actually exchange your crypto coins with the IOTA. But before exchanging, you will need to purchase the BTC/ETH.
To buy either of these you can head over to a platform where the actual money in your bank account can be used to convert them into cryptocurrency. Once you head into such a platform where you can purchase the Bitcoin or Ethereum coin, just login via your email id and then you can either deposit the payment into your account or you can transfer fund through credit/debit card.
The money will be converted into the cryptocurrency after you click on the convert button. One such exchange is “Cex.io”. Cex.io is an exchange which lets you convert your actual currency into a cryptocurrency. The main advantage of this platform is that it supports a wide range of currencies from all around the world.
Selecting an IOTA exchange platform
Selecting an IOTA exchange platform is essential because all your cryptocurrency will get converted to IOTA only over there. There is a profound platform named, Binance exchange. Here all you need to create an account and link that account to your Cex.io account or any other account so that you can actually convert your Bitcoin/Ethereum coin into IOTA.
Creating an account on Binance is easy but after signing up to the exchange, you will have to verify your account. Without verification, you won’t be able to transfer the cryptocurrency from wherever you have purchased the cryptocurrency. Binance has two variants of its services; Basic and Advance.
Under Basic category, you can easily trade for your IOTA but if you are somebody who likes to have a more then you might go for the advanced version. The advance version includes some analytics regarding the online cryptocurrency market and it also provides you the statistics regarding the prices of each crypto coin as well as the exchange rates. For availing the advanced features, you will have to pay 0.1% on for every successful trade that you have done. You can also get a discount if you use the Binance token to do your transactions.
For doing this, you need to place a deposit request. Once this request is made, an address is automatically generated against that request. The address then links to whichever cryptocurrency you have bought. The address is used to transfer the amount via Cex.io exchange. As soon as the fund gets transferred, it gets updated in your Binance account and in real-time it reflects the amount in the “available-balance”. Now, you can actually exchange the cryptocurrency against the IOTA and can securely store them in your either of the wallet you purchased in starting.
Not only Binance, Coinbase is another efficient exchange through which you can buy IOTA coin. But unlike Binance, you don’t need to purchase any cryptocurrency beforehand.
What if you want to know how to buy iota in us or simply how to buy iota with USD?
You can directly buy IOTA with USD, Ethereum, or Bitcoin. It depends upon you whether you want to purchase a crypto coin first and then convert it into IOTA or do it directly against the actual currency. For trading against USD, you will need to link your bank account or credit card to the Coinbase account so that it can directly get funding from the provided details. But this might take up some time as it holds the fund into a buffer as long as the funds transacted are cleared.
Where to Buy IOTA? on Binance or Bitfinex or..
There are three more such exchange platforms from which you can take into consideration to buy IOTA cryptocurrency.
Gate.io is a well-informed exchange platform. It gives you statistics in real-time about the market supply, coin value, volume of the coins circulating in the market, and most importantly it lets you know the active fluctuations going on in the exchange rates.
Bitfinex is the most advanced currency exchange till date. The company provides some of the best and progressive services to its user so that it gets easier for them to choose wisely which to convert among all the currencies. It has a record of converting the highest volume of USD currency into Bitcoin.
HitBTC offers a wide range of currencies to exchange with. It includes some of the least known crypto pairs and this is what makes it stand out of the box exchange in the present scenario. For each trade, you will be charged a very little amount of 0.1%.
Securely store the IOTA Coin
Now that you have learned how to buy IOTA cryptocurrency in 2018 you need to know how to store them securely. As mentioned above, you can store your IOTA coin in either of the two wallets. Or else, you can also leave them in the exchange platform after the conversion. But that won’t stay safe as there might be any cyber attack and your account might get hacked. In that case, all your purchase will go in vain.
Therefore, in order to avoid such situation, it is highly recommended to store your IOTA in your Light wallet or in your Full node wallet as mentioned in step 1. This will not only keep your fund safe but also you will have less to worry.
Wrapping up how to buy iota coin Guide
To conclude we can only say that IOTA is progressing rapidly in the world of cryptocurrency trade. As we have seen, it does not engage any type of miners into this platform. It is only used to perform transactions between two computing devices.
As a result, the person who is sending the fund does not require to give proof regarding any of his trade as the transaction itself is a proof of trade in IOTA. Earlier it was not the same case. Therefore, from this, we can undoubtedly deduce that IOTA has made life simple for the traders of cryptocurrencies. If the company continues to perform as it is doing now, the day is not very far when it will become a huge name in the market.