IOTA is the revolutionary CryptoCurrency built on the Tangle (read: Whitepaper). The tangle is a blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees. Want to know more about IOTA? Check out our article: What is IOTA?
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Like many other crypto currencies, you first need to buy either Bitcoin or Ethereum so you can trade it for IOTA, this is because there is no direct way to buy IOTA with fiat currency (yet). There are a few steps to follow in order to buy IOTA and these are the steps we are going to follow:
When you buy IOTA, you need to use something called a Crypto Exchange. There are quite a few that allow you to trade your Bitcoin or Ethereum for IOTA. Please click below for guide on how to buy IOTA on the exchange you prefer:
It is recommended that you use Binance to buy IOTA. Why? Binance has shown to be the most capable buying platform recently, it has not crashed like Bitfinex and continues to have 100% uptime. As well as having extensive security features in place, they also have the SAFU (Secure Asset Fund for Users).
The order below for buying IOTA is slightly different then outlined above. After a few requests, It has been rewritten this way as an easier to follow guide with a few extra steps.
Once you have verified your email address and once you have logged back in, Hover your mouse over the Funds link in the navigation bar across the top of the page. It should then reveal a drop down menu. Click Deposits Withdrawls
You will see a lot of crypto currencies listed on this page. Find Ethereum ETH (or Bitcoin BTC) and click the Deposit link at the right end of the row. This will then slide down and reveal your receiving address for Ethereum ETH (or Bitcoin BTC).
We are using Ethereum here because its confirmation process is faster. This means it will transfer to Binance faster and you can trade iota faster.
Make a note of your Ethereum deposit address as we will need it shortly
Now we need to send some Ethereum to that Binance receiving address so we can trade them in. So sign up to a Crypto Currency Wallet Provider, Again I recommend Coinbase and purchase your Ethereum using what ever currency you wish.
Again, from our Coinbase account that we have just created and bought our Ethereum with we will need to send them to the address that you generated on Binance. You do this by going to Accounts and then clicking the Send button under the wallet of the currency you purchased.
Note: Sending to Binance may take a few hours (Ethereum is usually quicker ~ 1⁄2 hour). So do not panic if it is not instant. It could actually take upto 12 hours.
Once your Ethereum has been received by Binance hover over the Exchange link at the top left of the page next to the Binance logo. This will show you a drop down menu. Click Basic
Find and click your trading pair in the right hand column. Because we are wanting to buy IOTA with Ethereum we are looking for IOTA/ETH. Obviously if you sent Bitcoin over instead you would be looking for IOTA/BTC.
You will now be able to see the buying form (image below). Fill this out with the amount of IOTA you want to buy and then click the Buy IOTA button.
All Done. That order might also take some time to go through, Even though IOTA is super fast, it is the exchange that you are dealing with and it is them that cause the delays.
You can leave your IOTA on Binance if you wish. However, it is generally an accepted rule that you should never keep anything on the exchange. To get them off binance follow the instructions in How to get your IOTA Receiving address in Trinity guide.