This guide will explain the process of obtaining IOTA with pictures and steps. If you are interested in your options for storing the currency, check out our guide on IOTA wallets.
Step 1: Aquire Bitcoin or Ethereum
There are several exchanges that you can buy Bitcoin and Ethereum on.
IOTA can only be purchased with Ethereum and Bitcoin, so in order to obtain it, we must buy Bitcoin or Ethereum, and then send it to an exchange where IOTA is sold.
Bitcoin and Ethereum Exchanges
Coinbase is a very beginner friendly US based exchange, that sells cryptocurrency to most countries and all US states. Expect a 1.49% fee on bank transfer purchases, and a 3.99% fee for credit and debit purchases.
Coinmama is another option that focuses on credit and debit card purchases. Coinmama is great because they have higher debit and credit card purchasing limits than Coinbase, as well as instant delivery. Coinmama’s fees are around 5.5%.
LocalBitcoins is a person to person exchange, meaning that anyone can use it. There are no limits, or verification needed. It uses escrow to make sure that both parties recieve payment.
Gemini is another US based exchange, that allows its users to buy Bitcoin and Ethereum via bank transfers, credit cards, and debit cards.
Bitpanda is an exchange that also focuses on credit and debit card purchases. Their fees are between 3%-4%, and only sells Bitcoin and Ethereum to European countries.
How to Buy Cryptocurrency on Coinbase
If you signup to Coinbase through this link, you will recieve an extra $10 worth of Bitcoin on your first $100+ order.
After creating your Coinbase account, you will want to add a payment method. If you are trying to get the most bang out of your buck, I would reccomend using a bank transfer. If time is a concern, maybe go with credit or debit card, as there is instant delivery!
Click the Buy/Sell tab at the top/middle of your screen. From this page, you can easily purchase Bitcoin, Litecoin, and Ethereum.
After hitting Confirm Buy, we are ready to go to the next step!
How to Buy Cryptocurrency on Coinmama
After your account is verified, you can go to the navigation bar and purchase Bitcoin or Ethereum, using USD or EUR.
Send the purchased cryptocurrency to the address of the exchange you decide to use in the next step.
Step 2: Sending your Bitcoin or Ethereum
|Binance||Everywhere||.05% (Very Low)|
After you have your Bitcoin/Ethereum, you will need to move it to a cryptocurrency exchange where IOTA is sold. I would highly reccomend Binance as they are the easiest to use and have the lowest fees. Bitfinex is an option, but is not useable for US users.
Before we can send our currency to the next exchange, we will need locate that exchanges deposit address.
Finding your Binance Deposit Address
This can be found by going to the navigation bar, mousing over “Funds” and clicking Deposit Withdrawals. This page has the deposit addresses for every coin on their exchange.
Find your Bitcoin or Ethereum deposit address, depending on what currency you purchased, and copy the address.
Now that we have our deposit address, we will need to send it from Coinbase or whatever exchange your Bitcoin/Ethereum was purchased on. Click the send tab as seen below, and enter it into the recipient box. Click confirm and wait for your currency to arrive to Binance!
Sending from Coinbase
Expect your Bitcoin to arrive to the exchange in around 20 minutes. Ethereum should arrive to your exchange in around 10 minutes.
If either of these take longer, do not be alarmed, depending on the amount of transactions on the network, it will take more or less time.
Buy some IOTA!
After sending your Bitcoin or Ethereum to Binance, you will want to go to the BTC/IOTA or ETH/IOTA trading page and press the “market tab”. In this window you can enter the amount of IOTA you want to buy as long as you have enough balance to do so.
You now own IOTA, look below for our in-depth guide on IOTA wallets!
Step 3: How to Store your IOTA, Securely!
IOTA is best stored on the official IOTA wallet. Learn how to set up an IOTA wallet on our IOTA wallets page!
Buy IOTA with Credit Card and Debit Card
Binance has the lowest fees out there, and is one of the few that sells IOTA. If you are in the US, Binance is pretty much your only option as Bitfinex has recently shut down US accounts. This may sound confusing, but this tutorial will clear up all questions, with text and pictures!
Buy IOTA with Bank Transfer
Just like credit and debit cards, the easiest method of obtaining IOTA with a bank transfer or wire is by buying Bitcoin or Ethereum on a fiat to crypto exchange such as Coinbase, and converting the purchased cryptocurrency into IOTA, on an exchange like Binance.
All will be explained below, with clear pictures and steps!
How to Buy IOTA with PayPal
Due to Paypal’s chargeback feature, buying IOTA with paypal takes a few extra steps. The exchange VirWoX allows you to convert paypal balance into Bitcoin. Read our tutorial on this conversion. Once you have obtained Bitcoin, you can send it to Binance just like the above example!
Can I Buy IOTA on Coinbase?
At the time of this writing, Coinbase does not sell IOTA. There have been several rumors however, and many think that in early 2018 we will see several new coins, including IOTA, added to Coinbase. If you are interested in buying IOTA, just follow the steps above! You can trade for IOTA on Binance. If you don’t own any Bitcoin or Ethereum, use Coinbase!
How to Mine IOTA
IOTA is one of the few cryptocurrencies that require no mining. All of the IOTA that will ever exist, exist now. It is deflationary, so as IOTA are lost the total supply decreases.
If your goal is to help the network, you can do this by sending a transaction. Before your transaction goes through, you will verify two other transactions. You act as a sort of node by doing this, however I wouldn’t reccomend it.
Is IOTA Allowed in my Country?
If you are able to purchase cryptocurrencies such as Bitcoin, then you are able to purchase IOTA!
Why is 9 the Only Number in an IOTA Seed?
The reason only the number 9 is used, is because IOTA is written in ternary, which uses 27 characters. The 27 values are the characters A-Z, and 9. They use 9 instead of 0 because 0 looks similar to O.