Home » Guide Detailed beginners guide on how to buy IOTA 2020 0 Detailed beginners guide on how to buy IOTA 2020

Some of our posts may have affiliate links including this one. That means if you make a purchase I may get a commission (at no extra cost for you). To find out more about it read our Disclosure page

In this guide, we will help you by taking you through the different options that are available for how to buy IOTA cryptocurrency.

We will also briefly explain what IOTA is, why there is so much interest in IT, but also a few other very important things that you need to be aware of before buying.

In this guide, we are focusing on providing you with both the cheapest options but also the easiest possible methods where to purchase IOTA. We will mention a few additional examples in the end also.

This guide will be perfect for any beginners that are wondering about where to BUY IOTA. So follow this detailed beginner’s guide if you want to invest in this exciting cryptocurrency.

How to buy IOTA summary:

First get Bitcoin or Ethereum (at for example Coinbase, Kraken or Binance) Create your own secure IOTA wallet (Trinity) Copy the address to your wallet Find an exchange that trades IOTA (for example using Binance) Buy IOTA using either Bitcoin or Ethereum (BTC/IOTA or ETH/IOTA) Send your cryptos to your newly created wallet

What is IOTA?

Before we take you through the detailed step by step guides on purchasing IOTA we thought it would be useful to give the newcomers a brief summary of it.

IOTA was founded in 2015 by four crypto entrepreneurs. Namely David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Dr. Serguei Popov.

Where Sergey Ivancheglo interestingly had been involved with other blockchain projects such as NXT and he was also one of the early pioneers in the development of the Proof of Stake consensus mechanism.

(Learn more about Proof of Stake here)

IOTA Tangle is an open-source distributed ledger (like the blockchain) that aims to be the go-to network for the future of the Internet of Things (IoT) and the machine economy.

It aims to be the global network, where fast, free and scalable transactions flow smoothly between computers, machines, and people.

It is unique as there are no transaction fees. Instead, every user needs to validate two other transactions when they want to send theirs. A unique solution to a common problem.

There has been a lot of promise and interest in the future of IOTA. They are working on creating their own unique solution to a decentralised and distributed ledger (their own ‘blockchain’-like model). That goes under the name of the Tangle.

If they succeed with what they are working towards then the future is surely very bright for the project, the team, and its solutions. But also for the investors.

Where to buy IOTA?

So now it is high time for us to help you learn more about where to acquire some IOTA. To invest in some IOTA you need to use an online cryptocurrency exchange. It is a website or app where you trade (buying and selling) cryptocurrencies with other people from around the world.

As we mentioned in our summary above you need to first get some Bitcoin or Ethereum first, before you can acquire some IOTA.

But don’t worry it really isn’t that complex. And with the help of this buying guide, you will have no problems at all.

Now we will walk you through all the steps for how to buy IOTA cryptocurrency.

Step 1 – Buy some Bitcoin or Ethereum first

So to actually buy it at a cryptocurrency exchange you first need to buy some Bitcoins or Ethereum (Ether). This is because there aren’t any exchanges available around the world where you can buy IOTA directly with your bank card (credit card or debit card) or via a bank transfer yet.

So you first need to get either BTC or ETH at a crypto exchange or platform where you can get it with your card or bank transfer (wire transfer).

We recommend that you use some of the more popular cryptocurrency exchanges to buy BTC or ETH. For example Coinbase, Kraken or Binance.

So we will guide you through how to get your hands on some ETH or BTC via those two sites.

How to buy BTC or ETH via Coinbase

To get BTC or ETH at Coinbase you can follow this guide:

First head over to for example www.coinbase.com and register for a new account by clicking on ‘Get started‘ Complete the sign-up process When you are logged into to Coinbase you can either get BTC or ETH via your credit card, debit card or bank account You first need to link them to your Coinbase account. Click on ‘Settings’ and then ‘Linked accounts’ to add your cards or bank account After that click on ‘Trade‘ to either deposit funds or buy with your card Now when you have bought some BTC or ETH you can then move on to the next step in this guide (buy IOTA at Binance for example)

Buy BTC/ETH at Coinbase Pro to save on fees!

Another option is to make a bank deposit to Coinbase and then buy BTC/ETH at Coinbase Pro. This will help to save on fees.

The steps to do this would be the following:

Create an account at Coinbase Link your bank account Make the bank deposit to Coinbase and wait for 1-2 days for the funds to arrive Head over to Coinbase Pro (you get an account with them automatically when signing up for Coinbase) Buy BTC/ETH at Coinbase Pro

Now you can send those BTC/ETHs to Binance for example to buy IOTA.

NOTE: If you deposit funds from your bank to Coinbase it can take 1-2 days for it to arrive. After it have arrived you can complete the step and buy either BTC or ETH

If you need additional help to use Coinbase then you can read our complete guide to Coinbase.

How to buy BTC or ETH via Binance

The other option that you have is to buy BTC or ETH via Binance. And here there are two options available to you.

The first one is to purchase Bitcoin or Ether via your credit card or debit card at www.binance.com

The other is to buy Bitcoin or Ether via Binance Jersey (www.binance.je) with a bank transfer (the latter is only available for Europeans)

We will guide you through both options here below.

How to get BTC or ETH via Binance:

Head over to www.binance.com and create your own account by clicking on ‘Register‘ After you have completed Binance’s registration process you can then buy Bitcoin or Ethereum with your credit card or debit card Click on ‘Fiat‘ and then ‘Buy crypto‘ – select the amount and which Fiat currency you want to pay with (USD, GBP, EUR, etc) You will then have three options (for us at least) to pay with. Either Simplex, Koinal and Paxful. They are all safe to use When you have bought some Bitcoin or Ether via either of those options and the BTC/ETH is in your account you can move on to the next step

How to buy BTC or ETH via Binance Jersey:

The process is very similar and you register at www.binance.je with the same signup process Then you need to verify your identity and address first before buying BTC or ETH at Binance Jersey (User Center -> Address Verification/Identity Verification) After that click on ‘Funds’ and then ‘Deposits’ Select the amount and click on submit Binance Jersey will then show you the information necessary for you to use when transferring from your bank account to your Binance Jersey account Go to your bank and complete the transaction (make sure you are using the correct information. If there are any errors you risk losing your funds) When complete you click on ‘Exchange‘ and then select the trading pair you want to use for either BTC or ETH. It will be the trading pair that you deposited in Fiat currency. Meaning either BTC/GBP or BTC/EUR vs ETH/GBP or ETH/EUR After you have bought BTC or ETH you can then move on to create your own wallet

Step 2 – Create your own wallet

Now that you have bought yourself some BTC or ETH to buy IOTA with you can move on to the next step. Which is to create your own wallet. Which is completely free.

There are some different options for a wallet for IOTA. We recommend the Trinity wallet.

We recommend that you use the official Trinity wallet. It is a very nice-looking and user-friendly wallet. It is definitely one of the best IOTA wallets. And a great place for where to store cryptos.

But you can also safely store your cryptos on a hardware wallet, like the Ledger S or X wallets (learn more about that here).

Learn more about Ledger Nano S here and new upgraded version Ledger Nano X here

The Trinity wallet is available for download to your mobile device – for both iOS and Android, and also for your desktop computer.

The full list of available devices for your Trinity wallet are:

Mac

Windows

Windows 7

Linux

Android

iOS

So to download the Triny wallet for your desired device head over to trinity.iota.org and click on ‘Download‘

Trinity wallet has a useful onboarding guide that will take you through the steps of creating your own secure IOTA wallet. So don’t worry about that.

But here is a recap of the steps you need to take to create your own wallet with Trinity:

Go through the installation of the Trinity wallet You will now need to generate your SEED (private keys) to your wallet. Unless you already have one. You need your SEED to access your IOTA wallet (from any device) – the SEED is a 81 character long string of numbers and letters After you have created your SEED (via the randomiser) and given your account a name the most important part comes PROTECT YOUR SEED! This is very important. If you lose this SEED you will also lose access to your funds. So make sure you backup the SEED

Step 3 – Copy your IOTA address

Now when you have created your own wallet and made sure you have created secure backups for your SEED you can move on to the next step.

Which is to send your cryptos from either Coinbase or Binance to your newly created wallet.

Here are the steps to send IOTAs to your Trinity wallet:

To receive (send to yourself) your IOTAs from either Binance or Coinbase simply click on the ‘Receive’ button Now you need to generate a new wallet address – click on ‘Generate address‘ After that, a long string of random letters and numbers will be shown and a QR-code. Now you should copy the long string of numbers and letters – click on ‘Copy address‘ Done!

Step 4 – Find an exchange that trades IOTA

Now that you have copied the address you can move onto to find a cryptocurrency exchange that trades it.

You can use Go CryptoMarket to find crypto exchanges that trade it (https://gocryptomarket.com/coin/iota).

But we can also recommend some popular cryptocurrency exchanges with good trading volume for IOTA that you can use. For example:

Binance (which we already have talked about here in this guide)

Bitfinex

OKEx

If you want to use Binance then you can (or already have) follow our guide above to create your own account with them – it is completely free.

And if you are using Binance and already bought some Bitcoin or Ethereum there then you don’t need to send your BTCs or ETHs anywhere else. So we do recommend this.

But if you bought BTC/ETH via Coinbase then you first need to send them to your BTC/ETH address at Binance.

For those steps see the summary here below:

Go to ‘Wallet’ – ‘Exchange wallet’ and then find BTC/ETH in the list and click on ‘Deposit’ Then you will see your BTC/ETH address so copy this Go back to Coinbase and send your BTC/ETH to your copied address

We will also take you through the steps of buying IOTA on Binance here below – the steps to buying it on OKEx or another crypto exchange will be more or less the same.

Ok, now it is time to move on to the fun steps of buying some IOTA.

Step 5 – Buying IOTA using either BTC or ETH

To get it on Binance follow these steps:

Head over to www.binance.com and log in / create an account Deposit your BTC or ETH by going to wallet – spot wallet and find BTC/ETH in the list and find your address to deposit to Make the deposit from wherever you have your BTC/ETH to Binance To purchase IOTA now click on ‘Exchange’ and ‘Basic’ And then find the right trading pairs (IOTA/BTC or IOTA/ETH) and then simply choose the price and amount you want and then click on ‘Buy’ Done – congratulations now you have bought yourself some promising cryptos! 🙂

Now that you have bought yourself some IOTA you can move on to the last step which is to send the cryptos to your wallet.

Step 6 – Send your IOTAs to your wallet

Finally, we are here at the last step in this guide on how to buy IOTA coin. And that is to send the cryptos from (Binance) to your wallet.

If you have followed this guide then you will have created your own wallet with Trinity wallet. But if you have created a wallet elsewhere then that is also fine.

What you need is an address to send your IOTAs to. This is important. You can only store your IOTAs at a specific IOTA wallet.

So to send your IOTAs from Binance to your Trinity wallet address follow these steps below (they will be more or less the same for other cryptocurrency exchanges and wallets):

Use the address that you copied in step #3 Go to your Binance account and click on ‘Wallet‘ and then ‘Exchange wallet‘ and find IOTA on the list Then click on ‘Withdraw‘ and paste in the address in the ‘Recipient’s address‘ field Select the amount and click on ‘Submit‘ After that, you might need to verify the transaction with your 2F-Authentication and also the email that gets sent to your account That is it, now you have verified the transaction and the IOTAs will be sent to your Trinity wallet

That is it. That’s the last part of this step by step guide on how to buy IOTA. If there were no problems along the way your cryptocurrencies should arrive in your Trinity wallet in less than 30 minutes.

Frequently Asked Questions about buying IOTA

1 ) How do I buy an IOTA with a credit card or debit card?

Yes, you can. There are a few different options available. You could buy BTC/ETH with a credit card using Coinbase or Binance and then purchase IOTA. As per the guide above.

But you can also buy it using a credit card or debit card in the Trinity wallet app. Using Moonpay. You need to be aware that the fees are higher for buying with a card. Compared to a bank transfer and then using a cryptocurrency exchange like Binance or OKEx.

If you are an EU citizen then you will also have the option of buying it using Bitpanda. Which is another crypto brokerage site. And it comes with pretty good recommendations.

2 ) Can I store IOTA in any cryptocurrency wallet?

No, it has to be a specific IOTA-supported wallet. For example the Trinity wallet or the Ledger wallets. Unfortunately, there is less support today for it as it is a bit of a complex integration compared to more traditional blockchains and their cryptocurrencies.

3 ) What will the future IOTA price be?

Ah, the million-dollar question! We can’t give you any assurances for future price predictions. And nobody else can. Don’t fall for people giving you assurances about future prices.

But what we can do is to evaluate the project itself. We could ask ourselves a couple of important questions, such as:

How promising does it seem to be?

What is the market for this?

And how realistic is it for them to succeed?

If all three of those questions scored high then we could feel more confident that the future long-term price could reflect that positively. But there are too many factors that come into play.

So our best advice to give is to research the project, its use cases and the use case of their cryptocurrency. And then invest what you are willing to potentially (risk) to lose.

Cryptocurrencies are a high-risk but also a high-reward investment!

Conclusion

By now the process of how to buy IOTA should be clear enough we hope. We wanted to provide prospective buyers with such a clear and informative step by step guide as possible.

New cryptocurrency exchanges might arrive and more options might be available over time to buy it from. But both Binance and Coinbase will be around for years to come. So they will continue to be safe choices for buying any cryptocurrency!

If you are wondering about should I buy IOTA then that decision is yours!

We can say with a fact that it is a very exciting and ambitious project, and they have a whole bunch of talented people now in some ways associated with the project. People from several industries and C-level roles experience.

So the talent and the potential is there. Now it is just a matter of time to see if they can deliver as promised. But a future for machine economy and the Internet of Things is certain.

If they do, the future is definitely bright for IOTA

Related guides: