IOTA - What do you need to buy it

IOTA cryptocurrency is fundamentally different from everything that is currently on the cryptocurrency market. There is no blockchain, miners in the IOTA network, and there are no commissions at all. It is based on the unique technology Tangle and allows users to make free transfers within the network, the bandwidth of which, among other things, only increases with the increase in the number of users.

Infinitely scalable, fast, light as much as possible, Iota was optimized for the concept of the Internet of things (Internet-of-Things, IoT), allowing tens of billions of devices connected to each other to interact with each other and with the external environment. IOTA cryptocurrency (MIOTA) with a capitalization of $ 1.593 billion takes 11th place in the coinmarketcap.com rating. The coin is quite popular, but compared to other top crypts, it is not so easy to buy it. Today we will consider all possible purchase options and estimate the losses at commissions.

Ways to Buy

Basically, there are 3 methods of purchase:

• through online exchanges, the maximum loss on commission;
• through crypto exchanges - the most profitable option;
• on the OTC (over-the-counter) market, to put it simply - you are looking for an intermediary and negotiate a purchase with it. The deal is built on trust.

Online Exchange

The exchangers working with this cryptocurrency do exist, but they are few and they do not work in all directions. For example, if you have a Visa or Mastercard in USD then you can exchange fiat money for a cryptocurrency directly but only 2 exchangers work in this direction. On Bitfinex, this coin is being traded in tandem with the US dollar, and for 1 IOTA you will have to pay $0.582. That is, the exchange rate is overvalued in the exchanger by 16.5% compared with the exchange.

This is the main disadvantage of this method of buying a crypt. On the other hand, it is convenient. But if you are planning to invest a large amount in a cryptocurrency, we recommend working with crypto exchanges directly. It is much worse if the money is in your wallet electronic payment system. Exchangers do not work directly in many areas, so you have to do a double conversion, and these are additional costs. For example, dollars from a Qiwi wallet will have to be first exchanged, for example, for Bitcoins, and only then IOTA will be bought for them.

Buying IOTA Through a Cryptoexchange

This coin is traded on 20 crypto exchanges(according to coinmarketcap.com), but the main volume falls on Bitfinex, Binance, OKEx. The crypt is traded in pairs with other cryptocurrencies - Bitcoin, Ethereum, Tether. Some sites have support for fiat currency, for example, on Bitfinex IOTA can be bought for dollars, Japanese yen, British pounds.

Chinese crypto exchange Binance is the best place to buy IOTA in 2019. At the moment there is no more simple, profitable and, very importantly, reliable way to purchase cryptocurrency. The Binance Exchange is especially attractive for beginners, because, in addition to security, it offers multilingual support, an intuitive interface, simple and easy-to-use tools. There is also an online chat through which you can solve any problem or ask a question. Therefore, to buy IOTA on the stock exchange is not really difficult even for novice users.

As for the transaction itself, it is as follows (using the example of Binance):

• After registration, go to the Exchange section. There are 2 variants of the trading terminal on Basic and Advanced, you can choose Basic, we are not interested in market analysis now, only the purchase of a crypt;
• Choose a suitable cryptocurrency pair. Here IOTA is traded in a pair with Bitcoin, Ethereum, Tether and BNB (internal exchange token). In the window in the upper right part of the window, enter the name of the IOTA crypt and the search immediately gives the necessary pairs;
• Now you need to set the parameters of the transaction. If you are working with market orders, just indicate how many IOTA tokens you want to buy and click on Buy IOTA. In the example in the figure below, we are going to buy 1000 IOTA coins for Bitcoins, that is, you must have the necessary amount in Bitcoins on your Bins account on the BTC wallet;
• Your application goes to the general list. As soon as a counterclaim appears at the same price the transaction will be immediately concluded. There are no liquidity problems with Binance, so the orders are executed fairly quickly. On exchanges with small trading volumes, you can wait for several minutes or even more depending on the volume of the transaction - there are simply no counter orders.

You can also buy IOTA at pending orders. To do this, go to the Limit tab and, in addition to the volume of the transaction, also indicate the price at which the transaction should be concluded. There is also a stop-limit order. When a certain price is reached, a normal limit order is activated. But with a simple purchase of a crypt we recommend not to use it, it is more suitable for traders.

Buying through an Intermediary

On the specialized forums, there are offers for buying and selling crypts from the same people as you. This method is convenient because you do not have to bother with registration on the stock exchange, and if you are lucky, you will make an exchange at a price that is more profitable than in exchangers. Among the shortcomings, we note the absence of any guarantees. Everything is based on an honest word, you transfer fiat money to a bank card or electronic payment system wallet, and IOTA tokens are sent to you in exchange.

How to Withdraw IOTA

By purchasing a cryptocurrency on a particular stock exchange, you can leave it stored here. But in this case: you cannot use it as a means of payment and the safety and security of your funds is questionable. It is better to keep electronic money in a special storage - web wallet. But before we need to withdraw funds from the exchange.

To withdraw IOTA from the Binance Exchange:

• On the homepage of the exchange, select Asset → Withdraw cash;
• Then Select Withdrawal Coin → TRX;
• We specify the address of the IOTA wallet, having previously downloaded and installed it on a device convenient for operation, and enter the number of coins for withdrawal in the corresponding field;
• The system calculates the final transaction value, taking into account the commission of the trading platform;
• If you have activated two-factor verification to protect your account, the system will ask you to enter the 6-digit code that will be generated on your smartphone;
• An email will be sent to your email address with an activation link that you need to click to confirm the transaction. It remains to wait for the coins to arrive at the address of the online wallet. On average, enrollment takes place from 20 minutes to several hours.

How to Create IOTA Wallet

Let us tell you where it is best and most reliable to store IOTA cryptocurrency.

• Download the latest version of the wallet for your OS on Github;
• Install the wallet on your PC, make the necessary settings (for example, change the interface language;
• After launching, the system offers to choose the type of wallet: Light Node or Full Node; choose Lite Node (it's easier) and press Start;
• Make the necessary settings (host, password) and you can use the wallet to send or receive virtual money.

To get IOTA:

• Open the IOTA Wallet on any convenient device and select Get from the main menu;
• Click on the address consisting of 90 characters, thereby copying it to the clipboard;
• Send this address to someone who is going to send you IOTA;
• Your balance has been replenished with IOTA coins, you can check the current account status at any time.

To send IOTA to another wallet:

• To send coins, open the Send menu, enter the recipient's address and the amount you want to send;
• In the field Additional tag, if necessary, you can leave a comment to the transaction;
• Making sure the data is correct, click Submit Now;
• Through an instant transaction, the recipient’s balance is replenished with IOTA coins.

Conclusion

The optimal scenario for the purchase of IOTA cryptocurrency is through cryptocurrency exchanges. Here you get the maximum profitable cost of the crypt and fast execution of the application if you work through the site with a sufficient level of liquidity. Exchangers lose on commission, you will lose at least 7-8% during the exchange. The option of working through intermediaries is less reliable, so we recommend that cryptocurrency exchanges be considered as the main option. Considering the fact that cryptocurrency market is expanding from day to day, it’s not too late to start investing in a cryptocurrency, however, it’s necessary to remember that it’s always better to do some research before starting to make investments.

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