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.
Basically, there are 3 methods of purchase:
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.
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):
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.
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.
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:
Let us tell you where it is best and most reliable to store IOTA cryptocurrency.
To get IOTA:
To send IOTA to another wallet:
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.