How to Buy IOTA – The Simplified Guide
The Internet of Things Application, abbreviated as IOTA, is a cryptocurrency trend, which came into existence in 2015, to facilitate secure transactions between applications and the Internet of Things. The tech is also meant to enhance transactions between two or more devices, thereby assisting the progress of the machine-to-machine micro-economy.
The IOTA tech is certainly set to cause a total disruption in the crypto space as can be seen in this video:
IOTA eliminates the block and chain system, by getting rid of commissions for payments, as well as scalability issues.
It is not possible to purchase the IOTA coin using fiat currencies, as it only permits for crypto-to-crypto buying. This means that for you to acquire an IOTA coin, you’ll need to have Ethereum, Bitcoin, or another type of digital coin first.
In this guide on how to buy IOTA, you will learn how to purchase IOTA on an exchange such as Binance, as well as how the future looks for this digital asset.3
Let’s begin with a brief introduction to Binance.
Binance is a fairly new exchange having been established in 2017 in China, but later moved to Japan. The firm issued its first ICO in 2017 and raised $15 million in capital to finance the establishment of various products on its platform.
Since going live, Binance has managed to capture a decent customer base, making it ranked among the top 10 highest transacting crypto exchanges.
In the next sections of this post, I will take you through the process of buying IOTA through Binance, as well as a few other essential things you need to know about investing in IOTA.
Buying IOTA on Binance
Acquiring IOTA coin on Binance is a fairly simple process.
For starters, you’ll first need to have an account on Binance.
You’ll then have the option to key in another person’s user ID in case you’ve been referred by them.
Once that’s done, proceed to activate your account by confirming your email address, as an activation link will be sent to the registered email address, which will also allow you to login into your account.
To better secure your account, you’ll need to set up a two-factor authentication using an app such as the Google Authenticator.
Initially, your withdrawal limit on Binance will be set at 2 BTC per day and will remain so until you provide additional information about yourself.
Like I mentioned earlier, IOTA can only be acquired using other cryptocurrencies, and as such, you’ll need to acquire some to proceed.
Assuming you’ve chosen to use Bitcoin, you’ll deposit an amount equivalent to the amount of IOTA you wish to purchase.
From your account menu, you should be able to see the “Exchange” button, which allows you to trade the different coins.
Since IOTA is mostly traded with Bitcoin and Ethereum pairs, you need to first place it in the market that you intend to trade with.
Once the exchange between Bitcoin and IOTA has been made, you’ll need to give it a few minutes for the platform verify and execute the transaction.
However, the buying process is not that simple since it displays numerous panels and data about the Binance market.
There’s basically the simple panel and the advanced panel on Binance – I personally found the advanced one to be less cluttered and easier to navigate.
Here are the panels you’ll need to navigate to successfully make an IOTA purchase on Binance.
This is a graph that indicates the price history of a cryptocurrency within a certain period of time.
From the top-left side of your screen, you can easily adjust the period that each candlestick represents. And if you have no idea what candlesticks are and how to read them, here’s a great guide for you.
Order Books and Recent Order Fills
Here, you should be able to see open orders on the left side, the current prices in the middle, and the recent order fills on the right-hand side.
This section shows your current orders, past orders, as well as your trading history. In this panel, you can also cancel orders that have yet to be filled.
This is the core part of your trading activities on Binance – you can place a buy order using a market order, a stop order, or a limit order.
A market order essentially denotes an attempt to buy or sell a crypto at the current market price.
These kinds of buys/sells tend to be the “right now” kind of transactions. Now, what happens is that it buys and sells the orders in the order book at any given time. To buy or sell your IOTA at the market price, you’ll be required to pay a fee.
A limit order sets a directive on the order book, hoping that it will be filled by another user.
When the market price clocks the set limit (price), it will automatically buy or sell (fill) your IOTA coins only if there is an available buyer or seller. The idea behind this type of an order is that if someone else needs or is disposing of a certain currency that you own or need, your order will automatically be filled. Most limit orders have lower transaction fees and are not subject to price slippages.
A stop order pretty much works like a limit order by placing a market order when certain specified conditions are met. However, stop orders are subject to slippage and attract relatively high fees as compared to limit orders. With this function, you can place a stop buy or a stop sell order. On some other exchanges, a stop sell order is indicated as a “stop loss”.
Okay For Real This Time – Buy Your IOTA
Now that you understand the various functions of your trading platform, you can now comfortably go ahead and buy your IOTA coins. At this point, you also want to ensure that you have the right trading pairs.
And that’s it!
You now own your IOTA coins!
And, just so you have an idea of the likely future of your investment in IOTA, let’s analyze a few things in the next section of this guide on how to buy IOTA in the US, as well as in other parts of the world.
The Future of IOTA
You now know how to buy IOTA tokens – but what is the future of your investment?
The thing is IOTA has set the goal of operating like blockchain technology, except better. Still, they’ve confirmed that they won’t be minting any new coins any time soon.
IOTA keeps evolving, putting in place new and exciting features to outsmart its competition. For instance, in this tweet by the firm, they told a story of MIT graduates who set up a restaurant with a robotics kitchen, clearly denoting that the potential of the Internet of Things is just starting to be realized
You can watch the video via twitter.
Based on the IOT (internet of things), IOTA plans to play a big role in ensuring the future of crypto users is even better than ever before.
Many big players have also taken an interest in what IOTA advocates for the internet of things. In fact, IOTA recently announced a possible partnership with a few key global firms including Volkswagen, Microsoft, Samsung, and Cisco to name a few.
Many other organizations are also in the process of building techs that will operate on the IOTA network.
I also feel that it is essential to mention the applications of IOTA, otherwise known as The Tangle network.
- Real-time leasing of assets: Assets such as cars, bikes, and gadgets will be big beneficiaries of the network offered by IOTA by making it possible to track and manage the mentioned assets.
- Locating people and items: The application of this tech is set to help identify lost persons or items – as a matter of fact, IOTA has initiated a partnership with a not-for-profit organization called Refunite to test its free-distribution ledger application for tracking lost persons.
- Governance: With this technology, states can establish convenient e-governance structures that can enable its citizens to vote and participate in government projects.
And it doesn’t stop here; there are numerous other applications of the idea behind IOTA, including in the media, manufacturing, as well as many other industries.
As we come to the close of this guide on how to buy IOTA, we hope you now understand how to buy IOTA coin, the function of its various menus when buying or selling your IOTA coins or tokens on Binance, as well as the potential applications of the IOTA tech.
And, as much as IOTA offers a great investment vehicle, it is not yet traded on many exchanges. The most common platform that trades the coin is Binance; hence its usage in this guide.
But it doesn’t end here – this guide merely scratches the surface, there’s still more to be learned about the IOTA network. Be sure to tune in for more posts relating to IOTA.