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How to buy IOTA (MIOTA) in Canada
A beginner's guide to buying and selling MIOTA in Canada.
How to buy IOTA
Look for an exchange that supports both fiat and cryptocurrency to simplify buying IOTA.
- Open an account on an exchange that supports MIOTA.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy IOTA.
- Buy IOTA.
Complete your IOTA purchase and then find the best wallet to store MIOTA.
What is IOTA?
IOTA is a new type of cryptocurrency network that uses a technology called The Tangle to support its network, instead of a blockchain. This allows IOTA to provide users with zero transaction fees, instant transfers and theoretically infinite scalability. It is focused on microtransactions and aims to support the Internet of Things, enabling smart devices (eg, phones, fridges, cars) to talk and transact with each other. The IOTA (MIOTA) coin is used for payments on the network.
IOTA (MIOTA) is the 51st largest cryptocurrency in the world by market cap, valued at $3,706,147,502. The current price of IOTA is $1.33, which is 0.015% lower than yesterday. Prices have ranged between $1.38 and $1.31 over the past 24 hours. All prices are listed in US dollars and accurate as of October 23, 2021 03:10 UTC.
Where to buy IOTA
Find an exchange to buy, sell and trade MIOTA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
IOTA at a glance
|Total MIOTA supply||2,779,530,283|
IOTA price performance over time
How to sell IOTA
You can cash out your MIOTA with the same exchange you bought it through:
- Sign in to the exchange you have MIOTA on.
If you store your IOTA in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of MIOTA you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of IOTA.
What to consider when buying IOTABefore buying IOTA, make sure to familiarise yourself with some of the things that may affect the coins success, as well as the risks involved:
- Tangle vs blockchain. IOTA uses a unique type of decentralised network known as the Tangle, instead of a blockchain, which are typically used by cryptocurrencies. The Tangle is still under development, and it remains to be seen whether it can deliver on its technological promises. While it is being developed, IOTA operates as a centralised network with a specialise node called the Coordinator used to protect the network from spam attacks.
- Nectar. IOTA is currently testing Nectar, which is its major v2 upgrade that will remove the Coordinator and make IOTA decentralised.
- Partnerships. IOTA has partnered with several high-profile organisations to help test its technology as part of the Internet of Things, or machine economy. Some of these companies include BMW, Audi, Dell, The Linux Foundation and numerous research bodies.
- Currency units. When purchasing IOTA you may see it written as MIOTA, which is simply a reference to the amount of units. IOTA is highly divisible, and one MIOTA is equal to one million IOTA.
- Use-case. Some of the proposed use-cases for IOTA network which are currently being tested include – communication between smart cars and machines, sharing unused computing power, digital ID and governance, tokenisation.
- Risks. IOTA is first and foremost a network. The purpose of the IOTA coin is to facilitate transactions on the network, but not necessarily to hold or appreciate in value.
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Disclaimer: Cryptocurrencies, including IOTA, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MIOTA is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the IOTA or any other cryptocurrency discussed.
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