How to buy IOTA (IOTA)
Learn how to buy IOTA (IOTA) in our step-by-step guide.
IOTA (IOTA) is in the top 1,000 cryptocurrencies by market cap, valued at $891,719,176.
IOTA is a highly volatile asset capable of major price swings in a single day. Today IOTA is trading for $0.293442, which is slightly down from yesterday's trading price of $0.2944857458. IOTA's seen an increase of 41% over the past year.
So before you buy IOTA, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can buy IOTA.
How to buy IOTA in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchangesThe easiest way to buy IOTA is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an accountTo create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a depositOnce verified, you can deposit USD using the payment method that best suits you – cryptocurrency, card and bank payments are widely accepted.
Buy IOTAYou can now exchange your funds for IOTA. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your IOTA to your personal wallet.
Where to buy IOTA
Find an exchange to buy, sell and trade IOTA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this IOTA guide up-to-date
How do I find the best places to buy IOTA?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy IOTA?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading IOTA.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing IOTA with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy IOTA?
Once you've created an account, you will need to deposit funds to buy IOTA with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy IOTA:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase IOTA by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for IOTA on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy IOTA?
The easiest way to buy IOTA is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best IOTA wallets to store your IOTA
You can keep your IOTA on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your IOTA below.
Is IOTA a good investment?Before 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 decentralized 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 centralized network with a specialize 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 decentralized.
- 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.
Today's IOTA price versus ATH
Compare today's price of IOTA ($0.293442 USD) against its all-time high (ATH) price of $5.25 on December 19, 2017. The closer the bar is to 100%, the closer IOTA is to reaching its ATH again.
How do I trade, convert or sell IOTA?You can convert or sell your IOTA with the same exchange you bought it through:
- Sign in to the exchange you have IOTA on.
- If you store your IOTA in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of IOTA you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of IOTA.
- Complete your transaction and move your IOTA to a wallet for storage.
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