How to buy IoTeX (IOTX)
Learn how to buy IoTeX (IOTX) in our step-by-step guide.
IoTeX (IOTX) is in the top 1,000 cryptocurrencies by market cap, valued at $141,684,321.
IoTeX is a highly volatile asset capable of major price swings in a single day. Today IOTX is trading for $0.01499435, which is slightly down from yesterday's trading price of $0.0150094435. IoTeX's seen a decrease of -48% over the past year.
So before you buy IoTeX, 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 IoTeX.
How to buy IoTeX 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 IoTeX 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 IoTeXYou can now exchange your funds for IoTeX. 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 IoTeX to your personal wallet.
Where to buy IoTeX
Find an exchange to buy, sell and trade IOTX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this IoTeX guide up-to-date
How do I find the best places to buy IoTeX?
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 IoTeX?
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 IoTeX.
- 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 IOTX 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 IoTeX?
Once you've created an account, you will need to deposit funds to buy IOTX 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 IOTX:
- 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 IOTX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for IOTX on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy IoTeX?
The easiest way to buy IOTX 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 IoTeX wallets to store your IOTX
You can keep your IOTX 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 IOTX below.
Is IoTeX a good investment?Cryptocurrencies are complicated and volatile assets, so buying any cryptocurrency coin or token is highly risky. It’s essential that you understand the risks involved and thoroughly research any cryptocurrency before buying. If you’re thinking of buying any IOTX tokens, some of the factors you may like to consider first include:
- White paper. If you’d like to find out more about the tech behind the IoTeX ecosystem, you’ll find plenty of useful documents in the research section of the IoTeX website.
- Competition. There are several other cryptocurrency projects focused on managing the Internet of Things. Make sure to research how IoTeX stacks up against its competitors and how this will affect its quest for widespread adoption before deciding whether you should buy any IOTX tokens.
- Burn-Drop. As part of its tokenomics system, IoTeX uses something called Burn-Drop. This will see 1 billion tokens, or 10% of the total supply, burned or dropped as the platform onboards its first 1 million “Powered by IoTeX” devices. This will result in 900 million tokens being taken out of circulation (burned) and 100 million tokens distributed to voters. Find out more about how the system works in this Medium post.
- Roadmap. IoTeX’s plan for 2021 is focused on the growth of its ecosystem. Find out more in its 2021 roadmap.
Today's IoTeX price versus ATH
Compare today's price of IoTeX ($0.01499435 USD) against its all-time high (ATH) price of $0.255593 on November 13, 2021. The closer the bar is to 100%, the closer IOTX is to reaching its ATH again.
How do I trade, convert or sell IoTeX?You can convert or sell your IOTX with the same exchange you bought it through:
- Sign in to the exchange you have IOTX on.
- If you store your IoTeX 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 IOTX you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of IoTeX.
- Complete your transaction and move your IOTX to a wallet for storage.
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