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Home » Buy Cryptocurrency » How To Buy IOTA (MIOTA)
IOTA is the cryptocurrency for the Internet of Things (IoT) revolution. Instead of using a traditional blockchain, it uses directed acyclic graph technology, allowing transactions in the currency to be free with no transaction limit. Transfers of IOTA are also faster than other digital currencies, and it is possible to have a higher volume of transactions without slowing down the system.
You can invest in IOTA on the following CFD trading platform:
In 2017 IOTA was the fourth-largest cryptocurrency by market capitalization, but today it has fallen to 16th place according to CoinMarketCap. Nevertheless, the coin maintains the promise to revolutionize the way we interact with one another and with our devices. In fact, several major corporations, including Microsoft, Fujitsu, and Samsung have set up a data marketplace using IOTA technology.
Since mining IOTA is technically impossible because all coins were distributed during its launch, the only way you can get hold of the coin is by buying it. This guide will explain how to buy IOTA as well as other ways to benefit from the coin’s value without owning it.
IOTA is a major cryptocurrency that is traded in a variety of online platforms and exchanges. Generally, the process of buying this coin involves the following steps:
The above steps on how to buy IOTA might differ from one exchange to another. If you would like instructions for a specific platform we recommend checking out our detailed cryptocurrency exchange reviews.
In most exchanges, you will find the IOTA currency marked as MIOTA, which is the code associated with the currency. Unlike other top cryptocurrencies, IOTA’s price is relatively stable, with its highest ever price reaching $5.69 and its lowest ever price reaching approximately $0.15.
Now that you have understood how to buy IOTA, let’s look at the different ways to pay for it. Using a credit or debit card is a popular and convenient way to get hold of the digital coin since the process is usually instant and almost always free. Several reputable cryptocurrency exchanges and trading platforms allow you to use cards to effect deposits or payments.
While most platforms normally only accept a few different currencies, using a card to make payments allows you to use virtually any recognized currency, since your card issuer would automatically exchange its currency into the specific platform’s supported currency.
ChangeNOW is an example of a cryptocurrency exchange which allows you to buy IOTA by using a credit or debit card. The platform is designed to be extremely easy to use, even for novice users, and prides itself on being amongst the fastest in the industry. Apart from IOTA, ChangeNOW offers over 170 different cryptocurrencies.
AvaTrade is another platform which allows you to use a card to make payments in relation to IOTA. Unlike ChangeNOW, AvaTrade is not a cryptocurrency exchange, but a trading platform which allows you to buy IOTA Contracts for Difference (CFD). These advanced financial instruments allow you to benefit from the price movements of an asset, such as IOTA, without having to physically purchase or store it.
It should be noted that these instruments are considered as high-risk investments and should only be traded by investors who understand the associated risks.
Other reputable platforms which allow you to buy IOTA using a credit or debit card include:
PayPal offers a fast, convenient, and safe method of transferring money, which is why it is so popular worldwide. Although PayPal enjoys widespread use amongst consumers, due to the high costs for the merchant it is generally avoided by traders with very thin margins, such as exchange or trading platforms. This is the reason why it may be difficult to find places to buy IOTA with PayPal.
Plus500 is one of the few platforms which allow you to deposit funds using PayPal in order to trade IOTA CFDs. The regulated trading platform allows you to open long or short positions on the currency, and thus benefit from both an increase and decrease in the currency’s price.
eToro is another notable platform which allows you to buy MIOTA with PayPal. Famed for its social trading feature, which allows you to copy trades of successful traders, eToro offers one of the most comprehensive lists of payment methods for trading platforms.
Slow, expensive and old-fashioned, it’s strange to imagine the use of bank transfers to buy IOTA. Nevertheless, not only is this option possible, but it is also particularly popular since a greater number of exchanges accept bank transfers over cards or PayPal. Similar to card payments, bank transfers allow you to exchange your original currency into an exchange’s supported currency, though conversion fees are sometimes lower using this method.
IQ Option is one of the fastest-growing IOTA CFD trading platforms, which allows you to pay via bank transfer, as well as a variety of other methods. The regulated platform supports 10 different languages and counts over 25 million users worldwide. It is a safe and user-friendly CFD platform, which offers up to 100x leverage on trading.
Leverage or margin trading has the potential of maximizing your investment gains by only requiring a small percentage to be paid upfront. However, this feature can also magnify potential losses, and must therefore only be used if you are prepared to lose part or all of your investment capital.
Other platforms which allow you to invest in IOTA using bank transfers include:
Anonymity is one of the cornerstones of the cryptocurrency revolution. However, due to pressures from numerous governments and policymakers, a certain degree of anonymity was sacrificed in order to offer re-assurances to users and make platforms safer.
If you are looking to learn how to buy IOTA anonymously you are in the right place. You should get in touch with an online seller and carry out a transaction independently of any exchange platform. While you would still probably need to provide basic details, the seller is unlikely to request any ID and would be more interested in your wallet address and payment method.
Unfortunately, unlike other cryptocurrencies, major exchanges which are known for requesting only minimal documentation do not usually support IOTA. Similarly, IOTA ATMs do seem to exist as yet, although there are individuals in the crypto community pushing for this to change.
While IOTA is not as widespread as other cryptocurrencies, there are still plenty of online sources where you can get hold of the digital coin. Since its availability is finite, with all the coins already distributed amongst users, the currency’s value will likely rise in the future, if its use becomes more widespread.
Cryptocurrency exchanges remain the best place to buy IOTA, as they offer a safe and reliable platform upon which you can trade. Exchanges invest heavily in security measures, such as encryption, and many are even regulated by financial authorities, increasing their reputation and global standing.
Bitpanda is a cryptocurrency exchange that is based in the EU and counts over 1 million users. The platform is celebrated for offering a transparent and simple fee structure, while also offering low minimum deposits and withdrawal limits.
Online cryptocurrency brokers are another option to buy IOTA online and usually offer the lowest fees since their overheads are much smaller than those of exchanges. Several online forums advertise brokers, however, be aware that fraudsters often act as brokers to scam victims. Thus it is always a good idea to use a broker who comes recommended by someone you trust.
Cash is the ultimate anonymous payment method since it never shows its owner’s identity and can be used by anyone. Buying IOTA with cash is difficult, especially since IOTA ATMs do not yet exist. If you would like to use cash to buy MIOTA you should try and locate a seller in your area and meet up with them in person. In this way, you will be able to pay them in cash and instantly receive your new cryptocurrency in your wallet.
IOTA is a cryptocurrency that is focused on developing the Internet of Things (IoT) infrastructure from a Blockchain perspective. As a start, it gives DApps an alternative network upon which to build their creations.
This relatively recent cryptocurrency provides a standard and reliable way for devices to connect with one another and with a broader network. The lack of such a secure solution is one of the reasons why IoT is not yet a mainstream function.
The cryptocurrency has been designed in such a way as to improve as more users join its network. As a result, scalability is not a challenge, but rather an opportunity. This is significant since many other coins, including Bitcoin, suffer from congestion and other scalability issues.
It is a good idea to consider buying IOTA even if you do not intend to use its Blockchain. The coin has a defined function and purpose that is relatively easy to understand. Its market is being developed right now, and it is likely that IOTA will be at the forefront of IoT developments.
This all means that the coin’s value is likely to increase over time.
If you already own cryptocurrency and wish to trade it for IOTA, several exchanges will allow you to do so conveniently. Binance is one of the largest cryptocurrency exchanges in the world, supporting a large number of different currencies, including IOTA. Until recently, crypto to crypto transactions was the only way to use Binance, although recently it also introduced payments in fiat currency. Nevertheless, you can use Binance to trade IOTA using another digital coin, such as Bitcoin, Ethereum or Ripple, and benefit from some of the best fees in the industry.
In order to buy or trade IOTA legally, you need to ensure that cryptocurrencies are permitted in your country of residence. Although most countries accept digital currencies, some countries outright ban them while others, such as the US, restrict them in certain ways. As a result, cryptocurrency exchanges and trading platforms do not accept users from particular countries.
Binance, for example, no longer accepts users from the US, just like Plus500 and ChangeNOW. eToro does accept US users but with certain restrictions, since CFD trading is banned in the country. Similar restrictions apply to other countries as well, with BitPanda and IQ Option banning Australian users, for example. Generally, EU citizens experience the least restrictions by trading and exchange platforms.
IOTA Contracts for Difference are a preferred way for experienced investors to profit from the currency’s movements since they often use leverage and can choose to take either long or short positions. CFDs are a practical way to invest in an asset or commodity without needing to consider how to store it securely. Consider if you were to invest in gold or cattle by physically buying the commodity, how would you transport it and store it until you sell it again? Similarly, IOTA CFDs remove this inconvenience, allowing traders to focus simply on the currency’s future trends.
When you physically purchase IOTA, you will need a secure wallet to store it in. Many online exchange platforms include a built-in wallet, however, you shouldn’t store large sums of currency there, especially if you don’t plan to trade them imminently. Instead, you should invest in a secure cold storage device, such as the Ledger Nano X or Nano S. These wallets provide the highest degree of security as they are not connected to any blockchain or network infrastructure, so they cannot be hacked remotely.
Alternatively, there are several free software wallets, such as Exodus and Coinbase Wallet. Although they are not as secure as hardware wallets, they still offer significant protection, thanks to 2FA and security passcodes. However, for storage, we recommend choosing one of the IOTA wallets that’s highly secure and supports IOTA cryptocurrency.
If you decide to trade IOTA CFDs instead of buying the digital currency you will not have to concern yourself with storing it securely. CFDs are simply documents whose value is derived from the underlying asset, and whose details are securely stored on broker platforms.