IOTA (MIOTA) is a groundbreaking cryptocurrency that is currently attracting great interest. This guide will show you how to buy, sell and trade IOTA in 2020.
Read on to learn more about IOTA and how it works, or check out our step-by-step guide for buyers if you are up to date and want to buy MIOTA.
Compare where to buy IOTA Coin and open an account
If you’re ready to invest now and don’t need our tech guide, here is a list of recommended places to buy IOTA online right now:
Key Features
Accepts US customers. Offers 15 crypto coins to buy and sell including BTC, LTC, ETC, NEO and more. Trade on the world’s leading social trade and investment platform
Key Features
Accepts US customers. Offers 15 crypto coins to buy and sell including BTC, LTC, ETC, NEO and more. Trade on the world’s leading social trade and investment platform
Payment Methods
Transfer, transfer
In addition to crypto / fiat and crypto / crypto pairs, eToro offers a wide range of cryptos like Bitcoin, XRP and others. eToro users can connect with other users, learn from them and have them copied or have them copied.
Payment Methods
Bitcoin, credit card, debit card
CedarFX is an environmentally conscious broker offering 0% commission trading on 170+ assets including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With leverage of up to 1: 500, fee-free transactions and low spreads, traders can get the most out of their funds. CedarFX also offers an eco account option to support tree planting and sustainability projects.
Key Features
The broker provides access to a trusted MetaTrader trading system. The pricing is completely transparent and offers accuracy and speed. Trade a wide variety of assets and leverage up to 1: 500
Key Features
The broker provides access to a trusted MetaTrader trading system. The pricing is completely transparent and offers accuracy and speed. Trade a wide variety of assets and leverage up to 1: 500
Payment Methods
Credit card, debit card, Visa, Bitcoin
LonghornFX is a true ECN STP broker dedicated to providing traders with a superior trading experience regardless of their level of experience. Their services are based on transparency, innovation and efficiency and ensure an incomparable trading experience for everyone.
Key Features
The world’s largest cryptocurrency exchange with over 2 billion users daily. Innovative trading platform with an enormous selection of crypto coins. Supports over 60 payment methods, including PayPal
Key Features
The world’s largest cryptocurrency exchange with over 2 billion users daily. Innovative trading platform with an enormous selection of crypto coins. Supports over 60 payment methods, including PayPal
Payment Methods
Cryptocurrencies
Binance has grown exponentially since its inception in 2017 and is now one of the largest cryptocurrency exchanges on the market.
What is IOTA?
Introduced in 2015, IOTA is a relatively unique cryptocurrency that uses an entirely new system called Tangle, which has been touted as a potential successor to the blockchain.
The name of IOTA stands for Internet of Things Application, a direct reference to the idea that everything from TVs to toasters can be connected to the Internet as part of a huge, interconnected network known as the Internet of Things .
How does IOTA work?
Instead of relying on mining like traditional blockchain coins, IOTA is using the Internet of Things to replace the common ledgers on which traditional cryptocurrencies like Bitcoin, Ethereum or Litecoin are based. Instead, IOTA uses self-verifying transactions through a blockless distributed ledger known as a tangle.
In theory, Tangle offers an exciting new alternative to blockchain that promises improved scalability, the possibility of offline transactions, and the end of transaction fees. Tangle’s decentralized, self-regulatory system means that no third party or mining community is involved at any stage of the review process. Everything is done by the system itself.
How to buy IOTA online – step-by-step guide
Step 1. Obtain a suitable wallet
Before buying MIOTA tokens, you need to find a suitable wallet for it. Not many wallets currently support IOTA, so it might be tempting to store it on an exchange. We don’t recommend this – it’s always safer to use a hardware or software wallet. There are a few options including:
- Ledger Wallet: Ledger is a hardware wallet which means you can store your IOTA (along with 30 other currencies) offline on a super secure wireless device.
- Trinity Wallet: Trinity was developed by the IOTA team and is the official desktop IOTA wallet. It has been widely praised for its ease of use and impressive security. The only obvious downside is that it only supports IOTA, which you can’t use with other currencies.
- GUI IOTA Wallet: Before Trinity was introduced, GUI was widely considered to be the best software wallet for IOTA. It’s a nice, easy-to-use option, even though it’s not compatible with mobile devices. Beginners are advised to select the “Light” mode when setting up.
Step 2. Find an IOTA exchange
Not all exchanges offer IOTA, so your choices are relatively limited, especially if you don’t want to buy MIOTA with Bitcoin or Ethereum. It is important that you do your research and choose a reputable exchange. Popular exchanges where you can buy IOTA are:
- Binance: Binance is considered the best and most reliable place to buy MIOTA. It is the world’s largest crypto exchange. Although it has a huge crypto marketplace with competitive fees, you can’t buy with fiat currency so you have to buy Bitcoin or Ethereum to exchange it for IOTA.
- Bitfinex: A Hong Kong-based exchange where you can buy IOTA using BTC, USD, GBP, EUR, JPY, and ETH. Bitfinex should be relatively cheap, but it can take a while to verify your purchase.
Step 3. Unplug your IOTA
In the interest of securing your IOTA, it is a good idea to move the assets off the exchange and into your wallet as soon as you buy MIOTA tokens. In order to withdraw your IOTA into your wallet, you need to generate an address and insert the appropriate field into your exchange account.
How to trade with IOTA – step-by-step guide
If you are only interested in trading IOTA tokens (rather than buying MIOTA) you don’t have to worry about a suitable wallet as you will take a position in the currency instead of actually buying it. This means you can potentially make a profit from IOTA without the hassle and security risk of owning it.
Step 1. Find a broker
There are many cryptocurrency trading platforms to choose from, but not all of them allow you to trade with IOTA. So your first task is to identify the platforms that do this and choose one that suits your needs. Plus500 and eToro are two of the most popular IOTA trading platforms.
Step 2. Deposit money
Another benefit of trading with IOTA is that you can deposit fiat money (USD, GBP, EUR, etc.). This is not always an option when trying to buy MIOTA. Some exchanges require you to buy with Bitcoin.
Step 3. Decide how you want to act
There are two methods of trading cryptocurrencies: CFDs (Contract For Difference) or spread betting. Both methods essentially speculate about the price movements of the currency you choose. If you are unsure which option to choose, we recommend researching the differences between spreads and CFDs using our cryptocurrency rates.
Step 4. Start trading
If you are a complete newbie we recommend starting with a demo account and familiarizing yourself with the process and platform. Trading cryptocurrencies is extremely volatile, which means you can make and lose money very quickly. IOTA has usually seen an upward trend, but as a relatively new and experimental currency, it fluctuates a lot even by crypto standards.
As an IOTA trader, you speculate on the price movements of the currency by taking a short (sell) or long (buy) position. If you think IOTA is going to depreciate, take a short position. If you think its value will go up, take a long position.
Still undecided?
advantages
- IOTA makes miners redundant
- Tangle addresses scalability issues associated with the blockchain
- If IoT devices become increasingly popular, IOTA should be well positioned
- According to some commentators, IOTA has the potential to outperform Bitcoin
disadvantage
- Like most cryptocurrencies, IOTA is a volatile short-term investment prospect
- There are concerns about the security of the IOTA network
- IOTA’s prospects depend heavily on the success of the Internet of Things. Therefore, it can be difficult when the adoption of IoT is less widespread than predicted
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