This is a step-by-step guide which teaches you how to buy the cryptocurrency IOTA. In order to buy IOTA coin on the best crypto exchange Binance, the steps involved are as follows:
- Register on Coinmama or Coinbase
- Buy Ethereum (ETH) or Bitcoin (BTC) using Credit Card or Paypal on Coinmama/Coinbase
- Register on Binance Exchange
- Transfer your ETH/BTC to your ETH/BTC wallet on Binance
- Buy IOTA with ETH/BTC
Tip#1: Generally, it is better to buy ETH because of the lower transaction fees involved. Check the fee involved and the time required before buying.
Coinbase, a trustworthy exchange based in San Francisco, offers a simple way to purchase Bitcoin, Ethereum, and Litecoin using fiat currencies as many as 32 countries.
To register on Coinbase, visit www.coinbase.com and click on the Sign Up button at the top right hand corner of the screen.
Enter your email address and click on Get Started button. You will see the following screen.
If you are opening an individual account, enter your first name and last name. It is important to choose a strong password and create an account. Turn on the 2-factor authentication for added security.
You will also be prompted to confirm your email. The next step is adding a payment method. You can choose one of the options depending on how fast you want to buy IOTA coin. In the screenshot given below, the buttons to be clicked are indicated.
For buying IOTA, you need to add your bank account on to the Coinbase website. It takes a few days to process purchases through the bank account. During this period, your crypto will be held by Coinbase. This is not the right method, if you want to buy IOTA quickly.
A better option is linking your credit/debit card, but many people are not comfortable in using this option. If you don’t want to link your credit/debit card, you can choose the wire transfer option.
You can choose the crypto currency you want to buy as shown above in the screenshot. In this example, you are choosing to buy ETH. You can choose a crypto depending on transaction speed and cost involved.
On Coinbase, you can pay for your purchase in fiat currency USD or in ETH. Once you type in the amount for which you want to buy, the other side will be auto-filled with the converted amount.
If Coinbase does not work for you, you can consider using the cryptocurrency exchange Coinmama. The Israel based crypto broker specializes in selling cryptocurrencies for payments through credit card irrespective of where you are located in the world. They offer higher buying limits and provide fast as well as responsive customer service. However, they charge a higher fee for the transactions.
The procedure for buying BTC/ETH on this site is same as that for buying on Coinbase. You need to first register on the broker’s site and create an account. The next step is buying ETH for the required amount. The following screenshot will give you a fair idea in this regard.
On Coinmama, you can pay in either USD or EUR. Once you have decided as to how much ETH you want to buy and in what fiat currency you are going to pay, you can feed in the amount to how much you have to pay. Or else, you can go for one of the options you see on their site.
Binance
Now that you have ETH in your hands, you can register on Binance exchange for buying IOTA. You can use this link https://www.binance.com/register.html to register on Binance.
As you did when registering on Coinbase, select a strong password and opt for two-factor authentication. Confirm your email and log in. You are now ready to transfer ETH from Coinbase/Coinmama to Binance.
Find out your ETH wallet address in Binance by logging in and clicking on the buttons Funds and then Deposits/Withdrawals. Locate the ETH in the list. Click on the Deposit button. This will bring up the ETH wallet address.
Copy your ETH wallet address on Binance. Now, log in into your Coinbase account.
Click on the Accounts tab on Coinbase. Select your Ethereum wallet to open the send dialogue box and paste your ETH wallet address on Binance.
Tip#2: Press “ctrl/cmd + f” keys to paste your address on Coinbase and Binance. This is to prevent Malware from changing crypto addresses on the clipboard and stealing your money. Verify and confirm your addresses and enter the amount to be sent. Click on Send button.
Buy IOTA Coin
Once ETH is transferred to Binance wallet, you can log in into your Binance account and click on the Advanced button by hovering the pointer over Exchange.
IOTA can be purchased either through a Market or Limit order. Binance charges a fee of 0.1 percent for a trade. In case you opt for a market order, you need to specify as to what percentage of your BTC or ETH balance should be used to buy IOTA. The cheapest IOTA available will be bought by the exchange for the amount of BTC/ETH specified by you. If you choose the limit option, IOTA will have to be purchased at a pre-specified price. When the order is fulfilled, you can see the IOTA balance in your account. You can then withdraw IOTA to a wallet of your choice.
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