We show you how to quickly buy and trade IOTA. You need an email address, a mobile phone number and a credit card or an online banking account. Use our step-by-step instructions for Bitfinex, Binance and Coinbase. The IOTA price rose from EUR 0.30 to over EUR 5 at the end of 2017. Although slowed by movements in the Bitcoin price and general corrections, many people continue to believe in a great future for the alternative crypto currency (altcoin) IOTA. Based also on cooperations with Bosch and other big German companies, investors see a great long-term growth potential for IOTA. Unlike Bitcoin, you can’t get IOTA by mining. You can only buy IOTA and then trade or just keep it.
If you’re new to crypto currencies, this article will show you how to buy your own IOTA tokens in a short time. You need an email address to register with at least two portals. You also need a mobile phone number for important verification steps on a portal (using a smartphone camera). To make a quick buy, you need a credit card or an account with online banking that supports instant bank transfers.
This means that money can be transferred immediately and you receive units of crypto currencies without additional waiting time due to classic bank transactions. The following steps will show you how to proceed:
Buy Bitcoin or Ethereum?
Bitfinex.com is one of two major exchanges where you can buy and trade IOTA tokens. There is also Binance and OKEx. To buy IOTA on Bitfinex you need either US dollars, Bitcoin or Ethereum units in your Bitfinex account. Bitfinex does not require verification if you only want to trade in crypto currencies. Therefore, we buy either Bitcoin or Ethereum. Since the Bitcoin network is slow and transactions are expensive, we recommend buying Ether. The Ethereum network runs faster and bank transfers are less expensive.
If buying Ether should be fast, Coinbase is recommended. Coinbase offers wallets for Bitcoin, Ethereum, Litecoin, Euro and USD. Register there with your e-mail address and enter your mobile phone number.
If you click on “Buy/Sell”, you can purchase Bitcoin, Ethereum or Litecoin by credit card. Select Ethereum and enter the amount you want to buy. The Ether will be credited in a few seconds after confirmation. Then our Ether has to go to Bitfinex.
If you are logged in on Bitfinex, you can trade directly with crypto currencies without verification. You only have to verify your identity for changing cryptocurrencies into US dollars or euros. For our purposes the basic account is sufficient. Now we need to move our Ether from Coinbase to Bitfinex. For this we need a wallet address on Bitfinex. To do this, click on Deposit in the upper right corner. Then click on Ethereum in the list of crypto currencies. Create an exchange wallet and then copy/save the exact address.
Now we open Coinbase again. In your account you should see your Ether units. You can then click send. Enter the desired quantity and paste the wallet address copied from Bitfinex as the recipient into the appropriate field. Make sure that it is really an Ethereum address on Bitfinex and that you haven’t left out a single character in the address. Confirm the transfer. Depending on the network load, the transfer can take a few minutes or even half an hour.
Buy IOTA with Ethereum
Once your Ethereum has arrived at the Bitfinex wallet, you will find the credit under Wallets on the Bitfinex website. Now it’s time to swap. To do this, click on Trading, go to IOTA and then click on the “IOTA/ETH” marketplace. On the left under “Order Form” you can define the data for your purchase later. To the right, you can view the IOTA price (in Ether) graphically. Below that you can see the current movements on the market in real time. Important for you is of course the price. The area highlighted in red is for buyers, the area to the left is for sellers.
The column “AMOUNT (MI)” is the quantity of IOTA units to trade at a certain price (PRICE). MI stands for MIOTA, the abbreviation for one million IOTA. You have to know that the terms IOTA and MIOTA are used interchangeably in many places, but the market value always refers to one million IOTA. For simplicity’s sake, we continue using IOTA in the article.
Depending on the desired sales or purchase price, all users are sorted in descending (sales) or ascending (purchase) order. Under PRICE you find the IOTA price in Ether, i.e how much of your Ether you have to spend on one MIOTA.
Decide at what price you would like to buy and enter it in the top left under “PRICE ETH”. For a faster transaction, look at the current prices. It is best to watch the price every minute in order to strike at an opportune moment. You can also simply click on one of the figures in the PRICE column -it will then be displayed in the order field. Under “AMOUNT MI” in the upper left corner you can adjust the amount of IOTA you want to buy.
Clicking the green button above will show the maximum value you can buy with the available Ethereum. If the price matches your expectations, you can click on Exchange Buy. After a few seconds your Ether is traded into IOTA. You can check this under Wallets (update if necessary).
Now there are different possibilities. You can simply keep your IOTA or change it back (after possible gains) and transfer your Ether back to Coinbase from where you can make withdrawals.