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How to Buy IOTA - Where to Purchase MIOTA?

Our world is becoming more and more digitally interconnected. In the near future, your phone and computer won’t be the only devices connected to the Internet.

IOTA (MIOTA) is an open-source distributed ledger and cryptocurrency designed especially for the Internet of things - a system of interconnected computing devices with the ability to transfer data over a network without requiring human intervention.

Sometimes referred to as the 4th industrial revolution or machine economy, IoT (Internet of Things) is growing rapidly with 75 billion connected devices predicted by 2025 including sensors on public infrastructure and in commercial lighting, connected security systems, cars, appliances, and wearable electronic devices.

The amount of data being consumed in this exchange is enormous. IOTA is aiming to be the solution to this problem and a spendable cryptocurrency.

Like many people, you may be wondering what is the easiest and best way to buy IOTA. 

In this guide, we will lay out step-by-step, how to buy IOTA with PayPal, credit, or debit card. We’ll also explain the easiest way to purchase IOTA for beginners of all budgets.

IOTAlogo

(MIOTA)

IOTA

Price

£0.19

24H Change

2.88

7 Days Change

13.41

Market Cap

£530.79M

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Why Trade rather than Buy IOTA for Cheap and Fast Returns?

1
You Don’t Need a Wallet

You trade on the price movement of the coin without having to buy and store it.

2
You Can Use Standard Payment Methods

All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.

3
Trades Are Fast and Withdrawals Are Easy

Trades are executed within seconds and withdrawals will reflect instantly in your account.

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5 Things to Consider If You Want to Buy IOTA

Before deciding if you want to buy IOTA, there are a number of things that can ultimately affect your investment.

In this step-by-step guide, we will outline what they are clearly, so you are fully prepared before risking your capital.

Carefully choose your preferred secure payment method

Depending on your location, you will be presented with different payment options. If you have a range to choose from you will need to analyze their strengths and weaknesses.

Some of the more popular methods include credit and debit cards, bank transfers, and PayPal.

Fees will also differ when you purchase IOTA on a cryptocurrency exchange than through an OTC desk or broker. Exchanges typically have higher fees and fewer payment options available than brokers.

Will you need to set up your own wallet?

If you decide to purchase your IOTA on a cryptocurrency exchange, you will need to set up a wallet to keep your new digital assets safe.

It is possible to leave your IOTA on the exchange but this is generally considered a bad idea. Major exchanges are centralized and as a result, can be a target for hackers. Mt Gox in Japan is an example of a major exchange that was hacked for hundreds of thousands of Bitcoin.

If like many investors and traders, you are happy to merely have easy exposure to the IOTA token value without the worry of managing your digital assets and keeping them safe - a broker is a good option.

When you buy IOTA via a broker, you are not actually buying IOTA the cryptocurrency. You are merely entering a trading agreement called a ‘Contract for Difference’ or CFD.

If you are not confident navigating an exchange or moving your coins, a broker offers an easier alternative.

Comparing costs

When comparing the costs of trading a cryptocurrency or investing for the longer term, it is important to compare the different types of fees involved in transacting. 

Every time you send a cryptocurrency from one address to another you normally have to pay a network fee. These can be considerable depending on the digital currency. 

Fortunately, with IOTA there are no transaction fees. Instead of a blockchain, IOTA transactions are carried out on the tangle - the name used to describe IOTAs Directed Acyclic Graph (DAG) transaction settlement and data integrity layer.

Of greater expense is the cryptocurrency exchange or brokerage where you choose to trade IOTA. 

Generally speaking, brokers will have fewer fees than exchanges, which deal with the underlying assets not trading instruments. 

Safety and security 

IOTA uses cryptography and micropayments to keep the network running and secure.

The IOTA network is not a blockchain, it is a Directed Acyclic Graph (DAG) that is faster at processing transactions than most blockchains are capable of. 

It is difficult to guarantee if the Tangle is as secure or more secure than a blockchain, as only time will tell with cutting edge, nascent technologies like these. 

For most investors, the security employed by the exchange or trading platform is of greater concern as these are compromised far more often than cryptocurrencies.

If buying through an exchange choose one of the most established.

If you opt for the simplicity of buying IOTA through a broker, choose one that employs industry-leading trading platforms like MetaTrader 4 (MT4) and MetaTrader 5(MT5). 

These generally feature better security, intuitive automated trading systems, and professional helpdesks.

When you are buying IOTA, you will most likely encounter two-factor authentication (2FA). Use this security mechanism, as it will greatly enhance the protection of your account.

Can you understand and navigate the platform? 

A commonly overlooked aspect of buying cryptocurrency for the first time is the level of technical proficiency needed to navigate an exchange. 

While cryptocurrency is becoming more user friendly, exchanges still represent a significant challenge for the uninitiated. Failure to understand them correctly can result in lost funds. 

Make sure you research the exchange in question to identify how to deposit, place buy and sell orders and understand how to transfer your coins into a wallet. 

If you find the process too daunting, purchasing IOTA CFDs through a broker is a less risky method in terms of potential trading mistakes. 

Ultimate Beginner’s Guide to Trading IOTA

What is an IOTA Broker? 

With a broker, your funds are traded over a dealer network known as an OTC (Over the Counter) market. 

IOTA brokers locate sellers or buyers who hold large amounts of IOTA and bring them together for sale.

Trading on a brokerage platform is often more convenient and flexible than trading on a cryptocurrency exchange where the underlying assets are involved.

Brokers tend to offer more deposit methods and fiat currencies, with typically fewer fees than cryptocurrency exchanges. 

What is an IOTA CFD?

A Contract for Difference or CFD, is an agreement between you and a CFD broker to exchange the difference in the value of a digital asset from the time you enter the contract until the time you exit.

A type of trading instrument, the reason for trading IOTA via CFDs is to benefit from IOTA price movements flexibly and without the hassle of managing coins.

You also don’t have to worry about high trading fees and exchange issues like low trading liquidity and slippage. 

What is the Benefit of Regulation?

Regulation of the cryptocurrency market is not something to fear. The more regulated the market becomes, the safer it is as a place for you to trade and invest. Regulations provide clarity for markets and subsequently can reduce market volatility. 

When choosing a place to buy IOTA, try to select an exchange or broker that is regulated by a leading global authority. This provides peace of mind that you aren’t trading on an illegitimate platform.

What is the Best Payment Method for Buying? 

When determining the best payment method for depositing to an exchange or broker, we need to look at a number of factors like convenience, speed, and cost. 

Fortunately, there is a method that suits most users depending on the options available to you. 

Let’s take a look at some of the more popular payment methods for buying IOTA globally. 

Buying IOTA with PayPal 

While PayPal is a trusted payment system provider worldwide, very few exchanges offer it as a payment method. Brokers, on the other hand, are far more likely to. 

PayPal fees aren’t the cheapest but they really aren’t expensive for convenient bulk purchases. It is always a good idea to calculate fees beforehand as they vary.

Purchasing with cash 

Buying IOTA with cash is technically possible but it is far from a convenient method. Cash has never been convenient when it comes to the Internet and the only way to buy IOTA with cash is to arrange to meet someone on a P2P market. This can obviously be dangerous so make sure to take precautions.  

Via bank transfer 

Above and beyond the most popular payment method for depositing to exchanges and brokerage platforms, a bank transfer is one of the most affordable. 

Having the ability to transfer funds back and forth from a linked bank account offers a level of convenience and access to leverage other methods do not. 

Buying IOTA with bank transfer is not always a walk in the park as you will need to identify if the exchange or broker accepts transfers from your bank.

Buying IOTA with credit cards or debit cards

Most people are aware of the convenience of credit cards. Some might say a little too aware. Credit and debit cards are one of the most expensive methods for purchasing IOTA. 

It’s not all bad though, as visa sometimes offers another level of security via chargebacks and you will earn rewards on any investment purchases. 

Credit cards and debit cards are not offered as a payment method at all exchanges, only the more established global ones. Brokers, on the other hand, offer a wider array of payment methods including credit and debit cards. 

The Verification Process for Trading

In order for exchanges and brokers to comply with anti-money laundering regulations, they have to include a level of verification when you sign up.

Commonly referred to as ‘Know Your Customer’ or KYC guidelines - this practice ensures your own security.

The process is fairly straightforward and is designed to keep you and your account safe from potential thieves. 

Step 1 - Confirm phone number 

First, you will need to confirm your phone number. You will be sent a text message containing a one-time passcode to enter into their security system.

Step 2 - Prove Identification 

The next thing you will be asked to provide is a photo ID. Usually, you will also be asked to take a photo of yourself holding the ID with the day’s date to confirm it isn’t stolen.

If you are living in a country with more stringent regulatory requirements, you will need to prove your address via a recent utility bill. 

Long vs Short Term Investment

An argument can definitely be made for both a short-term and long-term approach to investing in IOTA. 

In deciding whether to invest in IOTA for the short or longer-term, it is important to analyze a number of factors like price history, network progress, and adoption metrics. 

It is forecast that there will be over 1 trillion connected devices by 2035. The IOTA network is well-positioned to capitalize on this enormous transfer of value for a long-term strategy. 

IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency recently shut down the entire network after hackers exploited a vulnerability in the IOTA wallet app.

This caused the price of IOTA to fall. It’s important to note this was a wallet attack, not the network itself and the market may have overreacted. 

The vulnerability has now been identified and patched, with the price of IOTA in the ascendency at the time of writing.

Why Buy, Rather Than Trade?

The reason to buy IOTA rather than trade is to hold the asset for the long term. If you wish to do this you may need to do some research into buying IOTA on an exchange. You will likely have to go through a cryptocurrency pair like BTC/IOTA unless the exchange has a fiat currency pair like IOTA/USD.

You will need to understand how to operate the exchange and transfer your coins into a cold wallet for long-term safe-keeping. 

If you plan to trade IOTA or invest for the short-term, then going through a broker is probably the easiest option. 

You will be able to gain exposure to the IOTA token price without having to store the coins. It is also the cheapest way to purchase IOTA than through an exchange. 

What Fees Are Involved?

Depending on where you buy IOTA and the payment method you use, you will likely be charged fees. These fees are necessary for exchanges and brokers to remain in business. 

Transaction Fees 

The IOTA network charges no fees for you to send a transaction. 

Deposit Fees

Most cryptocurrency exchanges will charge you a small fee when you deposit and withdraw regardless of whether the transaction is in fiat or crypto. Brokers are designed for active traders and typically have fewer deposit fees, if any. 

Withdrawal Fees 

When you want to withdraw crypto or fiat from an exchange you will be charged a fixed or variable fee. These fees vary depending on your payment method.

Safely Storing Your IOTA 

In storing your IOTA, most experienced investors recommend getting your coins off the exchange and into a wallet controlled by you. 

Different wallets have different levels of convenience and security. Let’s take a look at some of the more accepted methods. 

Mobile Wallet 

Mobile wallets are one of the most convenient options. They are known as a ‘hot wallet’ because they are connected to the Internet and vulnerable to hacks. 

While this is a far better option than leaving coins and private keys on an exchange, it isn’t the most secure method. 

The main advantage of mobile wallets is that you will have access to your IOTA easily and reasonably securely. 

Ensure you use additional measures like pin codes or fingerprint ID. Some popular IOTA wallets include Atomic Wallet and Coinomi.   

Desktop Wallet

Desktop wallets are a type of downloadable wallet that lives on the desktop of your computer. 

Desktop wallets are less convenient than mobile wallets, but when used effectively, they are more secure. 

Mobile wallets can be subjected to identity attacks like SIM swaps. It is important to employ adequate anti-virus software and extra security measures like two-factor authentication to ensure your wallet is secure. 

Some desktop wallets that accept IOTA include Electrum Wallet and Exodus Wallet. 

Hardware Wallet 

The most secure type of wallet, hardware wallets are a type of  ‘cold wallet’ as they are not connected to the Internet. For this reason, hardware wallets are nearly impossible to hack. 

The main downside with hardware wallets is convenience. You will generally need to connect to the Internet through a USB port, to move your assets. 

The most recognized hardware wallets for storing IOTA (MIOTA) are the Ledger Nano X and Trezor. 

Wallet Combinations 

Diversification is always a good idea when it comes to investments. When you diversify, you are reducing the chance of a central point of failure. 

Likewise, with cryptocurrency, try and spread your funds between different wallets to ensure you aren’t wiped out by a lost hardware wallet or hacked downloadable wallet. 

What Other Coins Can I Trade or Use to Buy IOTA?  

Generally speaking, when you purchase IOTA you have to go through another cryptocurrency first. The coins with the most coin-to-coin markets are Bitcoin (BTC) and Ethereum (ETH). To buy IOTA with ETH you will need to identify the following pair ETH\IOTA.  

This is more involved than buying cryptocurrency directly with fiat. If you feel it may be too complex, brokers enable you to buy exposure to IOTA directly without the hassle of owning or storing the coins. 

What’s the Smallest and Largest Amount of IOTA I Can Buy?

The smallest amount of IOTA you can own is one IOTA. 

The “M” means ‘mega’, so one million. Thus, 1 MIOTA is equal to 1,000,000 IOTA and all exchanges trade in the mIOTA scale.

This can be confusing for some people. When you see IOTA listed on an exchange the price is really being quoted in MIOTA.

With so many transactions required to facilitate the Internet of Things, IOTA’s supply has to accommodate this demand. 

You can generally buy IOTA without limit, depending on your budget of course.

Can I Buy Anonymously with no ID? Is it Safe and Legal to Buy? 

Like many people you may be wondering if it is safe to buy IOTA? Or is buying IOTA illegal? 

Thankfully, IOTA is perfectly legal to buy in many jurisdictions around the world. The cryptocurrency market is maturing and regulations are becoming clearer. 

Many exchanges and brokers are becoming regulated to ensure you are not trading on a fraudulent platform. 

If you absolutely have to purchase IOTA anonymously, you can do it in three ways. 

Find someone on social media that is selling IOTA and use escrow to make sure they don’t scam you. 

You could also purchase IOTA from a friend or buy Bitcoin anonymously then use that to make a secure IOTA purchase. 

Will Buying IOTA Make Me Money? 

The question everyone would like to know, does buying IOTA make you money? It is obviously never as straightforward as ‘buy IOTA get rich’, unfortunately. 

Long-term investors will be betting that IOTA’s unique Tangle ledger could change the IoT world as we know it. It could be used in everything from ‘eGovernance’ to smart cities. The world needs a solution to manage smart technology, maybe IOTA is that solution.

For traders, it really depends on how good your entry is. Detailed analysis of recent price history is necessary to determine short-term price movements. 

If you want to see IOTA’s price history and overall outlook check out our detailed IOTA Price Page.  

How to Spend Your IOTA 

IOTA is both a cryptocurrency and a system for instant micropayments. The main application for IOTA tokens is to validate micro-transactions between IoT devices. 

Presently, there aren’t that many companies that accept IOTA as payment for goods and services, but adoption is increasing. 

Applications are also being developed where you can spend IOTA. 

SOCIETY2, an IOTA-based social network, recently declared it was leveraging IOTA’s distributed ledger technology (DLT) to give users an alternative to traditional social media. 

How to Sell Your IOTA 

Selling IOTA through a cryptocurrency exchange can be difficult for the inexperienced. It is incredibly important you understand the exchange interface before setting any orders. 

You will also need to understand the difference between different types of orders and common issues like low liquidity and slippage.

If you wish to buy IOTA for trading purposes through a broker, the method of selling your IOTA for fiat is far simpler as brokers have less complex interfaces. 

IOTA CFDs and trading instruments like them make the process of trading IOTA or investing for the short term, more flexible and secure.

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FAQs

  1. Is IOTA open source?

    Yes. IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT).

  2. When was IOTA established?

    The IOTA network launched in 2015 and went live in 2016.

  3. What is the recent price performance of IOTA?

    Like most cryptocurrencies, the price fell considerably during the bear market and has begun recovering due to presiding bullish sentiment with the Bitcoin halving. The recent wallet hack affected IOTA’s value, but the market may have overreacted.

  4. How is the Tangle different from a blockchain?

    The core IOTA protocol is supposed to be lightweight and simple in nature so it can enable trust-free and zero-fee transactional settlements and secure data transfer. 

  5. What is faster at processing transactions, the Tangle or a blockchain?

    The Iota Tangle is faster at processing individual transactions because it does not need to form blocks of transactions before validation. 

  6. Does IOTA have ‘miners’?

    The Tangle doesn’t require miners to validate transactions; instead, network participants are mutually responsible for transaction validation.

  7. What companies are building on IOTA?

    Volkswagen, Jaguar, and Bosch are developing proof-of-concepts that leverage IOTA technology.

  8. What are the advantages of trading IOTA on a broker instead of an exchange?

    Generally, trading IOTA CFDs through a broker is faster and easier than trading on an exchange. Because you will no be charged blockchain fees, withdrawal fees, and deposit fees, brokers can also work out to be cheaper.