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How & Where to Buy IOTA (MIOTA) in 2024 - Beginner's Guide

By Philip Hoey - Updated 08 August 2024
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IOTA is a distributed ledger technology. Its founders claim IOTA is faster and more efficient than conventional blockchains. IOTA connects the Internet of Things devices and facilitates data and value transfer without any fees.

If you want to know how to buy IOTA coin, you’ve come to the right place. We’ll go through the buying process, discuss the best IOTA platforms, and provide information on everything else you need to know, from payment options and wallets to IOTA technology and reasons to invest.

Table of Contents

Where to Buy IOTA - Our Top 3 Picks

Looking for a quick answer? Here are our top 3 recommended ways to buy IOTA.

Where to Buy IOTA - Key Metrics

Where to Buy IOTA - Why They Made the Cut

Where to Buy IOTA Reviewed

How to Buy IOTA

The easiest way to buy IOTA coin is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell IOTA and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy IOTA.

1. Choose a platform

You can look at factors such as fees, ease of use, and features when deciding which platform to choose. The in-depth reviews in this guide will go through all these things, but if you want to dive in straight away, click on one of the links in the table below to sign up for a recommended platform.

2. Create and fund an account

You will need to fill in a few personal details to create an account. Regulated platforms have a KYC process, which means you will need to provide a picture of your photo ID in order to verify your identity. After that, you can choose your preferred payment method on the deposit page to fund your account.

3. Buy IOTA

Search the platform for the trading pair for IOTA and your deposited currency. Create a market order to buy IOTA immediately at the current price, or use a limit order to set a price to buy at in the future. Just enter the amount you wish to purchase and click the “Buy” button.

What is IOTA (MIOTA) and What is its History?

IOTA, created by the IOTA foundation, is a next-generation network that is designed to support the frictionless exchange of value and data between humans and machines—without any fees. It is built for the Internet of Things (IoT)—the interconnection of computing devices in everyday objects—and enables new possibilities such as digital identities, in-built car wallets, supply chain management, and smart cities.

IOTA is a distributed ledger, but it doesn’t use blockchain technology, so there are no blocks or miners. This makes the network faster than traditional blockchains. Every time someone makes a transaction with IOTA, they validate two previous transactions. This is what enables IOTA to be feeless and scalable.

Transactions on the network are facilitated through the project’s cryptocurrency, MIOTA. The token can be staked to take part in the distribution of new tokens. Any asset can be tokenized on IOTA as the network is programmable, meaning it can also be used to create decentralized applications (dApps).

What is IOTA Tangle?

The Tangle is the name of IOTA’s network, which ensures the trustworthiness of information and records the exchange of data and value. It uses a data structure known as a Directed Acyclic Graph (DAG), which differs from blockchains as it enables parallel transactions, making it faster, cheaper, and more efficient.

How to Buy IOTA - Step-by-Step Guide

It’s very simple to buy IOTA on eToro . Here’s how.

1. Create a free account

You will need to fill in the registration form with your email address, username, and password once you click on the “Join Now” button on the homepage. Tick the box to confirm that you accept the terms and conditions, and then click on “Create Account”.

sign up

2. Verify your account

You can verify your email address by clicking on the link emailed to you. Then you will need to complete your profile by providing your name, date of birth, contact details, and proof of identity. You will also be asked questions about your investing experience.

complete profile

3. Make a deposit

Once you click on “Deposit Funds”, you can enter the amount that you want to deposit. Using the dropdown lists, choose your local currency and preferred payment method. Fill in any details required to complete the payment and click the “Deposit” button.

deposit funds

4. Buy IOTA

Use the search bar at the top to find IOTA and hit the “Trade” button. You can switch from Trade to Order at the top if you want to Buy IOTA once it reaches a certain price. Otherwise, just fill in how much you want and click on “Open Trade”.

buy IOTA

What Payment Methods Can I Use to Buy IOTA?

There are many different ways to buy MIOTA. Let’s take a look at some of the most popular payment methods.

Bank account

Using your bank account to make a deposit is often the cheapest method. You can do so for free on eToro and Capital.com, or for a £1 fee on Binance. If your platform supports Faster Payments, as Binance does, then you can receive your funds and start trading with them almost immediately.

Credit card

Credit cards are fairly widely accepted, providing a convenient way to buy IOTA and pay later or in installments. The fees involved are the main drawback to using credit cards—there’s a 1.8% fee for credit card deposits on Binance. The best place to use a credit card is eToro, where deposits are free.

Skrill

Skrill is a digital wallet provider that makes paying online fast and simple. It is not an accepted deposit method on Binance, but you can use it to make free deposits on eToro or Capital.com. Skrill can also be used to make EUR, USD, CHF, and GBP deposits on Bitpanda.

PayPal

PayPal is a fast and safe payment method but is less widely accepted by crypto platforms, especially in the UK. You can use PayPal to make a deposit on eToro without any fees.

Ways to Invest in IOTA

You can use different strategies to invest in IOTA, depending on your goals, skills, and amount of free time. Some of the most common are detailed below.

Buy and Hold IOTA

This is the simplest strategy there is—anyone can purchase IOTA and hold onto it, regardless of how much skill or free time they have. This is a popular IOTA investment strategy as there is a fixed supply of IOTA, so it won’t be devalued by inflation in the same way that fiat currencies are.

Trade IOTA

The volatility of IOTA’s price means traders can also buy and sell IOTA on a much shorter time scale to generate frequent profits. Technical analysis skills come in handy for trading, and it requires a greater time commitment.

One way of trading IOTA is through CFDs. These allow you to speculate on the price of IOTA without actually purchasing it. You can trade IOTA CFDs on Capital.com.

Stake IOTA

Although the total supply of MIOTA is already in circulation, MIOTA holders can stake their tokens in order to earn rewards in the form of new tokens for new networks that are built in the IOTA ecosystem. The first such networks to be launched were Shimmer and Assembly, enabling MIOTA holders to earn rewards in SMR and ASMB, respectively.

The launch of more networks in the future could provide even more earning opportunities for MIOTA stakers. You can stake your MIOTA through the Firefly wallet.

Choosing an IOTA Wallet

There are many different types of IOTA wallets to suit different needs. The information below should help you find the wallet that’s right for you.

IOTA Software Wallets

  • Web wallet: Web wallets are the most convenient wallets for traders and small-time investors. They can be a target for hackers, however, which is why it is important to choose a secure and regulated platform, such as eToro, which provides a free web wallet.
  • Mobile wallet: Mobile wallets are convenient apps that you can download onto your smartphone. The TanglePay IOTA Wallet is supported by iOS devices, while Android devices can use Trinity Wallet.
  • Desktop wallet: Desktop wallets are downloaded onto your computer and tend to be fairly secure. Firefly is the official desktop wallet for the IOTA ecosystem.

Physical and Hardware Wallets

  • Hardware wallet: These are popular with long-term holders and large-scale IOTA investors as they are the most secure, albeit expensive. The most popular IOTA hardware wallet is Ledger.
  • Paper wallet: You can create a paper IOTA wallet with a private and public key generator—just write down or print the character string or QR code. This isn’t a safe way to store IOTA, though.

Wallet Combinations

Using more than one wallet in combination can be useful if, say, you want to trade some IOTA and buy and hold some IOTA with a web wallet and hardware wallet, respectively. If you use the Ledger hardware wallet, you can also download the Ledger Live app to manage your coins more easily.

Is IOTA a Good Investment? - What Makes IOTA Unique?

Whether or not to invest in IOTA tokens is something you will need to decide for yourself, but let’s take a look at some of the things you may want to consider first.

There is a fixed maximum supply of MIOTA, all of which are already in circulation. This could make MIOTA a good long-term store of value and means increasing demand would raise the token’s price.

The technology behind IOTA is something that has attracted many investors. The Tangle’s innovative data structure makes it immutable and secure, while its capability for parallel transactions makes it highly scalable. What’s more, the IOTA network is more efficient than conventional blockchains, requiring much less energy and facilitating fast transactions with no fees.

IOTA staking could drive demand for its token. New tokens can be created on the IOTA network, and they can be distributed to those who participate in IOTA staking through “rolling airdrops”. MIOTA stakers have already had the chance to earn SMR and ASMB rewards, and the launch of new networks in the future could encourage more people to buy and stake MIOTA.

The project’s focus on the Internet of Things enables new possibilities that could revolutionize a range of industries. As devices and their interconnections become more important to our day-to-day lives, IOTA and its cryptocurrency could become more valuable.

IOTA technology already has a range of use cases, such as digital identities, global supply chains, managing natural resources, mobility, and smart cities. If IOTA successfully powers the technologies of the future, MIOTA could have strong future price potential.

What mistake should users avoid when attempting to buy cryptocurrency?

"If you’re attempting to buy cryptocurrencies, it’s essential to do your own research first. Gain an understanding of how blockchains function, and which tokens have very strong utility for the long term. Be sure to write down your confidence level and time frame you’re willing to wait. Bull markets come and go with long bears in between. Remember that the market ebbs and flows, don’t be dissuaded if your investment crashes at some point if you actually have done proper fundamental analysis."
Joshua Tobkin
CEO & Co-Founder of SupraOracles

Should I Buy IOTA Now? - Things to Consider Before Buying IOTA

The above section should help you decide whether to buy IOTA or not, but here are a few more practicalities to consider.

IOTA Fees & Regulations

There are no fees involved in making transactions on the IOTA network. However, if you are buying or selling MIOTA on a platform, your platform will likely charge a fixed or percentage fee on each transaction, regardless of which cryptocurrency is involved.

Your platform may charge other fees, too, such as deposit and withdrawal fees. These can vary depending on the payment method. Other fees to watch out for include account management fees, overnight fees, and inactivity fees.

The Crypto Ratings Council believes IOTA is unlikely to be considered a security under US federal securities laws, while in the UK, all cryptocurrencies are unregulated. It is perfectly legal to buy IOTA in both countries, but crypto platforms have to comply with AML regulations. This means you will need to verify your identity to buy IOTA on a regulated platform. You may also need to pay crypto tax on any profit earned from trading IOTA, such as capital gains tax in the UK.

IOTA Price

The price of IOTA is affected by a great number of factors, many of which have been discussed in the previous section. Project news and developments can have an impact on IOTA’s price, as well as the rest of the crypto market and the wider economy.

IOTA’s price history has seen some dramatic surges, and its innovative technology and real-world use cases could mean strong price potential for the future, which is why it is popular with buy and hold investors. It is also more volatile than traditional financial instruments, making it suitable for trading too.

Traders and investors may aim to predict the price of IOTA to help them decide when to buy or sell. The future price of IOTA may be affected by long-term market cycles, institutional investment, news, hype, and broader economic conditions.

Buying IOTA Safely & Securely

The safest way to buy IOTA is through a platform that is regulated. These platforms often have the strongest security features, such as encryption, insurance, and offline storage. You should always enable two-factor authentication if you have the option.

Make sure you use a strong and unique password to create an account. It is best to update your passwords regularly. You should also be careful about any emails you receive and check that they are really from your platform to avoid scams.

Make sure you store your IOTA somewhere safe. Spending money on a hardware wallet will provide you with the best security. Store your seed phrase in a safe place to ensure you will never lose access to your wallet, and never share your private key with anyone.

What other platforms can I buy IOTA on?

There are a few other places where you can buy IOTA. Some of the most popular platforms are discussed below.

Can I Buy IOTA on eToro?

Yes. IOTA is available on eToro, where deposits are free, and you can use CopyTrader to replicate the trades of other IOTA traders. See the step-by-step guide above to find out how to buy IOTA on eToro.

Can I Buy IOTA on Coinbase?

No. If you’re wondering how to buy IOTA on Coinbase, unfortunately, it isn’t currently possible as IOTA isn’t listed on Coinbase.

Can I Buy IOTA on Binance?

Yes. There are options for how to buy IOTA on Binance—beginners can use the simple convert feature while more advanced users can access charts and indicators through the spot trading feature.

Can I Buy IOTA on Robinhood?

No. If you can’t work out how to buy IOTA on Robinhood, that’s because Robinhood only provides real-time market data for IOTA and doesn’t support IOTA trading.

Can I Buy IOTA on Trust Wallet?

Yes. Once you download the app, how to buy IOTA on Trust Wallet will be a simple process. Go to IOTA, tap the “Buy IOTA” button, and fill in your payment details for your desired amount.

Can I Buy IOTA on Crypto.com?

No. If you want to know how to buy IOTA on Crypto.com, it isn’t possible as Crypto.com doesn’t currently offer IOTA.

Can I Buy IOTA on Uniswap?

No. If you can’t work out how to buy IOTA on Uniswap, that’s because Uniswap only supports Ethereum-based tokens.

Can I Buy IOTA on MetaMask?

No. If you’re wondering how to buy IOTA on MetaMask, unfortunately, IOTA is not one of the blockchains MetaMask supports.

Selling IOTA

The right time to sell MIOTA depends on your strategy. If you opt for the buy and hold option, you will likely wait a long time before you sell. Meanwhile, if you use a trading strategy, you may be looking for a particular signal from a technical indicator to tell you when to sell.

The selling process is very similar to the buying process. On eToro, for example, it is just as straightforward. Just head to your portfolio, click on IOTA, and click the “Close” button next to it. You can tick “Close only part of the trade” if you only want to sell some of your MIOTA.

On other platforms, you may have the option of creating a market sell order to sell immediately at the current price, or a limit sell order that lets you specify a price to sell at in the future.

Final Thoughts

There are a lot of aspects to consider when buying IOTA, from which payment method to use, to when to buy it, to the state of the IOTA market, and to which strategy to employ. First and foremost, however, you will need to decide which platform to sign up with.

You have a few different options, but our top recommendation is eToro. This is because it is a reliable, regulated platform with unique features and competitive fees. You can see how easy it is to purchase IOTA on eToro from the step-by-step guide above.

Methodology - How we picked the best platforms to buy IOTA

We have various quality control processes in place to give you a reason to trust us. We rigorously research and test the platforms we review in order to provide you with the best recommendations and help you make more informed investment decisions.

The things we test for on each platform we review include how to sign up to it, how to make a deposit, which assets are available, what types of trading are offered, fees charged, speed and interface, location and regulation, cross-platform compatibility, security, features and services available, educational resources, and customer support.

Frequently Asked Questions

Is there an official IOTA wallet?
Yes. The Firefly wallet was built to store MIOTA tokens and enable users to interact with the IOTA ecosystem. The IOTA 2.0 DevNet Wallet can also be used to create and manage digital assets such as non-fungible tokens (NFTs).
What are the rewards for staking IOTA?
Those who stake IOTA can earn SMR and ASMB, which are the tokens for the Shimmer staging network and the Assembly trustless smart contract network respectively.
How do I stake IOTA?
You can stake IOTA by downloading the Firefly wallet, navigating to the staking tab, and clicking “Stake”, after which rewards will accrue in your wallet.
What is Tangle?
Tangle is the name given to the distributed ledger network IOTA uses instead of blockchain.
How is IOTA feeless?
As IOTA is not a blockchain, there are no miners to pay. Instead, new transactions are made by validating two previous transactions—a process that doesn’t require any fees.
Where can I buy IOTA?
You can purchase IOTA from any of the platforms reviewed in this guide. We believe eToro is the best place to buy IOTA as it is secure and regulated with unique social investing features.
Is IOTA a good buy?
Each investor must decide this for themselves. If you believe in the future of Internet of Things technology, you may believe that IOTA is a good buy.
Why can't I buy IOTA on Coinbase?
You can’t purchase IOTA on Coinbase as the token has not been listed on the platform. Coinbase regularly adds new tokens to its platform, so IOTA may become available on Coinbase at some point in the future.
Who are the founders of IOTA?
The founders of IOTA are Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener.
How many IOTA coins are circulated?
All the IOTA coins have been circulated, which is a total of just under 2.78 billion MIOTA.
What does IOTA stand for?
IOTA is designed to connect devices that make up the IoT, which stands for Internet of Things.
How many IOTA MIOTA coins are in circulation?
There are about 2.78 billion MIOTA in circulation, which is the maximum supply of the token.
What makes IOTA unique?
IOTA is unique as it is a new type of distributed ledger technology that performs better than a blockchain.

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