IOTA is an acronym for Internet of Things Application, a digital currency that facilitates transactions between devices on the IoT. Internet of Things (IoT) is simply any digital device with an internet connection. More technically, IoT is a network devices connected to the internet which embedded with sensors which are capable collecting and exchanging data. In this Article, we will learn how to buy IOTA in US. If you reside in the U.S and want to purchase IOTA then keep reading.
How to Buy IOTA in US
Not all cryptocurrency exchanges support IOTA and the easiest way to buy IOTA is to first buy Bitcoin or Ethereum and trade it for IOTA. Some exchanges support trading pairs of IOTA and other established cryptocoins, however base pairs of IOTA/BTC and IOTA/ETH are the most common, hence it is recommended to buy either Ethereum or Bitcoin. In this guide, we will use Bitcoin as an example. Coinbase is considered one of the top bitcoin exchanges in the US. Thus for this review we will use coin base as the coin exchange of choice.
Where to Buy IOTA
You can purchase IOTA in the follwoing exchanges:
How to buy Bitcoin in U.S ?
- You can go to Coinbase, and acquire a coinbase account by first going through their verification process which can take few days to a week. The coinbase platform is very simple and you will be able to connect a bank account to your coinbase account, and buy BTC using you bank funds (fiat).
- Once you have a coinbase account, you can simply use their iOS or Android App to buy Bitcoin which is the simplist and easiest way.
- First of all, you will need to download and install the Coinbase mobile app, it is available on iOS and Android platforms.
- After installation, open the app sign up using your email.
- Select your city and give your home address.
- Input your phone number and a 7 digit verification code will be sent to the registered number. Use the code to verify your account to proceed to the next level.
- (You can skip the mobile app and access coin base through the web client on coinbase.com.)
- Go to the buy and sell tab on the menu bar.
- Under payment method, there are 2 options; buying with bank transfer or with debit/credit card. Choose your preferred method of payment, card transactions are highly recommended.
- Choose the number of bitcoins you want to buy; bitcoins are available for purchase up to the eighth decimal.
- Fill out your card details and the details of the cryptocurrency wallet where the bitcoins will be delivered to.
- Click the ‘buy bitcoin instantly’ button.
- The money will be transferred to your wallet and voila, you’re now bitcoin rich.
Note: the Coinbase app acts like both an exchange and a wallet, however you can use the exchange without a coinbase wallet.
How to transfer Bitcoins to Binance
Now that you have successfully acquired bitcoins, to purchase IOTA, transfer the Bitcoins to an exchange that supports IOTA trade. Currently, according to CoinMarketCap, there are 10 cryptocurrency exchanges that support IOTA with 7 out of 10 offering IOTA/BTC base pairs. These exchanges include Binance, Bitfinex and OKEx. If you are in the US however, Binance is your best option.
- To buy IOTA, you first need to sign up for an account at binance.com
- Click on ‘Create Account’ and register with your personal details.
- Activate your account by clicking on a link in a confirmatory email sent to the email you registered with.
- Return to binance.com and log into your newly activated account.
- Set up your account, ensure that you are put through the 2 factor authentication process as it keeps your account secure.
- Next, you’ll be required to fund your Binance wallet, this is where you transfer your bitcoins from Coinbase to Binance.
- To make the transfer, click on ‘Funds’ in the top right of the menu bar and select deposit.
- In the new window, search for ‘BTC’ in the provided search field and then click ‘Deposit’.
- Send funds from your Coinbase account to the provided BTC deposit address.
- Wait a while for the transaction to be confirmed after which the BTC will be credited to your Binance account.
How to trade Bitcoins for IOTA
- Click on ‘Exchange’ at the top left of the menu bar.
- Select ‘Basic’ from the drop down sub menu.
- Search for the IOTA/BTC pair from the list displayed on the page.
- The result will be in a field showing two rectangular boxes, the first box displays the exchange rate of IOTA/BTC on the site. While the second box is for you to provide the amount of IOTA you want to buy.
- You can also use the percentage buttons to enter the amount of BTC you want to spend.
- The last box shows the total BTC that will be spent in the transaction inclusive of transaction fees charged by Binance.
- Ready? Click on ‘Buy IOTA”.
That is basically everything you have to do buy IOTA. It is pertinent to note that Binance does not support IOTA trading pairs with fiat currency, so you can only buy IOT with another coin. Finally, always safeguard the private key to your wallet and what ever you do, do not forget to back up.