How to Buy IOTA
If you don’t already own another cryptocurrency and want to purchase IOTA, you’ll first need to buy Bitcoin, Ethereum or Litecoin. You can then send your Bitcoin, Ethereum or Litecoin to Binance and trade it for IOTA:
How to Buy IOTA on Binance
It’s fairly easy to use Binance to Buy IOTA. Here’s a step by step guide that will show you the exact process.
1) Register A Binance Account
The first step is to create a Binance account. Using the registration form found here, you’ll need to provide your email and a password. As always, make sure to choose a strong unique password. You’ll be sent an email to verify your email address after signing up.
After you click the link in the email sent to you from Binance, your account should be activated. Click the link to Login.
Login to your account.
3) Continue Setting Up Your Account
Once you’ve logged in, you’ll be taken to your Binance account page.
We always recommend that you enable 2-Factor Authentication (2FA) on any exchange you use to trade cryptocurrency to improve your account security. Specifically, we recommend using the Google Authenticator app, as SMS 2FA has a variety of security vulnerabilities. Google Authenticator is free to use from both the Google Play Store and Apple IOS Store.
Initially your account withdrawal limits will be set to a 2 BTC equivalent every 24 hours, but you can raise these limits by completing Binance’s Identity Authentication.
4) Deposit Cryptocurrency to Binance
There’s a large number of cryptocurrencies available to deposit onto Binance, although trading pairs are denominated in Bitcoin, Ethereum, Litecoin and USDT (Tether).
Tutorial with Litecoin:
Whichever crypto coin you choose, click deposit then send funds to the given address.
You’ll be able to view pending deposits as you wait for the transactions to be confirmed.
When your deposit is fully confirmed, you’ll now see it shown in your available balances.
5) Buy IOTA With Bitcoin or Ethereum
Once your deposit has been completed, it’s time to trade your deposited cryptocurrency for IOTA. Click the “Exchange” button in the menu.
IOTA is traded in Bitcoin and Ethereum markets. Locate IOTA in the market you wish to trade.
Place a Buy IOTA order using either a limit or market order. Binance charges a .1% fee for trades. For the sake of simplicity, i purchased 300 IOTA using a market order. If you’re placing a market order, you can choose the percentage of your Ethereum (or Bitcoin) balance you wish to use to buy IOTA.
A Market order will purchase the maximum amount of IOTA available for the Ethereum amount you’ve chosen to spend. It will purchase the cheapest available IOTA until it has filled this amount.
Once your order has filled, it will be shown in your available IOTA balance. You can then withdrawal your IOTA from Binance to the wallet of your choice.