How to buy IOTA - Tutorial
One of the most popular crypto currencies is IOTA. We want to show you here which possibilities there are to buy IOTA and compare the different providers for you. Among other things you will learn what you have to pay attention to and which mistakes you should avoid. Furthermore we present you different possibilities to buy IOTA in advance. We not only distinguish between different exchanges, but also between different payment providers.
IOTA is particularly popular in Germany because the IOTA Foundation is based in Berlin. Furthermore, IOTA technology differs significantly from Bitcoin, Ethereum and Co. because IOTA does not use a classic block chain but the so-called tangle network. Therefore, IOTA does not require energy-intensive mining, for example. Instead, everyone who carries out a transaction confirms two additional transactions. IOTA is therefore also much more scalable than other crypto currencies.
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Due to the novel technology IOTA has great potential for the future. For those who believe in IOTA and want to invest in crypto currencies, we have compiled all important information here.
You will learn what the difference between the different crypto exchanges and exchanges is and why we believe that eToro is the safest exchange for beginners. Furthermore we also talk about whether you have to store IOTA in your own wallet or if you can leave the crypto currency on the respective platform.
It’s also important to know that MIOTA is also often talked about. Here we are talking about 1 million IOTA. Since there are no decimal places in IOTA, often 1 million IOTA are summarized to indicate the price. If a price of 0.30 US dollars is mentioned, this means the price for 1 million IOTA.
Buy IOTA with Euro - Summary
- 2. Verify Yourself on the Platform
- 3. Deposit (at least $200) e.g. via PayPal, Credit Card or Wire Transfer
- 4. Now you can buy IOTA directly
IOTA Buying Guide
Where can you buy IOTA?
IOTA is traded at so-called crypto exchanges. These are stock exchanges which are comparable to classic stock exchanges. However, crypto currencies are traded on the platforms and not shares (eToro is an exception, both are traded). On the platforms you have to take care that not all stock exchanges allow you to buy crypto currencies against Euro. On Binance for example, the world’s largest crypto exchange, crypto currencies are only traded against other crypto currencies.
Besides the classic crypto exchanges there are also CFD providers. You do not buy the individual crypto currency, but a “Contract for Difference”, i.e. an investment product that is bound to the price of the crypto currency. CFD platforms have the advantage that the assets cannot be stolen and you can trade with a lever. Who however rather buys genuine crypto currencies for that recommend themselves the crypto exchanges. At eToro you can buy both, real crypto currencies and CFDs to trade with leverage.
How to Buy IOTA
The easiest way to buy IOTA is to go to eToro. There you can choose between different payment methods (PayPal, credit card and instant bank transfer) as well as an easy to use platform with German support.
It’s often said that you don’t buy crypto currencies at eToro, but only CFDs. But this is not true. For quite some time now eToro has also been trading real crypto currencies. But you also have the possibility to buy CFDs to trade with leverage or to shorten crypto currencies. So let’s stick with eToro and buy real IOTA. With the eToro wallet most crypto currencies can now be withdrawn.
- Regulated Platform
- Good Support
- Large selection of crypto currencies
- Payment also via Paypal and credit card
- eToro app for smartphone and tablet
- New eToro wallet app available
- Cryptocurrencies remain a risky investment
eToro is undoubtedly one of the easiest ways to get started in the iota trade due to its user-friendly design. This provides a platform of special value for all traders who want to buy or sell IOTA.
Buy cryptocurrencies with eToro in 3 easy steps
Step 1: Registration
To trade on eToro you first need to log in to the platform. But this can be done without any problems. All you have to do is enter your name, email address and a password. After that you will get access to the eToro dashboard.
As eToro crypto currencies are traded against Euro you also need to verify your identity on the platform.
Step 2: The verification
After opening an account you will also need to verify your identity with eToro. You will need to leave your personal information and upload a photo of your ID or passport. This process is required by European law for all platforms trading crypto currencies against Euro.
If you have provided all the information, the verification can still take a few days. It is advisable to make the deposit during this time, as you will be preferred during the verification process. But don’t worry, if something goes wrong during verification, you will get your money back. We have never experienced this kind of problem before.
As soon as the verification is complete you will be notified by email. If you have already made the deposit at this point, you can start trading immediately.
Step 3: Buy & Sell
Buying and selling IOTA at eToro is then quite easy. All you have to do is select IOTA and click “Trade”.
A window will appear where you can buy IOTA. All you have to do is indicate how many Euros or US Dollars you want to invest in IOTA. Furthermore you have the possibility to set a stop loss, trade with a lever or enter a profit target.
With a Stop Loss you can determine at what loss your IOTA should be sold automatically, thus reducing further losses if the price drops significantly. We do not recommend trading with leverage because it is very risky and you do not buy an IOTA but a CFD for which you pay daily fees. Therefore the lever should always be X1, then you buy real IOTA. You do not need to specify the profit target, because you can always manually close the trade again if you have made enough profit.
When you have entered everything you need to click on buy. The trade will be executed immediately and in your portfolio you will see your newly purchased IOTA.
Withdraw cryptocurrencies with the eToro Wallet
In 2018 eToro introduced the so-called eToro Wallet. This is available for both Android and iOS. Now you can also use it to withdraw your crypto credits from eToro. All you have to do is install the wallet on your smartphone. You can then login to the wallet with your normal eToro login.
What payment methods are available to buy IOTA
Buying IOTA - The Most Important Payment Methods
Buy IOTA with Credit Card
Credit cards are convenient and payment is available immediately!
Many people like to buy crypto currencies by credit card. This is usually because credit card payments are immediately available and buyers do not have to wait for the deposit to arrive.
Unfortunately, not all exchanges support credit card purchases or charge very high fees for them. This is different with eToro. You can simply top up your credit card balance and start trading immediately.
Buy IOTA with Paypal
Paypal has the advantage that you will be credited immediately and you have the buyer protection.
Only very few crypto exchanges allow you to buy crypto currencies via PayPal. You profit with PayPal particularly by the buyer protection. One exchange which I allow you to buy via PayPal is eToro.
You can simply fund your eToro account via PayPal and then you can start trading and buy Cardano. This makes eToro the big exception compared to other crypto exchanges.
Buy IOTA via Wire Transfer
Another way to deposit money into your account in order to buy cryptocurrencies is via wire transfer. You don’t pay any fees in order to deposit money. However the disadvantage is that it can take up to 2 business days until your money is finally in your account. If you want to avoid that you can use Rapid Transfer for instant wire transfers. If you are using eToro you can choose if you want to do a regular wire transfer or a Rapid Transfer.
Should I buy IOTA now?
IOTA is still at the very beginning of its technical development. Even though IOTA has been around for a few years, the project is so ambitious that it cannot be implemented within a few months or years. So you don’t have to be afraid that you have already missed the best investment time. After all, the project is more established now and there is already a lot that IOTA has achieved so far. This includes countless partnerships with companies like Bosch, Volkswagen and many more.
Pro und Contra IOTA Investment
- IOTA is still at the beginning of development
- Numerous partnerships with industrial companies
- The Tangle is a completely different approach compared to the Blockchain
- The IOTA Foundation is located in Berlin
- Investments in crypto currencies are highly speculative
With the Tangle Network, IOTA takes a completely different approach than Bitcoin or Ethereum. In theory, the Tangle network is much more scalable than Bitcoin and Ethereum. This means that thousands of transactions per second are possible with IOTA.
In addition, IOTA technology has been developed specifically for the Internet of Things (IoT). Studies assume that in a few years there will be over 50 billion devices worldwide connected to the Internet. IOTA therefore has the unique opportunity to position itself as a standard in the Internet of Things.
Is the technology the purchase argument for IOTA
Technologically, IOTA is very different from other crypto currencies. Besides the Tangle network, IOTA does not have any miners. Whoever carries out one transaction confirms two others. Because of this fact IOTA wastes much less energy than other crypto currencies. For this reason alone it can make sense to have some IOTA in your portfolio to simply spread the investment risk.
Furthermore, by specializing in the Internet of Things, there are real use cases for which IOTA can be used. The challenge for the team and the community around IOTA now is to establish the technology as standard in the field of Internet of Things (IoT). If this succeeds, IOTA will have an unprecedented growth ahead of it.
Invest in IOTA or not?
Nobody can tell you exactly whether an investment in IOTA is worthwhile. As with other investments, there is always a risk that the investment will not pay off. But with its partnerships and technology IOTA is well positioned in the market. Furthermore, IOTA has been around for several years. So you are not investing in a start-up that has only been active for a few months, but in a technology that has already achieved a lot.
If you are unsure about your investment, you can invest only a small part of your crypto portfolio in IOTA and minimize your risk.
Potential through partnerships
What clearly distinguishes IOTA from many other crypto currencies is the fact that there are already numerous partnerships with respected industrial companies. These include Volkswagen, Bosch Fujitsu, the city of Taipei and many others. However, it should not be forgotten that these are often not exclusive partnerships. Volkswagen, for example, is known to be involved with ethereum and other platforms. Nevertheless, it is good for IOTA to have a foot in the door now.
Store IOTA in your own wallet
A question that comes up again and again in connection with the purchase of IOTA is whether you need your own wallet to store the IOTA. Here is the answer: It depends.
For example if you buy your IOTA at eToro you don’t need your own wallet. Since there are no crypto currencies stored on the platform itself but only on your own eToro wallet eToro is hard to imagine being hacked. It looks different with other crypto exchanges. Here it is recommended to partially use your own wallet.
Since IOTA is technologically very special there aren’t many wallets which are able to store IOTA. If you want to use your own wallet we would recommend you to use the Trinity Wallet developed by IOTA. This can be used together with the Hardware Wallet Ledger Nano S and Ledger Nano X.
Conclusion
If you want to invest in IOTA you should do so at eToro. The platform is easy to understand even for beginners and you buy real IOTA there. Furthermore there are many ways to buy IOTA quickly with credit card, PayPal and instant bank transfer without having to wait days for the transfer. With the IOTA Wallet there is currently the possibility to withdraw crypto currencies from the platform.
With all euphoria you should be however always clear that it concerns with Investments in crypto currencies risky investments. These have a large potential once later profits to throw off a residual risk remains thereby however.
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IOTA Price and Price Development
Here you can find the current IOTA price and see how the price has developed.
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