I’ll admit that I may have slightly lied. IOTA’s technology is vastly different from Bitcoin. However, it’s one of many Cryptocurrencies sitting on the sidelines poised to go mainstream. With its recent gains I have been asked numerous times on how someone can buy IOTA. So let’s get to it.
Create an account on an Exchange which you can buy (some) Cryptocurrencies with FIAT
There are plenty of exchanges out there that offer this service but I’ll use Coinbase in this instance. Coinbase is easy to set-up, user friendly and has reasonable fees. Here is the link to sign up and here are the steps to get started :
- Sign Up
Signing up should be straight forward. You’ll find the Sign Up button on the top right. Fill in the information it asks you on the following pages and you will be up and running in no time. Once your account is created, you will be greeted with your dashboard.
- Set up payment method and buy Litecoin (LTC)
Our coin of choice is LTC (Litecoin) due to the speed and minimal fees for transferring them to/from one place to another. In order to buy LTC, click on Buy/Sell and then select Litecoin.
Select the Payment Method of your choice (Debit/Credit Card or Bank transfer) and put the amount of FIAT you want to spend/LTC you want to buy and click on Buy Litecoin instantly. If you have selected the Debit/Credit card method, you should receive your LTC almost instantly. You are now the proud owner of LTC! If you selected the Bank Transfer method, then you will need to wait a few days for your funds to arrive on Coinbase in order to proceed with buying LTC. Once your funds have arrived, you can proceed to purchase Litecoin following the steps above.
Create an account on an Exchange which you can buy IOTA using other Cryptocurrencies
You now need to sign up to an exchange that will allow you to buy IOTA with the LTC previously purchased. For this step you will sign up on Binance; here is the link to sign up.
- Sign Up
Signing up for Binance should be straight forward as well. You can get started on the sign up procedure by clicking on the Create Account link in the middle of the page or Register link on the top-right.
Transfer LTC from Coinbase to Binance
You now need to transfer the LTC purchased on Coinbase to Binance in order to buy IOTA.
- Navigate to Binance | Copy LTC Deposit Address from Binance
In order to send LTC from one place to another, there needs to be a ‘destination’. In this case the destination is your Binance LTC Deposit Address. In order to find this, select the Funds → Deposit Withdraw option.
"Binance Funds→Deposit Withdraw Option@)
You will then be redirected to the page where you can see the balance of all your Cryptocurrencies. Search for Litecoin and click on Deposit. It will give you an address (it will look something like : LgJw5vJo2ExXFTQaWuLJVbRtqDiscXNG7U) which you should copy/write down/make easily accessible later. This is your public address which you (or anyone else) can send LTC to.
- Navigate to Coinbase | Send LTC from Coinbase to Binance
Now that you have your Binance LTC Address, you need to send the LTC you have on Coinbase to Binance. In order to achieve this, click on Accounts, look for LTC Wallet on the left hand-side, and then click on Send
You will then be greeted by a pop-up where you can enter our Binance LTC Address (i.e. LgJw5vJo2ExXFTQaWuLJVbRtqDiscXNG7U) and the amount. Once you have input this information, click on Continue.
In order for your LTC balance to appear on Binance, you need to wait for the ‘network to confirm your transaction’ and a few minutes for Binance to finalize the deposit. At the time of writing, the network would take approximately 2.5 minutes to confirm your transaction.
Buy BTC using LTC
Since you can’t directly purchase IOTA with LTC, you first need to buy BTC using LTC. In order to do so, you need to navigate to Binance’s Exchange (Basic will suffice for now) and you can do so by navigating to Exchange → Basic on the top left.
You will then be greeted by Binance’s exchange. This post will not go into details about everything you are seeing on the page (maybe I’ll do that another day), so proceed with purchasing BTC with your LTC.
- Click on BTC on the top right
- Search for LTC in the search box below
- Click on the LTC/BTC pair
You are now at a point where we can put our Order in. Follow the steps below to buy BTC using our LTC (or sell LTC for BTC if you like).
- Click on Market (I will not describe the difference between a Limit and a Market order in this post, but you can find an excellent explanation here)
- Click on 100%. This will pre-fill the maximum amount of BTC we can purchase — Sometimes you may need to manually decrement the value it pre-fills slightly down due to the volatility of the market
- Click on Sell LTC
Congratulations! You are now the proud owner of BTC (even temporarily)
Buy IOTA using BTC
Similar to how you bought BTC using LTC, you will now buy IOTA using your BTC.
- Search for IOTA in the search box below
- Click on the IOTA/BTC pair
- Click on Market
- Click on 100%. This will pre-fill the maximum amount of IOTA we can purchase — As mentioned above, you might sometimes need to manually decrement the amount due to market volatility
- Click on Buy IOTA
Congratulations! You are now the proud owner of IOTA!
Like my blog? Would you like to see more? Show your support by donating here :
BTC : 395JpxqaQLVYP2cP4uVMDBPPArdtdKBfZk
BCH : 181FSPLrFWVK3Tpfmev678pLrUa2KPeoFh
LTC : LgJw5vJo2ExXFTQaWuLJVbRtqDiscXNG7U
ETH : 0x4c7195E074cf0Ab6F77Bdb7C97Fd2567066Bb712
IOTA : QNRFWZROPTRTZRGOYGAPXCKOFMNANIZIMYJASSDEMUIGZXUSB9EYDAJM9EFDGZZDOGOBQPTGRCLQIXPAI
Disclaimer : All information and data on this blog post is for informational purposes only . I make no representations as to the accuracy, completeness, suitability, or validity, of any information. I will not be liable for any errors, omissions, or any losses, or damages arising from its display or use. All information is provided as is with no warranties, and confers no rights.
I've bought some IOTA so my bots in the future will be rich