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How To Buy IOTA Online in 2022

Last updated 18th Aug 2022
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IOTA (MIOTA) is a popular cryptocurrency that was launched in 2016 and it differs from much of the market since it doesn't use blockchain technology. Instead, it uses something called the ‘tangle’ which enables users to make quick and cheap transactions.

In this guide, we cover how to buy, sell and trade IOTA coins (MIOTA), along with some other important considerations such as how to store your digital assets. Read on to find out all there is to know.

Best Ways to Buy IOTA in 2022

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Key Takeaways for Buying IOTA

The best platform to buy IOTA:

Top payment methods to buy IOTA:

  • credit/debit card, bank transfer

IOTA security measures:

  • activate 2-factor authentication, never reuse passwords and store MIOTA in a private wallet

Do not:

  • invest with money you cannot afford to lose

What Is the Difference Between Owning IOTA Vs a Derivative Product?

When it comes to buying cryptocurrencies, you can either own the assets outright or use derivative products to trade them. This will be explained in more detail below:

Owning:

  • When you buy MIOTA on a cryptocurrency exchange through the spot markets, you own the underlying asset. You are free to withdraw and spend them wherever you like.

Derivative products:

  • These are financial products that can be used to speculate on price without owning the underlying asset. Through these, you can even make money if the price of the coin goes down. Derivative products also allow you to avoid the technical sides of crypto as you don’t need to worry about private wallets and keys.

Different Ways to Buy IOTA?

Where to Buy IOTA?

Pros

Easy sign-up process
Plenty of payment options
Uses derivative products which mean users can avoid the technicalities of crypto
Beginner-friendly
More coin availability than brokerages
Can buy at market price
Can withdraw assets at any time

Cons

Price of assets may be higher than on exchanges
In some cases, you cannot withdraw assets from the platform
Less beginner-friendly
Platform may be complicated to use at first
Withdrawal fees can be high

How to Buy IOTA Online?

Nowadays, you have plenty of options when it comes to buying IOTA. A popular platform for newcomers is eToro for which we’ve provided a step-by-step guide below:

Step 1: Register for an account
Step 2: Verify your identity
Step 3: Select your preferred payment methods
Step 4: Locate the IOTA market
Step 5: Confirm the transaction

How to Trade IOTA?

Trading can be done on both exchanges and brokerage platforms. Although, as mentioned, this process is easier to do on the latter as the user interface is much more beginner-friendly. Here’s how it’s done:

Step 1: Sign up for an account
Step 2: Verify your identity
Step 3: Add your preferred payment method
Step 4: Locate the IOTA market
Step 5: Confirm the transaction
Step 6: Go to your portfolio page
Step 7: Here, you will see all your open positions
Step 8: Your fiat currency funds will appear in your account balance

Crypto Investment Strategy

Before making an investment, it’s important to have a strategy in mind so you can maximize your profits and minimize any potential losses. This is especially the case with cryptocurrencies due to their volatility. Typically, there are two types of investment approaches: long and short term.

Long-term:

  • Long-term or, HODLing as it is known in the crypto world refers to an investment that is intended to be held for a long time. The crypto markets are volatile and it can be difficult to time the markets accurately. As such, some people just choose to buy and hold, regardless of short-term price movements.

Short term:

  • Short-term investments are generally those which are made for quick profits. Put simply, the aim is to buy low and sell high in a short period of time.

How to Store IOTA?

When it comes to storing IOTA, you have many options. Here’s what you need to know:

Hot wallets

  • These are applications that you can download for free on your PC or smartphone to manage and store your IOTA digital assets. Popular ones include Firefly and Trinity.

Cold wallets

  • These wallets come in many forms, even as simple as a piece of paper that contains the seed phrases / private keys to a wallet. More commonly used cold wallets are also known as hardware wallets that come in different shapes and sizes. These require users to physically approve transactions on a small device which adds an extra layer of security to the stored assets. The most popular one is a Ledger wallet.

What Are the Different Ways to Pay For IOTA?

Fortunately, you have plenty of options to choose from when it comes to paying for cryptocurrencies such as IOTA. The most popular ones have been outlined below:

  • Buy IOTA with a credit or debit card

  • Buy IOTA with a bank transfer

  • Buy IOTA with PayPal

Buy IOTA with a credit or debit card

Pros

A familiar process if you have made online payments before
Easy to set up
Widely accepted

Cons

You need to share your card details online
Some platforms will charge you fees for deposits and withdrawals

Buy IOTA with a bank transfer

Pros

Once set up, subsequent deposits and withdrawals are fast
Widely accepted

Cons

You need to share your card details online

Buy IOTA with PayPal

Pros

Easy to set up if you have an existing account
Fast deposits and withdrawals

Cons

Not as widely accepted as other payment methods
Some platforms may charge extra fees for this option

What to Consider When Buying IOTA (MIOTA)?

Here are some of the main things to keep in mind before buying IOTA (MIOTA).

Volatility:

  • Cryptocurrencies tend to be more volatile than other assets. Have a look at some charts to know what to expect and to make more informed decisions.

Fees:

  • Different platforms will charge different fees for their services. It may be worth doing some research so you can get the best rates.

Regulation:

  • Cryptocurrencies have been banned by some countries. Ensure you find out the laws in your jurisdiction before making any investment.

Availability:

  • Not all crypto platforms will offer IOTA markets. Use the guide above to help you.

Long vs Short Term holding:

  • As mentioned before, you should have a strategy in mind so that you can make timely profits and not make decisions based on emotions alone.

Is It Safe to Buy IOTA Online?

Unfortunately, scams are not uncommon in the world of crypto but there are steps you can take to mitigate the risks.

Firstly, stick to regulated platforms, that way you are better protected in case something happens.

When signing up, ensure that you do not reuse passwords from other websites and activate 2-factor authentication as soon as possible.

Finally, consider storing your assets in a private wallet that only you have access to. Through this, if the exchange gets hacked, your assets will be unaffected.

How to Sell IOTA?

Selling your IOTA holdings is just as easy as buying them in the first place. Here’s how it’s done on eToro for example:

Step 1: Log in to the official eToro website
Step 2: Click on ‘Portfolio’
Step 3: You will see all your open positions
Step 4: Close the position
Step 5: Your fiat currency funds will appear in your account balance

Is It Worth Buying IOTA Right Now?

IOTA is a popular crypto project with a huge following from people around the world. It got off to a rough start due to some problems associated with its wallet but it rallied significantly in the year 2021.

That said, however, it has underperformed some other, newer projects, with larger teams and more eye-catching partnerships.

If IOTA wants to compete with the quality of the projects in the market today, it has to up its game, or otherwise, it may be left behind.

Of course, nothing is guaranteed and you should always do further research on your own.

Final Thoughts. Best Way to Buy IOTA

The best way to buy IOTA is to use a brokerage platform such as eToro as it offers easy sign-up and supports many different payment methods.

Remember:

  • Never reuse passwords from other online websites

  • Activate 2-factor authentication as soon as you sign up

  • Consider storing your assets in a private wallet for the best security

And as always, only invest with money you can afford to lose.

FAQs

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Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.