How To Buy IOTA Online in 2022
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 coin (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
Where to buy IOTA? Picking the right platform to buy IOTA (MIOTA) can be a long process. If you are planning to invest in cryptocurrency such as IOTA coin (MIOTA), we’ve listed the top providers below to help you get started right away:
Key Takeaways for Buying IOTA
Best platform to buy IOTA: eToro
Top payment method 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?
Cryptocurrency brokerages
Cryptocurrency exchanges
Where To Buy IOTA?
Pros
Cons
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 credit or debit card
Buy IOTA with bank transfer
Buy IOTA with PayPal
Buy IOTA with credit or debit card
Pros
Cons
Buy IOTA with bank transfer
Pros
Cons
Buy IOTA with PayPal
Pros
Cons
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?
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
What is IOTA?
How does IOTA work?
Can I buy IOTA without ID?
Can I buy IOTA instantly?
Is there a limit to how many IOTA I can buy?
Can I buy IOTA in any country?
