How to Buy IOTA on Binance in 2019 | Step by Step Guide
What Is IOTA?
IOTA is an Internet of Things (IoT) project created in 2015 by Sergey Ivancheglo, David Sontesbo, Serguei Popov, and Dominik.
The IOTA crypto was designed to facilitate microtransactions among IoT devices in real-time without any network fees. It is a special crypto as it does not use blockchain, but relies on another decentralized technology called Tangle, which is a Directed Acyclic Graph.
Tangle is what connects the platform data to the user, and there is no need for a miner to clear or validate the transactions like with other cryptos.
IOTA is currently supported on several exchanges, but the highest trading volume is on Binance, hence, our choice of exchange for todays guide.
Before you start to buy IOTA on Binance there are some things you should have sorted beforehand:
- Get an IOTA wallet: you will need a wallet to store the coins after you have purchased them;
- Have crypto funds: IOTA is not available for trading against fiat for the time being, which means that you will have to own crypto funds in order to trade for the coin.
Getting an IOTA Wallet
Step 1: Go to the official Trinity page and download the appropriate version for your devices system.
Step 2: Set up your wallet.
Step 3: Click the receive button.
Step 4: Generate new address.
Step 5: Copy your address.
You will need the address you copied from your wallet later in our how to buy IOTA on Binance guide when you will have to transfer your funds from the exchange.
Creating an Account on Binance
Step 1: Create a Binance account.
Go to the official page of the Binance site and register for an account (you can skip this step if you already have one).
Provide a username, password, and valid email address. Click Register and wait for your email to be verified. You will receive a confirmation email once the verification is over.
Step 2: Set up 2FA.
Once you have verified your email address log back into your account and activate your 2FA that is an optional step, you will want to have your account secured. You can choose between Google Authenticator or through SMS.
Funding Your Account
If you already have crypto funds in your Binance account, you can skip this step.
IOTA is traded against Bitcoin, Ethereum, USDT, and Binance Coin on the exchange, so before depositing in your account, you will first have to choose with which crypto you want to buy IOTA. Keep in mind that bitcoin has slower transaction times compared to the other three cryptos. In our example, we will show you how to buy IOTA on Binance with Bitcoin.
If you do not own an ...