How to buy IOTA on Bitfinex?

Bitfinex was the first major exchange to list the cryptocurrency IOTA. Unlike classic cryptocurrencies, IOTA does not use blockchain but a tangle data structure. Today we show how to trade IOTA on Bitfinex.

First, set up an account on exchange.

Buy IOTACreate an account on Bitfinex

Now, go to the homepage and click on SIGN UP in the top right corner. In the appearing pop-up window, enter your information and then click on Open Account.

An e-mail confirmation will be sent to the specified e-mail address. This email has a confirmation link that you have to click and confirm.

Enable two-factor authentication

Once you have logged in (click on LOG IN in the top right corner of the page), set up the two-factor authentication via the Google Authenticator , even before purchasing IOTA , to provide additional security. Crypto exchanges are particularly prone to hacks and should therefore meet appropriate security standards.

First, download the Google Authenticator app from the Apple App Store or Google Play. The Google Authenticator app calculates a new six-digit sequence of digits from a secret code every 30 seconds, which you then enter when querying Bitfinex (when logging in, when picking it up).

Buy IOTASet up two factor authentication

On the bitfinex page, click on the male/female in the upper right corner and then on Security. On the following page click on Two-Factor Authentication and there on Setup. The following window appears:

Buy IOTA on BitfinexSet up two factor authentication

Now, use the Google Authenticator app to scan the QR code and write down the red-framed key. This must be kept well. If you lose your smartphone, you can use the key to set up the GoogLe Authenticator app again. Now, enter the code generated by the Google Authenticator app in the 2FA token field to confirm activation.

Verification of identity

To be able to transfer FIAT currencies to Bitfinex, you have to verify yourself. To do this, click on the male/female on the top right and then on Verification. Now, enter all necessary data and transfer copies of necessary documents. The processing can take up to 3 weeks. You will be informed once you have been successfully verified.

Transfer money to Bitfinex

At the moment you can only deposit FIAT currencies via bank transfer. Minimum amount is 10,000 USD. Click on Deposit and then on the desired currency. Once the money has been transferred, you can buy IOTA.

Transfer cryptocurrencies to Bitfinex

At the top right click Deposit and select your desired cryptocurrency. The address to which you should transfer the cryptocurrency appears. In order to trade directly, transfer to Exchange Wallet. Once this is done, it will be necessary to wait until the transaction has been completed and the requisite number of confirmations has been made. For Bitcoin, Bitfinex expects 3 confirmations.

Iota buy on BitfinexIOTA trading on Bitfinex

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Tags: Northwestern University, Bitfinex, Cryptocurrency, Google Authenticator, Multi-factor authentication, exchange, Blockchain, Google Play, App store, Fiat