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How to Buy & Store IOTA Cryptocurrency – Wallets & Exchanges

The method for buying IOTA is pretty much the same at all these exchanges. Since IOTA cannot be bought using fiat currency yet, the only way to buy it is via Bitcoins or Ethereum. If users do not have either of those but still wish to buy IOTA, they need to go to the exchanges and buy Bitcoins or Ethereum first. Before buying IOTA, you may be interested in this guide:

Buy IOTA Coin (MIOTA) – Step by Step Guide

Step 1 – Register on the exchange and enter your details. You will then have to verify your email address. This is done by clicking a link in the email the exchange will send you once you enter your details.

Step 2 – Once your account is verified, you need to deposit funds into your account on the exchange. If you already own Bitcoins or Ethereum, transfer them to your account on the exchange. Generally, IOTA cannot be bought with fiat currency, so if you don’t have any cryptocurrencies, you will need to buy them. Make an account on an exchange like Coinbase and buy the Bitcoins you want to use for IOTA.

Step 3 – Once your bitcoins are added to your account on the exchange, you will be able to trade them for IOTA. You need to select the correct option to trade, which should look like IOTA/BTC or IOTA/ETH.

Step 4 – You will then get the option of buying IOTA using the amount you have added to your account. Simply select the amount you wish to buy and confirm the transaction. The IOTA will then be transferred to your account as soon as the exchange processes the transaction.

List of IOTA Exchanges

As of right now, only the following exchanges list IOTA –

  • Bitfinex
  • Binance
  • CoinSpot
  • CoinFalcon
  • Bit520
  • Exrates
  • OKex

Of all these exchanges, the most reliable ones are Bitfinex and Binance. However, Bitfinex is no longer accepting users from the US, so Americans need to use one of the other options.

How to Store IOTA – Types of Wallets

IOTA is a relatively new technology. While it may be the 7th most traded cryptocurrency in the world, it is not mainstream enough for beginner friendly clients to be made. Due to this, there are very few wallets capable of properly storing IOTA. Hence, most people who trade or use IOTA tend to store them in exchanges. However, storing cryptocurrencies in exchanges is risky, so the challenge lies in deciding how to store IOTAs safely. There are a couple of options users can try:

  • IOTA Desktop Wallet
  • IOTA Paper Wallet
  • IOTA Mobile Wallet

IOTA Desktop Wallet

This wallet is IOTA’s own wallet, downloadable from their website. The IOTA GUI client, as it’s known, is a basic wallet to handle IOTA transactions. However, this wallet is not easy to operate for beginners. The benefits are well worth it though.

Once you’ve downloaded the wallet, you need to set it up. When setting it up, select the option “light node” to connect to the Tangle, and choose a host. When you do this, the wallet will generate an 81 character seed that ends in the number 9. This seed is incredibly important since it grants you access to your wallet. Keep it safe.

IOTA Paper Wallet

A paper wallet requires the aforementioned 81 character seed ending in the number 9. It can be generated via several open source programs, available freely. A paper wallet contains the seed, a QR code of the private seed, a QR code of the receiving address, and the generated address. By simply printing it out and keeping it somewhere safe, you will be able to maintain proper access to your IOTA wallet.

IOTA Mobile Wallet

The IOTA mobile wallet is still in its formative stages, so it will probably take some time to leave the beta testing stage. But once it’s functional, the iOS and Android versions of the wallets will be able to store a large number of IOTA.

Categories: Cryptocurrency
Tags: Buying GuideIOTAWallets
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