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Current price per coin: $

A step by step guide on how to buy & store the IOTA (IOTA) cryptocurrency

What is IOTA?

As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.

Important note

This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.

How to buy IOTA
Important: Be wary of scammers - get into the habit of double checking that URL's look correct in your browser address bar when moving / purchasing / selling cryptocurrency.

Notes: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.

There are three parts to this guide (click to skip to them): Setting up a IOTA wallet, buying Bitcoin and then exchanging Bitcoin for IOTA.

1

First we need to set up a wallet to store the Iota you're about to buy.

Go to the Iota official wallet client page at Github.

Choose the file that works for your computer and download it. For example, .exe files work for Windows, .dmg files work for Mac etc.

Once the file has downloaded, run it and it will install the wallet onto your computer. You may have to disable your antivirus program to install it.

Setting up IOTA wallet
2

Once the wallet has run, it will ask you if you which wallet type you'd like to install- light node or full node.

Choose light node.

Setting up IOTA wallet
3

As we're using the light node wallet, the IOTA blockchain won't be downloaded to your computer. This means that the wallet needs to reference the blockchain using a node.

You will now be asked which node you'd like to use. They all work the same, but some may be slower due to your location. A good one to pick is http://iota.bitfinex.com:80

Press start.

Setting up IOTA wallet
4

Now you're asked to input a seed- which is basically your wallet login AND password in one.

The seed must be 81 characters in length, and consist only of upper-case letters and the number 9 (nine).

Our recommendation is to use an office writing program, or this website, or anything that counts the number of letters you write down. That way it's easy to input capitalized letters and number nines until you reach 81 characters.

For example, this would work as a seed (do not use this seed yourself):

WEJOEFJOEW9FEHBEIFBKS9RPMQFDSJSDGSDGSD9SPENM
WRGKINSD9WEIUYQWYTBDFSDZZ9QMALSHJFGUE

Once you've got your own unique seed, paste it into the wallet and press 'login'.

Note: It's very important that you keep this seed private and safe. If anyone gets hold of it they can open your wallet and take your coins.

Setting up IOTA wallet
5

Now the wallet is open.

Press 'receive'.

You will be given a long string of characters- this is your wallet address to send coins to. Copy it down as we'll need it soon.

Setting up IOTA wallet
6

Now we'll purchase the popular cryptocurrency Bitcoin, so that we can exchange it for IOTA (if you already own Bitcoin you can skip ahead).

Choose which Bitcoin exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
#
Cex.io
  • Worldwide coverage, 99% of countries.
  • Accepts debit & credit cards and bank transfers.
  • High initial buy limits compared to other exchanges.
  • ID verification required.
#
LocalBitcoins
  • Worldwide coverage.
  • Accepts Paypal, Western Union, gift cards, bank transfers & lots more.
  • No ID required for some payment methods.
There are also some other exchanges listed here.
7

If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
8

Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

Signing up to Coinbase
9

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Using a credit/debit card means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Signing up to Coinbase
10

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Bitcoin', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Bitcoin on Coinbase
11

You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Bitcoin. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Bitcoin on Coinbase
7

Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
8

Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
9

You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
10

Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
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Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
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Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
13

Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
14

Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'BTC' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Bitcoin, or you can scroll to the bottom of the page and input the amount of Bitcoin you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
15

You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
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Congratulations- you now own some Bitcoin!

Press 'Ok'.

Signing up to Cex.io
7

Click here to go to LocalBitcoins, and click 'Sign up' on the top right menu.

LocalBitcoins
8

Enter a username, your email and a strong password (that you won't forget!).

Click 'Register'.

An email will be sent to you with a link to confirm your email address. Go find that email and click the link.

This will open a new window that will have automatically logged you into your new account.

Press 'Buy Bitcoins' on the top menu.

Signing up to LocalBitcoins
9

Click 'Quick buy'.

In the first input box, write how much money you want to spend on Bitcoin.

In the first drop down menu, select your currency. For example USD is US dollars, GBP is Great British Pounds etc.

Then in the next drop down select the country you're in.

If you wish to buy Bitcoin without needing to provide any ID, click the check box beside 'ID not required'. Please note that this may limit the numbers of sellers, and may be a more expensive way to purchase Bitcoin.

In the final drop down menu you're given a wide range of buying methods. You can choose to look for sellers that accept Paypal, bank transfers, Amazon gift cards etc. - or just choose to look at all options.

Once you're happy with your selections, press Search.

Signing up to LocalBitcoins
10

You'll be given a list of sellers matching your criteria.

Beside their user names you will see the number of transactions they have done on the site (e.g. 1000) and their feedback (e.g. 100% positive).

You will also see the payment methods they accept, the price they're selling Bitcoin at and any limit to the amount they will sell in one transaction (for example, they might have a lower limit of $50 and an upper limit of $10,000 for a single transaction).

Choose which seller you'd like to use and click 'Buy'.

Signing up to LocalBitcoins
11

On this page, read the terms of trade with your selected user. Make sure you're happy with them.

Pay attention to the opening hours- are they open right now? Also pay attention to the 'payment window'- this is how long you have to pay after sending the trade request. If you're not ready to send the payment within that time frame, don't continue.

Once you are ready, input the amount of Bitcoin you'd like to buy in your chosen currency. You may be limited to a smaller amount as this is your first time using LocalBitcoins- your limit will increase as you get positive feedback.

You may choose to write a message to the seller, but this isn't required.

Press 'Send trade request'.

Signing up to LocalBitcoins
12

You will now be given the payment details for the seller- for example, their bank account details, Paypal address etc.

Use these details to send the correct amount of money to the seller, within the payment window, by following the steps laid out on the right side of the screen.

It's very important to include the reference message with your payment so the seller knows the money came from you.

Once you have made the payment, click the 'I have paid' button.

Signing up to LocalBitcoins
13

You will be asked to confirm that you've made the payment.

Read the information and when you are sure you're happy to accept, press 'Confirm payment complete'.

You must now wait for the seller to confirm they have received the payment.

Signing up to LocalBitcoins
14

Once they have, the Bitcoin will be released into your account- you will get a message on the site (which can be seen as a red speech bubble along the top menu), as well as an email to confirm it.

Your coins will appear in your wallet (also on the top menu). Click it.

And now leave this page open as we're going to need it soon.

Signing up to LocalBitcoins
12
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15

We'll use the site Binance to exchange your Bitcoin for IOTA.

Click here to go to Binance, and click 'Register' on the top right menu.

Binance exchange
13
18
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Enter your email and a strong password (that you won't forget!).

Click 'Register'.

Setting up a Binance account
14
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You will be sent an email to confirm your email address.

Click the link in the email.

Setting up a Binance account
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You will be taken back to Binance as your email is confirmed.

Press 'Login'.

On the login form, enter the email and password you just used to sign up, then press 'Login'.

Setting up a Binance account
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19

A pop-up will advise you to set up 2FA (two factor authentication) on your account.

We strongly advise you to do this- in the event a hacker manages to get hold of your password, this second level of security makes it very unlikely they will be able to get into your Binance account.

We recommend using the Google Auth app on your mobile phone, as it's the most secure 2FA available.

Setting up a Binance account
17
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20

Hover your mouse over 'FUNDS' on the top menu and click on 'Deposits Withdrawals'.

This screen displays any coins you have stored on Binance- obviously none at the moment.

Type 'BTC' in the search box.

This will narrow the wallets displayed to just one- Bitcoin.

Press 'Deposit'

You will be given a Bitcoin deposit address (a long string of numbers and letters).

Copy this address and keep it somewhere safe as we're going to need it soon.

Setting up a Binance account
18

Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Bitcoin wallet listed on the left.

Click 'Send'.

Sending Bitcoin on Coinbase
19

In the 'Recipient' box, paste the Bitcoin wallet address we just copied from Binance.

In amount, type how much Bitcoin you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Bitcoin are sent.

Sending Bitcoin on Coinbase
23

Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'BTC' in the drop down menu.

Input the amount of Bitcoin you're sending.

In the box labelled 'Enter the recipient's address below' paste the Bitcoin wallet address we just copied from Binance.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
24

You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
25

You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
21

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Bitcoin wallet address we just copied from Binance.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
22

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
23

You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
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24

Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Binance wallet.

Binance will update automatically so there's no need to refresh the page.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about IOTA, encouraging its popularity and value to grow.

Here's some share buttons to make it easy:

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Once the Bitcoin shows in your 'available balance' we're ready to trade for IOTA.

Click here to jump straight to the IOTA/BTC exchange market on Binance.

Setting up a Binance account
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The exchange page can look overwhelming at first, but don't worry, we're only going to use a small part of it.

There are two ways of buying coins:

A 'Limit' order, which lets you manually set the price at which you want to buy IOTA.

A 'Market' buy, which fills your order automatically at the best price available.

As market buy is the simpler of the two options we'll go with that.

Look for the big green 'Buy IOTA' button.

Above it, click the 'Market' option.

In the input box marked 'Amount' you now need to fill in how many IOTA you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Bitcoin for IOTA.

When you're happy with the amount, press the buy button.

Your order will be filled immediately.

Setting up a Binance account
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Press 'Funds' along the top menu, then 'Deposits Withdrawals'.

In the search box, type IOTA. You will now see your new IOTA in your IOTA wallet.

Setting up a Binance account
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Now lets move these coins to your personal wallet.

Click the 'Withdrawal' button.

In the boxes that appear, fill in this information:

Label: Write 'My wallet'

Address: Put the wallet address that you copied from IOTA wallet (in step 5).

Amount: Press the 'Max' button to send all your IOTA.

Once you're sure all this information is correct (double check you've inputted the correct wallet address!), press 'Submit'.

If you've set up two-factor authentication, you will be asked for a code from your phone. Enter it and press 'Submit'.

You will be sent an email to confirm the withdrawal.

Go to your email and click the link that has been sent to you.

Setting up a Binance account
7

Now you have to wait for the Iota to travel from Binance to your wallet.

Once it has, it will show in your balance.

Setting up IOTA wallet
Links

Other buying guides
Further reading

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