How to Buy IOST in the UK

A Beginner’s Guide to Buying and Selling IOST Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy lOST – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many LOST tokens you want to buy.

Credit to the proliferation of cryptocurrencies as has been noted since the beginning of this year, some tokens previously unknown, such as IOST, have gained their way into the crowds and are now heavily adopted as an investment tool. 

IOST is a fairly new token that was launched in 2018. However, despite the late entry into the crypto market, it has gained quite the following, making it rank among the most enticing cryptocurrencies you can invest in. 

By reading this guide, you will be equipped with deep knowledge regarding what cryptocurrencies are. The guide will take you through all the relevant steps in an easy way and ensure that in no time, you are buying IOST tokens and investing in this space that has quite the potential. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY IOST IN THE UK
  2. A step-by-step guide to buying IOST in the UK
  3. How to sell IOST Tokens
  4. Which wallets can I use to hold IOST tokens?
  5. How IOST works
  6. Key things to consider before buying IOST in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY IOST IN THE UK

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select IOST
  5. Enter how many IOST coins you want to buy.
  6. Check the details and confirm your purchase.

A step-by-step guide to buying IOST in the UK 

If you want to start investing in IOST, follow these simple steps: 

Step 1: Register an exchange account 

The only place where you can buy cryptocurrencies is from a crypto exchange. So, the very first step you need to take is to open an exchange account. The UK is home to many exchange accounts. However, you have to choose the exchange that supports IOST and the GBP. 

When opening an account, you will provide your full names, telephone number, and email address. You may be required to add other details such as a government-issued ID or a proof of address that needs to be verified by the exchange before you are allowed to use the account. 

To keep your account safe, you also need to set a password and a multi-factor authentication process. This will make it easier for you to recover your account if you forget any details. 

Step 2: Deposit funds to the exchange 

After opening your account, the second step is to deposit funds in it. The easiest way for you to do this is by linking your bank account and depositing the amount of funds you want to spend. You should deposit funds in GBP to buy IOST in the UK. 

If you do not have any funds in your bank account to link with the exchange, you can also use other crypto holdings and exchange them for IOST tokens. However, this option is not available on all exchanges. For example, if you already own BTC on the exchange, you can choose the pairing BTC/IOST to trade Bitcoin for IOST. 

Step 3: Buy IOST 

Once you have funds in your exchange account, the next step is to purchase IOST. The purchase will only take a few minutes. Go to the buy section on the exchange and key in the amount of funds or crypto you want to exchange for IOST. Afterwards, confirm your transaction, and a notification will be sent to you informing you that the transaction has been completed successfully. 

If the current prices do not seem favorable to you, you do not have to buy IOST tokens just yet. There are two types of orders you can place. A market order allows you to buy IOST tokens at the current market prices. A limit order will complete your order when the price of IOST tokens reached a certain price. 

Step 4: Store your LOST tokens in a crypto wallet 

The last and most important step is to store your IOST tokens in a crypto wallet. It would be best if you had a place where you can hold these tokens to ensure they are kept safe from loss and misplacement. 

There are two main ways of storing crypto tokens; a hot wallet or a cold wallet. The hot wallet is the one you use for small crypto holdings. The wallet is found online, mostly on the exchange account. The cold wallet is for large IOST holdings or when you do not want to sell for a long time. The wallet keeps your tokens offline. 

How to Sell IOST tokens 

The most common way of making money from cryptocurrencies is buying and selling when the prices are high. If you decide it is the right time for you to sell your holdings, you can follow the same step as the buying process. 

Go to the sale section on the exchange and enter the IOST tokens you want to sell. You can sell the tokens either for GBP or for other cryptocurrencies like Bitcoin. Once you have completed your transaction, you can withdraw your earnings from the crypto exchange. 

Which wallets can I use to hold IOST tokens? 

Like mentioned earlier, there are two main types of crypto wallets you can use to hold cryptocurrencies. Online wallets are hot wallets that are used by retail traders who only want to hold cryptocurrencies for a short time. The wallets are held online, so you can readily sell your IOST tokens whenever you want to. 

On the other hand, cold wallets are those you use to hold cryptocurrencies offline. The wallets can be stored on external devices such as USB drives. The biggest advantage of cold wallets is that they keep your tokens safer compared to hot wallets. 

How IOST works 

IOST is a new cryptocurrency in the sector, but it works similarly to Bitcoin. The token is based on blockchain and works under decentralization. One of the best things about decentralization is that it eliminates the challenges you would normally find on centrally managed financial systems. 

Key things to consider before buying IOST in the UK 

Before buying IOST, you need to consider the following: 

Level of risk 

You also need to assess the level of risk involved in investing in IOST. Afterwards, you can gauge whether it will be a worthy investment for you or not.

Performance 

It would help if you looked at how IOST has been performing in recent years before buying the token. 

Usability 

Look if there are areas where IOST is being used for developing DeFi protocols. The more usable a token is, the higher the chances of it appreciating. 

Conclusion 

IOST is gaining ground and has become one of the most popular cryptocurrencies. Investing in IOST is risky, but you can also make quick returns from speculation. To buy and sell IOST, follow the steps above and consider the stated factors to make a better investment.

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