IOTA cryptocurrency has come a long way since it was launched in July 2016. The token is now the 12th largest cryptocurrency when it comes to market capitalization.
The IOTA platform is different from the platforms used by other crypto assets. It uses a tree of transactions known as a “tangle”, rather than the usual chain of transaction blocks used by other cryptos.
So, its uniqueness makes it an interesting asset everyone wants to have. The price of IOTA has grown impressively over the past few months, and it’s still drawing more attention. If you are looking to buy the IOTA token whether to hold or trade, follow this guide to do it the right way.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY IOTA IN THE USA
- A Step-by-Step Guide to Buying IOTA
- Store Your IOTA in a Wallet
- How to Sell IOTA
- Things to Consider When Buying IOTA
QUICK GUIDE: HOW TO BUY IOTA IN THE USA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select IOTA.
- Enter how many IOTA coins you want to buy.
- Check the details and confirm your purchase.
A Step-by-Step Guide to Buying IOTA in The USA
Set up an account with an exchange that supports IOTA in three steps
Step 1: Choose an exchange
Obviously, registering with a crypto exchange is the first place you have to begin because it offers you the opportunity to own IOTA tokens. IOTA is a very popular token, so you are likely going to see many exchanges that accept it.
Additionally, IOTA sells very fast, unlike other non-popular crypto assets. Whether you are looking to hold the token for a long time o start trading immediately, you need to choose and register with a crypto exchange.
Before choosing an exchange, ensure you look at their features and find out which one offers all the services you need. For instance, many exchanges may not allow you to withdraw your IOTA funds to a wallet. Also, some exchanges demand personal details from users to fulfill the government’s KYC policies. These are some of the things you should consider before choosing an exchange.
The registration process is pretty straightforward once you provide all the details the exchange requires.
Step 2: Deposit funds to your account
The next step to take is to deposit funds into your exchange account. This stage is a bit tricky in most exchanges because many of them do not accept fiat currency when you are buying IOTA. In this case, you will need a different cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) to buy IOTA.
But first, you need to deposit money into your exchange account. Most exchanges offer different deposit options such as PayPal, credit card, debit card, as well as through bank transfers.
After depositing using your preferred payment option, your exchange account will be credited. The next step will be to buy IOTA.
Step 3: Buy IOTA
The process of buying IOTA on an exchange is very simple. Go over to the market section of the exchange and search for the currency pairing, click on the “Buy IOTA” button and complete the order, providing the amount of MIOTA you want to buy and the types of order.
alternatively, you can purchase either Bitcoin or Ethereum with the funds to enable you to exchange it for IOTA. This is the ideal way to buy IOTA. Go to the order option for BTC or ETH and fill in the amount of the cryptocurrency you want to buy. It will be converted immediately and shown to you on the screen. Conclude the order to get the BTC pair deposited to your exchange account.
The next thing is to exchange the BTC for the IOTA token. The process is similar. Go to the order page again and select the BTC/IOTA pair. Complete the order form and receive your token in your exchange account.
Afterward, you can decide whether you want to continue trading with the IOTA token or whether you want to store it in your wallet.
Store Your IOTA in a Wallet
Now that you have the IOTA token in your exchange account, you may want to get a crypto wallet to store it. While keeping your IOTA in a wallet is not compulsory, it offers you more security for your funds.
Exchanges can be attacked and hacked at any time. But with a wallet, you have full control of the safety of your funds. Decide whether you want a hot wallet or a cold wallet. As the name implies, the hot wallet is connected to the internet, which means it is more liquid.
On the other hand, cold wallets are completely offline and usually important for storing crypto assets for a long time.
If you want to store your wallet, there is no better option than an offline wallet. But remember that there are so many incompatible wallets out there. So, get a wallet specifically designed to hold IOTA tokens.
How to Sell IOTA
You may want to sell your IOTA after it has appreciated. Well, selling the token isn’t difficult. All you need to do is log on to your exchange and go over the selling page where different token pairs are listed.
Again, it may not find a pair that converts directly from IOTA to USD. In this case, choose a popular pair like Bitcoin or Ethereum to convert your IOTA tokens. After converting to Bitcoin, it will be straightforward to sell and convert to fiat currency before withdrawing to your bank or through the payment option you provided.
Things to Consider When Buying IOTA In The USA
We stated earlier that IOTA is an impressive project that has attracted lots of attention. But it’s not right to jump into the market without understanding certain things.
The project behind IOTA
The price of a cryptocurrency can be driven by the project behind it more than anything else. That’s why you need to research IOTA properly before investing. IOTA’s technology is a unique one generally seen as a network that will revolutionize interactions with the Internet of Things (IoT).
The platform has embarked on several projects designed to improve its network. As it stands, many people are seeing it as a viable investment option.
Level of interests behind IOTA
As we mentioned earlier, IOTA has generated a high level of interest over the past year due to the uniqueness of the project. It’s a sure sign that the token may likely surge in the future.
The crypto market is very volatile
This is one of the major reasons why many investors are skeptical about investing in IOTA and other cryptocurrencies. The market can swing in opposite direction more often than a ticking clock. As a result, you need to be wary of this high level of risk before investing your money. A better understanding of the risk levels will help you minimize your loss and make more profits.
IOTA’s price has surged to unprecedented levels over the past few months. This has attracted several players to the token. Although the market is a little bit stagnant at the moment, there is a high expectation that the token will continue its bull run.
If you are looking to invest in the token, the above guide will show you how to buy, store, and sell the IOTA crypto asset in the USA.
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