How To Buy IoTEX (IOTX) In The UK
A Beginner’s Guide to Buying and Trading IoTEX Cryptocurrency in the UK
If you’re based in the UK and wish to buy IoTEX – the process is very simple. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many IoTEX tokens you want to buy.
Since the Internet of Things was born in 2008, it has disrupted the way we manage our daily lives. Smart devices, watches, home hubs, medical sensors, activity trackers, to name just a few - are an inextricable part of the routine for many of us. According to diverse predictions, by 2025, there will be more than 40 billion connected IoT devices in the world. In comparison, some other calculations forecast more than 50 billion IoT devices by 2022.
Despite their vast distribution, certain problems prevent the mass adoption of IoT devices, including privacy, scalability, and trust. IoTeX is one of the companies which offers a “blockchain-within-a-blockchain” technology to solve many of the problems IoT devices encounter. According to them, there are already thousands of IoT devices using the technologies they offer.
IOTX is the governance token of this cryptocurrency which you can stake to participate in votes and earn interest or trade, to benefit from its price fluctuations. This guide will cover all the necessary information about IoTeX and its native token. You will also learn how to buy IoTeX coins online in the UK.
IoTEX was set in motion in 2017 as an open-source project. IoTEX, whose native token is the IOTX, makes a friendly ecosystem for effective communication between people and machines.
Operating under the IoTEX blockchain platform, the IOTX token was formed as part of the Internet of Things (IoT). An increasing number of smart devices were invented daily. Among the smart devices enabled herein include security cameras, drones, wearable fitness trackers and others.
As an accessory for the Internet of Things, IoTEX can be used to pay for transactions, staking, and even government while facilitating the registration of new devices on the IoTEX blockchain network.
The crypto operates under the IoTEX blockchain platform and serves as its native crypto. The token describes the increasing number of smart devices, including but not limited to security cameras, drones and even fitness accessories like trackers. IOTX can be used in transaction payment, government, and in staking. The token also facilitates the registration of new devices over the IoTEX network.
As an investor, you need to ensure that you invest in caution. You can also seek professional advice from a financial expert to fully grasp how to invest in this sector.
QUICK GUIDE: HOW TO BUY IOTEX IN THE UK
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select IoTEX
- Enter how many IoTEX tokens you want to buy
- Check the details and confirm your purchase
What is IoTeX?
In order to understand what is IoTeX and what innovative solutions it aims to bring to our daily lives, firstly, we need to understand what is IoT. IoT stands for the Internet of Things and is used to refer to all devices, sensors, gadgets, and similar things that can be connected with other systems or devices and exchange data over the Internet. Such technology giants as Amazon, Apple, Huawei, Cisco, IBM are among the leading players in the IoT industry.
IoT devices are growing rapidly, but some major problems are connected with their full integration. Among the crucial problems are the lack of privacy, their high costs, scalability, and lack of functional value. Still, the most significant issue is associated with their centralized nature. So, to what extent we can trust these devices, and how our data will then be used?
This is what loTeX is trying to solve - IoTeX aims to build an open ecosystem that will ensure that humans and devices communicate and interact with each other with trust, free will, and privacy. The ecosystem is also referred to as The Internet of Trusted Things. To reach its goal, IoTeX will use a blockchain-based on the so-called Roll-DPoS consensus mechanism, which is pretty similar to the Proof of Stake mechanism.
IoTeX was launched in 2017 by four people that have fascinating backgrounds in cryptocurrencies and cryptography. The founders of the project are Qevan Guo, Jing Sun, Xinxin Fan, and Raullen Chai. They worked for such companies as Uber, Facebook, Google, and have PhDs from the University of Waterloo and the National University of Singapore. According to Raullen Chai, they tried to develop a technology that will benefit society. In one of the interviews, he mentioned: “as an early Bitcoin adopter and believer in blockchain, I knew my future would blend my passions in technology and social good.”
Should You Buy IoTeX?
Considering those innovative ideas that the IoTeX project wants to bring into the IoT industry and the IOTX price movements, we can genuinely say that IoTEX is worth buying. Besides, it is trading at fairly low prices and can be a good investment.
As mentioned previously, IoTeX has a native cryptocurrency which can be found under the ticker symbol IOTX. It was launched as an ERC-20 token and then swapped to IOTX in 2019. At the time of writing, IOTX is the 105th largest cryptocurrency in terms of market capitalization and has a 9.5 billion circulating supply, while its maximum supply is 10 billion.
Crucially, IoTeX is a new cryptocurrency in the market but has already gained a good reputation. If we look at the IOTX price history charts, we see good price movements. The cryptocurrency was trying to gain value at the beginning of 2021, but it got severely affected by the recent crypto market crash and lost part of its value. In August, the situation changed drastically when it recovered significantly and gained almost 350% in just a week.
IOTX reached its all-time maximum on April 12th, when it was trading at $0.12, and then started its price correction. Now, it is trading at $0.08 and has a market cap of $747 million as of August 2021.
IoTeX price history, source: coinmarketcap.com
Meanwhile, it is important to consider the fact that the project has several competitors and, basically, the volatility of cryptocurrencies should remind you to invest reasonably and only put under the risk what you can afford to lose.
How to Buy IoTeX online in the UK - A Step by Step Guide
Now, when you are familiar with the IoTeX cryptocurrency project and the price movements of its IOTX token, you can be more confident about investing in it or not. Here is a complete guide explaining how to easily buy IoTeX coins in the UK.
Step 1: Open an exchange account
The first thing you need to do is open an exchange account to buy the IOTX tokens. The UK is home to many crypto exchanges, which is why you need to be careful when choosing one. Ensure that the exchange you settle for can support IOTX tokens.
Opening an account is a less detailed process than opening a bank account. Your full names, address, and contact details, such as the telephone number and email address, are all you will need. Depending on the exchange, you may be required to verify the information that you have provided. This will involve submitting documents such as a government-issued ID and a proof of address.
To set up security for your account, you need to set a two-factor authentication process to keep your tokens safe inside the exchange.
Step 2: Fund the account
The second step involved funding the account so you can buy IOTX tokens. If the exchange you have selected permits the use of the GBP, you can link your bank account to the exchange and transfer the funds you want to use. However, not all exchanges have this option.
The second way of funding your account is by using other cryptocurrencies. An exchange may not allow you to change fiat currency into IOTX tokens directly. Still, it will allow you to buy other popular cryptocurrencies such as Bitcoin using fiat currency. If you hold BTC or any other supported crypto on the exchange, you can directly change them to IOTX tokens.
Step 3: Buy IOTX
The most important step is to buy IOTX tokens using the funds you have deposited into the account. Go to the 'buy side' on the exchange account page and enter the amount you want to purchase to buy the tokens. Once you confirm all the details of your transaction, you will receive a notification that will inform you that your purchase has gone through successfully.
Sometimes the price of IOTX tokens may be too high for you to buy at the prevailing prices. To purchase tokens at the prevailing prices, you will have to go with a market order, but to buy at your chosen price, you can select a limit order. With a limit order, your purchase will automatically be completed when prices hit a certain price.
Step 4: Store your IOTX coins in a crypto wallet
Now, when your coins are delivered to your exchange account, it would be reasonable to transfer and store them in a personal wallet. Wallets can be software, which are online apps that you need to install. Also, there are cold wallets in the form of physical devices that you need to buy and are considered the safest way to store your digital assets. Once you have purchased a digital wallet that supports IoTeX, then you simply need to transfer your coins to the wallet and keep your private keys in a safe place.
If you do not want to store it in a hot wallet, you can store it in a cold wallet. The cold wallet can store your IOTX offline, so you don’t have to worry about its safety online. A cold wallet is perfectly suited for those who are holding large amounts of IOTX tokens.
How to Trade IoTeX in the UK - A Step by Step Guide
In this part of our guide, we'll show you the full process on how to actively trade IoTeX in the UK for those who want to speculate on short-term price fluctuations.
1. Find an Online Trading Platform that Supports IoTeX
To begin with, you need to select a brokerage platform that supports IoTeX and operates in the UK. You had better choose a broker that charges low trading fees if you plan to open and close positions frequently. Also, you should pay attention if the platform works quickly and easily. Based on our analysis, eToro is one of the best brokers to trade in the UK for beginners.
2. Fund Your Account
Once you sign up for an online account and verify it, you can use one of the payment methods that the broker supports and deposit funds to your account. Top crypto brokers usually allow you to fund your account with fiat currency, such as GBP, EUR, or USD, etc. Check out also how much deposit the broker requires you to have on your account, as long as they primarily don’t allow trading without meeting the minimum deposit.
3. Develop a Trading Strategy
Another important step is to have a trading strategy before you start trading. Although developing the best trading strategy may take some time, it will definitely bring you better returns. There are trading strategies for passive traders and those who want to be actively involved in the process - to follow the news, market changes, analyze, etc. For example, scalping and day trading is part of the second group, while “buy and hold” is a passive way to invest your money.
4. Start Trading IoTeX
Finally, when you have a funded account and a trading strategy, you can start trading IoTeX. However, if you are new to trading, you can start with a demo account to explore what trading options the platform gives you and how easy it is to operate. Then, you can change it to a real live account when you feel confident and start trading with real money.
IoTeX Pros and Cons
When it comes to cryptocurrencies, it’s always hard to make a final decision whether to buy the asset or not due to their volatility and the uncertainty of the cryptocurrency market. So, if you are still hesitating, here are some pros and cons of IoTeX that will help you make up your mind.
Pros of IoTeX
- IoTeX develops a “blockchain-into-a-blockchain” technology to assist IoT devices.
- It aims to prevent information leakage and provide full privacy.
- The native token, IOTX, has raised more than 350% in value in a week.
- The project is backed by a team of professionals.
Cons of IoTeX
- High competition (including IOTA).
- Its blockchain mechanism has some challenges to be solved.
- It’s a new project and has not yet been established.
Is IoTeX a Good Long-Term Investment?
If IoTeX could establish its blockchain for IoT devices, it could mean an excellent visual. It will result in an IOTX value increase, and the IOTX coin could bring good returns in the long term. But IoTeX stepped into the industry where there is huge competition, which can hinder it in the way. In any case, you need to be very careful with your money and always consider the risk of losing money.
IoTeX is a cryptocurrency project that aims to incorporate innovative ideas into IoT devices to build trust between those devices and humans using them. More and more IoT devices are emerging gradually and more than 20 billion IoT devices already exist, and this number is predicted to triple in the upcoming years.
Check Out: Why IoTeX (IOTX) Will Skyrocket
What Will Be IoTeX Worth in 2025?
According to the algorithms designed to predict the future price of cryptocurrencies, IoTeX native token, IOTX, will take a prolonged increase in the next five years. Digital Coin Price forecasts that IOTX will be traded at $0.22 in 2025. Almost the same prices are with the Wallet Investor predictions - they predict a value of $0.225 for IOTX in five years.
According to the IOTX price prediction offered by experts, IoTeX is set to rise to $0.12 by the end of 2021, $0.25 in 2022, to soar all the way to $0.75 by December 2025.
Based on IoTeX projections from CoinLiker, the IOTX coin price is expected to rise significantly in the coming years, valued at $0.15 in 2021, $0.42 in 2022, $1.10 in 2023, $1.86 in 2024 and $2.54 in 2025.
Price Forecast projections look realistic. The price of IoTeX is expected to rise from $0.11 at the beginning of 2022 to $0.64 at the end of 2030.
IoTEX (IOTX) Price Prediction for 2021-2030
However, we should note that these predictions are not of great importance, as long as they are mainly based on market movements but don’t consider the fundamentals of the project. So, you can just take a look, consider these predictions, but do not wholly rely on them.
What’s the Purpose of IoTeX?
IoTeX aims to build blockchain technology to facilitate the Internet of Trusted Things. The main goal is to ensure privacy, for which the project wants to incorporate the concept of decentralization into IoT devices to build trust between people and such tools. For this purpose, IoTeX uses a consensus mechanism called DPoS, which is based on the concept of votes.
Is IoTeX Mining Profitable?
The mining process of IOTX works according to the Proof of Stake mechanism that many other cryptocurrencies already use. There are various positions within the IoTeX network - delegates, users, developers, etc. Delegates, for instance, stake IOTX to participate in network consensus and get rewards in the form of IOTX tokens. Users, on the other hand, use their IOTX to access devices and networks, but they can also stake their IOTX to get token rewards.
Buying or Trading IoTeX - Things to Take Into Consideration
In a nutshell, IoTeX is a cryptocurrency project that aims to utilize blockchain technology with one of the most rapidly growing industries - the Internet of Things. It’s a good start for the project, and it has already integrated its blockchain solutions into thousands of IoT devices. It means that IoTeX has an enormous potential to build a thriving environment and become a well-established crypto in the future.
However, there still remains some risk when you invest in cryptocurrencies, plus the competition in the market is high. The latter is the reason you should think twice before putting your capital into this crypto. If you think you can afford the money to invest in this coin, then loTeX is certainly one of the most interesting projects in the crypto market and one of the most promising digital assets in 2021 and beyond.
How To Sell IOTX Tokens
If you decide that it is time for you to sell IOTX tokens, you can go through the same process as the one involved in the purchase. Go to the 'sell side' at the exchange account and enter the IOTX tokens you want to sell. Confirm your details, and you will receive a notification that your sale has been processed successfully.
You can sell IOTX tokens for fiat currency, or you can sell them for other cryptocurrencies. Once your sale goes through, the following step is to withdraw your money back into your bank account.
Which Wallets Can I Use To Hold IOTX?
To hold IOTX tokens, you can use either hot wallets or cold wallets. Hot wallets are preferred by those with small IOTX holdings and people who want to regularly trade the token. Cold wallets are preferable by those who want to hold large amounts of the token and those who do not want to trade any time soon.
How IOTX Works
IOTX works in just the same way as other cryptocurrencies. It is based on the blockchain system, and this makes the transactions secure and fast. The token is mainly used for speculation where people buy and sell depending on the token’s market prices.
The IOTX tokens are also used to power the IoTEX network. In addition, they can be used for developing other DeFi protocols.
Key Things To Consider Before Buying IOTX In The UK
It would help if you considered these factors before buying IOTX tokens:
You should only choose to buy crypto if it is highly available. To check availability, evaluate how many tokens have already been mined and how many are in supply. A highly available token will make it easier for you to trade.
Like with other forms of investments, you need to evaluate the performance of an asset before you can make a decision. The performance of IOTX is judged by how the token has done in recent months in terms of price.
You also need to check whether the token can be adopted for other purposes, such as supporting DeFi projects and being used for online purchases.
IOTX tokens are some of the most valuable cryptocurrencies. The tokens are very new in the sector, but this has not overshadowed their potential. It is among the most promising cryptocurrencies in the world because of its role in the machine era. Buying and selling IOTX is an easy process, but you also need to be cautious when investing in crypto.
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