How To Buy IoTEX (IOTX) In The USA

A Beginner’s Guide to Buying and Selling IoTEX Cryptocurrency in the USA

Last Updated August 30th 2021
14 Min Read

If you’re based in the USA 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.

The crypto environment presents investors with an amazing opportunity to grow their financial assets, especially because of the diversity achieved by spreading investments. The United States has made the entire crypt market very friendly for traders, setting up structures that serve as enablers for cryptocurrency transactions. IoTEX is one of the available cryptocurrencies today, battling UMA, ZRX, Ethereum and Bitcoin, among others. 

IoTeX cryptocurrency may seem unfamiliar for those who are new to cryptocurrency trading, but this coin has increased over 600% in value in just 7 trading days. The project is backed by a team of enthusiasts and professionals who aim to build an ecosystem by connecting IoT devices with DApps. For this purpose, the project uses a "blockchain-into-a-blockchain" technology based on the DPoS consensus mechanism. 

IoTeX has its native cryptocurrency, IOTX, which can be used to pay transactions within the IoTeX ecosystem, stake it to get rewards, or trade to profit from its price fluctuations. But, is IoTeX a good investment right now, how can it improve the IoT industry, and what are the best places to buy IoTeX in the US? This article aims to give you the answers to the mentioned questions and introduce a step-by-step guide on how to buy IoTeX online in the US.

QUICK GUIDE: HOW TO BUY IOTEX IN THE USA

  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 IoTEX
  5. Enter how many IoTEX tokens you want to buy
  6. Check the details and confirm your purchase

What is IoTeX?

IoTeX is an Ethereum-based cryptocurrency project launched in 2017 by four people with PhDs in cryptography - Raullen Chai, Xinxin Fan, Jing Sun, and Qevan Guo. Before they started working on loTeX project, they worked for such giant technology companies as Facebook, Uber, etc. 

The project's primary goal is to get a mix of decentralized applications and IoT devices to build trust between humans and those devices. Generally, IoT is an abbreviation that stands for the Internet of Things, aka all the devices and gadgets that use sensors, software, and other technologies to communicate and exchange data with other devices within the Internet. In today's world, it's hard to find someone who doesn't use at least one such device at home or the workplace. Smart refrigerators, doo looks, mobiles, watches, and several other devices have been successfully incorporated into our routine and become an integral part of our lives. 

However, as the number of IoT devices is growing incredibly, along with this tremendous growth, there are particular problems that these gadgets encounter. First and foremost, you don't know what happens to your data when you share it with these devices. Apart from privacy, other crucial problems are scalability and their operating costs. For that matter, IoTeX tries to tackle these issues with a unique mechanism called the Roll-DPoS consensus mechanism. 

Read More: What Is IoTeX (IOTX)? Should You Invest In IOTX

How IoTeX Works and What Affects its Price?

As mentioned previously, IoTeX uses an Ethereum-based blockchain, and thus, it uses a consensus mechanism called Proof of Stake combined with sidechains, which is known as Roll-DPoS. To put it simpler, it creates a blockchain that ensures all the other blockchains function correctly. 

The problem is that there are thousands of IoT technologies that have different needs. So, it would not be reasonable to use the identical blockchain for all the devices. That's why sub chains are used, due to which similar devices are combined in a single blockchain. Besides, there is also a root blockchain that acts as a security provider for all the subchains.

Iotex ecosystem

IoTeX has already successfully incorporated its technologies with thousands of IoT devices. But still, it needs to attract more attention and get more prominence with many other collaborators. If it can succeed in making its technologies more widespread, it will increase its value incredibly. One thing that hinders its way is the high competition in the market, so it certainly needs to improve its technologies and the awareness of the public to its project in order to become the leader in the market. 

How to Buy IoTeX online in the USA - A Step by Step Guide

Now, when you have learned the basic information about IoTeX, you can finally decide whether you want to invest in it or not. If you're going to get some IOTX coins, in this part of our guide, we will show you how to buy IoTeX online in the US.

To buy IOTX tokens in the USA, follow these simple steps: 

Step 1: Open an exchange account 

To buy IoTeX, you must have an account on a cryptocurrency exchange platform supporting IOTX and working in the USA. Best crypto platforms usually are authorized and possess heavy regulations to guarantee your safety. But you also need to pay attention to the fees the platform charges, what payment methods it offers, what trading tools it gives you - and based on these factors choose the best one for you depending on how you plan to invest. 

The first step is to look for an exchange in the USA to buy IOTX tokens. There are several exchanges in the USA, and to select one, you need to ensure that it can support IOTX tokens. 

If you are a new trader, you also need to see whether the exchange has a good support system to guide you through all the processes. You can also check if the exchange has educational materials that can help you advance your trading skills. 

When you have chosen an exchange that you want to use, the next step is to open an account using your details. You can use information such as the name, phone number, and email address. You also need to verify your details using supporting documents such as a driver’s license, social security number, and others. 

Opening an exchange is a very simple process that will only take you less than five minutes. 

Step 2: Deposit funds into your account 

The next step is to deposit funds into the exchange account to start buying IOTX tokens. Depositing the funds is a very easy process that will also take a few minutes. All you need is to link your credit card or bank account to the exchange and then choose the number of funds you would like to invest. 

Some exchanges do not allow the direct purchase of IOTX tokens using USD. In this case, you will need to fund your account using other cryptocurrencies such as Bitcoin and Ethereum. Deposit funds to the exchange and then choose another token you can purchase with USD and later exchange that token for IOTX. 

Step 3: Buy IOTX 

The third step is to buy IOTX tokens using fiat currency or cryptocurrency you have deposited in the exchange. Buying IOTX is very easy. Just go to the buy section on the exchange and then input the amount you want to purchase. You will receive a prompt asking you to confirm your transaction. After confirmation, a notification will be sent to you informing you that the transaction has been settled. 

There are two ways for you to fulfil your order on the exchange account. You can either select to buy using a market order or a limit order. The market order is for transactions that will be settled instantly using the current market prices. 

However, if you think that the current market prices for IOTX are too high for you to buy the token, you can use a limit order. The limit order allows you to set a low price that you will buy IOTX tokens. When IOTX tokens reach that price, your order will be settled instantly. 

Store Your IOTX Tokens in a Wallet 

After you have bought IOTX tokens, the next thing you need to do is to store them in a crypto wallet. There are several crypto wallets that you can choose to store your IOTX holdings. Exchanges usually give you online wallets, also known as hot wallets. The wallets will store your cryptocurrencies online, and this way, it will be easy for you to trade regularly. However, online wallets are not secure. 

The other type of wallet is a cold wallet that stores your cryptocurrencies offline. Cold wallets are more secure than hot wallets. However, storing your crypto in a cold wallet will make it difficult for you to trade ICOP regularly. It is, therefore, suitable for those holding large amounts of IOTX tokens or those who want to hold.  

Is IoTeX A Buy Right Now?

IoTeX is trading at $0.08 per coin at the time of writing, so it can be a good investment for those who just start trading and want to begin investing in coins with low value. IoTeX price history charts also show us that the coin has had good price movements since its inception, which makes it a good asset for short-term trading. Initially, it entered the market at a price of $0.02 and hit a record for the year reaching $0.059. But, it lost value shortly after. 

Until 2021, IOTX price movements are somewhat monotonous. The cryptocurrency made a good jump at the beginning of 2021, reaching $0.07, but soon along with the crash of bitcoin, it followed the leading cryptocurrency like other altcoins. Since then,  it made another high jump at the beginning of August and increased incredibly in value. On August 12th, it hit its all-time maximum as it was traded at $0.12. 

Iotex price chart

IoTeX price history, source: coinmarketcap.com

Presently, it's the 109th largest cryptocurrency in the world by market capitalization, and the loTeX prices are expected to recover with the recovery of other cryptocurrencies. So, all in all, it's a promising cryptocurrency to invest in. Still, there are always some risks with cryptos to consider before you put your capital into it. 

How to Trade IoTeX in the US - A Step by Step Guide

Apart from using your coins within the IoTeX network, you can also trade them and make a profit from price movements. In this section of our guide, we will explain how to trade IoTeX in the US.

1. Find an Online Trading Platform that Supports IoTeX 

If you plan to trade frequently, you are supposed to buy and sell assets quite often. One major thing that can incredibly affect your money in this process is the trading fee the broker charges. So, you need to select a broker with more reasonable prices. Some top brokers don't charge any commissions when you buy or sell assets. Being a CFD broker, eToro is one such example that offers zero-commission trading and charges only spreads. 

2. Fund Your Account

To start trading, you obviously need to have an online account and deposit funds on it. To transfer funds, top brokers usually offer various payment methods. What you need to do is to select one of them - such as a debit or credit card or a wire transfer method - and link your card or an e-wallet with your brokerage account to deposit money. 

3. Develop a Trading Strategy

After all these technical steps, it's time to decide how you will trade - that is to say, select a trading strategy. You can find several trading strategies that traders use frequently. Day trading, for instance, is used when you open and close positions within the same trading days. In scalping, you profit from tiny price fluctuations, so your buy and sell processes usually follow each other in seconds. 

Meanwhile, you can develop your own trading strategy. The latter can vary depending on the coin you plan to trade, how much profit you expect, how much time you are ready to invest, etc. 

4. Start Trading IoTeX 

Now, what is left for you to do is to search for the IoTeX and start trading. You can find the IoTeX native token under the ticker symbol IOTX. Simply type its name in the search bar and click on the trade button to start buying and short selling the coin.

 

What is IoTeX Price Prediction?

According to the cryptocurrency price predictions, IoTeX value will continue to grow steadily in the future. Looking at the Wallet Investor predictions, we noticed that the algorithm doesn't think the project will crash. It considers IoTeX a good long-term investment with a 45% potential return. But the algorithm also forecasts that the coin won't hit $1 even in the next 5 years. And in 2026, IOTX will be trading at just $0.225.

Another forecaster, Digital Coin Price, has almost similar predictions. Based on the predictions of this algorithm, IoTeX prices will increase, so it's a profitable investment. Still, they don't predict that IoTeX can hit $1 even in the next seven years. According to Digital Coin Price, IOTX will be traded at $0.24 in 2025 and reach $0.36 in 2028, as you can see in the chart below. 

Iotex price prediction chart

IoTeX price predictions, according to Digital Coin Price

Check Out: Could IoTeX (IOTX) Be A Millionaire-Maker Coin

IoTeX Advantages and Disadvantages

In this part of our guide, we will sum up some of the advantages and disadvantages of the IoTeX cryptocurrency project to help you make a final decision of whether you should invest in this coin. 

Advantages of IoTeX

It aims to build an ecosystem to combine decentralized apps with IoT devices.

✅ The project is developed by professionals with PhDs in related fields and great careers. 

✅ IOTX has shown significant growth in the last month.

✅ It incorporates innovative technologies to solve the problem of privacy while using IoT devices. 

Disadvantages of IoTeX

The project encountered high competition, including the IOTA crypto project.

Its blockchain technology still has some issues to be tackled.

How Do I Mine IoTeX in the US?

The IoTeX mining system is based on the consensus mechanism known as Proof of Stake. To be rewarded with IOTX coins, you must stake your coins if you act as a user or delegate within the IoTeX network. Delegates stake their coins to participate in network consensus and earn new rewards, while users can spend their coins to interact with the network. Meanwhile, the latter can stake their IOTX to get voting power and be rewarded with new coins. 

What is the Total Supply of IoTeX ?

The maximum supply of IoTeX coins is 10 billion IOTX, of which 9,644,304,442 IOTX coins are already in circulation. Its total supply is deflationary, as long as IOTX is burnt when a new device is registered to the network. 

How To Sell IOTX 

To sell IOTX tokens, you can follow the same process as one buying the tokens. Login to your exchange account and then enter the amount of IOTX that you would like to sell. Afterwards, confirm your transactions, and just like in the purchase process, you will receive a notification in your email detailing your transaction. 

You can sell your IOTX tokens for USD and later withdraw from the exchange or exchange it with other cryptocurrencies such as Bitcoin. You can later exchange with money. It is also possible for you to withdraw the funds you have sold the tokens for from the exchange and into your bank account. 

Things to Consider Before You Invest in IoTeX in the USA

To sum up, the IoTeX cryptocurrency project is an innovative idea for the IoT industry that can build the missing links between humans and such devices. If more DApps join the IoTeX network, the demand for IoTeX will increase, and it can positively impact IOTX value. But the IoTeX community still works on bringing more improvements to the network and has a lot of work to do. 

So, IoTeX can be a good investment in the long term if the project succeeds in bringing its ideas into reality. If you think that IoTeX can achieve its goals and want to invest in this cryptocurrency, you can choose a brokerage platform from our list of suggestions and use our guide to learn how to buy IoTeX online in the US. 

Some factors that you need to consider when buying IOTX in the USA include: 

Availability 

The first thing you should consider is the availability of the token. You need to check if there is enough IOTX token in circulation to create liquidity that allows you to buy any time. 

Volatility 

You also need to check price volatility in assessing whether to invest in IOTX. All cryptocurrencies are highly volatile, so you need to ensure that you can manage the volatility and the high risk associated with crypto investments. 

Usability 

You also need to check the usability of IOTX tokens before investing. Usability involves the token being used for activities other than trading. For example, IOTX tokens are used to power the IoTEX protocol, which protects its future. 

Conclusion 

IOTX tokens are becoming very popular despite being introduced in the market recently. To buy IOTX tokens, open an exchange account and then choose a wallet to store your tokens. It is important to consider several factors before buying the tokens to ensure you make the right decision. 

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