What is IOTA?
IOTA gets its name from the Internet of Things (IoT). In the coming years, there are expected to be over 50 billion Internet-enabled devices around the world, yes 50 billion! IOTA aims to take advantage of this and offers a way to make microtransactions among these devices.
The goal of IOTA is to enable these “connected” devices to send micropayments for tech resources in real time, on the open market, and without fees!
Read more in IOTA’s official whitepaper here.
Open Up A Coinbase Account
First, sign up for a Coinbase account if you haven’t already.
Before you have some IOTA in your wallet, you will first need to purchase Bitcoin, Litecoin or Ethereum from Coinbase. If you already have some BTC, LTC or ETH in an account, skip ahead to step 2.
Create A Binance Account
First, sign up for a Binance account.
Once we have secured our BTC or ETH, we will go to what is called a cryptocurrency marketplace where buyers like you use those main currencies to purchase all other coins. We’ll be using Binance today, but you should know there are a few marketplaces where IOTA can be purchased.
Create an account with Binance, then proceed to step 3.
Send BTC, LTC or ETH to Binance
- Select “Wallets” on Binance
- Locate your “BTC”, LTC or “ETH”
- Press “Deposit”
- Click and copy the address string
- Return to Coinbase once more
- Press the “Accounts” tab on Coinbase
- Locate your BTC, LTC or ETH wallet & select “Send”
- Input the Binance wallet address into the Coinbase recipient address bar
- Enter the amount you want to migrate and tap send!
Purchase IOTA (IOTA) on Binance
Now that we’re done with that, let’s buy some IOTA! Look for the “Markets” tab and search for the BTC/IOTA or ETH/IOTA market. Once you’ve located the correct market, select your price per coin, the amount you want to purchase, and then finally buy!
Is that it?
That’s it! We used Ethereum but it’s no different if you’re using Bitcoin (however BTC does have higher fees and can be slower to transfer).
Calculate & Deposit
Great job, you successfully signed up for Binance and bought some IOTA! The next steps are up to you.
We hope this helped you buy IOTA onthe Binance exchange!