Buy IOTA on Binance
It’s no secret, I love Binance. It’s a fairly new exchange out of Hong Kong and they offer excellent support, a beautiful interface, and their own coin that you can purchase and use to receive a discount on trading fees. I highly recommend going with Binance to buy IOTA. Once you’ve purchased IOTA on your Binance account, you’ll want to follow the IOTA Wallet Guide to transfer your IOTA cryptocurrency to your personal wallet. NOTE: At the time of writing this, Binance has IOTA withdrawals disabled, and to be honest, the IOTA wallet sucks. Whether or not it’s more secure is up to you, but full disclosure, I’m leaving my IOTA on Binance until the new wallet is released.
- Purchase Litecoin. I know, you came here to learn how to purchase IOTA. The problem is, unless you already have some form of cryptocurrency, you need to first convert your fiat (Actual currency i.e. US Dollar) into cryptocurrency. I highly recommend using Coinbase for this procedure for the sake of simplicity. I also highly recommend using Litecoin over Bitcoin or Ethereum because of its speed and extremely low fees. Obviously, if you already own Bitcoin or another cryptocurrency that is accepted on Binance, you or prefer to purchase it elsewhere then you can skip ahead. The first thing you’ll need to do is sign up for an account on Coinbase. Keep in mind, you cannot buy IOTA on Coinbase at the moment. After creating an account, you’ll need to your credit card or bank account as a payment method on Coinbase. Once you have a payment method added, you can proceed to the ‘Buy/Sell’ page by clicking ‘Buy/Sell’ on the main menu of the site. In the USD box, enter the amount you would like to purchase. After you enter the amount you will see how much Litecoin this converts to. Coinbase does have fees so be sure and account for that by adding about $6 to your purchase amount. After completing your purchase, once your account shows your Litecoin balance, you’re now ready to move on to the next step!
- Create an account on Binance. This part is simple enough. You’ll just need to go to the Binance website, and create an account by clicking ‘Register’ in the top right hand corner of the website. When creating an account, you won’t need to do the verification process unless you plan on making a huge purchase. Like more than $20k or 2BTC. I recommend visiting your Account settings page after creating your account and taking the time to setup Google Auth as an added security precaution, although this isn’t necessary and is something you can do later.
- Generate a wallet address on Binance. This may seem a little intimidating if you’ve never sent cryptocurrency before, but it’s actually quite simple. On your Binance account, at the top of the site you’ll see Funds, hover your mouse over this and click ‘Deposits Withdrawals’. You’ll now see a list of all cryptocurrencies that you can deposit or withdraw from your Binance account. If you followed the steps above and purchased Litecoin, go through the list until you find Litecoin. Once you do, at the end of the Litecoin row you’ll see two buttons, Deposit, and Withdraw. You want to click Deposit. Binance will now generate a Litecoin Deposit Address for you. Go ahead and copy this to your clipboard for the next step.
- Send Litecoin to your Binance deposit address. For this step, you’ll need to return to your Coinbase account. Once logged in to Coinbase, click ‘Accounts’ on the main menu. Now, on the left, you should see a box labeled ‘LTC Wallet’ and inside that box, a ‘Send’ button. Click ‘Send’. In the ‘Recipient’ box, paste the address you generated in step 3 of this guide. Now, in either the USD or Litecoin amount boxes, enter the amount that you would like to send. This part here is why we use Litecoin instead of Bitcoin. The Bitcoin transaction fee is several dollars, whereas Litecoin usually costs about $0.01 to send. After you’ve entered your address and your amount you may click ‘Continue’.
- Wait for the deposit to appear in your Binance account. Currently, you must wait for 6 confirmations to occur before your deposit will show up in your available balance on Binance. This typically takes around 10 minutes. It varies a little depending on the network but just be patient. If you go to the Deposits page on your Binance account you should see your deposit pending.
- Sell Your Litecoin for Bitcoin on Binance. Confused yet? I know this sounds weird. So we bought Litecoin originally because it’s cheap and fast to send, but now that your Litecoin is on Binance, you want to sell it for Bitcoin because IOTA trades in Bitcoin pairs. Login to your Binance account and either visit this link: https://www.binance.com/trade.html?symbol=LTC_BTC or, Click Exchange -> Basic at the top of the Binance website then locate the LTC/BTC pair in the box at the top right of the exchange under the Favorites button (Just follow the link I pasted, it’ll be less confusing). You should now be on the LTC/BTC trading screen where you’ll see orders flying by and the price of LTC/BTC charting. Below the charts you’ll see the order form that looks like this:So, here’s how the order form works. You want to sell all of your Litecoin for Bitcoin. So on the Sell LTC side, you can leave the Price alone as it will use the absolutely latest price of LTC. Then just click “100%” and the red “Sell LTC” button. This will sell all of your Litecoin for Bitcoin. The order should go through instantly but may take a moment if the market is especially volatile. Once the order processes, you now have Bitcoin on Binance and are ready to purchase IOTA.
- Buy IOTA cryptocurrency. You’re finally ready to buy your first IOTA coins! You can buy IOTA on Binance by accessing the drop-down menu at the top of the screen labeled ‘Exchange-> Basic’ and then finding the IOTA/BTC pair in the box at the top right, or visiting the following link after you’ve logged in: https://www.binance.com/trade.html?symbol=IOTA_BTC. The following screenshot will show you what the Binance Order Form looks like:This process will be similar to the previous step except now you’re making a buy instead of a sell. You can basically do the same thing as before though, click the ‘100%’ button, then the green “Buy IOTA” button. Again, the order may take a moment if the market is volatile but should be instantateous as it will automatically use the latest price. Boom, you now own IOTA!
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