Buy IOTA on Bitfinex
The easiest and fastest way to buy IOTA in the US, in my opinion, is through Bitfinex. Bitfinex is a large cryptocurrency exchange located in Hong Kong. For the moment, Bitfinex doesn’t allow verified US accounts to fund their accounts using USD. Upon creating an account on Bitfinex, if you’re located in the US, you will be asked if you are a US citizen or not. I’ve read that saying ‘No’ will remove any purchase restrictions from your account, but I can’t personally verify that. The restrictions placed on your account will only allow you to buy IOTA cryptocurrency on Bitfinex using other cryptocurrencies. This guide will show you how to buy IOTA using Bitcoin on Bitfinex. Once you’ve purchased IOTA on your Bitfinex account, you’ll want to follow the IOTA Wallet Guide to transfer your IOTA cryptocurrency to your personal wallet.
- Purchase Bitcoin. If you’ve never done this before, don’t freak out, it’s insanely easy these days. I highly recommend using Coinbase for this procedure for the sake of simplicity. Obviously, if you already own Bitcoin 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 add a 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 Bitcoin 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 Bitcoin balance, you’re now ready to move on to the next step!
- Create an account on Bitfinex. This part is simple enough. You’ll just need to proceed to the Bitfinex website, and create an account by clicking ‘Sign Up’.
- Generate a wallet address on Bitfinex. This could possibly be the most intimidating part, but I promise, it’s a breeze. First, login to your Bitfinex account and click ‘Deposit’ in the top right menu. You will see a list of currencies under ‘New Deposit’. Click ‘Bitcoin’. You will see options to generate addresses for your different wallets. Go ahead and generate an address for your Exchange Wallet by clicking ‘generate an address’ in the box under Exchange Wallet.
- Send Bitcoin to your 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 ‘BTC 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 Bitcoin amount boxes, enter the amount that you would like to send. Keep in mind you will incur a $5.50 fee in this process. It’s a pain but keep in mind that these fees are why we’re moving to IOTA in the first place. After you’ve entered your address and your amount you may click ‘Continue’.
- Wait for the deposit to appear in your Bitfinex account. Currently, you must wait for 3 confirmations to occur before your deposit will show up in your available balance on Bitfinex. This typically takes around 30 minutes. Some people say much less, some say more. It varies a lot but is seldom more than an hour. Just be patient. If you go to the Deposits page on your Bitfinex account you should see your deposit pending. From there you can also see how many confirmations have taken place so far. Don’t freak out if it sits on 0 for 20-30 minutes.
- Buy IOTA cryptocurrency. You’re finally ready to buy your first IOTA coins! You can buy IOTA on Bitfinex by accessing the drop-down menu at the top of the screen labeled ‘Trading -> IOTA -> IOTA/BTC’ or visiting the following link after you’ve logged in: https://www.bitfinex.com/trading/IOTBTC. The following screenshot will show you what the Bitfinex Order Form looks like:
You can either type the amount of IOTA you would like to purchase in the ‘AMOUNT MI’ box, or if you would like to purchase the maximum amount possible with your balance, you can click the dot highlighted in the screenshot to ‘Calculate the max buy amount using your available balances and price’. Once you’ve entered the amount you may initiation your purchase order by clicking ‘Exchange Buy’. Congratulations! You’re just bought IOTA!
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