How to Buy IOTA on Binance | Beginner’s Guide

Binance has emerged as the leading global cryptocurrency with more than 6 million users, and a growing base of supported tokens. As at March 2018, the supported cryptocurrencies on the exchange has peaked at 280; including the Internet of Things Application token known as IOTA.

IOTA total tokens in fixed supply are 2,779,530,283,277,761, and made its market debut in 2014. The cryptocurrency has maintained a place on the top 20 cryptocurrencies by market capitalization over the course of 12 months.

Part 1: Register an Account

To buy IOTA on Binance, you need to first of all, have a Binance account. You cannot buy or sell on Binance until you register your personal account. Here is the account opening link you must use.

Step 1: Go to Binance Homepage

  • Go to Binance homepage
  • Navigate to the register tab on the top-right corner of your screen

After you click on the register link, the register tab will appear as follows:

Step 2: Fill in Your Details

  • Fill in the boxes starting with your Email address
  • Choose a password, and repeat it on the next row
  • Agree to the terms of the exchange by checking the box provided
  • Click on ‘Register’

Step3: Confirm Your Registration

  • Go to your email inbox
  • Click on the link and confirm your account

Watch this video and observe the steps to opening an account on Binance

Step 4: Enable 2FA Authentication

On Binance, your account has to be authenticated to enable you trade without restrictions. Enabling the 2FA (factor authentication) feature is recommended to safeguard your transactions.

  • Log in to your account
  • Click on your profile link
  • Your user center will open
  • On your lower right corner of the screen, click on ‘SMS Authentication’ under the Two -factor Authentication tab
  • Enter your phone number in the space provided
  • An SMS code will be delivered to our phone
  • Enter the number in the space provided
  • Enter your Google Authentication code
  • Click on the submit tab.

To know more on using Google Authentication, read more here

Part 2: Buy Bitcoins or Ethereum

You need to now proceed to buy Bitcoins or Ethereum since you cannot use fiat money like USD, JPY or GBP on Binance. To buy Bitcoin, you can use an exchange like Coinbase, or Changelly.

Here is what you need to do to buy Bitcoin on Coinbase:

Step 1: Account opening

create your account

  • Like most exchanges, you need to open an account to use Coinbase
  • Go to Coinbase homepage
  • Fill the space provided on the account opening page and hit submit
  • A verification link will be sent to your Email inbox
  • Check your inbox and click the link
  • This completes your account opening process.

Step 2: Verify Your ID

  • Login to your Coinbase account
  • It is time to verify your identity and /or bank card
  • Click on the link to your profile
  • The available options for verification will appear
  • Upload the ID you have available
  • Wait for ID verification
  • You will get an Email alert to confirm your verification.

Step 3: Buy Bitcoin

  • Login to your Coinbase account dashboard
  • Locate the top section of your account page

buy sell tab

  • Click on the buy/sell tab
  • The supported currencies will appear
  • Click on Bitcoin, and select a payment option
  • Enter the amount you want to buy in USD
  • Click on the ‘’buy Bitcoin instantly “tab
  • The next pop-up will ask you to confirm the transaction

confirm transaction

  • Click on ‘confirm buy’ , and the purchase will reflect immediately in your wallet.
  • The green check shown below indicates a successful transaction

successfull transaction

 

Part 3: Locate Your Binance Token Wallet Address

Now that you have upgraded your verification on Binance, you can now proceed to trade.

It is time to add funds and buy IOTA. You need to identify and copy the wallet address of the token you are adding on the exchange. In this case, we are using Bitcoin (BTC)

  • Go to your Binance homepage and login• Click on the ‘Funds’ tab
  • You will see the tabs for Balances, Deposit, withdrawals, and Transaction history
  • Click on the deposits tab
  • The drop-down menu will display at this time
  • Enter BTC in the space provided
  • Then click on ‘BTC’ as it shows up on the display

click BTC

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  • The BTC wallet address for your Binance account will display under the drop-down menu
  • Copy the wallet address using ‘CTRL C’

Part 4: Fund Your Binance Account

To add money on Binance, you need to go back to your funding source, in this case, your Coinbase account.

  • Login to your Coinbase account
  • Click on send tab on your Bitcoin wallet
  • Go to the ‘send’ link on the BTC tab and select ‘wallet address’
  • The recipient BTC wallet tab will display
  • “CTRL V” on the space provided on the tab
  • The Binance BTC wallet address will successfully be pasted
  • Enter the amount of BTC you are sending
  • Confirm the transaction
  • Click ‘submit’ to complete the transaction.

Part 5: Buy IOTA

Confirm your BTC transfer

Proceed to Buy IOTA

Now that you have confirmed that your BTC is in your Binance account, you can proceed to buy IOTA as follows:

  • Go to your Binance homepage
  • Click on the exchange tab

exchange tab

  • Click on the Basic tab on the dropdown menu as shown above
  • What will appear next is the exchange page
  • To the right corner of the exchange are the favorites
  • Click on the favorites at the top of the right corner of the page
  • Locate BTC and click on it
  • The pairs for BTC will appear next
  • Click on IOTA/BTC
  • Go to the lower midsection of the exchange
  • The tab on display will be as follows

buy tab

  • Enter the amount IOTA you want to buy
  • After this selection, hit the submit bar, and the transaction will be processed
  • Go to our Funds tab and click
  • Click on order history on the drop down menu
  • You will see the trade order for IOTA you just placed
  • When the transaction is completed, the IOTA you bought will reflect in your Balances under the Funds tab.

The video below gives you an overview of how to buy IOTA on the Binance exchange.

Conclusion

IOTA has no doubt proven to be a relevant cryptocurrency with the deepened use of Internet of Things Applications around the globe.
Go to Binance today, and begin your IOTA trading using the steps outlined above.