How to Buy IOTA in US – Kraken, Bittrex, Binance or Bitfinex?

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Google has no clear instructions on how to buy iota in US and keep it safely. What is available on Reddit and such like forums is mostly small dots of information which need to be connected together to form meaningful instructions on how to buy IOTA in US and keep it safely.

But what baffles me most is the fact that many people are still not buying Bitcoin but are more than willing to buy as much IOTA as possible.

They are not buying Bitcoin because of the following reasons:

Funny thing is this. They now want to buy the concept of IOTA, which is far more complex compared to Bitcoin, Ethereum and other Cryptocurrencies which run on Blockchain technology.

I do not want to condemn anyone or sound sarcastic here. But I honestly think we are being ridiculous people.

If you’re a newbie wondering where to buy IOTA coin, I will not condemn you. That’s the good news.

Instead, I’ll briefly take you through a short lesson on what IOTA coin is and how it’s different from Bitcoin.

how to buy iota in us

Once you understand the basics, we can go ahead and explore the various ways of buying iota in the US, specifically in USD, Bitcoin or whichever currency you choose.

What is iota and why is it the next Bitcoin?

IOTA is quite new, unlike Bitcoin. It’s very very precious.

Many people want it because it’s an investment with serious profit potential.

In fact, if you bought IOTA today and held it for the next 3 years, it would be the best investment that you ever made in your life.

So, what exactly is IOTA?

IOTA is a concept and a digital asset too. It uses a concept known as ”Tangle”.

This is another way of implementing the Internet of Things in blockchain technology, hence the abbreviation IOT.

Because iota uses Tangle instead of blockchain, a decentralized network is created where value and information can be shared between devices/systems without incurring any transaction costs, which is one of the reasons why IOTA is going to be the next big thing.

Tangle protocol is definitely a unique concept which is also hard to understand unlike Blockchain technology.

The IoT ecosystem is what runs the IOTA currency.

You already know that the Internet of Things is a scenario where all electronic devices are able to exchange information since they are interconnected.

The concept of IoT has many applications. You can imagine your refrigerator ordering some cheese when the current stock has run out.

The concept of IOTA can also help to verify that whatever information is exchanged between devices is accurate and impossible to manipulate —- in the same way blockchain technology verifies unique transactions.

should i buy and invest in iota in us

So basically IOTA is something that’s supposed to relate to the execution of transactions involving money.

In the example above, the owner of the cheese must be paid.

IOTA would ensure that the money is transferred to the correct store owner at no cost.

The point is, just like Blockchain technology has a number of applications, IOTA too can be used in this manner.

But here, we are speaking of IOTA in terms of a currency.

Equipped with that information, we can go ahead and discuss how to buy iota in US and also how to store, or sell it later on.

I want to Buy IOTA, but where?

To be honest, It was not until recently that I began to give IOTA a serious thought.

Technically, am an investor of Bitcoin and Forex in general. But I love disruptive technology especially when it comes to blockchain and tangle.

I got interested in Bitcoin back in 2014, then invested in it and felt happy that it was a worthwhile cause.

The same applies to some of my students that I mentor here.

So it definitely makes a lot of sense for me to talk about IOTA as a digital currency.

The problem we are facing here is that there are two or three exchanges that have adopted IOTA so far, unlike Bitcoin which is technically traded in all exchanges these days.

When a market is monopolistic in this manner, the service providers obviously make it difficult for customers to enjoy their basic rights.

Let’s take the example of Bitfinex (one of the IOTA-friendly exchanges on the internet).

They left the US market just the other day. Even if you sign up with them now, you won’t enjoy their services as they no longer serve US citizens looking to buy IOTA.

The remaining exchanges, i.e Binance and coinspot.com.au have their own requirements which, in one way or the other, are impeding the efforts of those living in the United States from obtaining IOTA.

The other lesser known exchanges like ydx.io have an unknown reputation. I have never transacted with these guys before. In my opinion, they look shady.

Coinspot.com.au has its own problems too. The verification process is tedious, plus they often ask for an Australian driving license or an ID.

I suppose that US citizens are not welcomed here either. Not sure of this though.

You see, many people have wondered why several months after launching the lovely IOTA, only two major exchanges are listing it (Binance and Bitfinex).

The answer is quite obvious: Exchanges such as Coinbase use a different type of software that can only accommodate Bitcoin, Ether and what have you. IOTA is not blockchain-supported. 

My guess is that these exchanges would need to introduce a software that caters for IOTA transactions in order for them to start offering it in their exchanges.

Where to buy IOTA coin: Are Binance and Bitfinex a practical option?

I have been buying IOTA at Binance for the last 3 months now.

But it looks like getting a new account registered is quite an awful experience these days.

When you try signing up, you will get a notice that they have temporarily suspended new account applications due to the enormous number of requests which they are receiving at the moment.

So most of the people who go there visit once and never return to check again.

With Bitfinex, their monopolistic nature is a huge turn off for most IOTA investors, why?

They are demanding at least $10,000 to perform any activity on their platform. They cannot compromise on this requirement whatsoever.

Another thing is that the verification process sucks. It can take up to 8 weeks due to the backlog which they claim to have at the moment.

Why can’t they hire enough staff members to handle the excess workload? I can’t understand this.

And of course they are going to charge you a fee for keeping your IOTA on their platform since they state very clearly that their website is an exchange as opposed to a wallet (another reason why I prefer Binance).

So if you don’t trade or withdraw your IOTA soon, they will start deducting a fee from it.

This does not appeal to me since I am always adding more IOTA into my investment portfolio with a long term goal in mind.

How to Buy IOTA in US?

If you’re looking for a practical solution to buy IOTA in US, there are only two options to choose (at least for now).

You can search for an IOTA-friendly exchange which is accepting Bitcoin or USD as a form of payment.

I use Binance at the moment (although they are reluctant when it comes to accept new account applications at the moment).

How to Buy IOTA on Binance

Open an account using this link. Once the new account has been approved, you’ll need to fund it in Bitcoin.

If you don’t have Bitcoin, buy them using Coinbase.

Coinbase accepts deposits in USD, EUR, or GBP currencies.

By now, you should have a loaded account in Bitcoin. To buy IOTA in Binance, just head over to the exchange and select IOTA/BTC pair.

The order will be filled shortly. That’s it. You have some IOTA which you can keep until an opportunistic time when price will have significantly gone up.

A note to those who are looking for where to buy IOTA coin in US

I have been in this industry for some time now, and one of my concerns is the security of my funds.

Once you buy IOTA at Binance or any other exchange, you don’t leave them there for a significant length of time unless you plan to trade them back into Bitcoin or some other currencies like the USD.

The reason why I recommend that you store your coins elsewhere is because most of these exchanges are not reliable, and can easily disappear with your money if you leave it there for a long time.

For that reason, I purchased Bitlox Cryptocurrency hardware wallet last year. You can purchase yours here. I am hoping that it will be modified to accommodate IOTA as well.

The threat of hacking is just real.

You don’t want to wake up to the news that the exchange where you keep your IOTA coins at has been hacked.

So then, after buying IOTA coins, how do I store them safely, now that Bitlox is only accommodating Bitcoin, Ethereum, Litecoin, and other Cryptos?

How to store IOTA coins

IOTA is really precious. You can see the demand it has right now. That means it’s a solid investment to hold.

So, how do you store it safely?

Well, I prefer using an Android wallet for achieving that purpose (although there are other options too).

The Android app which I use is created by the community, and is free to download.

Before accepting IOTA in your wallet, a special address needs to be generated. This is available on the ”Receive Tab”.

The next step would be to click on ”Attach to tangle”. This action will prompt the address to be attached to the tangle.

The moment you attach the address, you’re ready for receiving IOTA coins.

How to buy IOTA in US: It’s very easy now

As you can see, this Android wallet makes life simple when it comes to keeping your IOTA safe.

I also love this app because it enables me to send IOTA for free. Yes, no transaction fees are charged.

That means if you’re wondering how to buy IOTA in US, I can always ask you to download the app and have me sending you some IOTA to your wallet (of course after we are done with the formalities).

Conclusion

Still not sure how to buy IOTA in US? Contact me here for help.

Otherwise, I do believe that this post provided insights on how to go about it.

I also believe that now you know all the options that are available for you out there.

If you can, buy more IOTA now and keep it. You’ll come to thank me later.

P.S: To learn my secrets on how I make money with Cryptocurrencies and Forex trading, join my student’s mentorship program here.

Also, feel free to drop your comments below.