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How to buy IOTA (MIOTA) in the UK

Current Price: £1.17   24hr: 0.86%

IOTA (MIOTA) is an exciting implementation of blockchain technology, which features free transactions, fast confirmations, and huge potential for scalability. These features are making IOTA increasingly popular, especially as other cryptocurrencies face scalability issues and relatively large fees. The easiest way to buy the coin is to acquire Bitcoin (BTC), and trade it for IOTA on an exchange such as Bitfinex or Binance…


Step 1: Acquire Bitcoin (BTC)

We’ll be buying IOTA with Bitcoin, so your first task is to acquire some Bitcoin. We have a run-down on some of the easiest ways to do this here, including GBP buying options.

Quick options for buying BTC in the UK:

Click here for a detailed guide on buying BTC in the UK

Step 2: Trade Bitcoin for IOTA

Now, we will use an exchange to buy IOTA with Bitcoin…

Binance Instructions (Recommended)

  1. Register for a Binance account here
  2. Deposit Bitcoin into your account by heading to Funds -> Deposits Withdrawals in the top menu
    1. Click the + next to Bitcoin to reveal the wallet address – send Bitcoin here
  3. Once Bitcoin has reached your Binance wallet, head to Exchange -> Basic via the top navigation bar
  4. Use the panel to the right side of the screen (which shows many currency pairs alphabetically, starting AMB/BTC, ARK/BTC, etc.)
    1. Type IOTA in the search bar
    2. Click the IOTA/BTC link to reach the market page
  5. See the Buy IOTA panel (pictured below), set your Buy parameters, and click the big green button
    1. This places an order, which can be watched via the Orders tab in the top navigation bar
    2. When your order is filled, the exchange is complete, and your IOTA will appear in your IOTA wallet under the Funds tab

Gate.io Instructions

  1. Sign up for a Gate.io account here
  2. Deposit Bitcoin into your account by going to the Wallets tab
    1. Click the red Deposit button on the BTC row
    2. Send your BTC to the address that is generated
  3. When your BTC arrives in your Gate.io wallet, head to the BTC market page for IOTA (or click here)
  4. Enter your order parameters in the Buy IOTA panel and hit Buy
  5. When your order is filled, your IOTA will show up in your wallet

Bitfinex Instructions

  1. Create an account at Bitfinex here
  2. Deposit BTC into your Bitfinex wallet…
    1. Click Deposit on the top bar menu
    2. Click Bitcoin
    3. Copy your Exchange Wallet address
    4. Send Bitcoin to this address, and wait for the transaction to receive the required confirmations
  3. Now that you have Bitcoin in your Bitfinex account, type IOTA into the search bar, and click on the Trading IOTA/BTC option
  4. Complete the Order Form to exchange your BTC for IOTA
Buy IOTA with Bitfinex
The Bitfinex Order Form

Step 3: Sending your IOTA to the wallet

Never leave your coins on the exchange, especially with IOTA. Read on to learn how to set up the IOTA GUI wallet… it’s not as daunting as it may at first sound!

  1. Download the latest version of the wallet here
  2. Run the file to launch the IOTA wallet
  3. Choose Light Node, not Full Node, for the wallet type
  4. Enter a public node… there’s a list of nodes here which you can copy and paste – the IOTA Support node is a safe one to choose
  5. Now, you need to generate a seed. Click on the Tools menu, then choose Generate Seed. Make sure you store this seed, which will be a string of capital letters and 9s
  6. Past the seed into the login field and hit enter to access your IOTA wallet
  7. Generate a Receive address by clicking on the Receive part of the wallet
    1. Click Attach to Tangle and wait
    2. Only when the address is successfully attached to the Tangle is it safe to be used to receive IOTA
    3. Copy the Receive address
  8. Send your IOTA to this address via the Bitfinex Withdraw screen
IOTA GUI Wallet
The IOTA wallet has a simple user interface. Don’t forget to ensure that you attach your receiving address to the tangle before sending funds.

 

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