How To Buy IOTA | Buy IOTA Coin in the UK For Beginners

at eToro, UK’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

How to Buy IOTA in the UK – Detailed & Explained in Full

If you are looking at how to buy IOTA in the UK for the first time – this section is for you. Within it, we are going to walk you through the IOTA investment process step-by-step. This includes opening an account with eToro, making a deposit, and placing a buy order.

Step 1: Open a Crypto Broker Account

Opening an account to buy IOTA in the UK at eToro is mandatory. This part of the process is much the same as opening an account with a traditional stock broker. That is to say, you will need to provide eToro with your personal information and contact details.

You will also need to select a username – before confirming your email address and mobile number.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: KYC (Know Your Customer)

KYC is a process implemented by all regulated brokers. In its most basic form, this is a process that requires you to upload a copy of your passport or driver’s license. To prove your home address, you’ll also need to upload a copy of a utility bill or bank account statement.

The latter needs to have been issued within the past three months. Once uploaded, eToro is usually able to verify the documents in less than a couple of minutes.

Step 3: Deposit Some Funds

In order to buy IOTA in the UK – you will, of course, need to make a deposit. eToro is great in this respect, as the broker allows you to instantly deposit funds with the following payment methods:

• Credit Card
• Debit Card
• Paypal
• Skrill
• Neteller

Although UK bank transfers are also supported, this won’t be processed instantly. Instead, you might need to wait a couple of days for the funds to land in your eToro account.

Step 4: Go to IOTA Trading Page

To find the relevant trading page for IOTA, enter the name of the digital token into the search box. When you see IOTA appear, click it. On the next page, click on the ‘Trade’ button – which you will find at the top-right hand side of the screen.

Step 5: Buy IOTA UK

Finally, you will now see an order box appear. If this is your first time learning how to buy IOTA in the UK – the good news is that completing the investment at eToro is simple. In fact, all you need to do here is enter your total stake into the ‘Amount’ box.

This needs to be stated in USD (minimum $25) – as this is the currency utilized on the eToro website. To complete your IOTA purchase, click on the ‘Open Trade’ button.

Buy IOTA – Best Place to Buy IOTA in the UK

When it comes to finding the best place to buy IOTA in the UK – we would suggest sticking with online brokers. The other option on the table is to go through a cryptocurrency exchange, but these platforms are less safe.

Below we explain this sentiment in a bit more detail:

Online Cryptocurrency Broker

There are many benefits to buying IOTA from an online broker. At the forefront of this is safety, not least because brokers like eToro are regulated by the FCA. As a UK resident, this is a crucial safeguard to have.

• Additionally, if the cryptocurrency broker is regulated by the FCA – this means that you can buy IOTA with fiat money.
• Once again using eToro as a prime example, this FCA-regulated broker supports deposits and withdrawals in the form of debit/credit cards, bank account transfers, and even Paypal.

Furthermore, once you buy IOTA from a regulated broker, you usually don’t need to worry about storage. This is because you can keep your tokens stored at the broker until you decide to cash out.

Cryptocurrency Exchange

Some traders will instead look to buy IOTA from a cryptocurrency exchange. In most cases, the exchange will operate without a regulatory license – which means your capital is at risk. On the other hand, you will normally find that cryptocurrency exchanges offer a much broader range of digital token markets, and perhaps, lower fees.

Although less safe than regulated online brokers, exchanges are a good option if you want to buy IOTA with another cryptocurrency. This is because you won’t be required to go through a KYC process, nor will you need to supply any personal information.

Ways to Buy IOTA UK

Depending on your choice of broker or exchange, the are several ways to buy IOTA in the UK.

This includes:

Buy IOTA With Debit Card

When using a regulated online broker to buy IOTA in the UK – it’s likely that debit cards will be supported. The main benefit of buying IOTA with a debit card is the convenience that it offers. After all, you only need to supply your debit card number and the amount of IOTA tokens you wish to purchase – and the transaction will be completed instantly.

Take note, before you can buy IOTA with a debit card, you will need to go through a quick KYC process. This is the case with all fiat deposit methods.

Buy IOTA With Credit Card

Regulated brokers like eToro also allow you to buy IOTA with a credit card. Check to see whether or not your credit card issuer permits cryptocurrency purchases – as many providers in the UK have since banned the process.

Buy IOTA With Paypal

After reviewing more than 50+ brokers and exchanges, we found that the only platform that allows you to buy IOTA with Paypal is eToro.

The process works much the same as using a debit or credit card – as the payment will be processed instantly. Just make sure you set your Paypal account up before making the purchase.

Buy IOTA With Bitcoin

If you own Bitcoin (or another popular digital currency), you can easily swap the tokens into IOTA. As we discussed earlier in our reviews of OKEx and Binance, you will not be required to go through a KYC process – as you are not using fiat money.

Instead, you can open an account by providing your email address only. Then, you’ll need to transfer your crypto asset into your chosen exchange and complete the IOTA swap.

Why Buy IOTA UK?

The price of IOTA – like all cryptocurrencies, will rise and fall throughout the day. Unlike traditional blue-chip stocks, the rate at which IOTA can go up and down is much more volatile. In fact, double-digit percentage gains and losses can appear within a 24-hour period.

This is why it’s important to consider whether IOTA represents a viable investment and crucially – if this digital asset alligns with your financial goals and attitude to risk.

Here’s what you need to consider:

Price Action

When IOTA launched its digital token in 2017 – it was trading at just over $0.50. In the months to follow, the price of IOTA skyrocketed. In fact, in December of the same year, IOTA breached a price of $5.33. This means that in just a few months of trading, those that bought IOTA when it was first launched were looking at gains of almost 1,000%.

However, IOTA has since failed to get anywhere close to this prior all-time high of $5.33. On the contrary, at the time of writing in July 2021, the same digital token is worth just $0.73. With that said, in April 2021, IOTA hit a price of over $2.50. As such, there is still plenty of upside potential based on current prices.

Fast, Cheap, and Scalable Transactions

The IOTA network can already handle hundreds of transactions per second, which is much faster than first-generation blockchains like Bitcoin. IOTA is also significantly faster, with transactions taking just a few seconds to process. Furthermore, there are no fees to send or receive funds via the IOTA network. With this in mind, IOTA is highly conducive as a payments system.

Energy Efficient

IOTA is not backed with a conventional blockchain system. Instead, it uses its own proprietary technology called Tangle – which is based on Directed Acyclic Graphs (DAG). In simple terms, this means that there is no requirement for ‘miners’ to process transactions.

Instead, the IOTA network will self-validate transactions in a safe and decentralized manner. In turn, this also means that IOTA does not require huge levels of energy to operate. The same can’t be said for blockchain projects like Bitcoin – which is super energy-inefficient.

Suitable for Small Investments

At the time of writing, IOTA is trading at just $0.73. This makes it an affordable cryptocurrency. For example, if you were to invest just $73 (about £52) – you would be able to buy 100 IOTA tokens. As such, you don’t need to risk a lot of money to gain exposure to the project.

The Cost of Buying IOTA

When investing in IOTA via an exchange or broker – there are a number of fees that will be applicable. This will, of course, vary from platform to platform.

Below we discuss the most important fees to look at for when assessing the costs of buying IOTA in the UK.

Deposit Fees

Most exchanges and brokers in the cryptocurrency arena charge deposit fees. The specific amount usually depends on your chosen payment type. In most cases, you will find that debit/credit cards are the most expensive.

To give you an idea of how much you will pay to deposit funds with a UK debit/credit card, check out the examples below:

• eToro: 0.5%
• Binance: 1.8%
• Coinmama: 5%

As you can see from the above, there is a huge disparity in deposit fees depending on which broker you use. Nevertheless, eToro is by far the cheapest.

Trading Commission

When you buy IOTA online, you will likely need to pay a commission. This is no different from buying stocks or trading forex. In terms of how much you should expect to pay, this once against depends on a number of factors. For example, at eToro, the broker operates on a spread-only basis. This means that your fee is determined by the difference between the buy and sell price.

In the case of cryptocurrency exchanges like OKEx and Binance, you will pay a trading commission of 0.10%. Your commission is then determined by your stake. For example. if you buy £100 worth of IOTA, you will pay just 10p in fees. However, the aforementioned brokers are expensive if you want to buy crypto with a debit/credit card – so do bear this in mind.

Selling IOTA: A Quick Overview

Wondering how to sell IOTA in the UK? If so, the process is actually very simple when using a regulated online broker like eToro. This is because when you initially made the purchase, your IOTA tokens are stored safely in your portfolio.

Then, when you want to cash out, you just need to click the ‘Sell’ button. Based on the current market price, the funds will then be added to your eToro account – which you can withdraw at any time (as long as you have completed the KYC process).

How to Buy IOTA UK – Conclusion

This beginner’s guide on how to buy IOTA in the UK has discussed every nut and bolt that needs to be considered before you take the plunge. Not only have we revealed that eToro is the best broker to buy IOTA in the UK – but we’ve walked you through the investment process step by step.

If you are ready to invest in IOTA right now – simply open an account with eToro, deposit some funds, and choose how many tokens you want to buy. The minimum investment per trade is just $25 at this top-rated FCA regulated broker – so small stakes are fully supported!

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