How to Buy IOTA UK – Beginner’s Guide

If you’re looking to buy IOTA in the UK – the process could not be easier. All you need to do is register an account with a regulated broker, deposit some funds with your debit/credit card or Paypal – and then decide how many digital tokens you wish to buy.

In this guide, we walk you through the simple process of how to buy IOTA UK with a commission-free, FCA-regulated broker.

How to Buy IOTA UK – Step by Step Guide 2021

If you’re strapped for time and wondering how to buy IOTA UK right now – follow the steps outlined below.

  1. Open an account with eToro: eToro is an FCA-regulated broker that allows you to buy IOTA at a minimum investment of just $25. To get started with eToro, you’ll need to quickly open an account.
  2. Deposit:  Choose a deposit method to fund your eToro account. Supported payment types include UK debit/credit cards, Paypal, Skrill, and a local bank transfer.
  3. Buy IOTA: Search for IOTA, click on the ‘Trade’ button, and enter the amount you wish to buy. Click on the ‘Set Order’ button to complete your commission-free IOTA purchase!

As soon as you complete the purchase, your IOTA coins will be added to your eToro wallet. You can keep them there until you decide to cash out.

What is IOTA?

how to buy iotaIOTA is a popular decentralized project that uses distributed ledger technology. The network is backed by its own native cryptocurrency called MIOTA. The main concept with IOTA is that aims to connect everyday people to the Internet of Things (IoT).

Although IOTA itself is self-classified as a non-profit organization, it has since formed a number of key partnerships. This includes the likes of Volkswagen and Bosch – among others.

  • In comparison to other prominent blockchain technology projects like Bitcoin – the IOTA network performs significantly better.
  • For example, while Bitcoin transactions take 10 minutes to fully confirm, IOTA takes just 10 seconds.
  • Further, during busy periods the Bitcoin network can be expensive to send payments.
  • On the contrary, IOTA transactions are free.

Although the IOTA framework could do big things for the future of the IoT, most people purchase the coins on a speculative basis. In other words, people in the UK buy IOTA with the hope the digital currency will increase in value over the course of time.

Why Buy IOTA? IOTA Analysis

As noted above – and like all digital currencies, the overarching that people buy IOTA is that they hope to make a profit. After all, this digital currency has performed really well since it was launched in 2016. For example, according to CoinMarketCap, IOTA was priced at around $0.50 when it first hit a public exchange in 2017.

By the end of the year, IOTA breached a price of over $5 per coin. This translates into gains of over 900%. Since its peak of $5 – IOTA has cooled off by a sizable amount. In fact, in the midst of the coronavirus pandemic in April 2020 – the price of IOTA hit lows of $0.17.

IOTA price prediction

Fortunately for those that bought the dip – IOTA breached $2.56 just 12 months later. As such, this translates into 1-year gains of over 1,400%. At the time of writing in April 2021 – IOTA dropped slightly to $2.20. This means that at current prices – a potential discount is on the table.

Perhaps any reason why you might want to buy IOTA UK is that you do not need to invest a lot of money to build a sizable position.

For example, were you to invest £200 into IOTA – you would get approximately 126 coins. With that said, by using FCA-regulated broker eToro – the minimum investment is just $25. As such, you can dip your toes into the crypto market without needing to break the bank.

IOTA Price – How Much Does it Cost to Buy IOTA?

As noted in the section, IOTA is priced at $2.20 per coin at the time of writing in late April 2021. Like all crypto assets, this digital coin is priced in US dollars. However, this won’t hinder your ability to get in on the action.

After all, you can deposit funds with a UK payment method in pounds and pence – and then your chosen broker will simply make the conversion into USD. In terms of the fees you need to pay to buy IOTA, this will depend on your chosen trading platform. At one end of the scale, you have brokers like Coinbase – which charges 3.99% to purchase a digital currency with a debit card.

Other platforms – such as Coinmama, charge even more. Then you have the likes of eToro – which not only allows you to buy IOTA UK commission-free, but the deposit fee is just 0.5%.

Ways of Buying IOTA

If you are wondering how to buy IOTA UK – there are many options on the table. For example, you can use an everyday payment method like a debit/credit card and in some cases – an e-wallet like Paypal or Skrill. However, this will be dependent on your choice of broker. If you already have some cryptocurrency in your digital wallet – you can also exchange this into IOTA.

Below we discuss the best ways to buy IOTA UK from the comfort of your home.

Buy IOTA with Debit/Credit Card

The easiest way to buy IOTA in the UK is to use your debit/credit card. After all, your transaction will be completed instantly – so there is no requirement to perform a manual bank transfer. The main issue at hand when using your debit/credit card to buy IOTA UK is the fees involved.

For example, we noted just a moment ago that Coinbase charges 3.99% to buy a digital currency with your UK debit card. This means that for every £100 invested, you will need to pay £3.99 in fees. In addition to this, Coinbase will charge you a trading fee of 1.49% when you eventually get around to cashing out.

buy IOTA debit card

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

 The good news is that our top-rated broker eToro – which is regulated by the FCA, allows you to deposit funds with a debit/credit card at a fee of just 0.5%. To the best of our knowledge, this is the cheapest option in the cryptocurrency trading scene.

Note: If you are planning to buy IOTA UK with a credit card, be aware that the issuer might charge you a ‘cash advance fee’ – just like they do when you withdraw cash from an ATM. This is because in some cases, brokerage deposits are also classed as a cash advance, so you might need to pay 3-5%. If so, this is charged by your credit card issuer and not the broker.

The process of buying IOTA with Paypal, Skrill, or Neteller on eToro is as follows:

  1. You open an account with eToro
  2. You elect to make a deposit with your debit/credit card and enter the 16-digit card number, expert date, and CVV number as you normally would when buying something online.
  3. You search for IOTA and enter the amount you wish to buy.

The above process should take you no more than 10 minutes end-to-end.

Buy IOTA with Paypal and Skrill

E-wallets are getting more and more popular in the UK as they allow you to make online purchases in a safe and secure manner. With that said, very few cryptocurrency brokers accept e-wallets like Paypal or Skrill.

Once again, eToro is the exception to the rule, as the FCA-regulated platform supports a magnitude of e-wallets. Not only does this include Paypal and Skrill, but Neteller too.

buy IOTA paypal

The process of buying IOTA with Paypal, Skrill, or Neteller on eToro is as follows:

  1. You open an account with eToro.
  2. You elect to make a deposit with your chosen e-wallet.
  3. A pop-up box will appear. This is where your e-wallet provider will ask you to enter your login details.
  4. Assuming you already have funds in your e-wallet account – you need to confirm the transaction.
  5. The pop-up box will then close and eToro will instantly process your deposit.
  6. You search for IOTA and enter the amount you wish to buy.

What we also like about eToro is that it also allows you to withdraw your funds back to the same e-wallet. This prevents the need to withdraw the money to a bank account – which can take several days.

Buy IOTA with Bitcoin

If you already have a cryptocurrency like Bitcoin in your possession and you wish to use this to buy IOTA – the process is also straightforward. In a nutshell, you will need to deposit BItcoin into an exchange and then swap it for IOTA.

In terms of the best platform for this purpose – Binance is a good option. This is because the third-party exchange charges really low trading fees, deposits and withdrawals are fast, and you will never struggle for liquidity.

The process of how to buy IOTA with Bitcoin at Binance is as follows:

  • Open an account with Binance. As you are depositing funds with a cryptocurrency – you don’t need to provide any personal information or upload any ID.
  • Head over to the deposit page, search for Bitcoin and copy your unique wallet address to your clipboard.
  • Now open the wallet where your Bitcoin is stored, paste in the wallet address, and transfer the funds over to Binance.
  • The Bitcoin should show up in your Binance wallet in about 20 minutes.

Once the funds arrive, you then need to perform an exchange.

  • Search for the pair IOTA/BTC. This means that you are selling Bitcoin in exchange for IOTA.
  • Scroll down to the bottom of the trading screen and look out for the order box
  • Click on ‘Market’ to ensure your order is executed immediately.
  • Enter the amount of Bitcoin you wish to sell for IOTA. If you want to exchange the entire amount, scroll the slider up to 100%
  • Confirm the order.

The IOTA coins will be added to your Binance wallet. You can leave them there or withdraw them to a private IOTA wallet of your choosing.

Buy IOTA without ID

If you wish to use a regulated broker to buy Bitcoin (which you should) and subsequently deposit funds with a fiat currency method like a debit/credit card or e-wallet, then you won’t be able to buy IOTA without ID.

This is due to anti-money laundering laws – which dictate that you need to have your identity verified when making an investment online. With that said, and as we explain above – you can avoid uploading any ID if you are making a crypto-to-crypto exchange.

For example, if you already hold a digital currency like Bitcoin (BTC), Ethereum (ETH), or Ripple (XRP) – you can easily exchange this over to IOTA at Binance. You will only be asked to provide ID if you trade more than 2 BTC in a 24-hour period – which at the time of writing, amounts to approximately £80,000.

Where to Buy IOTA in the UK

Perhaps the most important part of the IOTA investment process is choosing a trusted online broker. Not only do you need to ensure that your funds are safe – but that your preferred payment method is supported. And of course – you also need to look at fees and minimum account balances.

To save you countless hours of independent research, below you will find a small selection of online trading platforms that allow you to buy IOTA UK.

1. eToro – Overall Best Crypto Platform (FCA Regulated and 0% Commission)

etoro logoeToro is by far the best online platform to buy IOTA in the UK. This popular stock broker – which is authorized and regulated by the Financial Conduct Authority, is now used by over 20 million investors. Many account holders at eToro are inexperienced investors – as the platform is really simple to use and is free of complex jargon.

At eToro, you can buy cryptocurrency without needing to pay any trading commission. This is also the case when you eventually get around to cashing your IOTA investment out. On top of IOTA, you can also buy Bitcoin, Ethereum, Ripple, and 14 other popular digital currencies. Best of all, the minimum investment per crypto purchase is just $25 (about 17 GBP).

In terms of getting money into your eToro account, this can be done instantly with a UK debit or credit card. You can also deposit funds with an e-wallet – which includes Paypal, Skrill, and Neteller. Local bank transfers are also supported. If you are looking to build a long-term cryptocurrency portfolio but have little experience in this space – eToro offers a passive investment tool that might be of interest. In what it calls a ‘CryptoPortolio’ – this will give you access to a diversified basket of digital currencies.

This is regularly rebalanced by the team at eToro – so you can be sure that the portfolio is reflective of the wider cryptocurrency industry. Additionally, you can also copy an experienced cryptocurrency investor at eToro via the Copy Trading tool. The minimum investment here is just $500 (about £340) and any trades that the individual makes will be reflected in your own eToro account. Finally, opening an account takes minutes and you can do this online or via the eToro investment app.

You can read our comprehensive eToro review here!

Pros

  • Buy and sell cryptocurrencies commission-free
  • More than 20 million people using the platform
  • Accepts debit/credit cards, e-wallets, and bank transfers
  • Minimum investment of just $25 per crypto trade
  • Supports copy trading to automate your crypto trades
  • Fully regulated in the UK by the FCA
  • Over 2,400 stocks and 250+ ETFs

Cons

  • A small withdrawal fee of $5
  • The platform operates in US dollars

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

2. Binance – Largest Cryptocurrency Exchange for Trading Volume and Liquidity

Binance LogoeToro is head and shoulders above any other cryptocurrency broker or exchange in the UK. However, if you want to buy IOTA with Bitcoin or any other digital currency you are currently holding – Binance is a great option. This provider was only launched in 2017 but it is already the largest cryptocurrency exchange in terms of trading volume and liquidity.

As we briefly covered earlier, if you are simply looking to deposit funds with a cryptocurrency and thus – not use fiat money, then you won’t be required to upload any ID. In fact, when you register, you simply need to provide an email address and choose a strong password. Once you have signed up, you can deposit funds into your account by making a transfer from your Bitcoin wallet.

binance invest in bitcoin

Then, it’s just a case of finding the BTC/IOTA trading page and making the exchange. We should also note that Binance is a good option if you are planning to day trade digital currencies – as the exchange is home to hundreds of trading pairs. In particular, this includes a vast number of smaller-cap cryptocurrencies that you might not find elsewhere. In terms of fees, Binance charges just 0.1% per slide.

If at some point you decide that you want to deposit funds with a debit or credit card – Binance will charge you a fee of 1.8%. Although this is cheaper than the 3,99% and 5% charged by Coinbase and Coinmama respectively – don’t forget that you will only pay 0.5% at eToro. Binance is also a good platform to consider if you want to trade Bitcoin futures and options. There is also a Binance app – which allows you to buy, sell, and trade on the move.

You can read our comprehensive Binance review here!

Pros

  • Largest cryptocurrency exchange UK in terms of trading volume
  • Hundreds of cryptocurrency pairs supported
  • Trading commission of just 0.1%
  • Supports UK debit/credit cards and bank transfers
  • Great reputation in the cryptocurrency scene
  • Ideal for advanced traders that seek sophisticated tools and features

Cons

  • Not great for newbie investors
  • A standard charge of 1.8% on debit/credit card deposits

Disclaimer: Your Capital is at risk.

 

How to Buy IOTA Tutorial

To conclude this guide on how to buy IOTA UK – we are going to walk you through the investment process step-by-step. More specifically, our tutorial will show you how to buy IOTA without paying any commission at FCA-regulated broker eToro.

Step 1: Open an Account

eToro is heavily regulated so it must ask you to open an account before you can buy IOTA. The process only takes a few minutes and will require some personal information and contact details. eToro will then ask you to upload a copy of your passport or driver’s license – as per anti-money laundering regulations.

However, if you’re not looking to deposit more than $2,250 (about £1,600) at this stage – you can complete the verification process later. This does need to be done before you can withdraw funds out of eToro though – so perhaps it’s best to upload the document now.

Step 2: Open an Account

The minimum first-time deposit at eToro for UK customers is just $200 (about £136). You can choose from the following payment methods:

  • Debit Card
  • Credit Card
  • Paypal
  • Skrill
  • Neteller
  • Local Bank Transfer

Once you have made a deposit, the minimum IOTA investment is just $25 – so you don’t need to allocate the entire amount.

Step 3: Search for IOTA

The easiest way to buy IOTA at eToro is to use the search facility at the top of the page. As you can see from the image below, it’s just a case of entering ‘IOTA’ into the search box and click the result that loads up.

buy IOTA at eToro

Step 4: Buy IOTA

The final stage is to complete your IOTA order at eToro. You will see an order box like the image below and all you need to do is enter your stake in US dollars.

Then, click on the ‘Set Order’ button to complete your commission-free IOTA investment!

Step 5: Sell IOTA

eToro doesn’t charge any fees for safeguarding your IOTA tokens – so you keep your investment on the platform for as long as you wish. You can view how your investment is performing by clicking on the ‘Portfolio’ button on the left-hand side of the main page.

At any given time, you can sell IOTA by clicking on the ‘Sell’ button. As soon as you do, the funds will be added to your eToro cash account which you can withdraw out!

eToro – Best FCA Broker to Buy IOTA UK – Commission-Free

This guide has explained everything there is to know about buying IOTA online in the UK. As we have identified, eToro is the best FCA-regulated broker to complete the investment process with.

Not only can you buy IOTA with your UK debit/credit card or an e-wallet like Paypal – but you won’t be charged any trading commissions. Plus, the minimum investment per IOTA trade is just $25 – so you can build your exposure to this digital currency in a risk-averse manner.

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

FAQs

Should I buy IOTA?

Like a lot of cryptocurrencies - IOTA has generated significant gains over the past 12 months. Since hitting lows of $0.17 per coin in April 2020 - the digital currency has made gains of over 1,400%.

How can I buy IOTA instantly?

You can buy IOTA instantly and safely at FCA-regulated broker eToro. Simply open an account with the platform, deposit funds with a debit/credit card or e-wallet, and complete your investment.

How can I buy IOTA anonymously?

The only way that you can buy IOTA without providing any identification documents is to exchange it with another cryptocurrency like Bitcoin. All you need to do is deposit Bitcoin (or a cryptocurrency of your choosing) into Binance, and then swap it for IOTA. If, however, you want to buy IOTA with a real-world payment method, you will need to upload a copy of your passport or driver's license.

What can I buy with IOTA?

You can't buy anything with IOTA - as the digital currency is used to function its decentralized network. The reason that people buy IOTA is typicaly because of speculative reasons - meaning they hope its value increases.

What are the risks of buying IOTA?

When you buy IOTA, you are hoping that at some point in time - you will be able to sell the coins for more than you originally paid. However, like any other blockchain asset, there is no guarantee that this will be the case. On the contrary, if IOTA loses value and you decide to cash out - you will get back less than you originally invested.

Is it safe to buy IOTA?

Buying IOTA is safe and secure when you use an FCA-regulated broker like eToro. If you decide to use an unregulated exchange to make the purchase - you are putting your funds at risk.

Kane Pepi

About Kane Pepi PRO INVESTOR

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.

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