A Step-by-Step Guide to Buying IOTA with a Credit Card

IOTA is not just a regular cryptocurrency. That’s because while most digital currencies run on blockchain, IOTA does not need this nascent technology to operate. It facilitates transactions in the Internet of Things industry. Keep reading this article to understand everything about IOTA and how you can buy it using your credit card.

Exploring IOTA Network

IOTA Network is a distributed ledger designed to process and record transactions on physical devices linked with the Internet of Things ecosystem. These devices are connected to the ecosystem through Wi-Fi or a cellular network.

As mentioned earlier, IOTA does not rely on blockchain technology to process transactions. Instead, it utilizes a consensus mechanism called Tangle, which gives users the responsibility of verifying two transactions in order to settle their transactions. Networks that use Tangle do not have transaction fees, blocks, validators, or miners. This enables IOTA network users to avoid all the costs associated with transacting on a blockchain.

Besides facilitating transactions, the IOTA token is used to reward network supporters. This crypto asset has a total supply of 4.6 billion. As of November 2023, over 3 billion tokens are already in circulation, according to data from CoinGecko. Moreover, the IOTA token has a market cap of $525 million and is ranked 93rd.

Best IOTA Wallets

Before buying IOTA, you need to research the wallets available for storing your tokens safely. Here are some of the recommended IOTA wallets:

Ledger Nano X – If you wish to store your IOTA offline, Ledger Nano X is a perfect choice. It also supports the storage of other cryptocurrencies.

Trinity Wallet – This wallet comes as a desktop app, making it a number choice among desktop users.

Nostalgia Light Wallet – This wallet is suitable for newbies due to its user-friendly interface. It comes as a mobile app.

How to Purchase IOTA Using Credit Card

There are several ways you can use to buy the IOTA token. In this article, however, we will only show you how to buy it using a credit card. To do so, follow these simple steps:

Step 1: Select a Reputable Exchange

While several exchanges list IOTA, not all are trustworthy. For the purpose of this guide, we have opted for Binance, the biggest cryptocurrency exchange by trading volume. Other reliable centralized exchanges that support IOTA include BingX, KuCoin, Geta.io and OKX.

Step 2: Register and Verify Your Trading Account

Before buying IOTA with your credit card on Binance, you will be required to open a trading account and verify it by providing personal information and government-issued documents like ID.

Step 3: Buy Another Crypto to Exchange for IOTA

Once you have access to your Binance account, it is time to buy IOTA. To do this, hit the “Buy Crypto” button. It is worth mentioning that you can not buy IOTA directly with your credit card on Binance. So you will need to buy ETH, BTC or USDT with the card and then swap for the IOTA token. In our case, we will purchase USDT.

After clicking “Buy Crypto,” change the currency to USD and set the token to be received as USDT. Next, enter the USD amount to be spent and press “Buy USDT.”

Step 4: Link Your Credit Card to Your Binance Account

This step involves entering your credit card’s details to link it to your Binance account. Once you provide this information, click “Confirm.” Expect to receive a one-time password from your credit card issuer. Key it in and press “Submit” to buy USDT. The tokens will arrive in your account within a few seconds.

Step 5: Trade USDT for IOTA

To buy some IOTA with your USDT tokens, click “Trade” and go to the Binance spot market. While here, look for the IOTA/USDT trading pair. Once you find it, place a buy order to receive IOTA. And that’s how you purchase IOTA using your credit card. Now, transfer the token to any of the wallets mentioned earlier.