Binance is one of the leading exchanges to list the cryptocurrency IOTA. Unlike classic cryptocurrencies, IOTA does not use blockchain but a tangle data structure. Today we show how to trade IOTA on Binance.
The first step is to set up an account on the Binance.
For this, go to the homepage and click on “SIGN UP”.In the appearing pop-up window, enter your information and then click on “Open Account”.
An e-mail of confirmation will be sent to the specified e-mail address. This email has a confirmation link that you have to click on to confirm.
Send cryptocurrencies to Binance
Once you have registered, you’ll require to transfer cryptocurrencies like BTC to your Binance wallet. If you don’t hold any cryptocurrency, you can purchase with a credit or debit cards.
To deposit, go to the menu, select “Funds”, then “Deposits”. Now, Binance will give you a wallet address to transfer your coins to. Make sure you only transfer the correct kind of cryptocurrency(i.e. BTC to the BTC wallet). Any other coins transferred here could be wasted
Transactions are usually finished very swiftly but could take up to some hours in some instances depending on the network capacity at the time. Make sure your transaction has been executed favorably before proceeding.
Trading Pair with IOTA
Once your deposit is confirmed, go to the exchange part of Binance. Click on “Exchange” and then “Basic”. From the exchange window, locate the box on the right-hand view. In the search area, select the cryptocurrency you deposited earlier, and search for IOTA. Click on the pair that arrives (IOTA/BTC, IOTA/ETH, IOTA/BNB or IOTA/USDT).
Choose the amount of IOTA
At the moment you can only deposit FIAT currencies via bank transfer. Click on Deposit and then on the desired currency. Once the money has been transferred, you can buy IOTA.
Now decide how much IOTA to purchase. You can pick a particular amount in IOTA, or 25%, 50%, 75% or 100% of the BTC/ETH coins in your Binance wallet. Now, click the big green button to finish your trade!
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These notes are for educational purposes only and should not be construed as investment advice.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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