Where’s the best place to buy IOTA in the UK?
In 2022, Binance is the cheapest place where you can buy IOTA and dozens of other cryptocurrencies. However, this route isn’t the simplest, easiest, or quickest way to buy IOTA.
Alternatively, check out BC Bitcoin. With this cryptocurrency broker, you can buy IOTA and almost any other cryptocurrency with GBP using a UK bank transfer. While this is the quicker route, you’ll pay higher fees (5%).
Want to know more?
Read on to learn more about these two places where you can buy IOTA in the UK.
Buy IOTA in the UK
You can’t DIRECTLY buy IOTA with GBP on Binance, but it is possible to exchange 1 of 5 cryptocurrencies for it. In these cases, I use Tether (USDT) to buy the cryptocurrency I’m after.
With Binance, the exchange rate you’re offered is the true ‘going rate’ of IOTA (i.e., it’s not padded with fees). Instead, you’ll pay trading fees of up to 0.1% – but these can be lowered if you trade more on Binance and/or use Binance Coin (BNB) to pay your trading fees. Find out more here.
The problem with this?
You can’t transfer GBP easily or cheaply to Binance. Because of this, you have to use another exchange to get money into the ecosystem (which isn’t ideal). I chose Coinbase Pro in the example above, but you could buy Bitcoin (BTC) elsewhere.
You also have to watch out for withdrawal fees, which can make it more cost effecitve to go somewhere else. At the time of writing, Bitcoin (BTC) withdrawal fees on Coinbase Pro are quite low (between £1 and £2). But this is a variable fee that can and does fluctuate. Watch out.
Binance isn’t the most beginner-friendly way to buy cryptocurrency either. It’s one of the best cryptocurrency exchanges around, but it’s made for cryptocurrency enthusiasts and professionals.
2. BC Bitcoin
Established in 2017, BC Bitcoin is a highly-rated cryptocurrency broker where you can buy IOTA in the UK with GBP.
You’ll normally pay 5% in fees unless you buy £5000 or more worth of cryptocurrency in a single order.
This is more expensive than using a cryptocurrency exchange like Binance, but it’s much more straightforward – just input how much you want, and they’ll handle the rest.
BC Bitcoin is great for beginners, as they’re well-known for their excellent customer support. If you have any questions, you can talk to them over live chat or give them a ring.
What is IOTA (MIOTA)?
Launched in 2016, IOTA (MIOTA) is one of the more recognizable cryptocurrencies in circulation and is known for being fast, green, and highly scalable.
- Launched in 2016.
- Built for the Internet of Things (IoT)
- Isn’t blockchain-based, with no mining required to make it work.
- No transaction fees.
- Low energy requirements.
- Highly scalable.
Unlike almost all other cryptocurrencies, IOTA isn’t built using blockchain technology, and instead, runs on something known as a DAG.
In short, a DAG is a distributed ledger that allows for the free transfer of data and small transactions at high speeds.
IOTA’s DAG system is called Tangle and uses a network of nodes to confirm transactions. This can process up to 1,000 transactions per second, has no fees, and (unlike most blockchains) gets faster the more people use it.
The proposed use case of IOTA and its Tangle network is the transfer of information between devices and the internet of things (IoT). Having worked in the IoT industry, IOTA’s founders believe that for the IoT to truly function, devices need a highly efficient network to share data.
While existing blockchain tech might seem to be the answer for this, some of the most popular blockchain networks struggle to process lots of transactions at the same time (and can become expensive to use).
IOTA’s native token is called MIOTA and comes with a total supply of just under 2.8 billion. However, MIOTA is not required to participate in the network, meaning demand for MIOTA doesn’t increase as the Tangle network receives increased traffic.
There are some downsides to IOTA. First off, the Tangle system uses something called co-ordinators. Coordinators are nodes run by the IOTA Foundation and work to secure the network, meaning the Tangle network isn’t decentralized like Bitcoin (BTC) or similar projects.
Furthermore, IOTA doesn’t currently support smart contacts. However, the IOTA foundation claims to be working on a layer-2 ‘Off-Tangle’ bridge that will allow anything that runs on the Ethereum network to run on IOTA.
The Internet of Things (IoT) refers to a network of connected smart devices that send and receive data between one another. Devices connected to the IoT may include a smart oven, a smartphone, and smart speakers like Alexa and Google Home.
To learn more about the IoT and how IOTA can facilitate it, check out this.
Best IOTA (MIOTA) Wallets
TL;DR: The best wallet for storing your private MIOTA keys is FireFly. Hardware wallets are currently unsupported.
Keeping your coins safe should be a top priority for crypto holders.
And while exchanges have become significantly more secure over the last half-decade, a wallet which only YOU have access to is still considered the safest option.
The IOTA Foundation currently recommends the FireFly wallet for interacting with the IOTA ecosystem. Built as a desktop application (for Windows, Apple, and Linux), it comes with an easy-to-use interface and several security features.
Because the IOTA network is a DAG and not a blockchain, MIOTA holders are very limited when it comes to wallets. Besides FireFly, several open-source wallets have been created by members of the IOTA community, including Romeo and Nostalgia Light.
Some places claim that Atomic, Exodus, Guarda, Atomic, and Metamask can store MIOTA. However, this is NOT the case.
For hardware wallets, the news is equally as bleak.
Before FireFly, the official wallet was called Trinity. This came with Ledger support allowing the software to interact with several Ledger products. But since making the switch to FireFly, this Ledger support is still unavailable.
Thanks for checking out this guide to buying IOTA in the UK.
Here are some other posts you might like: