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How to Buy IOTA in the UK (2022)

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

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.

Where else can you buy IOTA in the UK with GBP?

To find more places where you can buy IOTA, check out this page.

But in short, it’s not available in as many places as you might expect an established project like this to be.

Buy IOTA in the UK

1. Binance

Binance logo over their trading interface

Binance is one of the best cryptocurrency exchanges around and the cheapest place to 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.

What IOTA trading pairs are available on Binance?

Binance currently has 5 IOTA trading pairs.

This includes:

  • IOTA/USDT
  • IOTA/BUSD
  • IOTA/BNB
  • IOTA/ETH
  • IOTA/BTC

At the time of writing, the IOTA/USDT trading pair had the highest trading volume on Binance – and all other cryptocurrency exchanges too!

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.

Buy IOTA on Binance

Do this on a desktop computer, as you can’t complete all the steps using their mobile app.

  • Create an account on Binance and complete identity verification.
  • Buy Bitcoin (BTC) on a cryptocurrency exchange like Coinbase Pro (max 0.5% fees).
  • Transfer Bitcoin (BTC) from Coinbase Pro to Binance (variable withdrawal fee).
  • Buy IOTA (MIOTA) using your Bitcoin (BTC) balance on Binance (max 0.1% fees).

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.

Binance WebsiteBinance Review

2. BC Bitcoin

BC Bitcoin logo header (version 2)

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.

Buy IOTA on BC Bitcoin

  • Create a BC Bitcoin account and complete verification.
  • Go to their website and select ‘Buy Coins’.
  • Find IOTA in the dropdown box and fill in how much you’d like to buy.
  • Add your IOTA wallet address.
  • Send GBP to the specified bank account.
  • Once that’s received, your order will be processed, and the IOTA will be sent to your wallet.

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.

On top of IOTA, you can use BC Bitcoin to buy nearly any cryptocurrency you could want. The only exception to this is privacy coins like Monero (XMR) or Zcash (ZEC).

BC Bitcoin ReviewBC Bitcoin Website

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.

Quick Facts:

  • 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.

What is the internet of things?

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.

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