Co-founder of BearTax
It’s been a common question among the crypto communities. Since we have more than 600 actively traded coins, one or more of them would be skyrocketing on each given day. This brings up the hottest question of that day
How to buy X coin? or Where to buy X coin?
Someone on the group will be generous enough to answer it. However, there’s a simple way to get an answer for this question. Not just for IOTA, for any coin or token traded on public exchange.
TL;DR: You can signup & buy on Binance — Transfer your BTC or ETH from Coinbase to Binance and buy IOTA.
CoinMarketCap.com is your friend here.
Go to coinmarketcap.com and there’s a search bar on top right corner prompting you with “Search Currencies”
In this case, since we are looking for IOTA, type it in, it suggests the coin below, select that and press
enter key or just click on the blue button beside search box.
Website will now display the details of cryptocurrency “IOTA” which includes it’s official website, sourcecode, communication channels and more financial details like market cap, 24hour volume, circulation supply and maximum supply of that particular currency. These parameters generally help traders who’s analysing a particular currency to understand the value of it.
Below the information about the currency, you see multiple tabs with “Charts” tab selected and showing historical chart of price for IOTA (selected currency).
To answer our question of “Where can I buy a coin?”, it lies in the 2nd tab of this section. i.e. Markets tab
Click on this Markets tab and it shows you the list of all exchanges where it is traded and also multiple entries for same exchange show the different trading pairs available on those exchanges. Eg: IOTA can be traded with BTC, ETH and USDT on one exchange and could be just with BTC on other exchange.
Now that you know where to buy IOTA, all you need to do now is Buy Bitcoin or Ethereum and transfer it to corresponding exchange as listed above and make the purchase. I’ve personally used Binance and Bitfinex to buy IOTA — but Bitfinex stopped accepting US customers, so had to move to Binance
Either you are a trader or a HODLer, you need to be responsible and pay taxes on cryptocurrency trading. Here’s an article which tries to reduce confusion and provide clarifications on taxes on income from crypto trading.