Buy IOTA in Canada

A free beginner guide on how to buy IOTA in Canada.

What is IOTA?

IOTA is an open-source distributed ledger focused on providing secure communications and payments between machines on the Internet of Things. Using directed acyclic graph (DAG) technology instead of the traditional blockchain. IOTA's transactions are free regardless of the size of the transaction, confirmation times are fast, the number of transactions the system can handle simultaneously is unlimited, and the system can easily scale.IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.

Create accounts on exchanges

In order to buy IOTA in Canada we will first need to create an account on a Canadian exchange to buy Ethereum or Bitcoin. Then you will need to create an account on a global exchange to trade the Ethereum or Bitcoin for IOTA.

  • Create Canadian Exchange Account

    The first step in this process is to gain the ability to buy Bitcoin or Ethereum with CAD dollars. For this you will need a Canadian exchange.

    We recommend QuadrigaCX as your main Canadian exchange. However, if you want to buy IOTA right now, and if you want to buy only a small amount ($250 CAD or less) use Coinbase it will be the fastest method but more expensive.

    For a comparison of the Canadian exchanges and a more comprehensive guide on how to pick one, see the Exchanges Guide.

  • Create Global Exchange Account

    Next, you will need to create an account on a global exchange. This will allow you to trade the Bitcoin or Ethereum for IOTA. Unfortunately, it's not possible yet to do it all on the same exchange. Which is why you need to use multiple exchanges.

    We recommend using Binance

    For a comparison of the Canadian exchanges and a more comprehensive guide on how to pick one, see the Exchanges Guide.

  • Verify and Fund

    In order to fund your Canadian exchange accounts you will need to verify your identity. This often involves sending in copies of your drivers license, a utility bill, and in many cases a selfie of you holding your ID. This is normal for Canadian exchanges.

    As for verification on global exchanges, the verification is usually faster and less intense. For example on Binance you do not need to verify if you are withdrawing 2 BTC or less.

Buy your cryptocurrencies

Now that you have both a Canadian exchange account and a global exchange account it's time to make your purchases. You need to buy BTC or ETH, transfer it to the Global exchange, and then place an order to trade it for IOTA.

  • Buy Bitcoin or Ethereum

    The first step is buy one of the main cryptocurrencies that you can trade for alt coins. Right now the two main cryptocurrencies you can use to trade are Bitcoin and Ethereum.

    If you are not using Binance, it is a important to verify that your global exchange will trade the cryptocurrency you are buying in this step, for IOTA.

    Login to your Canadian exchange and buy your desired amount of IOTA in Bitcoin or Ethereum. We currently recommend buying with Ethereum as it provides a faster and cheaper transaction than Bitcoin, as long as your exchange supports it.

  • Transfer BTC or ETH to a Global Exchange

    The next step is to transfer your BTC or ETH from your Canadian exchange account to a global exchange. For example, from your QuadrigaCX account to your Binance account.

    This involves getting the funding wallet address from Binance account and withdrawing to it from your QuadrigaCX account.

    You will need to wait for the transaction to complete. Once you see the funds appear in your global exchange account you are ready to proceed to the next step.

  • Trade for IOTA

    The next step is to actually buy IOTA. On your global exchange place an order to trade Ethereum or Bitcoin for IOTA. Here is a direct link to the Binance IOTA/Ethereum trading page.

    The fastest way is to place a market order which buys IOTA for the current market price on the exchange.

Store your IOTA in a wallet

It is best practice to transfer your cryptocurrencies in a wallet that is not hosted with the exchange. If you have more then $1000 in cryptocurrencies you should strongly consider storing the funds in a wallet that is not connected to the internet, a cold wallet (hardware). Each crypto currency has it's own wallet.

  • Software Wallets

    If you are just getting started you will probably want to use a software wallet. They are typically free and are considered more secure than leaving IOTA on the exchanges.

    Based on our research IOTAWALLET appears to be on of the main wallets.

    Feel free to do a google search to research what wallets are available and know what the options are.

    Download and install your software wallet. Then withdraw your IOTA from your exchange account. It is common for a small fee to be associted with the withdrawal.

  • Hardware Wallets

    At this time there does not appear to be any hardware wallets that support IOTA.

  • Leaving it on an Exchange

    This is generally not recommended. However, you might want to do this if you are actively trading IOTA. Be aware you are taking an extra risk. Exchanges have been known to get hacked or disappear.

    The advantage of doing this is instant access to your IOTA, and saving the fees associated with transactions and withdrawing.

    If you are going to be doing this, make sure you have 2 factor authentication enabled and that you are using a reputable exchange.

Summary

  1. Create an account on a Canadian exchange.
  2. Create an account on a global exchange.
  3. First buy ETH or BTC on the Canadian exchange.
  4. Next trade that ETH or BTC for IOTA on the global exchange.
  5. Send your IOTA to a wallet, to store it.