This blog post walks through purchasing IOTA via Binance. If you are new to this blog, you might want to start from the beginning as we walk through step-by-step how to get set up and purchase the top 10 cryptocurrencies.
It will be the same steps as in our previous post: How To Buy Cryptocurrency – Buying Ripple, Cardano, NEO, Stellar Lumens, and EOS via Binance so you should be familiar with it
We first have to transfer funds to Binance. Remember, we can no longer use USD for purchases because all of the trades on Binance are done from one cryptocurrency to another. As such, we will need to purchase either ETH or BTC to transfer into Binance.
So, log into your GDax account and put in a limit order for $1,000 worth of ETH. In this case. we are going to put a limit order in for $1,000 of ETH at $944.65/ETH (or roughly 1.0585931 ETH)
Once that fills, you will have that additional amount of ETH in your account (added to the $1,000 worth we had purchased previously).
We want to transfer that 1.0585931 ETH to Binance to purchase the other cryptocurrencies. To do that, log into Binance, Goto Funds->Deposits, and then enter in ETH to choose to deposit Ethereum:
This will show you an Ethereum Address to deposit to. In this example, it is: 0x6701bfd9c726153df24c7af63a8f5f3cb22076c2
Go back to Gdax and choose to Withdraw ETH. The Withdraw Funds screen will appear. Choose ETH Address, Enter in the Amount to withdraw (in our case, the 1.0585931 that we purchased), and the address to send it to (In our case, the 0x6701bfd9c726153df24c7af63a8f5f3cb22076c2 address we got from Binance). Look up your two-factor authentication code from Coinbase in Google Authenticator, and click on Withdraw Funds.
You should receive a Success message:
Go back to your Binance account and refresh your ETH Deposit Page. You will see your Deposit pending. It will require 30 nodes on the network to confirm the transaction before you can use the funds, so you can continue to refresh the page every so often to see progress.
Once 30 confirmations are complete, your ETH will be available in Binance:
OK. Now you will want to purchase IOTA via using the ETH you just transferred.
Go back to the Basic Exchange in Binance:
From there, choose ETH in order to trade in Ethereum and then enter in IOTA, which is the symbol for IOTA and select IOTA / ETH:
Similar to the trades we did on GDAX, we enter a Limit order for IOTA, entering the price in ETH we ware willing to pay for each IOTA coin. Since we want to use the entire ETH balance we have, we click on 100% and it will automatically fill in the Amount and the Total for us. Once that is done, click on Buy IOTA. In this case, it will purchase 465 IOTA at a price of 0.00227464 ETH per IOTA.
Click on the Yours tab and you can see your trades go through. Once they are there, you are now a proud owner of IOTA!