How To Buy IOTA UK – Buy IOTA In Under 5 Minutes

Launched in 2016 – IOTA has since become a multi-billion pound digital currency. If you want to buy IOTA in the UK – you’ll first need to open an account with an online broker or exchange, deposit some funds, and decide how many tokens you wish to purchase.

In this guide, we show you how to buy IOTA in the UK and review the best brokers to complete the investment with.

#1 Broker to Buy IOTA – eToro

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How To Buy IOTA – Choose a Broker

The first thing you need to do when thinking about how to buy IOTA in the UK is to choose a suitable broker. There are plenty of options in the market, albeit, we found that the following are worth considering:

  • eToro – Overall Best Broker to Buy IOTA UK
  • OKEx – Best Low-Cost Broker to Buy IOTA UK via a Crypto Deposit
  • Binance – Best Broker to Buy IOTA for Asset Diversity

We explain the pros and cons of the above IOTA brokers further down in this guide.

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CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

How to Buy IOTA in the UK – A Quick Guide For 2021

The process involved when buying IOTA in the UK is relatively straightforward – as per the quickfire guide below.

  • Step 1: Open an Account with eToro – eToro is the best broker to buy IOTA in the UK – as you will benefit from low fees and commissions, lots of supported payment methods, and a strong regulatory framework. Therefore, the first step of the process is to open a brokerage account with eToro.
  • Step 2: Upload Your ID – Once you’ve registered an account, you will need to provide eToro with a copy of your government-issued ID – which can be either a passport or driver’s license.
  • Step 3: Deposit Funds – You will need to deposit funds before you can buy IOTA in the UK. eToro supports debit/credit cards, e-wallets like Skrill and Paypal, and bank transfers.
  • Step 4: Buy IOTA – With your eToro account funded, you can now search for ‘IOTA’. Upon clicking on the ‘Trade’ button, you will see an order box appear. Simply enter your stake (minimum $25) and click on the ‘Open Trade’ button.

By heading over to your portfolio dashboard on eToro, you will now see your IOTA tokens. When you get around to cashing your investment out, all you need to do is click on the ‘Sell’ button next to IOTA.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider. 

Where to Buy IOTA in the UK

In the sections above, we provided you with a quickfire breakdown of which brokers to consider when buying IOTA in the UK. As choosing the right provider is absolutely crucial in the cryptocurrency investment arena – below you will find comprehensive reviews of the best IOTA brokers of 2021. 

1. eToro – Overall Best Broker to Buy IOTA UK

etoro reviewOur top-rated broker for buying IOTA in the UK is eToro. Launched in 2007 – this online broker is now used by more than 20 million investors. It is authorized and regulated by the FCA, as well as licensing bodies in Cyprus and Australia. As such, by choosing eToro to buy IOTA in the UK – you can be sure that your capital is safe at all times.

The investment process itself should take you no more than 5 minutes when using eToro. Once you’ve provided the platform with your personal details, you will then be able to make a deposit into your account. The best payment options supported by eToro include debit/credit cards and e-wallets like Paypal. UK bank transfers are also an option. Either way, once you’ve made a deposit, you can then buy IOTA in the UK at a minimum investment of just $25 – or about £18.

etoro review

If you are thinking about adding other digital tokens to your portfolio – eToro supports plenty of other cryptocurrencies. This includes major blockchain assets like Bitcoin and Ethereum, as well Defi coins such as Decentraland, AAVE, and Uniswap. All cryptocurrencies – including IOTA, can be purchased at eToro on a spread-only basis. This ensures that you are able to invest in IOTA in the UK without paying high brokerage fees.

While we are on the subject of fees, we should also note that you will only be charged 0.5% to deposit funds. In comparison, Coinbase – which is one of the most popular cryptocurrency exchanges in the market – will charge you 3.99% to use your debit card. Once you have invested in IOTA, you might also consider some of the other trading tools offered by eToro. This includes a CryptoPortfolio, which allows you to buy heaps of different tokens through a single investment.

etoro review

The copy trading tool is also notable, as this allows you to invest in a successful eToro trader. Then, any assets that the investor buys or sells will be mirrored in your own account – at an amount proportionate to your stake. It is also important to note that eToro offers traditional assets, too. This includes stocks and shares from 17 countries, ETFs, and even forex, commodities, and indices. It’s also worth downloading the eToro app – which allows you to trade assets while on the move.

Pros

  • Invest in cryptocurrencies on a spread-only basis
  • Buy thousands of UK and international stocks at 0% commission
  • Minimum investment per trade from just $25
  • Supports debit/credit cards, e-wallets, and local bank transfers
  • Regulated by the FCA, CySEC, and ASIC
  • Used by over 20 million people
  • Perfect for beginners
  • Social and copy trading tools

Cons

  • Perhaps too basic for technical traders
  • No support for MT4 or MT5

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider. 

 

2. OKEx – Best Low-Cost Broker to Buy IOTA UK via a Crypto Deposit

At its core, OKEx is a cryptocurrency exchange that gives you access to hundreds of digital assets. In most cases, you will be trading crypto-to-crypto pairs – meaning that in order to buy IOTA, you will first need to obtain an alternative digital token – like Bitcoin or Ethereum. If you already hold some crypto in an external wallet, it’s just a case of transferring the tokens into OKEx.

Then, you can swap them for IOTA. The commission applicable at OKEx when performing a crypto-to-crypto trade is just 0.10%. So, buying £200 worth of IOTA would cost you just 20p in commission. On the other hand, if you do not have any crypto to hand and thus – need to buy some with a debit/credit card – OKEx has you covered. In fact, not only does OKEx support Visa and Mastercard payments, but bank transfers, too.

okex review

If you’re keen to explore what other investment products are hosted on OKEx – you might want to check out its ‘Earn’ department. In a nutshell, this allows you to lock up your idle cryptocurrency tokens and earn interest in return. Although IOTA attracts an interest rate of just 0.02%, other supported coins pay double-digits. OKEx also offers a huge educational site that comes packed to the rafters with useful cryptocurrency trading guides.

Pros

  • Trusted crypto exchange with over 20 million users
  • More than 400+ digital currency pairs
  • Buy and sell cryptocurrencies with a debit/credit card or bank transfer
  • Low commissions that start from 0.1%
  • Fully-fledged mobile app on Android and iOS
  • Great reputation and highly secure
Cons

  • Debit/credit card fees could be more competitive
  • Derivative products too complex for beginners

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at eToro, UK’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

 

3. Binance – Best Broker to Buy IOTA for Asset Diversity

As you likely know – cryptocurrencies are highly volatile – so putting all of your investment funds into IOTA alone is not a wise strategy. On the contrary, it’s best to diversify by investing in a full range of different cryptocurrencies. Binance is perhaps the best broker for this purpose – as the platform is home to hundreds of digital tokens of various shapes and sizes.

In terms of how to buy IOTA in the UK at Binance – you won’t be able to make a direct purchase with your debit/credit card. Much like in the case of OKEx, you will first need to purchase an alternative cryptocurrency like Bitcoin. Then, you can head over to the IOTA/BTC market and swap Bitcoin into IOTA. If you already have a digital currency stored externally, you can transfer the funds into Binance in minutes.

binance review

If you elect to use your debit or credit card, you will need to go through a KYC process – which is standard. This means uploading a copy of your passport or driver’s license. Binance is also renowned for offering top-grade security – which includes its Safe Asset Fund for Users (SAFU). This adds a portion of commission fees to a reserve pot – which is in place to reimburse users should they have their account hacked. Other security protocols include 2FA, IP address whitelisting, and email confirmations.

Pros

  • Facilitates billions of dollars in daily trading volume
  • Supports hundreds of digital asset pairs
  • Near-instant deposits via debit/credit cards and local bank transfers
  • Trading commission starts at just 0.1% per slide
  • Offers crypto savings accounts
  • Ideal for both beginners and experienced traders alike

Cons

  • Not all supported cryptocurrencies can be purchased with a debit/credit card
  • No e-wallet deposits or withdrawals

at eToro, UK's #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

 

How to Buy IOTA in the UK – Detailed & Explained in Full

If you are looking at how to buy IOTA in the UK for the first time - this section is for you. Within it, we are going to walk you through the IOTA investment process step-by-step. This includes opening an account with eToro, making a deposit, and placing a buy order.  

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CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

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CFDs are complex instruments that have a high risk of losing money quickly due to leverage. 72.6% of retail investor accounts lose money trading CFDs with this provider.

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CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

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50$$20$100
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N/AYes1:2 for cryptocurrencies
Bitcoin
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Step 1: Open a Crypto Broker Account

Opening an account to buy IOTA in the UK at eToro is mandatory. This part of the process is much the same as opening an account with a traditional stock broker. That is to say, you will need to provide eToro with your personal information and contact details.

how to join etoro

You will also need to select a username - before confirming your email address and mobile number.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider. 

Step 2: KYC (Know Your Customer)

KYC is a process implemented by all regulated brokers. In its most basic form, this is a process that requires you to upload a copy of your passport or driver's license. To prove your home address, you'll also need to upload a copy of a utility bill or bank account statement.

The latter needs to have been issued within the past three months. Once uploaded, eToro is usually able to verify the documents in less than a couple of minutes.

Step 3: Deposit Some Funds

In order to buy IOTA in the UK - you will, of course, need to make a deposit. eToro is great in this respect, as the broker allows you to instantly deposit funds with the following payment methods:

  • Credit Card
  • Debit Card
  • Paypal
  • Skrill
  • Neteller

Although UK bank transfers are also supported, this won't be processed instantly. Instead, you might need to wait a couple of days for the funds to land in your eToro account.

Step 4: Go to IOTA Trading Page

To find the relevant trading page for IOTA, enter the name of the digital token into the search box. When you see IOTA appear, click it. On the next page, click on the 'Trade' button - which you will find at the top-right hand side of the screen.  how to buy iota on etoro

Step 5: Buy IOTA UK

Finally, you will now see an order box appear. If this is your first time learning how to buy IOTA in the UK - the good news is that completing the investment at eToro is simple. In fact, all you need to do here is enter your total stake into the 'Amount' box.

how to buy iota on etoro

This needs to be stated in USD (minimum $25) - as this is the currency utilized on the eToro website. To complete your IOTA purchase, click on the 'Open Trade' button.

Buy IOTA – Best Place to Buy IOTA in the UK

When it comes to finding the best place to buy IOTA in the UK - we would suggest sticking with online brokers. The other option on the table is to go through a cryptocurrency exchange, but these platforms are less safe. 

Below we explain this sentiment in a bit more detail: 

Online Cryptocurrency Broker

There are many benefits to buying IOTA from an online broker. At the forefront of this is safety, not least because brokers like eToro are regulated by the FCA. As a UK resident, this is a crucial safeguard to have.

  • Additionally, if the cryptocurrency broker is regulated by the FCA - this means that you can buy IOTA with fiat money.
  • Once again using eToro as a prime example, this FCA-regulated broker supports deposits and withdrawals in the form of debit/credit cards, bank account transfers, and even Paypal.

Furthermore, once you buy IOTA from a regulated broker, you usually don't need to worry about storage. This is because you can keep your tokens stored at the broker until you decide to cash out.

Cryptocurrency Exchange

Some traders will instead look to buy IOTA from a cryptocurrency exchange. In most cases, the exchange will operate without a regulatory license - which means your capital is at risk. On the other hand, you will normally find that cryptocurrency exchanges offer a much broader range of digital token markets, and perhaps, lower fees.

list of IOTA exchanges

Although less safe than regulated online brokers, exchanges are a good option if you want to buy IOTA with another cryptocurrency. This is because you won't be required to go through a KYC process, nor will you need to supply any personal information.

Ways to Buy IOTA UK

Depending on your choice of broker or exchange, the are several ways to buy IOTA in the UK.

This includes:

Buy IOTA With Debit Card

When using a regulated online broker to buy IOTA in the UK - it's likely that debit cards will be supported. The main benefit of buying IOTA with a debit card is the convenience that it offers. After all, you only need to supply your debit card number and the amount of IOTA tokens you wish to purchase - and the transaction will be completed instantly.

Take note, before you can buy IOTA with a debit card, you will need to go through a quick KYC process. This is the case with all fiat deposit methods.  

Buy IOTA With Credit Card

Regulated brokers like eToro also allow you to buy IOTA with a credit card. Check to see whether or not your credit card issuer permits cryptocurrency purchases - as many providers in the UK have since banned the process.  

Buy IOTA With Paypal

After reviewing more than 50+ brokers and exchanges, we found that the only platform that allows you to buy IOTA with Paypal is eToro.

The process works much the same as using a debit or credit card - as the payment will be processed instantly. Just make sure you set your Paypal account up before making the purchase. 

Buy IOTA With Bitcoin

If you own Bitcoin (or another popular digital currency), you can easily swap the tokens into IOTA. As we discussed earlier in our reviews of OKEx and Binance, you will not be required to go through a KYC process - as you are not using fiat money.

Instead, you can open an account by providing your email address only. Then, you'll need to transfer your crypto asset into your chosen exchange and complete the IOTA swap.  

Why Buy IOTA UK?

iota logo

IOTA price - like all cryptocurrencies, will rise and fall throughout the day. Unlike traditional blue-chip stocks, the rate at which IOTA can go up and down is much more volatile. In fact, double-digit percentage gains and losses can appear within a 24-hour period.

This is why it's important to consider whether IOTA represents a viable investment and crucially - if this digital asset alligns with your financial goals and attitude to risk.

Here's what you need to consider:

Price Action

When IOTA launched its digital token in 2017 - it was trading at just over $0.50. In the months to follow, the price of IOTA skyrocketed. In fact, in December of the same year, IOTA breached a price of $5.33. This means that in just a few months of trading, those that bought IOTA when it was first launched were looking at gains of almost 1,000%.

However, IOTA has since failed to get anywhere close to this prior all-time high of $5.33. On the contrary, at the time of writing in July 2021, the same digital token is worth just $0.73. With that said, in April 2021, IOTA hit a price of over $2.50. As such, there is still plenty of upside potential based on current prices.

Fast, Cheap, and Scalable Transactions

The IOTA network can already handle hundreds of transactions per second, which is much faster than first-generation blockchains like Bitcoin. IOTA is also significantly faster, with transactions taking just a few seconds to process. Furthermore, there are no fees to send or receive funds via the IOTA network. With this in mind, IOTA is highly conducive as a payments system.

Energy Efficient 

IOTA is not backed with a conventional blockchain system. Instead, it uses its own proprietary technology called Tangle - which is based on Directed Acyclic Graphs (DAG). In simple terms, this means that there is no requirement for 'miners' to process transactions.

Instead, the IOTA network will self-validate transactions in a safe and decentralized manner. In turn, this also means that IOTA does not require huge levels of energy to operate. The same can't be said for blockchain projects like Bitcoin - which is super energy-inefficient.

Suitable for Small Investments 

At the time of writing, IOTA is trading at just $0.73. This makes it an affordable cryptocurrency. For example, if you were to invest just $73 (about £52) - you would be able to buy 100 IOTA tokens. As such, you don't need to risk a lot of money to gain exposure to the project.

The Cost of Buying IOTA

When investing in IOTA via an exchange or broker - there are a number of fees that will be applicable. This will, of course, vary from platform to platform.

Below we discuss the most important fees to look at for when assessing the costs of buying IOTA in the UK.

Deposit Fees

Most exchanges and brokers in the cryptocurrency arena charge deposit fees. The specific amount usually depends on your chosen payment type. In most cases, you will find that debit/credit cards are the most expensive.

To give you an idea of how much you will pay to deposit funds with a UK debit/credit card, check out the examples below:

  • eToro: 0.5%
  • Binance: 1.8%
  • Coinmama: 5%

As you can see from the above, there is a huge disparity in deposit fees depending on which broker you use. Nevertheless, eToro is by far the cheapest.

Trading Commission

When you buy IOTA online, you will likely need to pay a commission. This is no different from buying stocks or trading forex. In terms of how much you should expect to pay, this once against depends on a number of factors. For example, at eToro, the broker operates on a spread-only basis. This means that your fee is determined by the difference between the buy and sell price.

In the case of cryptocurrency exchanges like OKEx and Binance, you will pay a trading commission of 0.10%. Your commission is then determined by your stake. For example. if you buy £100 worth of IOTA, you will pay just 10p in fees. However, the aforementioned brokers are expensive if you want to buy crypto with a debit/credit card - so do bear this in mind.

Selling IOTA: A Quick Overview

Wondering how to sell IOTA in the UK? If so, the process is actually very simple when using a regulated online broker like eToro. This is because when you initially made the purchase, your IOTA tokens are stored safely in your portfolio.

Then, when you want to cash out, you just need to click the 'Sell' button. Based on the current market price, the funds will then be added to your eToro account - which you can withdraw at any time (as long as you have completed the KYC process). 

How to Buy IOTA UK - Conclusion

This beginner's guide on how to buy IOTA in the UK has discussed every nut and bolt that needs to be considered before you take the plunge. Not only have we revealed that eToro is the best broker to buy IOTA in the UK - but we've walked you through the investment process step by step. 

If you are ready to invest in IOTA right now - simply open an account with eToro, deposit some funds, and choose how many tokens you want to buy. The minimum investment per trade is just $25 at this top-rated FCA regulated broker - so small stakes are fully supported!

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

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About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.