Below is a guide we wrote for how to purchase cryptocurrencies other than those listed on coinbase (click here to get your $10 in free bitcoin with new accounts). If you live in the US, the easiest way to go about how to buy cryptocurrency is to sign up for Coinbase & Binance accounts. In the directions below, we show you how to place an order for IOTA, but you can substitute ANY cryptocurrency on Binance in place of IOTA. There are other ways you could think about how to buy IOTA but for US customers this is simplest. There are also tips and tricks to save money but this article serves to get you started.
- Sign up for Coinbase and buy Bitcoin (or ethereum).
- Sign up for Binance.
- Send your Bitcoin from Coinbase to Binance.
- On Binance, exchange your Bitcoin for any other cryptocurrency you want to buy.
Step by Step
Knowing how to buy cryptocurrency isn’t all that difficult. But use our guide to help.
1. Sign up for Coinbase
- Go to Coinbase and sign up. You’ll need to verify your email, phone number, and bank account.
- Then, go to Coinbase.com/buy. After choosing your payment source and how much you want to buy, click Buy Bitcoin.
2. Sign up for Binance
- Go to Binance and sign up for an account.
- Verify your email.
3. Send Bitcoin from Coinbase to Binance
- Log in to your Binance account.
- On the top of the screen, hover over Funds and click Deposits Withdrawals.
- One the next page, you will see many rows of cryptocurrencies. Find the Bitcoin row and click the corresponding deposit button.
- Now, go to Coinbase.com/accounts and click “Send” under your Bitcoin wallet.
- Paste your BTC Deposit Address (which you just copied from Binance) in the Enter a BTC Address field.
- Enter your desired send amount, and press Continue to send your Bitcoin to Binance.
- To see whether this transaction has completed, go to Binance Transaction History. It can take 1–3 minutes for the transaction to appear, and 10–30 minutes for it to be fully confirmed.
4. On Binance, exchange your Bitcoin for the cryptocurrency of your choosing. This is how to buy other cryptocurrencies. Here we have purchased IOTA.
- Go to Binance’s page of interest. Here we are going to the BTC–IOTA exchange: www.binance.com/trade.html?symbol=IOTA_BTC (P.S. This page may look complicated. Hang in there!)
- In the middle of the page you will see a chart. Just below the chart, there is an interface (below). If Limit is selected, then click Market.
- After the Market tab is selected, click 100% (this means “convert all of the Bitcoin in my Binance account into Iota”).
- Then click Buy IOTA.
- To view your newly purchased Iota, go back to the Deposits/Withdrawals page on Binance.
Note: if you are familiar with Ethereum, you could adapt this guide to use Ethereum instead of Bitcoin. We used Bitcoin to make the process as simple as possible, but if you feel comfortable with our guide, you can do it right away with ethereum as well.