With 10x growth in the last month, there has been tremendous interest in IOTA lately. IOTA is one of the altcoins that is very new and cannot be found on any Indian cryptocurrency exchange for trading. However, there are still ways one can acquire IOTA by trading with their Bitcoin (BTC) or Ethereum (ETH). Below, we will explain 4 steps in which you can buy IOTA in INR in India.
4 simple steps to buy IOTA in INR:
IOTA is not available directly to buy in any of the India cryptocurrency exchanges. So, the only way to acquire IOTA would be to first buy some Bitcoin or Ethereum than one can use to exchange IOTA for.
1. Acquire some Bitcoin / Ethereum
There are multiple exchanges where one can buy Bitcoin or Ethereum. Buy Bitcoin and Ethereum and store it in your local wallet.
Crypto exchanges where to buy Bitcoin:
Crypto exchanges where to buy Ethereum:
2. Setup an account on an international exchange like Binance
In parallel to setting up your local Indian Bitcoin/Ethereum wallet, also setup an international crypto exchange wallet such as Binance. This wallet exchange will help you exchange your Bitcoin or Ethereum for IOTA.
3. Transfer your Ethereum or Bitcoin to Binance
Once both accounts are ready and your BTC/ETH is purchased, move your BTC/ETH to Binance.
4. Exchange IOTA for your Ethereum or Bitcoin
Using your BTC/ETH in Binance, you are now able to purchase IOTA.
FAQ – Frequently Asked Questions
What is IOTA?
IOTA stands for Internet of Things Application. It was founded by a German nonprofit called IOTA Foundation and is not built on blockchain like some of the other cryptocurrencies. IOTA is building what it bills itself as a decentralized data marketplace that is more efficient, faster, and cheaper than other cryptocurrencies like Bitcoin
How is IOTA different from Bitcoin?
- Data Structure: IOTA is not built on blockchain. Instead, IOTA is based on Directed Acylic Graph which allows IOTA to realize high transaction outputs with no transaction fees.
- Consensus: Unlike Bitcoin, IOTA requires all participants to actively participate in consensus through parallelized validation.
Is IOTA legal in India?
There is no regulation around the legality of crypto currency including IOTA in India. However, RBI has issued stern warnings around the risks of trading cryptocurrency. Hence, we recommend all crypto investors to be responsible. Learn more about the legality of cryptocurrency in India
What documents are needed for eKYC?
- PAN Card & Aadhaar card
- Bank documents – Passbook (or) Canceled Cheque