IOTA
$1.46 -10.24%
MIOTA · 205w

This is how I bought my first 280 MIOTAs.

This is not intended to be a step by step tutorial, I’m just writing what I consider key concepts. If you have a better way to do this I’m glad to read it in order to improve. I’m new in cryptocurrencies, this was my first step in. I’m from Europe and my focus is the lowest fees regardless the difficult of the transaction. I realized that when you can get the biggest fees is when you change your standard currency for a cryptocurrency. For example in Coinbase you can do this exchange pretty easy but I suppose the fee could be higher. With this premise I chose Kraken to do this first exchange. Later, once you have your cryptocurrencie we have different options to change it for IOTA: CoinSpot, Bitfinex or Binance. I discarded CoinSpot because I expect higher fess (the easier but higher fees). Between Bitfinex and Binance there are a few differences. In Bitfinex you can buy IOTA with Bitcoin and Ether instead of Binance that you can buy IOTA only with Bitcoin. Comparing buying IOTA with Bitcoin, I concluded that Binance has cheaper fees involved. But if you want to buy IOTA with Ether then Bitfinex is the choice. I chose to use Ether since I heard it’s better than Bitcoin, so I went with Bitfinex. *EDIT: my mistake, Binance has ETH too. In that case I would choose Binance. Recapitulation 1: what platforms did I choose? Kraken and Bitfinex. 1- I started with 115 EUR in my standard bank account, I deposited them in Kraken. Because of SEPA transfers there was no fee. 2- In Kraken, after I have been verified to Tier 2, I bought ETH with my 115 EUR. In order to get the “maker fee” (because there is another fee called “taker fee” that is more expensive) you have to use only “limit orders” and to guarantee a “maker fee” tick “post limit order”. After I bought ETH with 115 EUR I got 0.45066227 ETH. The estimated fee for this transaction was 0.18 EUR. 3- Now it’s time to send my ETH to Bitfinex to change it for IOTA. When you withdraw ETH from Kraken the fee is 0.005 ...
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