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Bitfinex

Country
Hong Kong SAR China
Ease of Use
Average
Verification
> 1 Week
Fees
Low

Bitfinex.com is a prominent cryptocurrency trading platform. It allows users to exchange several cryptocurrencies, including Bitcoin, Litecoin, Ethereum, and others and supports a number of professional trading features, such as margin trading.

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$0.41

price for MIOTA1

Price includes 0.20% maker/taker fee. Depending on volume and trade type this fee might be lower.

  pay out: 0.1% (minimum fee: $20)
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Best price

Bitpanda

Country
Austria
Ease of Use
Excellent
Verification
< 1 Hour
Fees
Medium

Formerly known as Coinimal, Austrian broker Bitpanda is a popular European alternative to Coinbase offering many payment options to buy more established cryptocurrencies. The online video verification process takes a couple of minutes and requires a government-issued ID.

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$0.43

price for MIOTA1

Includes 1.49% buying or 1.29% selling fee. Additional rates for payment methods:

  €0
  ~ €2
    2%
  2%
  3.6%
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+2.5% more than best price

What are cryptocurrencies?

Cryptocurrencies or digital currencies are digital assets designed to work as a way to exchange value. Digital currencies use cryptography to secure all transactions and to limit the creation of additional units of the currency. The most commonly known cryptocurrency is Bitcoin, a worldwide digital payment system.

Most digital currencies rely on a technology called blockchain which was first pioneered by Bitcoin. The blockchain is a immutable set of transaction records. This means that every transaction made on the blockchain is saved indefinitely in a publicly available database. As a result, the blockchain enables two parties who never met to make trustful transactions, without the need for an intermediary like a bank or payment processor.

What is Iota (IOTA)?

IOTA is a next–generation cryptocurrency designed for the Internet of Things. IOTA utilizes a distributed ledger called „tangle“ that does not make use of a blockchain and does not require mining. This technology will offer several advantages over blockchain cryptocurrencies such as scalability, decentralization and low fees. IOTA is currently still in a beta development stage.

How to buy Iota (IOTA)?

Iota is traded at so called exchanges. Exchanges are platforms that allow the exchange of fiat currencies such as Dollars or Euros against digital currencies. Besides exchanges, there are so called broker services, which aim to facilitate the buying process for non-experts. These brokers allow the purchase of Iota at a fixed price and often feature more payment solutions and are easier to use for beginners.

Look out for the following conditions before you select a marketplace to buy Iota :

  • Fees: Exchanges usually charge a relatively low trading fee between 0.1 and 0.3 percent on every trade, whereas broker services usually charge higher buying fees of up to 10 percent. Besides trading fees there are often fees for deposits and withdrawals.
  • Verification: Most exchanges and broker services require you to verify your identity before you can start depositing fiat currencies like Dollars or Euros. The verification methods vary among different providers, but usually you will be required to upload a copy of your passport (or other identity document) and a valid proof of residence (e.g. a utility bill). The verification process may take between 10 minutes (using video conferencing tools) and several weeks.
  • Payment Methods: To buy Bitcoin, Ethereum or other currencies you need to deposit money on a marketplace. Most exchanges only offer you the possibility to deposit money using wire transfer, which can take up to 5 days. Broker services, however, often offer additional payment methods such as VISA or MasterCard at an additional payment fee.
  • Security: Security also plays a major role when trading cryptocurrencies- There have already been several hacks of cryptocurrency marketplaces. Cryptoradar helps you filter providers by offered security features such as 2FA, cold storage or multisig wallets. We also encourage you to not keep significant amounts of fiat or digital currencies on exchanges as these might be affected in case of an hack.