There are two ways to buying MIOTA on Bitfinex, either using fiat (USD, EUR) or exchanging any cryptocurrency for MIOTA.
To deposit using fiat on the Bitfinex platform, it’s mandatory that you verify your account which could take any time between one to five weeks to get verified.
If you need to do a quick buy, then you should have bitcoin or any other supported altcoin on Bitfinex in your wallet to fund with and then exchange for the MIOTA coins.
Here are simple steps to purchasing MIOTA from Bitfinex Exchange
- You need to open a Bitfinex account by supplying a valid email address and a secure password to be on the platform.
- Verify your account by confirming via the email sent to your inbox.
- Log in with your email address or username you just supplied at registration.
- Fund your Bitfinex account with the desired cryptocurrency you have at hand. The best choice would be the Bitcoin.
- To send Bitcoin into Bitfinex, you need to click the ‘Deposit’ link at the top of the page while logged onto the platform.
- Select Bitcoin from the list of cryptocurrencies you can fund with on the page.
- Bitfinex gives you three wallet options, the Exchange, Margin, and Funding wallets. To Exchange your Bitcoin for MIOTA, you need to generate a new address for the Exchange wallet.
- Wait a while; you should see your Bitcoin at the ‘Balances’ section.
- Now you need to exchange your Bitcoin for MIOTA. To do this, while still logged onto the platform, you need to select the ‘Trading’ link next to the Bitfinex logo on the page.
- A list of cryptocurrencies offered to be exchanged is displayed. Locate IOTA and choose the IOTA/BTC option.
- Locate the ORDER FORM section at the left side of your screen.
- The first box gives you the option to buy at Current Market Price or buy at a lower price by setting a limit order. To buy instantly, select Market.
- You are now expected to enter the Amount of MIOTA you want to purchase in the ‘Amount’ box.
- Click on the Exchange Buy button and wait for the transaction to be completed and your IOTA added to your account.
- Now that you’ve gotten your Bitcoin exchanged for IOTA, as a best practice do not leave your cryptocurrencies in exchanges. You need to send them out of Bitfinex to your IOTA GUI Client
- Open your wallet on your Personal Computer to generate a wallet address to send your IOTA cryptocurrency.
- On Bitfinex, click on ‘Withdraw’ then choose the IOTA from the list of cryptocurrencies available.
- Copy your generated IOTA address to the address field displayed on Bitfinex.
- Enter the amount of MIOTA you want to send. Check the Balances section to know all you have.
- Select the wallet on Bitfinex on which your MIOTA is stored. It’s most likely going to be the Exchange wallet.
- Check to agree to the conditions.
- Request withdrawal.
Not to get you confused, the abbreviations IOTA and MIOTA are used interchangeably in this article. They are just different units of measurements for the IOTA cryptocurrency.
IOTA is a single unit of measurement. A KIOTA is a thousand (1,000) of an IOTA. A MIOTA is a million (1,000,000) of an IOTA. Likewise, we have the GIOTA (1,000,000,000) which is a billion of an IOTA. TIOTA is a trillion (1,000,000,000,000) of an IOTA.
Most exchanges do trade in MIOTA, so you have to enter amounts you intend buying in a million unit.
Now you know how to trade BTC for IOTA on the Bitfinex platform.