How to Buy & Sell IOTA (MIOTA) in Canada 2018 – Step by Step

In This Guide

A beginner’s guide to buying and trading IOTA in Canada.

The following guide outlines the easiest ways to buy, sell and trade IOTA for Canadian dollars and other cryptocurrencies.

How to Buy IOTA With Canadian Dollars (CAD)

The most straightforward way to get IOTA (MIOTA) is to buy it from someone selling it through a cryptocurrency exchange. There are a number of exchanges available to Canadians, but not all of them accept Canadian dollars (many are crypto only) and fewer still offer IOTA as a trading option.

Based on my experiences, the most cost effective and lowest risk way to exchange Canadian dollars for MIOTA is in two stages using the following exchanges:

First Stage: QuadrigaCX – Quadriga offers a variety of methods to deposit CAD including Electronic Funds Transfer (EFT) and INTERAC Online for reasonable fees. Once the funds are in your account, they can be exchanged for any of these major cryptocurrencies: Bitcoin, Ether, Litecoin or Bitcoin Cash. These can then be transferred to another exchange such as Binance.

Second Stage: Binance – Binance doesn’t accept deposits of Canadian dollars, but it does support deposits, trading and withdrawals of 100+ cryptocurrencies. Deposits are free, trading fees are very low at 0.1% and withdraw fees are reasonable. Once your digital currency has been deposited at Binance, you can trade it for IOTA for a small fee.

For a complete comparison of these exchanges and more, check out our guide to the best cryptocurrency exchanges available in Canada.

Here’s how to buy IOTA:

Step 1) Register for QuadrigaCX

QuadrigaCX is a digital exchange for the trading of cryptocurrencies. It is the largest volume Canadian cryptocurrency exchange. QuadrigaCX offers a variety of transfer options, especially for Canadians. Those located in other countries may find more limited options.

The exchange has vast liquidity and has the ability to handle a high volume of trades. Its security exceeds the industry standard. Some transfer methods may be slow and some options may be limited compared to other sites.

To get started, visit QuadrigaCX to create an account and fill in your name, email address, date of birth and country of residence:



Step 2) Verify Your Account

The next step is to verify your account using one or both of Quadriga’s options: verifying your identity through Equifax and providing your personal ID, bank/utility statement and selfie with a written note.

Step 3) Deposit CAD to QuadrigaCX

On the Member Dashboard, click the FUND button in the “Available Canadian Dollars (CAD)” box:

Once you’re account has been verified, you can use any of the following payment options to deposit Canadian dollars into your account. I use the INTERAC Online option through RBC that has the lowest fee of 1.5% and it works great. Unfortunately, this option is not available to CIBC/Simplii bank accounts or debit cards that double as a Visa or Mastercard.

Step 4) Buy Litecoin (or Bitcoin Cash)

On the Dashboard page, select the LTC/CAD trading pair in the drop down at the top right of the page.

In the center box, click the Buy Litecoin tab and enter the amount of Litecoin you would like to buy in CAD.

Click the Buy button.

The reason for choosing Bitcoin Cash or Litecoin instead of Bitcoin is that their network fees are considerably lower ($0.10 to $0.30) compared to Bitcoin ($5 to $10).

You’re done! For more info, you can read my full review of QuadrigaCX.

Step 5) Sign Up for Binance

Binance is an exchange that gives customers the capability to trade cryptocurrencies. It is a pure cryptocurrency exchange, so you will need to own or buy Bitcoin and deposit it. They have support for multiple web browsers and mobile platforms. It offers a high level of liquidity and the ability to process 1.4 million trades/second. Its customer support can take a while to respond, but this is to be expected due to the massive increase in cryptocurrency interest.

To get started, visit Binance to create an account and fill in your email address and a strong password:

Step 6) Verify Your Email

Click the link in the email they send you to activate your account:

Step 7) Transfer Litecoin (or Bitcoin Cash) from QuadrigaCX to Binance

The next step is to transfer the cryptocurrency you bought through QuadrigaCX over to Binance. Click on Deposits in the Funds menu at the top right:

Select the cryptocurrency you bought on Quadriga from the drop down menu:

Copy the Deposit Address provided by Binance. Be sure it is for the right coin:

Back over on QuadrigaCX, on the Dashboard click the Withdraw button next to your Litecoin (or Bitcoin Cash) balance:

Enter the amount you would like to send to Binance (or simply click Maximum) and paste the Litecoin address given to you by Binance in the previous step and click Submit:

The transfer will take a bit of time as the transaction needs to be confirmed. You can see the status of the transfer on Binance’s Deposit History page.

Step 8) Buy IOTA

Once the transaction is complete and the funds are available in your Binance account, you can now trade them for Bitcoin and then for IOTA. The reason you have to convert to Bitcoin first is that Binance offers all trading through Bitcoin as the central currency.

Click on Basic in the Exchange menu at the top left:

Don’t be overwhelmed! There is lot going on on this page, but the steps are simple and we’ll go through them here.

In the top right hand box, search for LTC if you bought Litecoin or BCC if you bought Bitcoin Cash and click on the Pair shown:

At the bottom of the screen, click the Market tab and enter the Amount of LTC or BCC you would like to trade for Bitcoin into the Sell box and click the Sell button:

Next, search for IOTA in the box on the top right and click the IOTA/BTC pair:

And finally, enter the amount of MIOTA you would like to buy in the Buy box on the Market tab and click the Buy button:

And that’s it! You can see your IOTA on the Balances page under the Funds menu. You can read my full review of Binance here.

How to Sell IOTA for Canadian Dollars (CAD)

Selling IOTA is the same process as buying it – just in reverse.

Here’s how to do it:

Sell on Exchanges: Binance and then QuadrigaCX

In addition to buying IOTA, you can also sell it using the 2 stage process above – just in reverse.

Step 1) Sell MIOTA for Bitcoin on Binance

Step 2) Trade Bitcoin for LTC or BCC

It’s recommended to convert the Bitcoin to Litecoin or Bitcoin Cash as they both have considerably lower withdrawal and network fees than Bitcoin.

Select the LTC/BTC trading pair:

Enter amount on the Market tab and click the Buy button:

Step 3) Transfer LTC or BCH From Binance to QuadrigaCX

Click Withdrawals option under the Funds menu:

Select the digital currency you want to send to Quadriga:

Step 4) Sell LTC or BCH on QuadrigaCX

On the Dashboard page, select the LTC/CAD (or BCH/CAD) trading pair from the drop down at the top right and on the Sell Litecoin tab, enter the amount and click the SELL button:

Step 5) Withdraw CAD to Your Bank Account

Here are all of the options available to withdraw Canadian dollars as well as their limits, timeframes and fees:

Where to Buy and Trade IOTA in Canada

NameDescriptionCurrenciesDeposit Methods & FreesTrading FeesTop Trading PairsWithdrawal Methods & Fees 

QuadrigaCX
Canada's largest digital currency exchange. Next day and free deposit and withdrawal options available.BTC, LTC, ETH, BCH, BTGCAD, USD free to 2.5%. Free for supported crypto.0.2-0.5% on completed tradesClick HereCAD, USD free to 2%. Free for supported crypto.

Coinbase
One of the most popular, trusted and secure cryptocurrency exchanges and wallet platforms.BTC, LTC, ETH, BCHCAD Debit/Credit 3.99%Not AvailableNot AvailableFree crypto transfers to other exchanges/wallets only. Cannot withdraw CAD.

Kraken
Largest Euro volume Bitcoin exchange founded in 2011.BTC, BCH, DASH, EOS, GNO, ETH, ETC, ICN, LTC, MLN, REP, DOGE, XMR, XRP, ZECCAD, USD, EUR, GBP, JPY. Free CAD wire deposit. Free for crypto.0.16% to 0.26% for less than $50,000 volume.BTC/EUR, BTC/USD, ETH/EURCAD EFT $10 flat fee. 18 cryptos, fees vary

Poloniex
Crypto to crypto exchange based in the US founded in 2014. 14th largest by volume.60+ cryptocurrencies including XRP, STR, XMR, ZEC, NEM, DOGE, LSKAny of the 60+ supported digital currencies for free.0.15% to 0.25% for less than 600 BTC volume.BTC/USDT, XRP/BTC, ETC/BTCAny of the 60+ supported digital currencies fees depend on coin (0.0001 for BTC)

Binance
Fastest growing crypto exchange in the world and second largest by volume.100+ digital currencies including NEO, XRP, NANO, BNBAny of the 100+ supported cryptocurrencies for free.0.1% on completed trades.Click HereAny of the 100+ supported cryptocurrencies for free.

Coinsquare
Canadian owned & operated based in Toronto. 72nd largest by volume.BTC, ETH, LTC, BCH2.5% for Interac online, e-transfer, bank draft, money order of CAD.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity).BTC/CAD, ETH/BTC, LTC/BTC1% for bank deposit, 0.5% for wire transfer (min. $10,000) of CAD.

Bittrex
Fast to list new cryptocurrencies. Founded in 2014 built and operated in the US. 10th largest by volume.190+ digital currencies including OMG, BNT, POWR, ADADoes not support CAD. Network transaction fee only (varies by coin)0.25% on completed tradesETC/BTC, BTC/USDT, ADA/BTCNetwork transfer fee only (varies by coin).

Bitfinex
Advanced trading features including margin trading. 5th largest by volume.38 cryptocurrencies including IOTA, EOS, ZEC, TRX, ZRX, USDTDoes not support CAD. Fee varies by coin deposited (eg. 0.0027 ETH) Free for >$1000 USD worth.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity) for less than $500,000 per month.BTC/USD, ETH/USD, XRP/USDDoes not support CAD. Fee varies by coin withdrawn (eg. 0.0008 BTC).

Changelly
Robot that finds the best price on the largest exchanges including Bittrex and Poloniex founded in 2013.USD, EUR & 90+ digital currencies including SALT, FUN, POT, STEEM, GAMEDoes not accept deposits. Trades are between two wallet addresses directly.0.5% on completed tradesN/AFunds are not held on the platform.

KuCoin
Founded in 2017. 27th largest by volume.100+ cryptos including REQ, NANO, DENT, FLIXXFree to deposit any supported currency.0.1% on completed tradesR/BTC, R/ETH, ETH/BTC70+ supported digital currencies fees depend on coin (0.001 for BTC)

LocalBitcoins
Peer to peer Bitcoin trading with 1 million users in 248 countries.BTCCash, e-transfer, Moneygram, PayPal, Vanilla, etc. Fees vary by user.BTC with dozens of fiat currencies.Cash, e-transfer, Gift Cards, Paypal, etc.

Bitstamp
Top 10 exchange by volume founded in 2011.BTC, ETH, XRP, BCH, LTCUSD, EUR 0.05% for international wire. (min. $7.5) Free for crypto.0.25% for less than $20,000 trade volume per month USD to BTC, XRP, ETH, LTC, BCH, EUR to BTC, LTC, XRPUSD, EUR 0.09% for international wire. (min. $15) Free for crypto.

Shapeshift
Private & fast exchange - no account needed.70+ digital currencies including DASH, FUN, MAID & BNT45+ cryptocurrencies to trade between. No deposits/accounts.~0.5% + network fees45+ cryptocurrencies including BTC, ETH, LTC, EOS & XMR45+ cryptocurrencies to trade between. No deposits/accounts.

What is IOTA?

IOTA is a cryptocurrency designed to allow transactions between devices on the Internet of Things (IoT). Launched in 2016, IOTA stands for Internet of Things Application. There is so much IOTA in circulation that it is generally referred to in units of MIOTA (1 million IOTA).

How Does IOTA Work?

In an effort to address the scalability and high fees associated with blockchain networks, IOTA eliminates the blockchain. In order for devices on the network to submit their own transaction to the IOTA ledger, it must verify two other previous transactions. This network of verified transactions builds a structure that the creators of IOTA call “the Tangle.”

In cryptography, this structure is known as a Directed Acyclic Graph, or DAG. Since each transaction requires the verification of two other transactions, the network scales very well. The more transactions that are processed, the more computing power available to verify other transactions. This design results in free and fast transactions.

The design of IOTA is perfect for micropayments, which would be ill-advised in case of even the smallest fees. There are already billions of devices that make up the IoT and the outlook for future growth is exponential. It provides a means for these devices to carry out machine-to-machine (M2M) transactions.

IOTA was designed using a ternary number system, as opposed to the binary number system that most computers use. This was in order to make their system quantum-proof in case quantum computers become available in the future. It is generally believed that quantum computers could easily crack most cryptography used today.

Benefits of IOTA

Fast and free

The price of each transaction is verifying two other random transactions. More transactions means more CPU available to process more transactions.

Quantum-proof

IOTA’s system is designed to withstand a post-quantum world. If quantum computers become a reality, IOTA would have a huge advantage.

Flash channels

Flash channels are a sort of digital sidebar where multiple parties can transact independently outside of the main Tangle. This allows parties to process high volumes of transactions quickly by avoiding a lot of direct interaction with the Tangle.

Cons of IOTA

Very centralized at the moment

Similar to how a blockchain is vulnerable is 51% of the computational power is controlled by one party, the IOTA network is similarly vulnerable if a party controls 34% of the network’s computing power. To guard against this threat, IOTA uses something called “The Coordinator.” IOTA claims that the Coordinator will eventually be removed when the network is strong enough to withstand such an attack, but this contributes to worries about centralization.

Security concerns

The system’s use of the ternary number system forced the project to “roll their own” cryptography. This practice is generally frowned upon in the cryptography community. Sure enough, a team at MIT claims they were able to identify two keys that hashed to the same value using IOTA’s hashing algorithm. Such keys are supposed to produce a unique output value for each input. The fact that the same value could be generated from different keys makes the system prone to attacks.

No mining

There is no direct economic incentive to operate a node. This contributes to worries about centralized control and about how the coins are distributed.

What’s the difference between Bitcoin and IOTA?

Bitcoin is a blockchain-based cryptocurrency. IOTA, in fact, has no blockchain. IOTA lacks the mining and verification overhead of Bitcoin, making it ideal for devices on the Internet of Things (IoT) to be able to carry out transactions quickly and for free. Bitcoin’s fees and transaction times can be quite substantial.

What Factors Affect the Price of IOTA?

IOTA prices respond to the same forces that guide other cryptocurrencies. These include public interest, technical features and changes, and popularity.

Adopting IOTA will not only allow you to benefit from your investment of cryptoassets sitting in your wallet, but you will also be contributing to the currency’s community and helping it gain legitimacy and wider utilization. In this early stage, IOTA will benefit from any additional vendor or supporter who signs on. As its value increases, everyone enjoys the fruits of their investment.

Where Can I Use IOTA?

The primary focus of IOTA is for the Internet of Things (IoT) and for machines to pay each other. At this time, owning IOTA is for speculation and practical direct uses of the currency are not yet widely available.

Roadmap: What’s next for IOTA?

At the present moment, IOTA is a heavily centralized network with unproven technology. While what it plans to do would change the world, only time will tell whether it will do so. The IOTA project says its “number one priority is adoption in the real world.”

Learn More:

If you want to learn more about IOTA, we recommend the following resources:

Disclaimer: Investing in cryptocurrency is always a risk and there is no guarantee of returns. Nothing on this page should be taken as financial advice of any kind.

Over to You

How do you buy IOTA? What do you think of the digital currency? Is it worth investing in?

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