Bitfinex was the first major exchange to list the cryptocurrency IOTA. Unlike classic cryptocurrencies, IOTA does not use blockchain but a tangle data structure. Today we show how to trade IOTA on Bitfinex.
First, set up an account on exchange.
Now, go to the homepage and click on “SIGN UP” in the top right corner. In the appearing pop-up window, enter your information and then click on “Open Account”.
An e-mail confirmation will be sent to the specified e-mail address. This email has a confirmation link that you have to click and confirm.
Enable two-factor authentication
Once you have logged in (click on “LOG IN” in the top right corner of the page), set up the two-factor authentication via the Google Authenticator , even before purchasing IOTA , to provide additional security. Crypto exchanges are particularly prone to hacks and should therefore meet appropriate security standards.
First, download the Google Authenticator app from the Apple App Store or Google Play. The Google Authenticator app calculates a new six-digit sequence of digits from a secret code every 30 seconds, which you then enter when querying Bitfinex (when logging in, when picking it up).
On the bitfinex page, click on the male/female in the upper right corner and then on Security. On the following page click on “Two-Factor Authentication” and there on Setup. The following window appears:
Now, use the Google Authenticator app to scan the QR code and write down the red-framed key. This must be kept well. If you lose your smartphone, you can use the key to set up the GoogLe Authenticator app again. Now, enter the code generated by the Google Authenticator app in the 2FA token field to confirm activation.
Verification of identity
To be able to transfer FIAT currencies to Bitfinex, you have to verify yourself. To do this, click on the male/female on the top right and then on “Verification”. Now, enter all necessary data and transfer copies of necessary documents. The processing can take up to 3 weeks. You will be informed once you have been successfully verified.
Transfer money to Bitfinex
At the moment you can only deposit FIAT currencies via bank transfer. Minimum amount is 10,000 USD. Click on Deposit and then on the desired currency. Once the money has been transferred, you can buy IOTA.
Transfer cryptocurrencies to Bitfinex
At the top right click Deposit and select your desired cryptocurrency. The address to which you should transfer the cryptocurrency appears. In order to trade directly, transfer to “Exchange Wallet”. Once this is done, it will be necessary to wait until the transaction has been completed and the requisite number of confirmations has been made. For Bitcoin, Bitfinex expects 3 confirmations.
Buy IOTA on Bitfinex
To trade IOTA, click on “Funding” in the upper left corner and enter IOTA in the search field (red frame). The trading couples for IOTA should appear. Now, select the desired trading pair and place your first buy order (fields under red frame).
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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This article is a guest contribution written by Thomas Glare from our friends at The Odyssey Online.
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