What is IOTA?
The ‘oil’ of the Internet of Things
IOTA is a new generation cryptocurrency created in 2015 to meet the needs of the Internet of Things sector (hence the name IOTA).
It was designed to be less complex and lighter than other cryptocurrencies to make the micro-transactions generated by the tens of billions of IoT devices as simple as possible. The IOTA blockchain does not have “blocks”.
Instead, it uses a system called Tangle that allows free and instant transactions. Tangle can handle unlimited transactions and is overseen by the nonprofit IOTA Foundation which maintains it as unlicensed technology. IOTA is the name of the cryptocurrency token that powers the platform.
It is also the smallest unit of the token. IOTA applies the SI unit of measurement, MIOTA represents the most traded unit of IOTA. A MIOTA (“mega”) refers to one million IOTA.
There is also KIOTA (“kilo”), which refers to a thousand IOTA, and GIOTA, which represents one billion IOTA. AvaTrade is one of the leading brokers in the industry, with some of the best crypto trading conditions available, including the lowest cryptographic spreads on the market.
AvaTrade is an industry-leading broker with some of the best crypto trading conditions available, including the lowest crypto spreads on the market.
How to Buy IOTA in Nigeria?
- Open your trading account with AvaTrade
- Deposit funds using one of our secure banking options
- Select your preferred trading platform
- Analyse the markets using Technical and/or Fundamental analysis
- Open a Long or Short position on MIOTA according to your market analysis
Why Buy IOTA With AvaTrade Nigeria
- Uncompromised Safety – With six regulatory authorities and segregated accounts, your money is protected at all times.
- Many Cryptos to Choose From – Trade on the wide variety of cryptos available on our trading platforms.
- No Hidden Fees – We offer zero commissions and no bank fees on transactions!
- Crypto Never Goes to Sleep – AvaTrade is one of the few brokers offer around-the-clock service and support in 14 languages.
- Generous Leverage – Increase your initial capital with generous leverage and get far more exposure to trade than your account balance. Up to 2:1 (for EU residents) 25:1 (for non-EU residents).
- Limit Your Risk – You can preset profit and loss levels by using stop losses or take profit limits when you trade. Determine the maximum amount you are prepared to risk when speculating on the price, or set a price at which you want to take profits. Future orders like Buy Stops and Buy Limits are also available.
- Trade Cryptos Against Fiat Currencies – Unlike many exchanges out there, who are restricting their clients to trade only Crypto to Crypto, our clients can trade Cryptos against Fiat currencies (USD, EUR, JPY etc.), as well.
MT4 Symbol: MIOTAUSD
Trading Hours: 24/7
Typical spread: 0.8% over-market
Why Trade IOTA with AvaTrade
- AvaTrade offers MIOTA (one million IOTA) CFD trades with up to leverage
- The cryptocurrency market is available to traders 24/7
- You can start trading MIOTA with as little as
- The token’s high volatility makes it excellent addition to a well-balanced trading portfolio
- You can sell MIOTA (go short) and potentially profit even when the market price downtrends
- AvaTrade offers zero commissions on MIOTA trading and no bank fees charged on transactions
- Enjoy world-class 24/5 customer service in your language
- Zero exposure to hacking or theft simply because you don’t actually buy or sell MIOTA
- AvaTrade is a Nigerian Broker regulated in 5 continents
- AvaTrade allows you to trade on the price changes of the cryptocurrency, relieving you from the complex purchasing process.
The maximum accumulated position size for MIOTA is £/$/€ 50K.
IOTA in the Markets
The IOTA foundation was established in early 2015 by David Sønstebø, Dominik Schiener, Serguei Popov and Sergey Ivancheglo. These financially savvy Germans were one of the crypto space pioneers and the first to pinpoint the need to create a new type of transaction grid to better support the growing industry of IoT.
IoT initially means that any device with a chip can be leased in real time. So why do these devices need a special e-coin? Because they generate tens of billions of micro-transactions (and even nano-transactions) and require a super-fast and scalable transaction technology.
In November 2015, IOTA raised 1,337 Bitcoins on a global crowdsale and at the end of 2016 more than 3 million transactions were processed on the IOTA platform.
In November 2017, MIOTA was valued at the modest price of $0.37. It then experienced a solid climb, exceeding a market capitalization of $1.5 billion on its first day of trading.
In November 28, 2017 IOTA announced partnerships with mega IoT players such as Cisco, Microsoft, Samsung and Volkswagen. The trading volume surge that catapulted from this announcement was historic; in less than 24 hours, exchanges processed more than $800 million worth of trades (!), most of which were conducted on Bitfinex.
Some investors believe that IOTA is on the path to becoming No. 3 in market cap and beat the popular Bitcoin Cash, simply because it has a real technological edge over its peers:
- It’s scalable
- It’s modular – app development can be done on independent blockchains that are attached to the main chain, allowing for near infinite scalability
- It’s tamper-proof
- It’s 100% fee free
- Super energy efficient (almost 1 millionth the usage of Bitcoin)
- It guarantees faster transactions
All thanks to the technological breakthrough that is the backbone of IOTA: Tangle.
What is Tangle
Tangle is a blockchain with no blocks and no chains! It looks something like this:
Its ledger technology is based on a Directed Acylic Graph (DAG) that functions in a similar way to a blockchain but with a peer-to-peer network and a validation mechanism.
This means that:
- The users themselves are responsible for validating transactions; no need for approval from miners (decentralised and fee free).
- The transaction speed actually increases the more transactions are made (scalable).
The birth of a non-blockchain cryptocurrency
2015: IOTA is founded
2016: The IOTA main network goes live
- The IOTA Development Roadmap is released
- IOTA is launched on exchanges
- IOTA tokens crowdsale closed
- English-Germany micropayments processor, SatoshiPay, announces that it will use IOTA instead of Bitcoin.
- IOTA market price soars by 606%
- IOTA announces partnerships with Cisco Systems Inc., Volkswagen AG and Samsung Group
- IOTA agrees to a working partnership with UNOP (United Nations Office for Project Services)
- IOTA and the European Smart City Consortium, +CityXChange, receive a green light from the EU Commission to develop and test various smart city solutions
- IOTA’s Tangle powers IAMPASS pioneering biometric palm vein authentication for digital identity
- IOTA signs working relations with Taiwan giant, SinoPac, to develop ‘iCertificate’; the future of notary certification
- Introduction of Trinity Desktop Wallet
2019: IOTA announces project ‘Q’, short for Qubic, a project that will enable Smart Contracts, Oracle and Outsourced Computing.
We encourage you to learn more about IOTA trading by visiting our trading conditions & charges page.