Buying Iron Bank is very easy nowadays. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do this – that’s why we’ve made this tutorial easy for you! It is separated into parts – just follow the one that matches your purchase method.
What is Iron Bank (IB) Token?
Iron Bank is a decentralized protocol to protocol lending platform. It allows trusted protocols to borrow funds without posting collateral via whitelisting. It is helping build a better and safer DeFi lending ecosystem, by driving capital efficiency as the liquidity infrastructure and backbone for DeFi and CeFi.
Iron Bank provides on-chain undercollateralized/zero-collateral lending for selected borrowers on Ethereum, Avalanche and Fantom with a unique soft liquidation feature. $IB works on the Fantom blockchain technology.
At the time of writing this, CoinMarketCap ranking was #2849. While it has a max. supply of 7,300,000 IB coins.
How to buy Iron Bank with a credit card or debit card?
No matter what people say, it’s easy to buy Iron Bank with a credit card. Your first step will always be to buy Bitcoins or Ethereum with your credit card. They can then be converted to Iron Bank. Follow these steps: Buy Bitcoin or Ethereum on an exchange you like. Transfer Bitcoin or Ethereum to an exchange that supports Iron Bank currency. Finally, exchange Bitcoin or Ethereum for Iron Bank. Please follow our step-by-step guide below to buy Iron Bank (IB).
Step.1 Register on Fiat-to-Crypto Exchange
You will first have to buy one of the major cryptocurrencies, like Bitcoin (BTC) or Ethereum (ETH). In this article, we will walk you through the details about going through Coinbase.
First, we’ll buy Bitcoin or Ethereum from Coinbase – later we will exchange it for Iron Bank (IB) – but first, you need to create an account on Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
Click on the subscribe button and fill in the form. Enter your name (it has to be exactly the same as what is written on your photo ID), email, password, and location. Coinbase is regulated by the US government and follows strict financial rules. As such, they need to verify your identity. It takes some time and effort, however, this makes Coinbase reputed to be the most reliable way to convert the regular currency to cryptocurrency.
Verify Coinbase account
As Coinbase needs to verify your account, you must provide your phone number, upload a picture of your photo ID and verify your card (credit or debit) or account back. Only then will you be able to buy cryptocurrencies.
Step.2 Buy BTC/ETH with fiat money
Select Bitcoin or Ethereum and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some Ethereum. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step.3 Open an account on an ALTCOIN exchange that accepts Iron Bank (IB)
Now that you have some cryptocurrencies, you should find a place to exchange them for IB. Below is a list of online exchanges where IB is traded: Exchanges are listed in descending order of trading volume (i.e. how much trading takes place on these sides).
Gate.io is an American cryptocurrency exchange that was launched in 2017. As the exchange is American, US investors can of course trade here and we recommend US traders to sign up on this exchange. Gate.io’s main selling factor is its wide selection of trading pairs. You can find most of the new altcoins here.
Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
Binance is a popular cryptocurrency exchange that was started in China but then moved its headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world. Unfortunately, Binance does not allow US investors so we recommend you to sign up on other exchanges we recommend on this page.
You can also open your account at MEXC
Step.4 Transfer Bitcoin/Ethereum from Coinbase to Exchange
After opening an account with one of the exchanges in the list above, you should find your BTC or ETH wallet address. The details for finding the address may differ depending on the website, but it’s usually easy and straightforward. Make sure you get your “deposit” or “receiver” address. Copy/note your BTC or ETH wallet address for the next step. The address (Your own unique address, of course, not the address above!)
Step.5 Exchange Bitcoin/Ethereum for IB
When Ethereum appears on your new exchange account (it may take a few minutes), you are ready to exchange it for IB on the new exchange. The trading process depends on the exchange but is quite similar across platforms. Generally, you will want to find the IB/ETH trading pair and “place an order” to buy IB with your ETH funds.
The order may work immediately – any delay is usually because the exchange is trying to find enough “sell” orders to fulfill your “buy” order. Congratulations! You are now the proud owner of a certain amount of FATHER!
You may also like to know the step by step guide on where and how to buy Telcoin ($TEL)
Frequently Asked Questions
Can I buy Iron Bank with PayPal?
You cannot purchase Iron Bank directly with PayPal at this time. If you want to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for IB using a service like Binance.
Can I buy IB with cash?
You cannot buy Iron Bank directly with cash. Even though some ATMs support Iron Bank, they are less than 1% of all cryptocurrency ATMs. If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for IB using a service like Binance.
Can I buy Iron Bank with Bitcoin?
Yes, you can easily do this using Binance to exchange bitcoins for Iron Bank.
Can I buy IB with Skrill
Europeans can use BitPanda to buy bitcoins or Ethereum with Skrill. Ethereum or BTC can be converted to Iron Bank on Binance.
Can I buy Iron Bank with Ethereum
Yes, you can easily do this using Binance to exchange Ethereum for Iron Bank.
What is the best payment method to use?
The cheapest way to do this is to buy bitcoins with a bank account (or Iron Bank directly with a bank account) and exchange BTC for Iron Bank. The fastest way is to buy Iron Bank with a credit card, but higher fees will be charged.
How can I protect the IB after I buy it?
You must store your Iron Bank in a secure wallet. Leaving Iron Bank on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Iron Bank (IB)?
Binance and Changelly are good places to exchange your IB for any other cryptocurrency. If you want to exchange it for regular currency, trade IB for bitcoin and exchange BTC for dollars, euros, or other currencies.
Can I mine Iron Bank instead of buying it?
You cannot mine Iron Bank as it has a different network structure than Bitcoin. You can only buy Iron Bank from an exchange.