5 best IoT coins to invest in February 2024

The Internet of things (IoT) is a giant network of connected things and people for a new era of communication. This guide lists our top 5 IoT coins to buy right now and explains what makes them stand out.
Updated: Jul 6, 2023

This page contains all of the information you need to know before you invest in IoT coins, including our selection of the five best projects on the market right now. Read on to get started with some of the best cryptos to buy now.

What are IoT coins and why are they so important?

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To understand what IoT coins are, it is helpful to first define the IoT: in essence, it is the concept of connecting any device to the internet and to other connected devices, allowing everything to collect and share data. This includes things like wearable fitness devices that connect to an app to track athlete performance, or even self-driving cars with sensors to track their path to a destination. In short, anything with an on/off switch can become part of the IoT.

So, Internet-of-things coins are the native cryptocurrencies of Internet-of-things projects. These are technological enterprises that use blockchain technology in an effort to provide a service and attract investors. While these platforms vary in their signature aims, the overarching theme is to work towards a better connected, faster, and frictionless world for transactions of data and capital.

It is this central idea that makes IoT coins an important component of the new digital age. Moreover, each coin has its own unique tokenomics and functions that also give it value. For instance, an IoT coin may be deflationary, with a portion of the fees on each transaction being burnt to increase scarcity. In addition, the coin may be able to provide discounts for token holders when using services provided by its native platform.

How and where can I buy IoT coins now?

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For the best places to buy IoT coins online, look no further than the table below. Our analysts have tested all of the top platforms thoroughly, and they have concluded that these options stand out above the rest. If you aren’t ready to pull the trigger on a purchase just yet, don’t worry; just keep reading to learn more.

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5 Easy Steps to buy IoT coins

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The process of purchasing IoT coins is quick and simple, so don’t worry, even if you’re new to crypto investing. These are the steps to follow in order to complete your investment:

  1. Choose an exchange. Cryptocurrency exchanges are online marketplaces where users can purchase and sell supported crypto coins. You need to make sure that the exchange you choose has a good reputation and offers a wide range of IoT tokens.
  2. Create an account. Before you get any coins, you need to have an account. So, fill out the contact details that are requested by your chosen exchange, and then send over a copy of your photo ID if you need to.
  3. Deposit funds. You need funds in your account before you purchase any IoT cryptocurrencies. To do this, connect a support cryptocurrency wallet, or for some exchanges, you can add fiat currency like GBP, EUR and USD via a bank transfer.
  4. Purchase IoT coins. Now, search for the ticker of the IoT coin you are looking for. So, if you want some VeChain, type in VET into the search tab of your chosen exchange.
  5. Execute your order. Lastly, enter the number of coins you want, check you are satisfied with the market price and any fees you will incur, and then execute the transaction.

Top 5 IoT coins to invest in

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Our analysts have been hard at work researching the IoT coin market and reviewing all of the top projects, along with some hidden gems. You can find their final top 5 in the table below. Click on the coin’s symbol to see any relevant price information, and scroll down to find out more details about each one.

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List selected by our team of analysts, updated 1st December 2021

1. VeChain (VET)

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Founded in 2015 and first launched in 2016, VeChain is a platform all about streamlining supply chain management and general business processes. It uses distributed ledger technology (DLT) and Internet of things technology to allow data to flow seamlessly through an organisation.

The VET token itself is used to transfer value across the VeChain network, while its other in-house token, VeChainThor Energy (VTHO), is used as energy – or gas – to power smart contracts.

The brain behind the project is creator and co-founder, Sunny Lu, an IT executive who used to be the CIO of Louis Vuitton China. He feels that VeChain’s ability to provide a trust-free structure will improve efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users. It is these technical credentials along with the increasing popularity of the platform that has landed it a spot on our list.

Learn how to invest in VeChain here.

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Launched in July 2016, IOTA is an open-source distributed ledger project and combined with its native token, MIOTA, it is designed to record and execute transactions between both machines and devices within the Internet of Things (IoT) ecosystem. 

MIOTA itself is simply used for transactions over the network, but what really makes the project stand out is its innovative ‘Tangle’ technology. This is essentially a series of nodes that verify transactions. The developers behind IOTA have claimed that Tangle is faster and more energy-efficient than typical blockchains.

In the long run, IOTA could solve some of the significant scalability issues that have plagued cryptocurrencies like Bitcoin, though the project does have its own problems with scalability and has been susceptible to hacks in the past. However, it is this overarching ambition that has impressed our analysts and secured IOTA a place on this list.

You can find out more about investing in IOTA in our guide.

Sign-up & buy IOTA

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3. Helium (HNT)

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Founded in 2013 by Amir Haleem, Shawn Fanning and Sean Carey, Helium is a decentralised blockchain-powered network for Internet of Things (IoT) devices. The Helium mainnet launched in July 2019, and it is designed to allow low-powered wireless devices to communicate with each other and send data across its network of nodes.

The way the network functions is with Hotspots that serve as nodes. These Hotspots are an amalgamation of a blockchain mining and gateway device. So, to power the platform, users who operated Hotspots mine and earn rewards in the form of the in-house HNT token.

Our analysts appreciate Helium’s futuristic stance on the IoT, especially with its use of 5G tech. In addition, this shift towards ‘The People’s Network’ could be a meaningful change to the current paradigm of decentralised wireless infrastructure, and it could solve inadequacies in the existing system. This innovation was key to securing Helium the third spot on our list.

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4. IoTeX (IOTX)

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Founded in 2017 by Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun as an open-source project, IoTeX is all about empowering the open economics for machines in the IoT. In the long run, the project hopes to provide an open and fair ecosystem where people and machines in the IoT can interact with guarantee transparency, trust and free will. This setup will also be reinforced by purposefully designed economic incentives.

The brainpower behind IoTeX consists of a global team of over 40 research scientists and engineers, and their network has already processed over 10 million transactions. IoTeX gas also been engineered to interact with the Ethereum, Binance Smart Chain, and Heco blockchains, allowing all dApps that are compatible with EVM-based blockchains to scale effectively without incurring significant gas fees.

From smart home devices to autonomous vehicles, IoTeX is building a fast and secure backbone for machine economics, and it is this unique aim that has landed it the position of number four in our top five.

Sign-up & buy IoTeX

5. DigiByte (DGB)

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Development began on DigiByte back in 2013, making it one of the oldest projects on this list. The genesis block of its native in-house token was mined a year later as a fork of Bitcoin. These days, DigiByte is a fully-fledged blockchain project and asset creation platform.

Created by the ‘DigiMan,’ Jared Tate, DigiByte is essentially a modification of Bitcoin which aims to diversify security, speed and capacity possibilities. As a result of this technical innovation, the project has the capabilities to be part of the IoT ecosystem.

The platform has achieved some success in recent years, climbing towards the top 100 cryptocurrencies by market cap, and it is this growth combined with the platform’s overall potential that has secured it a place on our list.

You can find out how to invest in DigiByte with our in-depth guide, here.

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Before investing in IoT coins

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Below, we have outlined the main advantages and disadvantages of the Internet of things.


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  • The IoT allows automation to occur, increasing the quality of machine tasks without human intervention
  • The abilty of machines to interact with each other means humans can focus on other jobs, increasing efficiency
  • The IoT reduces bottlenecks and helps prevent breakdowns and system damages
  • By creating a greater availability of information, decision making is improved for machines and people


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Benefits of investing in IoT coins

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There are many potential benefits to investing in IoT coins, and the key factor is the strength of the IoT itself. The ability of the IoT to create automation means businesses can achieve consistent results through transparent means, and as a result, efficiency is significantly increased.

Moreover, decision-making is improved because of the seamless ability to share data. As a result, investing in IoT coins places your capital at the forefront of this emerging and rapidly growing industry.

In time, as IoT adoption increases further – and this appears to be something of an inevitability – the native tokens of IoT blockchain projects are likely to increase in price. So, if you can get in now at this early stage, you could be poised to profit in the years to come.

Risks of investing in IoT coins

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There are a variety of risks to investing in the IoT – some technical, and some ethical. Top of the list is the security risks that come with machine-to-machine communication. As more and more devices are added to the network – including things like household appliances – sensitive information becomes more easily accessible.

In addition, because of the merging status of the IoT, there is not yet a worldwide standard for compatibility with it, meaning different projects and equipment from different manufacturers often doesn’t work effectively together. Furthermore, it can be hard to tell which tech is likely to succeed, making it tough for investors to make the right call on the project they invest in. It is also noteworthy that the IoT is fragile, and one small failure can have widespread consequences.

Finally, there is a moral quandary that some investors will have. Investing in IoT coins helps fuel the surge towards automation, which in the long run, could negatively impact jobs in a wide range of industries.

How can I find the best IoT prospects?

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If finding the best IoT prospects is your aim, the main things you want to look at are the coin’s technical credentials, recent growth and return on investment (ROI), level of volatility and trading volume.

By finding a coin with the best tech, it is more likely to have success in the future as a useful part of the IoT. In addition, by reviewing the growth of a coin’s price, you can create predictions about its next likely action by using technical analysis.

Finally, looking at trading volume gives you an idea of the overall market interest in the coin, while looking at volatility gives you an idea of how risky the project is and how severely it is impacted by something as variable as market sentiment.

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Latest IoT coins price analysis

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Latest IoT coins price analysis

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What is an IoT coin?
What is the Internet of things (IoT)?
How did we choose our best IoT coins?
Are cryptocurrencies legal?
Are IoT coins good assets to invest in?
Where can I learn more about IoT coins?

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Charlie Hancox
Financial Writer
Charlie is a Financial Writer for Invezz. He covers commodities, cryptocurrencies, and breaking news. Prior to joining Invezz he helped grow Crux Investor into the fastest-growing... read more.