A Beginner’s Guide to Buying and Selling IOST Cryptocurrency in Australia
If you’re based in Australia and wish to buy Internet of Services Token IOST – the process is very simple. All you need to do is find a regulated online exchange that offers competitive fees, deposit some funds and decide how much you wish to buy.
IOST, short for Internet of Services Token, is an enterprise-level blockchain system for the Internet of Services. It is a blockchain platform that uses off-chain resources to IOST smart contracts. The smart contracts access data, APIs, and traditional banking systems and IOST them to the blockchain system.
IOST also has its native crypto, IOST, traded on major exchanges to enable holders to earn generous profits. The IOST token is similar to Bitcoin, Ethereum and others. IOST is classified among the top 150 cryptocurrencies in terms of market cap.
What is in this guide?
This guide will give you all the information you need to know about IOST. If you also want to buy and hold the crypto, the guide will help you with the same process. However, if you are just a beginner, this guide may not give you the extra information you need to understand the blockchain system and how it works.
Before reading this guide, you need to note that investing in cryptocurrencies is a highly risky venture. Whilst you may make massive profits from speculation, you can also make massive losses.
Where to buy IOST in Australia
The only place where you can buy IOST in Australia is from a cryptocurrency exchange. There are many crypto exchanges in Australia, and they all work similarly. The only difference is the fiat currencies supported and the cryptocurrencies offered. If you are buying IOST in Australia, ensure the exchange supports AUD and IOST tokens.
List of the best Exchanges to buy IOST in Australia:
Looking where to buy IOST in Australia right now? Below you will find 4 of the best brokers that allow you to buy IOST in Australia.
- eToro - Best broker to buy IOST in Australia
- Binance - Best exchange to buy IOST in Australia for asset diversity
- Coinbase - Best exchange to buy IOST for beginners
- OKEx - Best broker to buy IOST in Australia for low-cost
A step-by-step guide to buying IOST in Australia
You can either buy IOST tokens using AUD or using other cryptocurrencies. If you already hold other cryptocurrencies, you can trade them for IOST tokens. However, some exchanges do not support this.
To buy IOST tokens, follow the process below:
Step 1: Create an account on a Crypto Exchange
As mentioned earlier, there are many exchanges that you can choose from. However, ensure that you are creating an account on an exchange that supports IOST tokens. When creating the account, you will be required to provide details such as your name and contact information. You will also be required to verify your identity by providing a government-issued ID. When creating the account, set a multi-factor authentication process to keep your funds and tokens safe.
Step 2: Deposit funds to your exchange account
Once you have opened your exchange account, you need funds to buy IOST tokens. The exchange usually gives you a prompt to select the best way for you to deposit your funds. Most exchanges have a credit card option that allows you to deposit funds directly from your bank to the exchange.
Step 3: Buy IOST tokens
The last step is to purchase IOST tokens with the amount you have deposited. If you hold the cryptocurrencies such as BTC or ETH on the exchange, you can trade these for IOST tokens.
You can either buy IOST tokens at the set market price or set your limit price. With a limit price, IOST tokens will automatically be bought when their value reaches a specific price. The number of IOST tokens you receive will depend on its current market value.
How to sell IOST Tokens
If you want to sell IOST tokens, the process is as smooth as the buying process. You can sell the tokens from the exchange. You can either sell them for fiat currency that you can later withdraw from the exchange. You can also sell it for other cryptocurrencies.
Most people sell IOST tokens to derive quick profits from the sale. You will get profits when the value you are selling is higher than the value at which you purchased the tokens.
Which wallets can I use to hold IOST tokens?
If you do not want to sell your IOST tokens just yet, the best place for you to store them is in crypto wallets. Crypto wallets can be either hot wallets or cold wallets. Cold wallets store IOST tokens offline, and they are ideal if you are holding large amounts of IOST tokens or do not want to sell them any time soon. Most cold wallets are in the form of hardware wallets stored on external devices such as a USB drive.
You can also store your IOST tokens on a hot wallet, an online wallet mostly found on exchanges. The best thing about hot wallets is that they make it easy and convenient for you to trade crypto at any time.
How does IOST work?
IOST is a blockchain-enabled system. It is a decentralized protocol that has great potential in transforming various systems especially financial systems. Blockchain makes it possible for people to avoid central bank interference. This makes transactions faster and cheaper. Using IOST tokens instead of fiat currency also helps you avoid foreign exchange rates.
Key things to consider if you are thinking about buying IOST in Australia
Below are some things you should put into consideration before buying IOST tokens:
You need to research the number of IOST tokens in circulation. Currently, there are so many IOST tokens in circulation. The availability can help you predict its price movement.
The value of a token also depends on its usability and the token’s potential. Look at the applications of IOST to help you decide if it is a great buy.
Also, look at the major competitors of IOST. Evaluate their price movement to help you understand where IOST’s value stands.
All cryptocurrencies are volatile. However, there are those whose prices do not fluctuate as periodically as others do. Look at IOST’s history to understand the level of market volatility. However, you should note that the crypto market is highly unpredictable, and sometimes price movements may go beyond expectations.
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Virtual currencies are highly volatile. Your capital is at risk.
Is IOST the same as Bitcoin?
Both IOST and Bitcoin are cryptocurrencies, with the only difference being the platforms they run on. Bitcoin runs on the Bitcoin PoW Blockchain. On the other hand, IOST is powered by the Ethereum Blockchain.
Where can I Buy IOST?
You can buy IOST on a cryptocurrency exchange that supports IOST tokens.
Can I trade IOST for other cryptocurrencies?
You can trade IOST tokens for other tokens such as Bitcoin and Ethereum. However, this is not available on all exchanges.