A Beginner’s Guide to Buying IOTA Cryptocurrency in Australia
The guide will explain the best way to buy IOTA (MIOTA) in Australia. You will also understand the step-by-step method of buying MIOTA in a cryptocurrency exchange. Moreover, the guide offers tips on selling the asset in the exchange, how to store it, and important things you should know before buying the token.
With IOTA’s market cap skyrocketing in recent years, the cryptocurrency has drawn a lot of interest from traders and investors.
It has made substantial gains for investors, and many Australians are looking to buy IOTA to benefit from the crypto surge.
Whether you are new to crypto-assets or have invested in crypto before, this guide will come in handy for you.
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What's in This Guide?
The guide contains information about IOTA and how to buy the token. It will show you where to buy IOTA, a step-by-step guide when buying IOTA, how to sell IOTA, how to store the token, and things to consider when buying the cryptocurrency. In the end, answers to some frequently asked questions are provided to help answer any questions you may have.
Where to Buy IOTA in Australia
If you are in Australia and looking for where to buy IOTA, the most obvious option for you is in a cryptocurrency exchange. That’s because it’s safer and more efficient to register and fund your account in exchange.
There are several exchanges ready to offer the platform for you to buy IOTA in their platform. Most of the exchanges allow you to purchase IOTA anywhere, at any time, and on any device.
List of the best Exchanges to buy IOTA (MIOTA) in Australia:
Looking where to buy IOTA in Australia right now? Below you will find 4 of the best brokers that allow you to buy IOTA in Australia.
- eToro - Best broker to buy IOTA (MIOTA) in Australia
- Binance - Best exchange to buy IOTA in Australia for asset diversity
- Coinbase - Best exchange to buy IOTA (MIOTA) for beginners
- OKEx - Best broker to buy MIOTA in Australia for low-cost
A Step-by-Step Guide to Buying IOTA in Australia
If you’re looking to buy IOTA in Australia, there are two options for you: buying IOTA with a cryptocurrency or buying with fiat currency.
Buying IOTA with other cryptocurrencies
If you already have another cryptocurrency in a wallet, you can decide to exchange IOTA with the crypto asset.
Let’s say you have Ethereum (ETH), all the major exchanges will be willing to allow you to deposit it to their platform after registering with them.
On the platform where the respective crypto pairs are listed, you will see the BTC/IOTA pair where you can easily order the quantity you want. It’s that simple.
Buying IOTA with fiat currency
This is the obvious option for you if you are new to the world of cryptocurrencies. The following steps will guide you when buying IOTA with fiat currency (AUD).
Step 1. Register for an account with an exchange
Choose a broker that supports the direct payment of fiat currency to the exchange account. While not all exchanges offer this support, you will find some in Australia that allows you to load funds with fiat currency.
When you find one, go straight to the account opening page to create your account.
You will be asked to provide certain details like your name, email address, proof of ID, and residential address before your account is created. Also, remember to enable two-factor authentication to provide more security to your account.
Once you’re provided all the details, a verification email will be sent to you. After clicking and verifying the email, your account will be created. The next step is to send funds to your account.
Step 2: Deposit funds into your account
Here comes the part where you can deposit funds into the exchange account you’ve created.
Your exchange should have several options to deposit your funds, including through credit card, debit card, PayPal, and bank deposit.
Go to the account page and enter the amount of AUD you wish to deposit. Once your deposit is approved, the amount will be reflected on your account.
Step 3: Buy IOTA
After depositing money to your exchange account, you can proceed to buy the amount of IOTA you want. Go to the market section where a list of different pairs is provided.
Select the IOTA/AUD pair and proceed to the order page. Fill in the details of the order and review before clicking the buy link. Remember that any exchanges offer different order types, but the most popular is the market order and the limit order. The former allows you to buy IOTA at the current market price.
On the other hand, the latter enables you to buy IOTA at a certain price. It’s a good option if you’re expecting a fall in the price of the token. Here, you can choose to buy IOTA when it has fallen to a certain amount. The exchange will only execute the order when the price hits the selected amount.
Once your order is executed, a confirmation email will be sent to you.
Check Out: Will IOTA Make Me Rich in 10 Years?
How to Sell IOTA
If you want to sell IOTA, you can follow the same step above. Log on to your exchange account and go to the market section where the pair you want to sell is listed. Click on the pair and follow the steps to sell IOTA.
Which Wallets Can I Use to Hold IOTA?
Generally, keeping your funds in an exchange is not full proof that your account is safe. But a crypto wallet provides a better option. To hold your IOTA wallet, get either a cold or hot wallet. You will need a hot wallet (online wallet ) if you want to regularly access your IOTA funds. However, a cold wallet (offline wallet) is used for storing your crypto for a long time.
How IOTA Works
Unlike many other crypto assets, IOTA doesn’t use blockchain. Instead, it makes use of a new system known as tangle.
The IOTA network is built specifically for the Internet of Things (IoT) and offers infinite scalability, instant transfers, and zero transaction fees. This makes it a more viable option for those who are bothered about the escalating fees on the Ethereum network.
Read Also: IOTA Price Prediction Forecast
Key Things to Consider if You're Thinking About Buying IOTA in Australia
The following are things you should consider if you want to buy IOTA in Australia.
IOTA, and indeed all cryptocurrencies, is considered very volatile. The market is a very speculative one, which makes it very risky. You should know that while there are massive gains expected from trading IOTA, there are also heavy losses experienced in the market as well.
You should have this in mind when investing in IOTA.
While IOTA’s platform doesn’t use the same blockchain technology as many other networks, its IOTA token competes with other crypto assets. This has affected its wider adoption both for payment and as a store of value.
3. Future of the project
IOTA’s tangle technology has been touted as the perfect alternative to blockchain technology.
The system is unique and incredibly fast because it becomes faster as more people use the network.
This is in contrast to blockchain technology because of the number of people who use the network. This means that the future of the network is seemingly bright, and many investors feel it’s the right time to invest in the token.
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Where can I buy IOTA in Australia?
The most obvious place to buy IOTA in Australia is in a cryptocurrency exchange. It is safer and more convenient to deposit funds and buy IOTA in an exchange.
Can I buy IOTA with fiat currency in Australia?
Yes, some exchanges allow users to deposit fiat currency (AUD) in their exchange account to buy the IOTA token
Where can I store IOTA cryptocurrency?
While exchanges provide custody services to store cryptocurrencies, a safer option is to store their IOTA in a crypto wallet.