How To Buy IoTEX (IOTX) In Australia

A Beginner’s Guide to Buying and Selling IoTEX Cryptocurrency in Australia

Last Updated August 16th 2021
5 Min Read

If you’re based in Australia and wish to buy IoTEX – the process is very simple. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many IoTEX tokens you want to buy.

IoTEX stands the decentralized support for machine economics. It serves almost every machine that ranges from smart home devices like wearable fitness trackers and security cameras to autonomous vehicles and drones. As such, IoTEX has established its name in the crypto space as a fast, highly performing launch and a blockchain compatible with EVM. This makes it a flexible and scalable crypto to facilitate different applications. 

To enable self-reliant devices and real-life oracles into existence, the IoTEX blockchain also features inbuilt middlewares and dApps. The native token for the IoTEX blockchain is IOTX, which governs the underlying blockchain protocol while serving as its fuel. 

What Is In This Guide? 

This guide will take you through what IOTX is and how to hold and derive value from the token. The guide will guide you through the purchase and sale process. It will also offer insights on some factors to consider before buying IOTX tokens. 

If you are not a risky trader, cryptocurrencies may not suit you because their prices are very volatile. Cryptocurrencies can easily change in value, which may cause you great losses. Before venturing into this sector, take time to understand the market and seek professional advice before investing. 

  1. QUICK GUIDE: HOW TO BUY IOTEX IN AUSTRALIA
  2. Where To Buy IOTX In Australia
  3. A Step-by-step Guide To Buying IOTX In Australia
  4. How To Sell IOTX Tokens
  5. Which Wallets Can I Use To Hold IOTX Tokens?
  6. How IOTX Works
  7. Key Things To Consider Before Buying IOTX In Australia
  8. FAQs 

QUICK GUIDE: HOW TO BUY IOTEX IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select IoTEX
  5. Enter how many IoTEX tokens you want to buy
  6. Check the details and confirm your purchase

Where To Buy IOTX In Australia  

You can buy IOTX tokens from an exchange in Australia that supports the token. Research if any exchanges are offering the token. Because IOTX is new in the crypto market, not all exchanges in the country support it. 

A Step-by-step Guide To Buying IOTX In Australia 

There are two ways for you to buy IOTX tokens in Australia. You can use either fiat currency or other cryptocurrencies. If you are selecting an exchange to buy IOTX tokens, ensure they can support AUD or support the exchange of IOTX with other coins. 

Buying IOTX with other cryptocurrencies 

If you hold other cryptocurrencies, you can exchange them with IOTX tokens. The process for doing this is very easy. Withdraw the tokens you want to trade from your crypto wallet and into the exchange. Exchange the tokens by selecting a pair such as the BTC/IOTX pair. 

Buying IOTX with fiat currencies 

This is the easiest way of purchasing IOTX tokens and the most ideal for beginners. However, to buy IOTX with fiat currency, you need to ensure that the exchange supports AUD. Once you deposit the funds you want to purchase and confirm your details, you will receive IOTX tokens equivalent to that value. 

The process of buying IOTX tokens with AUD entails the following: 

Step 1: Open an exchange account 

After you have researched and settled on an exchange that supports IOTX tokens and the AUD, the next step is to create an account. Creating an account is a simple and fast process that will only take several minutes. 

You will be prompted to provide several details about yourself when opening an exchange account. These details include your name, phone number, and email address. Depending on the exchange, you will be required to verify the information you have provided using a government-issued ID or any other supporting document. 

When creating an account, you need to create a two-factor authentication process to keep your tokens safe in the exchange. 

Step 2: Fund your account 

You need funds to purchase IOTX tokens. You can use fiat currency to buy your tokens by linking a credit card to the exchange. Most exchanges will guide you on successfully linking your card and using it to make purchases. 

Once you have linked your card, deposit the amount of AUD you want to spend on the IOTX tokens. 

Step 3: Buy IOTX tokens. 

The final step is to buy the IOTX tokens. The buy option is usually located at the top part of the exchange page. Once you have the prompt, enter the amount of AUD you want to spend, which will give you IOTX tokens that are equivalent to the amount going by the prevailing market rates. After confirming your transaction, you will receive a notification with details of your purchase. The number of tokens bought will be displayed on your exchange account. 

How To Sell IOTX Tokens 

If you want to sell IOTX tokens, you can follow the same process as buying the tokens. Go to your exchange account and the sell option to input the number of tokens you want to sell. The tokens will be sold at the prevailing market price. 

You can sell IOTX tokens for AUD or trade them for other cryptocurrencies such as Bitcoin and Ethereum

Which Wallets Can I Use To Hold IOTX Tokens? 

If you want to hold IOTX tokens, you can do so using a crypto wallet. If you do not want to trade your IOTX tokens regularly but only want to hold them, you can choose a cold hardware wallet. The wallet keeps your tokens safe by storing them offline. 

If you are a retail trader looking to make quick profits from rapid price movements, you can store IOTX tokens on a hot wallet. These are online wallets that are mostly offered by exchanges. 

How IOTX Works 

IOTX works differently from fiat currency. The token is based on the blockchain decentralized system. This means that they are free from intermediaries such as central banks and governments. 

Mostly, people buy IOTX tokens for speculation and sell after prices have been appreciated. The tokens can also be used to power the IoTEX Network and to support other DeFi projects. 

Key Things To Consider Before About Buying IOTX In Australia 

Some things to put into consideration before buying IOTX tokens include: 

Usability

The first thing you should consider when buying IOTX tokens is usability. The tokens should be adaptable on several projects on decentralized networks to push their value. 

Volatility

There is no way to predict a token’s volatility. However, if you are a retail trader, you can check price performance to make trading decisions. 

Competition

The other factor you need to check is competition. Evaluate the competing tokens of IOTX to diversify your portfolio by buying multiple tokens. 

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FAQs 

Where can I buy IOTX tokens? 

You can buy IOTX from an exchange in Australia that supports the token 

Can I buy IOTX with my credit card? 

Yes, you can buy IOTX with your credit card. All you need is to link the card with the exchange. 

Is investing in IOTX risky? 

Investing in all cryptocurrencies can be highly risky because of price volatility. It is advised that you invest with caution. 

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