How To Buy IOTA in Australia in 2022
Alright, so you want to buy some IOTA. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange. To find out which exchange is best for you, visit our comparison of the best crypto exchanges in Australia.
Buying IOTA in Australia has become pretty easy since Swyftx came onto the crypto scene. It used to be the case that you had to either buy ETH or BTC, then transfer that to another exchange like Binance or Bittrex, and then trade them for IOTA. And to cash out, you’d have to do the whole process in reverse. With Swyftx you can buy IOTA with AUD, no need to go through BTC or ETH, very handy!
We’ve laid out the steps on how to get started below!
How To Get Started With Swyftx
Setup Your Account
As mentioned above, Swyftx is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is SETUP MFA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you can find this on your Profile page under "Security".
Verify Your Account
Before you do anything on Swyftx you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click in the left navigation bar on "Profile" then the "Verification" tab
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
You'll first need to deposit AUD on the platform so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click the left navigation on Deposit AUD
You can then either choose BPAY or PayID to Deposit AUD on the platform.
Once your account is verified and you've added AUD or BTC you can start buying and selling cryptocurrency.
Go to Trade
This page lists all the coins that Swyftx has available (which is a lot). You can simply click on any of the cryptocurrencies in the left section under "Assets" or search for your desired cryptocurrency.
Once you've decided what you want to buy you can indicate how much AUD you want to buy of each coin.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the Swyftx platform.
IOTA Price AUD
Find the IOTA AUD price below:
Where To Buy IOTA in Australia
We highly suggest using Swyftx to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and Swyftx clearly deserves the top spot.
Swyftx is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. On top of this they have low fees and are upfront about any transaction fees they do charge whereas some exchanges charge much more in spreads. This is the most trusted exchange in Australia and arguably one of the best exchanges globally.
What is IOTA?
Cryptocurrencies that are built on the same blockchain technology model as Bitcoin continue to pop-up. However, there is a new currency out there using a completely different architecture that may change the game. That currency is IOTA.
IOTA, which is an acronym for the Internet of Things Application, is a very unique cryptocurrency that has entered the cryptocurrency scene.
How is IOTA Different?
First of all, IOTA doesn’t use blockchain ledger technology nor the typical distributed ledger architecture characteristic for cryptocurrencies such as Bitcoin and Ethereum. Instead, the system relies on architecture based on a new technology called The Tangle.
The Tangle is quite different from the blockchain. It is a Directed Acyclic Graph (DAG) that requires the transaction sender to also verify, or proof, another two transactions at the same time. So, both making a transaction and validating another transaction occur together.
As a result, the role that miners play in blockchain-based currencies is eliminated. Instead, only users of the native currency MIOTA who are actively making transactions can interact with the currency.
This makes IOTA even more decentralized than Bitcoin or other blockchain currencies since there are no third-party actors of any kind. With blockchain currencies, miners are required to enable the system to operate but do not have to participate in the use of the currency. IOTA ensures that only those using the currency can keep the system running.
Compared to typical blockchain cryptocurrencies, there are a number of benefits of the IOTA Tangle that result from its user-based set-up:
- Scalability: because users themselves proof, this means that as the number of users increases and higher demand is placed on the IOTA system, the system will run faster. This works the opposite of Bitcoin and blockchain currencies, which slow down as users increase.
- Modularity: again, as a result of each individual user being able to perform a transaction and proof a transaction, it creates even more modules, allowing for smaller transactions (or microtransactions) as well as faster ones.
- Decentralization: we have already touched on this above – since every user and only users can proof transactions as they make transactions, there are no third-party actors at all.
- No fees: finally, since miners are not necessary and users do the proofing and mining themselves, there is no one to pay a fee to.
History of IOTA
IOTA was initially born in 2014, but it was not fully developed until 2015 when it had its Initial Coin Offering (ICO) and was later launched as an open-source. It was developed by four cryptocurrency enthusiasts: David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov.
In 2016, the IOTA Foundation, run out of Germany, came into being, and the IOTA has grown consistently since then.
Pros of IOTA
IOTA is very resistant to attack because of the Tangle. It would be near impossible for someone to have the hashing power along with a simultaneous view of a sufficient number of nodes to launch an attack.
IOTA’s network is also resistant to quantum-based computing, which is another potential threat to blockchain currencies. It is currently sitting right at number 11 for cryptocurrencies on the world market, which is a pretty big deal. Huge players include SatoshiPay, REFUNITE, and CarPass.
There are quite a few exchanges offering IOTA, including CoinSpot, Bitfinex, Binance, and OKEX. The Internet of Things (IoT) continues to grow and develop which means that IOTA will become more useful and popular among traders.
Cons of IOTA
Concern has been expressed about the IOTA’s reliance on the buggy Curl hash function, which is used to create the digital signatures (and thus confirm the authenticity of someone’s token and transaction).
It was believed that attackers would be able to forge a user’s signature and steal their funds. However, IOTA fixed the bug that allowed this to happen and assures users that forging is incredibly impractical due to the topology of the network and the wallet structure.
Currently, besides using an exchange wallet (which we don’t recommend), there is really only one wallet compatible with IOTA. You can get it from ITOA’s GitHub and install it on your computer.
As with all cryptocurrencies, especially those that deviate from the more time-tested Bitcoin, there are still many unknowns that make it risky. Especially since The Tangle is such a new technology, more vulnerabilities could be found.
Buying IOTA Using Different Payment Methods
As a relatively new cryptocurrency, IOTA still needs to be added to the list of supported digital assets by the majority of crypto exchanges worldwide. Luckily, Australian traders can purchase this altcoin on two native cryptocurrency exchanges – Swyftx and CoinSpot.
Once you create your trading account, the platforms let you add and verify your bank account so that you can make swift bank transfers that take 3 to 6 business hours to complete. As soon as the exchange is notified that you’ve completed your deposit, you’ll be able to purchase IOTA with AUD as your fiat currency of choice.
BPAY, Osko, POLi, and PayID
Bank transfers are relatively quick but you can speed up the process by paying a small fee to make your transactions via payment services like BPAY, POLi, PayID, and Osko. All of them allow instant deposits (unless your bank interferes to verify the upcoming transaction).
Both Swyftx and CoinSpot support these payments. All deposit methods are free of charge except for BPAY transfers that incur a 0.9% fee on CoinSpot.
Credit Card and Debit Card
Australian crypto exchanges are not so card-friendly when it comes to crypto trading. So, if you want to purchase IOTA via credit or debit card, you need to look for an international platform that supports both the coin and the payment method.
We recommend using Binance or eToro as both platforms have partnered with Simplex to make credit and debit card payments possible for their customers. However, you’ll need to be aware of the conversion rates.
Although we don’t recommend purchasing IOTA with PayPal because of the very high fees and lack of platforms that support this payment method, there’s still an option for you to make such trade if you think it’s worth it.
The simplest way is to connect your PayPal to your bank account so that you can make a bank transfer but use the money on the PayPal balance. Otherwise, try searching for PayPal selling offers on peer to peer crypto exchanges.
If you want to buy a large amount of IOTA, you need an exchange that has such high liquidity to allow for big crypto purchases. Binance is a good example because it’s used by thousands of traders around the world and enjoys high trading volumes on a daily basis. Moreover, it has it’s own crypto over-the-counter (OTC) desk.
How to Store Your IOTA
The IOTA tokens are stored in digital wallets like any other cryptocurrency. The IOTA foundation created an official IOTA wallet available for download online through GitHub. You can use it on Windows, Mac, Linux, Android, and iOS.
As you all know, these devices are liable to hacking attacks which is why you need to take extra care to protect your device from malware. If you’re not completely convinced that your funds will be safe in a software wallet, you can purchase a hardware wallet instead.
The IOTA Foundation has partnered with Ledger, a hardware wallet company, to provide its users with an IOTA hardware wallet because they’re regarded as the safest way to store your cryptocurrencies. They’re disconnected from the Internet which makes it harder for outsiders to steal the private key to your coins.
Why Invest in IOTA?
As stated in the pros, the IOTA is bound to increase in demand as the Internet of Things grows. It has already grown to be number 11 in cryptocurrencies, demonstrating a great deal of strength and promise. Little seems to be standing in the way of it continuing to climb in value and practicality.
Furthermore, IOTA is still relatively cheap per token, unlike Bitcoin, which has skyrocketed of late. If you are willing to be patient, you could invest even a humble amount and potentially see startling returns if IOTA lives up to its promise.
Can You Buy IOTA on Binance?
Yes, you can! Binance is a global trading platform where you can buy a range of altcoins including IOTA, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Ripple (XRP), EOS, Monero (XMR), etc. If you create a Binance account you get an incredible number of trading pairs to choose from, some of the lowest trading fees in the industry, real-time market movements, and support for the following fiat currencies: Euro, US Dollars, GBP, and JPY.
Does Coinbase Support IOTA?
No, unfortunately, you still can’t buy IOTA on Coinbase but both the IOTA Foundation and cryptocurrency exchange are hoping to make this possible in the near future.
What Can You Use the MIOTA Cryptocurrency for?
MIOTA will have many use cases in the new Machine economy. It will be used to fuel and facilitate communication and energy exchange in smart devices such as electronic vehicles for example. Moreover, it can help administer decentralized e-voting use the Tangle and lend its services to store their data using IOTA’s tamper-proof technology.
What’s the Best IOTA Wallet?
The official IOTA wallet is the Trinity Wallet that can be downloaded from a direct link on their official website. It’s a highly secure wallet that generates a security seed (similar to a private key). You’ll use this seed to digitalize sign transactions to prove your ownership over the wallet.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.