IOTA is taking off and people are finally buying it as quickly as they can. Buying IOTA in Australian dollars is a bit tricky though as many of the large exchanges aren’t dealing in it yet. Luckily, one of my favourite exchanges does list IOTA and it’s easy to use.
If you’re just here for this, here is my Bitfinex referral code: jwO56Ft1eo .
If you’re just here for this, here is my Independent Reserve referral code: VNEKMG
I get a little kickback if you use these, so thanks in advance.
Before you buy IOTA read this:
Firstly: Why am I telling you about this? Because I don’t want my mates to tell me I should have told them. You should have read my blog, friends!
Secondly: If you have any insecurities, if you think it’s a scam, if you think it’s a temporary trend… I don’t care. Don’t do it. Makes zero difference to me. 🙂
Ok, so moving forward…
What is Iota?
IOTA (or MIOTA) is the cryptocurrency developted for the Internet Of Things. It is designed using the “Tangle” rather than a blockchain which makes it almost instant and absolutely free to transact. It has been implemented in some pretty great projects, some of which are run by some big players like Microsoft and Samsung.
It is important that you do your own research. With all these new investment options in the crypto world, you need to decide for yourself if the coin deserves your investment. My advice is to work your way through a stack of videos and articles about it. Here is one to get you started: IOTA BREAKDOWN: The Tangle Vs. Blockchain Explained google “IOTA news” for mainstream news articles.
Here is a chart with IOTA’s recent price. It’s still early days.
I’m not a financial adviser, I can’t see the future, I’m only moderately risk-averse.
That said… I dunno, man, looks like you should do it.
How do I buy IOTA with Australian Dollars?
After quite a bit of research, here’s what I found to be the best way:
- Go to Independent Reserve. Create an account. You will need photo ID and a bill with your current address to open an account. Here’s a referral code (it will ask for it on signup) VNEKMG Your account will take a little while (usually a couple of hours) to be approved. I chose Independent Reserve for their good reputation and they’re by far the lowest brokerage fee.
- Once approved log in and click on “accounts” in the main menu. Click on “deposit” in the row for AUD. This will open a window with details for bank transfer. Use these details to transfer your money from your bank account. Transfer will appear in your account the following business day (or it did for me). Don’t invest more than you can afford to lose. Like I said – I can’t see the future.
- Once AUD appear in your account, Click on “trade” in the main menu. Purchase Ethereum (ETH) to the dollar value you intend to invest in Iota.
- Go to Bitfinex. Create an account. You will need photo ID and a bill with your current address to open an account. Here’s a referral code (it will ask for it on signup) jwO56Ft1eo Your account will take a little while (usually a couple of hours) to be approved. I chose Bitfinex for their large trading volumes, reasonable brokerage fee and advanced, yet user-friendly interface.
- In your Bitfinex account, click on “deposit” in the top right corner, select “Ethereum” and copy the address of your Exchange Wallet.
- In your Independent Reserve account, click on “Accounts” and click “withdraw” in the ETH row.
- Choose the amount of ETH you would like to send and paste your Bitfinex Exchange Wallet address in the “Destination address” box. This exchange can take some time, usually about half an hour but sometimes more.
- In your Bitfinex account, select Trading > IOTA > IOTA/ETH
- In the order form on the left of the page, select “Market” or “Limit” depending on whether you want to buy at market rate or if you want to wait to see if the market comes down to a certain amount before you buy. Complete the remaining fields and click “exchange buy” to place your IOTA order.
- If you are super savvy and want to try to day-trade the tempting fluctuations in price, start doing that. Otherwise, you might want to set up your IOTA wallet. I used Jaxx, which is available as ios and android apps and also as a desktop program. Great to have it backed up in those two places.
- If you aren’t day trading, don’t keep checking the price, it will consume your life. Hold it and go about your life 🙂
See you on the other side!