It’s key to understand that IOTA is the overall platform, while MIOTA is the crypto token that powers the IOTA system. Listed under the ticker MIOTA, IOTA’s tokenis available on a range of cryptocurrency exchanges, including Coinspot and eToro.
Here’s how to buy IOTA, step by step:
1. Choose an Australian Cryptocurrency Exchange:
Start by selecting a trusted cryptocurrency exchange that offers IOTA in Australia. Some popular options include Coinspot or eToro. Once you’ve chosen, register for an account by providing your email address and setting a password.
2. Verify Your Identity:
Due to Australian regulatory requirements, verifying your identity is a necessary step before you can purchase any cryptocurrency. This often means uploading a photo ID, such as your passport or driver’s license. Some platforms might also request proof of address, like a recent utility bill.
3. Set Up a Secure Crypto Wallet:
It’s always a good idea to store your cryptocurrency assets in a dedicated wallet rather than keeping them on an exchange, to mitigate risks from potential security breaches. The IOTA Foundation provides a specialised wallet named Firefly. After downloading and setting it up, you’ll have a safe place to store your IOTA tokens.
There are other crypto wallet options available that support IOTA, so take some time to research and select the one that best fits your preferences.
4. Fund Your Exchange Account:
Once logged into your chosen exchange, head to the deposit section. From there, you can deposit Australian dollars (AUD) using bank transfers or other payment methods. Some exchanges might even accommodate BPAY or POLi payments. After the deposit, if your chosen exchange doesn’t directly offer AUD/IOTA pairs, you can exchange your AUD for a major cryptocurrency, like Bitcoin (BTC) or Ethereum (ETH), which can then be used to buy IOTA.
5. Purchase IOTA:
Make your way to the trading section of the exchange. Search for the correct trading pair, such as IOTA/BTC or IOTA/ETH. If you find an exchange that supports direct AUD/IOTA trades, that’s a bonus! Enter the amount of IOTA you wish to purchase and confirm the transaction. Once completed, the IOTA tokens will be reflected in your exchange wallet.
6. Transfer IOTA to Your Secure Wallet:
As a final step for enhanced security, consider transferring your newly acquired IOTA tokens from the exchange to your secure wallet. Locate the ‘withdraw’ or ‘transfer’ option on the exchange, input your wallet’s receiving address, and authenticate the transaction.
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