Key Takeaways
- IOTA is a cryptocurrency platform that utilizes a different blockchain design called Tangle, which uses Directed Acyclic Graphs (DAG).
- Transactions on IOTA have no fees, but each transaction needs to be approved by two previous transactions, eliminating the need for miners.
- IOTA aims to simplify transactions involving objects with sensors, such as sensor-operated machines, by eliminating latency and additional fees.
- To buy IOTA in Australia, you can choose from various crypto exchanges, with CoinSpot being a recommended option due to its support for over 370 cryptocurrencies and its reputation as a secure and trusted exchange.
IOTA is a platform that has a different blockchain design compared to the traditional ones utilised by most cryptocurrencies. This new platform is named Tangle and utilises a Directed Acyclic Graphs (DAG) concept.
IOTA doesn’t have any transaction fees. However, in order for a transaction to be deemed valid, each DAG Tangle node needs to approve two previous node transactions. This means that miners are removed as entities, and the number of users directly affects the network’s speed and growth.
The main objective of IOTA is to simplify the processes and transactions involving objects with sensors. A good example would be an IOTA-enabled vending machine that distributed soda without any Bitcoin latency or additional transaction fees.
Even though this technology is still improving and is under heavy development, it won’t be long until sensor-operated machines become a reality, in what we call The Internet of Things.
If you believe in the potential of IOTA crypto, then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy IOTA crypto?
IOTA is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy IOTA crypto, I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including IOTA
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy IOTA
How to buy IOTA crypto?
7 easy steps
Buying IOTA crypto in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own IOTA in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some IOTA crypto. Click on Buy/Sell in the menu along the top, then search IOTA. Click on Buy IOTA and you will see the purchase screen, like the screenshot below. The price of IOTA is shown clearly in the middle of the screen.
5. Select how much IOTA you want to buy
Select how much AUD you want to spend on IOTA, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy IOTA crypto
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some IOTA!
7. Store your IOTA safely
Now that you have made your purchase of IOTA crypto you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much IOTA you own, and the value in AUD. You can leave your IOTA in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your IOTA to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own IOTA crypto in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx, or read our full review here first.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy IOTA in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy IOTA crypto using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of IOTA.