In this tutorial, we will show how you can buy IOTA on Binance as an Australian. Binance is one of the fastest growing cryptocurrency trading platforms. They do not accept direct deposits from Australians using AUD so you will need to first buy Bitcoin or Ethereum on Coinbase and then send it over to Binance to purchase IOTA.
1) To begin, you will first need to get some Bitcoins or Ethereum. If you already own Bitcoin or Ethereum, feel free to skip to step 6. If not, visit Coinbase to set up a new account. We found Coinbase to be the fastest option in getting coins (you get your coins straight away after paying with a credit card).
2) You will need to complete full verification of which includes verifying email, phone number and your credit card. The first two are easy to verify, however, with your credit card verification, you will need to check your account statement and find the two payments from Coinbase. Input those numbers into the verification section and continue.
3) Once your card is verified, you will be ready to purchase some coins. Purchase either Bitcoin or Ethereum to send to Bitfinex by selecting the buy tab and inputting in your desired amount. We found Ethereum was sent faster than Bitcoin although processing times can vary depending on demand.
There is a minimum order requirement of 10 IOTA on Bitfinex so ensure you transfer over enough coins to meet the minimum order.
4) The newly purchased coins should show up in your account within 5 mins. Check your wallet to make sure you have received the coins.
5) Next head over to Binance to create a new account. When you login, select the “deposit withdrawal” menu under the “funds” tab..
6)Find Bitcoin or Ethereum in the list. Select deposit and an address will automatically populate.Copy the “deposit address”.
7) In Coinbase, open the “account” tab to find the coins you own. Select the coin you wish to send over whilst making sure it’s the same coin as the deposit address on Binance. In the “Recipient” section, paste the “deposit address” you had previously copied. Select the amount you want to send and hit continue.
8) Go back to Binance and ensure the deposit has arrived. Go to the exchange menu and select “Basic”
9) Buying IOTA is very simple on Binance thanks to the simple user interface. In the right column, select the coin you wish to trade and then search for IOTA. A pairing should then appear. Click the pairing you wish to trade to reach the trading window. You then have two options, pay the market price for IOTA or a limit price. The difference is limit price lets you set the maximum amount you want to pay whilst market automatically adjusts to whatever the current price is. Enter your desired amount into the “Buy” section and you will get confirmation once the transaction has gone through. Check you order history to view orders.
You are now the proud owner of IOTA. Shoot for the moon!
Full disclosure: Please note the links we have set up are affiliated and helps pay for this website. The information we publish about IOTA should not be interpreted as either an endorsement of the currency or a recommendation to invest. Cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks so please do your research before investing.