Trade IOTA on Bitfinex Tutorial

In this tutorial, we will show how you can buy IOTA on Bitfinex as an Australian. As Bitfinex does not accept direct payments from Australians using AUD, you will need to first buy another coin, send it to your Bitfnex wallet and then exchange IOTA using that coin.

Please be aware that this method can prove costly if you plan to invest smaller amounts as the fees can take out a significant portion of your buy. Check out our case study for more info.

Bitfinex Referral Link

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, you will need to head over to Bitfinex to sign up a new account. Creating an account is quite easy. Complete the verification process and enter the referral code 4pCTehvN9t to get 10% off your trading fees for one month. Click deposit when you are ready to add to your wallet.

6) Once you are in “Deposit”. Select the coin that you had previously purchased over at Coinbase. If you are sending coins from another vendor, make sure you select the correct coin. You can only trade IOTA for Bitcoin or Ethereum right now(or USD).

7) Click to generate a “Exchange Wallet” and you should get a unique address. Copy that address and go back to Coinbase.

8) 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 one selected in Bitfinex. In the “Recipient” section, paste the “Exchange Wallet” address you had previously copied. Select the amount you want to send and hit continue.

HINT: Send a small amount first to make sure everything is working. This will cost you money (there are multiple fees including a mining fee) so feel free to skip this step if you want to take the risk. Also note that Bitfinex also charges a small fee for transfers under the value of $1000 usd.

 

9) You will get an email confirmation once the deposit has successfully arrived in you Bitfinex wallet. Now choose the “Trade” section to trade IOTA. You will notice Bitfinex only allows trades between Bitcoin & Ethereum or USD(not applicable to Aus). Select the coin you wish to trade for IOTA.

 

10) Making sure you are in the correct pairing and that you are in “Exchange”, on the order form, enter the amount of IOTA you wish to purchase. The “Price” will automatically update to the whatever the highest offer price so so ensure you have enough coin in your balance to cover the exchange. However, it is an auction so that means you do not have to pay the requested price. Check the graph in the order book to see what is the lowest price people are willing to sell their IOTA and adjust your order accordingly. Like any auction, this does not guarantee a purchase as prices can go beyond what you are offering.

Once you have put the order through, you will get a purchase update notification in positions. You can always cancel the position or increase your offer prior to the transaction completing..

Your balance should update after this and now you are the proud new owner of some IOTA. Congratulations.

 

Hope you enjoyed this tutorial and happy trading.

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.