By now there are many reputable exchanges for beginners. I can recommend Bitpanda and Omoku in the German speaking countries. Both offer good support and are easy to use. IOTA is also available on Bitfinex and Binance.
Bitpanda is a platform and offers besides IOTA also other cryptocurrencies. All purchases or sales take place on the platform, which means that the purchased tokens must be transferred away later. Bitpanda also offers a regular exchange, Bitpanda Pro.
The biggest advantages of Bitpanda are:
- Speed and ease of use combined with the highest level of security and reliability.
- Purchases, sales and transactions are processed in real time; purchases usually take less than a minute.
- Bank transfers are ordered by Bitpanda several times a day and the banks usually take two to three working days to complete them.
- All website operations are also monitored on Sundays and holidays.
- Support is available on a daily basis and offers individual solutions to meet the needs of their users at all times.
- Numerous payment options in different currencies are offered. These include credit card, NETELLER, Skrill, IMMEDIATE, GIROPAY, SEPA, Amazon and many more.
- On the market for over five years. Over one million satisfied users, Europe’s leading trading platform for digital assets.
The disadvantages for me are the intransparent fees including the spread. There are cheaper providers on the market but they are more complicated and not located in the EU.
Omoku on the other hand is not a platform and offers the direct buying and selling of the cryptocurrency IOTA against the FIAT currency Euro. For this purpose the users FIAT bank account is directly linked to the receiving address of his IOTA Wallet. After the Sepa transfer is done the purchased tokens are directly transferred to the wallet. Once the bank account is linked to the Omoku account, you can buy IOTA Tokens with each new transfer without having to log in to Omoku every time. It is important that you enter a receiving-only address at Omoku.
In summary, the main advantages of Omoku:
- Most favorable conditions for direct exchange of IOTA to Euro and back. Currently 0.9% for buying and 0.1% for selling per order – and without a spread between buy and sell price.
- Direct trading without any detour via Bitcoin or Ethereum.
- Buy and sell from your bank account or Trinity Wallet in a single step instead of manual deposits and withdrawals to your account.
- SEPA payments arrive, depending on the bank, in over 90 % of cases within one business day and are paid out as IOTA tokens to your wallet immediately after receipt of payment.
- Secure trading in a regulated environment. The custody of the credit balance takes place exclusively on your own bank account and your own IOTA wallet.
The disadvantage with Omoku is the price difference until the purchase is completed. The price that applies is the price that is quoted when the transfer takes place.
Every exchange requires you to register and verify your account, which is similar to opening a bank account. Usually you will need to provide an identity card, current invoices for address verification if applicable, a selfie with date or test transfers for the linked bank account. This may sound daunting, but don’t worry. Please take your time to read the instructions. Once you have understood everything and have the necessary documents registration will not take too long.
Last Updated on 16. February 2021