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How to buy, sell and trade IOStoken (IOST)

An introductory guide to buying and selling IOST in Australia.

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The Internet of Services (IOS) is a Singapore-based blockchain platform designed to offer a secure and scalable infrastructure for online service providers. Launched in January 2018, IOS aims to provide high transaction throughput, privacy protection and many other features.

Its native currency is the IOStoken (IOST), which has quickly become one of the world’s top 100 largest cryptocurrencies by market cap. If you’re thinking of buying any IOST, this guide examines how to do so and investigates exactly what the IOS platform offers to users.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy IOST

You can find IOST listed on a variety of popular cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
BPAY
Cash
Cryptocurrency
POLi
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH & over 120+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Bank transfer
BPAY
POLi
Osko
PayID
AUD
BTC, ETC, XRP, BCH, EOS, XVG, LTC, ETH, USDT, XLM & 60+ more
Buy, sell, trade over 70 cryptocurrencies in AU.
Cash
Cryptocurrency
Electronic Funds Transfer
POLi
PayID
AUD
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Cryptocurrency
-
BTC, XRP, BCH, ETH, NEB, XVG, TRX, NEBL, ETH, NEO & 140+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
Bank Wire
USD, EUR, GBP, JPY
BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO & 140+ more
Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL & 580+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
AdvCash
Cryptocurrency
Payeer
Perfect Money
USD, RUB
BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX & 1400 + more
Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Cryptocurrency
-
BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 100+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, & 78+ more
Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency
Wire transfer
KRW
BTC, ETH, XRP, BCH, LTC, EOS, BSV, XLM, TRX, XMR & 90+ more
A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT & 130+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Ethfinex Cryptocurrency Exchange
Cryptocurrency
USD
OMG, TRX, ZRX, SAN, ATMI, AID, BAT, SNT, FUN, & 20+ more
With a focus on tokens linked to the Ethereum network, Ethfinex is an exchange listing several ERC-20 compatible tokens and is owned by the team behind Bitfinex.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-
EOS, RFR, CS, AUC, BEE, BANCA, CNN, EOSDAC, FSN, NBAI, TRAC, VET, XBP & 60+ more
A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Bittrex Digital Currency Exchange
Cryptocurrency
Wire transfer
USD
BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG & 220+ more
Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Hotbit Cryptocurrency Exchange
Hotbit Cryptocurrency Exchange
Cryptocurrency
-
TRX, ETH, NPXSXEM, GOT, NEXO, IG, HAND, TOMO, HOT, ABYSS, LCS, EXRN, ATN, TMT, ELY & over 75+ more
A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.

Compare up to 4 providers


A step-by-step guide to buying IOST

Want to know how to buy IOST? Read on for simple, step-by-step instructions:

Step 1. Register for an account with a cryptocurrency exchange that lists IOST

The first thing to be aware of is that IOST is only listed on some exchanges, so you’ll need to search for a platform that features it in one or more currency pairings. Once you’ve found a suitable platform, sign up for an account by providing your email address and creating a password.

Depending on the exchange you choose, you may also need to provide a range of personal information and proof of ID before you are allowed to place any trades. We also recommend enabling two-factor authentication on your account for extra peace of mind.

Step 2. Deposit funds into your account

Most exchanges won’t allow you to exchange Australian dollars (AUD) directly to IOStokens, so you may need to first acquire a cryptocurrency listed in a pairing with IOST. Examples include bitcoin (BTC) and Ether (ETH). To deposit cryptocurrency into your account, copy your exchange wallet address and then send the required amount of coins or tokens.

However, CoinSpot is one exchange that does allow you to buy IOST using AUD. You can deposit funds with this Australian-based exchange using POLi payments (look for the “Deposit” link from your account dashboard), or deposit cash at a newsagency via Blueshyft.

Step 3. Buy IOST

The final step is to navigate your way to the exchange or markets section on your chosen platform and search for IOST. Select your desired pairing, such as IOST/BTC, and enter how much IOST you want to buy or how much BTC you want to spend.

Make sure you reveal the full details and cost of your transaction before clicking “Buy IOST”.


How to sell IOST

If you want to sell your IOStokens, the process you’ll need to follow is essentially the same as that outlined in Step 3. However, make sure you click on the “Sell IOST” button before entering your transaction details, and remember that you may not be able to directly exchange IOST for the crypto coin or token you want.


Which wallets can I use to hold IOST?

While you can store your IOStokens in an exchange wallet if you wish, this does expose you to the many security risks associated with exchanges. Instead, it’s recommended that you move your tokens into a secure, private wallet.

As IOST is currently an ERC20 token on the Ethereum blockchain, it can be stored in any Ethereum-compatible wallet. Examples you may want to consider include hardware wallets like the Ledger Nano S and TREZOR, or web wallets like MyEtherWallet and Eidoo.

Learn more about storing cryptocurrency in our ultimate guide to wallets.


How the Internet of Services and IOST work

Launched in January 2018, IOS was created with the aim of overcoming a couple of key problems associated with many blockchain projects: low transaction throughput and specialised focus on a limited range of specific applications.

The IOS is a blockchain platform designed to provide the network infrastructure needed to support a service-oriented ecosystem. As outlined in the IOS primer, “The IOS platform not only provides its users a completely decentralized way to exchange online services and digital goods, but also enables developers to deploy large scale dapps with the ability to support a massive number of users”.

In other words, it aims to tackle the scalability problem faced by many other blockchains, making decentralised services with large transaction volume a reality. With a promise to deliver up to 100,000 transactions per second, IOS uses Efficient Distributed Sharding (EDS) technology to partition the network into sub-spaces and improve scalability. Rather than proof-of-work, it also relies on a proof-of-believability consensus mechanism which validates nodes based on their past contributions and behaviours.

IOStokens are the native currency of the IOS network, and they are the medium of exchange for all transactions and commission fees.


What to consider if buying IOST

Buying cryptocurrencies is a speculative move. Not only are digital coins and tokens highly volatile, they are also quite complicated assets with prices that can be affected by a wide range of factors. That’s why it’s essential to do your own research before you buy.

If you are thinking of purchasing any IOST, make sure to consider the following factors first:

  • Supply. According to CoinMarketCap, the circulating supply of IOST at the time of writing is 8,400,000,000, out of a total supply of 21,000,000,000 IOST. Consider the effect that the arrival of more of the coin supply on the open market could potentially have on price.
  • Distribution. The 21 billion IOST were distributed as follows:
    • 40% through a private token sale
    • 35% to the IOS Foundation to develop the ecosystem
    • 12.5% to the community to be used as incentives in the ecosystem
    • 10% to the team
    • 2.5% to early investors and advisors
  • Use. In the IOS ecosystem, IOST can be used to:
    • Pay for services and goods
    • Pay validators for running smart contracts, processing messages and transactions as well as using resources shared by the ecosystem
    • Calculate a user’s believability
  • Earning IOST. Users of the IOS ecosystem can acquire IOStokens by:
    • Validating transactions
    • Contributing resources to the community, for example providing storage space
    • Obtaining them via exchanges or through IOS third-party integrations
  • White paper. If you want to learn more about the technology behind the IOS ecosystem, check out the IOS white paper.
  • Not yet live. According to the roadmap found in its primer document, IOS won’t officially release its network until Q3 2019. As a result, it’s not yet proven whether the project will be able to deliver on its potential. It’s also worth pointing out that once the network is live, the ERC20 IOStokens will be converted 1:1 to native IOS tokens.
  • Competitors. One factor that will influence adoption of the IOS platform and therefore the value of IOST will be how it stacks up against its competitors. Some other key projects to keep an eye on include Ethereum, NEO and IOTA.
  • IOS Foundation. The IOS blockchain is being developed by the IOS Foundation, a Singapore-incorporated non-profit.

If you carefully consider the range of factors that could potentially impact the price of IOST in the future, you’ll be well placed to decide whether or not you should buy and sell tokens.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock


Disclosure: At the time of writing, the author holds IOTA and XLM.

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