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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 Cryptocurrencies


CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID


Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Osko,PayID


Get $5 cashback when you make your first PayID/Osko deposit on
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Cash,Cryptocurrency,Electronic Funds Transfer,POLi,PayID


Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.


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


CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist


Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Cryptocurrency,Debit card


Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange


Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency,Wire transfer


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


Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange


A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer


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
AdvCash,Cryptocurrency,Payeer,Perfect Money


A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.

Compare up to 4 providers


Quick guide: How to buy IOST

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy IOST. Compare some other options in the table below.

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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