How to buy Iron Bank EURO (IBEUR) in Australia
Learn how to buy Iron Bank EURO (IBEUR) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy Iron Bank EURO in Australia
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
It looks like IBEUR may not be available to purchase on an exchange in Australia.
You can still purchase IBEUR by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase IBEUR using a decentralised exchange.
- Find IBEUR on a decentralised exchange and make sure Iron Bank EURO can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for IBEUR using an exchange like . You will need to purchase enough ETH to swap for IBEUR as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for IBEUR on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the IBEUR tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Australia.
What to consider when buying Iron Bank EURO
The ibEURO token takes the idea of stablecoins beyond US dollars. While an innovative idea, there are several risks associated with placing funds into this digital asset. Here are a few points to consider before investing in ibEURO:
- Reliance on data oracles: The ibEURO token maintains its peg thanks to data price oracles. If the data price oracle were to malfunction, the peg between ibEURO and real-world Euros may be lost.
- Young and untested protocol:While yearn.finance is a well-developed decentralised finance protocol, the idea of Fixed Forex was only implemented in late-2021. While it provides users access to synthetic stablecoins outside of the US dollar, the idea has not yet stood a true test of time. The product’s website contains a “Fixed Forex Disclaimer” which states that although the protocol has been audited it is still experiencing ongoing development
- Cryptocurrency backed collateral: Although the token is pegged to the Euro, the collateral backing a loan of ibEURO would still be linked with volatile cryptocurrencies. If cryptocurrency markets were to fall, an ibEURO loan may dip below the collateral factor threshold. Cryptocurrency collateral would start to be sold to cover any losses.
How to sell Iron Bank EURO
You can cash out your IBEUR with the same exchange you bought it through:
- Sign in to the exchange you have IBEUR on.
If you store your Iron Bank EURO in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of IBEUR you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Iron Bank EURO.
Disclaimer: Cryptocurrencies, including Iron Bank EURO, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of IBEUR 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 Iron Bank EURO or any other cryptocurrency discussed.
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