Similar to most cryptocurrencies, buying and selling IOTA in exchange for fiat currency has proven to be a major challenge. Very few exchanges provide fiat currency gateways for altcoins these days, other than Litecoin, Ethereum, and Bitcoin Cash. Omoku plans to change all of that for IOTA, even though it is more of a broker than an actual exchange. It’s always good to have more platforms offering altcoins, as the demand for such currencies is reaching new heights.
In the world of altcoins and other cryptocurrencies, converting to and from fiat will always be a challenge. For some reason, exchanges are less keen on opening additional fiat currency gateways for anything that isn’t Bitcoin, Litecoin, or Ethereum. South Korean exchanges are the only exceptions in this regard right now, although it is evident even they won’t give all cryptocurrencies a shot either.
Brokers play a big role in Europe, especially when it comes to converting between EUR and any cryptocurrency. The number of exchanges with EUR trading markets for anything but those three altcoins is very limited. Brokers, on the other hand, often support several dozen cryptocurrencies which can be bought with and sold for Euros. Litebit is a very popular option in this regard, although it is dealing with some very stiff competition right now.
For fans of the IOTA currency, a new European broker has hit the market. Known as Omoku, the platform is designed to facilitate the direct purchase of IOTA with euros. Thanks to SEPA bank transfers, funds can be transferred from customer to broker very quickly. More importantly, Omoku will not act as a custodian of user funds, as it will simply facilitate the transactions themselves. It’s an interesting approach, although it remains to be seen if this new service will be successful.
To make this platform even more appealing, Omoku has a minimum purchase amount of just 50 euro cents. This means anyone in the world can buy IOTA pretty quickly without having to spend a lot of money. Do keep in mind there is a transaction fee of 0.9% to take into account, although it is still pretty low for a company offering brokerage services. It is something the IOTA community will certainly appreciate.
Moreover, the security aspect of this service should not be underestimated either. Since Omoku doesn’t hold onto customer funds, it is protected from hacks. More specifically, no money will be lost by the company or its customers unless someone changed the company’s bank account information altogether. A data breach could still affect this service, but that’s something no one can really avoid at this point.
It is good to see more companies focus on providing convenient fiat currency gateways for top altcoins. IOTA has certainly become very popular in recent months, and it seems that trend may continue for quite some time to come. How Omoku will fare under the EU’s new KYC and AML guidelines for cryptocurrency purchases remains to be determined. All things considered, it’s a positive development for the IOTA community as a whole.
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