The Swiss company TriModa GmbH from the canton of Zug has launched a new platform which allows the direct buying and selling of the crypto currency IOTA against Euro. Now, it is no longer necessary to perform several steps on Exchanges like Binance or Bitpanda to exchange Euro and IOTA. Via a simple SEPA bank transfer, the purchase is automatically executed at the current average exchange rate. When selling, the euros are paid directly into your own bank account.
The functionality that makes this new possible is the connection between the IOTA wallet and your own bank account. This allows orders from the corresponding bank account to be assigned directly to your own IOTA Wallet and vice versa.
The SEPA credit transfer takes 1-3 working days on average. The duration depends, among other things, on your own bank. The order will appear in the omoku account immediately after receipt of payment with all details and the current status of the order.
In addition to the SEPA bank transfer, the Sofortüberweisung is also available as payment method for the purchase of IOTA at the beginning.
The integration of further payment methods is planned for the future. The company has also already mentioned Paypal on Twitter. Furthermore, it seems obvious that further FIAT currencies such as CHF (Swiss Franc) will be integrated into the platform.
The instant bank transfer is executed immediately, but is also more expensive. While less than 1% of fees must be paid for SEPA bank transfers, the fees for instant transfers are around 1-2% higher. Again and again, omoku offers special discounts for members, which often results in fees that are significantly lower and lower than those of competitors. It remains to be seen whether omoku can hold its own against the competition with the current fee structure. The company stresses that the fees can be further reduced in the future as trading volumes increase.
In this context, it is positive to note that omoku trades exclusively at the average market price. The price of various exchanges is determined and an average value is used. This can be viewed on the website at any time. When a buy or sell order is executed, the price at the time of receipt of payment is always used. This means that there are no losses when trading in terms of spread. The company does not use any hidden fees, which can be seen from other exchanges, for example when depositing or withdrawing money or when trading with artificially increased or reduced prices. The fees are shown transparently during the conclusion of the order. This is also a difference to many known Exchanges.
To be able to trade on omoku, you have to verify your own account. The verification is done completely online. Various details have to be provided. Among other things, address details, first and last name and date of birth are requested. An identification document must also be uploaded to confirm your identity. Usually the verification is confirmed within a few hours. Additional information may need to be obtained, which may delay verification.
During the waiting period, your own bank account can already be added to the account. This must finally be confirmed by a 1 cent transfer to be able to trade with this bank account.