What is Omoku and why should I use Omoku?
Omoku offers the direct buying and selling of the crypto currency IOTA against the FIAT currency Euro. Omoku offers the direct exchange via the connection of IOTA Wallet and your own bank account. Other crypto currencies are currently not supported. With our focus on IOTA, we integrate the features and latest innovations of IOTA and the interaction with the Trinity Wallet into our Exchange Service. In summary, the main advantages of Omoku:
  • Most favourable conditions for direct exchange from IOTA to Euro and back From 0.1% total fees per order - and without spread between buy and sell price.
  • Direct trading without detour via Bitcoin or Ethereum.
  • Buy and sell from the bank account or from the Trinity Wallet in a single step instead of manual deposits and withdrawals to the account.
  • SEPA payments arrive - depending on your bank - the same day, in over 90% of the cases within one working day and are paid out as IOTA tokens to your Wallet immediately after receipt of payment.
  • Secure trading in a regulated environment for secure trading. The custody of the credit balance takes place exclusively on your own bank account and your own IOTA Wallet. We do not ask for access to your Wallet at any time.
If you have detailed questions about the individual points, which you cannot find in the FAQ, we are gladly there for you.
How high are the transaction costs? Are there any other fees?
We charge a single transaction fee, which is different per payment method and can be seen here. We strive to keep the fees as low as possible. We offer the best conditions for the direct trading of IOTA and Euro. In addition, we never hide our fees in the courses, but disclose them when the order is placed.
Is it easier to exchange Euros in IOTA and vice versa on omoku than on other exchanges?
Buying and selling directly through the connection of the IOTA wallet and your own bank account eliminates manual steps and deposit and withdrawal fees. Thus we offer the option to create buy orders directly from your own bank account. Further innovations are planned for the future.
Is there an API?
There is no public API for omoku yet. We offer an API which can only be used by our partners. To learn more about it, please contact support.
Why and how do I set up 2FA for my account?
A potential hacker can't do any financial damage when hacking into your account, because you keep all funds exclusively on your own wallet. However, a hacker could gain access to your data such as your email or address details. Two-factor authentication is a powerful method for securing the data on your account. If you choose to enable it, log in to your account, go to the settings and follow the instructions.
I have lost access to the 2FA code and can no longer log in.
Please use contact form to send us a request to reset 2FA on your account. Enter the email address of the account and send us a Verification Selfie with your identity document on it. Write "omoku 2FA reset" and the current date on a piece of paper and hold the piece of paper in your hand.
There's a spelling mistake with my name/address. How can I correct it?
Please report the spelling mistake so that we can correct it in the system. Thank you for your cooperation.
My address has changed. Where can I adjust it?
You cannot change the address yourself. Please report the new address here together with a proof of residence of the new address (tax or other official invoice or utility bill).
Is there a referral program?
Yes, an affiliate program is available for our registered users.
Can companies also buy and sell IOTA on omoku?
Companies cannot currently verify themselves on our platform and therefore cannot yet exchange. However, the exchange service will be extended to companies in the future. A concrete time schedule for this is not yet available.
Do I need my own IOTA wallet or can I store the IOTA tokens on Omoku?
You need your own IOTA Wallet. For security reasons we explicitly do not store IOTA Tokens on our platform. This serves both our own and our customers' security against potential hacker attacks.
Is it possible to store IOTA Tokens on Omoku?
For security reasons, we refuse without exception to keep credit balances of our users on omoku. We pay out all orders to our customers immediately after the exchange. This protects our customers' money from possible hacker attacks.
What is a SEPA connection?
With the SEPA connection you buy IOTA directly from your bank account.
SEPA connection: Is the money automatically deducted from my account or do I have to make a transfer?
It is necessary to make a transfer to us to initiate the purchase order via SEPA transfer.
I have made the payment but have not yet received any IOTA Tokens.
This can have several reasons:
  • You have not observed your minimum or maximum monthly limit and deposited too little or too much money.
  • You have not inserted a payment reference
  • Your own bank has refused payment
In this case we will refund the amount minus a small handling fee to your bank account. If you think you have done everything right, please contact the support team.
Why am I not approved for trading?
It's possible that our team has ruled you out of trading. That could be for any number of reasons. Please contact the Support Team to be reactivated for trading.
What exchange rate is used to buy/sell IOTA? Where does omoku get the rate from?
Omoku gets the rate from an average price of different major exchanges and different currency pairs. The price is fixed immediately after payment is received. With the purchase with Sofortüberweisung the payment is received immediately after sending the purchase order. For SEPA bank transfers, payment is usually received on the following working day, often even on the same day. In the case of sale, the tokens usually arrive on our wallet just a few minutes after sending.
Does the receiving address have to be changed after each transaction? You should not use the IOTA address more than once, correct?
If you have made transactions from the same IOTA wallet between two buy orders, the IOTA address must be changed. If you want to make a withdrawal to an unsafe address (double spend), omoku will refuse the withdrawal and notify you that you need to change your address. In the future, reusable addresses will allow you to use the same address multiple times. More information can be found here
What is the difference between the purchase and selling price (= spread)?
Omoku sets a single common price for buying and selling. Therefore there is no spread.
How can omoku offer the purchase and sale of IOTA so cheaply?
Omoku primarily assigns buy and sell orders to each other on its own platform. If the volume is not sufficient, omoku uses various larger exchanges for the volume. This enables us to achieve the best possible market price and pass this on to our users. In addition, we rely on largely automated processes, which enable us to process the exchange in a highly efficient manner.
Which payment methods does omoku support?
Currently we support SEPA transfers, Klarna/immediate bank transfer and Paypal. Visit our info page to learn more about the fees for each payment method.
Can I buy or sell IOTA with Paypal?
Yes, omoku offers the sale of IOTA Tokens via Paypal. This works as follows:
  • You generate a new sales order with a corresponding IOTA address
  • You pay the desired number of IOTA to this address
  • You will receive Euro paid to the desired Paypal account.
Please note that PayPal charges additional fees, which we have no influence on. For more information please refer to the fee guideline of Paypal.
What is the minimum/maximum limit on omoku?
The limits depend on the verification level. We have listed these here.
Are other crypto currencies such as Bitcoin (BTC) or Ethereum (ETH) planned?
The integration of further crypto currencies could follow in the future, in order to offer our direct trading also for other crypto currencies. However, the focus is on providing a FIAT gateway for the crypto currency IOTA.
My bank account has not yet been confirmed, although I have made the payment.
Please first make sure that you have complied with the following conditions:
  • The payment reference was entered correctly when making the transfer
  • The maximum amount to confirm your bank account is 2.99€
  • The bank account is in your name
  • The bank account from which the transfer comes is the same as the bank account entered on omoku
If you think you have done everything right, please contact the support team.
Is an IOTA / USD currency pair planned?
We plan to support more FIAT currencies in the future. However, support of the US dollar is not planned at present.
My bank charges fees for each SEPA transaction. Does Omoku cover these fees?
Unfortunately, we cannot cover the fees charged by your bank. Depending on the cost structure, it may be worthwhile to make one large transfer instead of several small transfers.
Why is the bank account to which I should make the payment not a Swiss bank account?
We always use the bank accounts with the best conditions in terms of fees and execution speed to pass these on to our customers.
Is it possible to first deposit a credit on omoku and then buy IOTA "in real time"?
We currently do not support this function for security reasons. We protect our users' credit balances from possible attacks on their own user account or on the Exchange by exchanging them immediately upon receipt of payment.
Where does the volume for the exchange come from?
The volume comes primarily from the buyers and sellers on omoku. If the volume is temporarily unilaterally distributed, volume from external exchanges with the highest possible volume is also used. However, we generally structure the fees in such a way that the volume of buy and sell orders is as balanced as possible.
My verification has not yet been released. Where can I upload missing documents or add information?
You can do this directly on the verification page. ~~~ How long do I have to wait until I am verified? It takes up to one business day to confirm verification. Usually, an incoming request for verification is processed after a few hours. However, this may vary depending on the number of verification requests. You will be notified by email as soon as we have approved your verification or if we need additional information from you.
My bank does not allow me to send an amount of only 0,01 € for the bank account confirmation.
The bank account will also be confirmed with a higher amount, such as 1,00 €. If you would like to receive a refund after the successful confirmation of your bank account, just send a message to the support team.
I do not have proof of residence in English, German, French or Italian.
Due to current regulations, we are obliged to obtain a document in English, German, French or Italian or to have a document in another language professionally translated or to verify the address by postal delivery. We rely on postal delivery as the fastest and most efficient method. Therefore, if necessary, we will send you a letter with a code to verify your address.
My country is not on the list. Can I still buy on omoku IOTA?
Due to legal aspects, we only accept users from countries on the list shown in the verification process. Feel free to tell us your country, whereupon we will check the legal situation for your country and see if we can offer omoku for your country as well.
Do I also have to give my middle name?
Please enter all first names as they appear on your passport to assist in quick and successful verification.
Where can I find the document number on my identity document?
You will find the document number on the front of your identity document, usually in the top right-hand corner.
My identity/residence is marked in red, but I have not received an email.
Probably the email with the instructions has landed in your spam folder. If you cannot find the email, please contact our support to clarify the situation.
Is the company officially registered and licensed?
Yes, the company is officially registered in Switzerland and is a member of the VQF self-regulatory organisation, the recognised financial services provider in Switzerland. This entitles us, among other things, to exchange IOTA and Euro.