Note: This tutorial has been created by Lukas Fiedler; for questions and issues contact him (@moodledidoodledi) on the IOTA slack.
Step 1: Join the IOTA slack: http://slack.iota.org/ and find the #trading channel.
Step 2: Here you can let other users know that you are looking to buy or sell. Alternatively, you can look at other community member's posts and message them privately to negotiate a deal.
Step 3: All deals are done via escrow (@yassinnxt) and a trading Bot. Yassin is a trusted escrow and handles all IOTA OTC deals. You can find the rules for trading and the bot in the pinned messages in #trading. To see the commands for the Bot, type "HELP".
The OTC-bot service assisted by @yassinnxt works as follows:
- You send BTC or iotas to an address provided by Yassin (via private message)
- Yassin executes a command to deposit the accordant amount to your balance tracked by the bot
- You buy/sell iotas (this can happen as many times as you need)
- You send Yassin an address to withdraw the earned BTC/iotas
- Yassin adjusts your balance and sends real tokens to your address
- Trades are taxed with 0% fee.
- Deposits/withdrawals are charged with 1% fee (rounded up).
- Min amount of a deposit/withdrawal is 10'000 microBTC/2 Gi.
- To get instructions on how to trade iotas once you get your tokens on the balance type "HELP" on #trading channel.
- As a precaution, you are advised to provide Yassin with an extra BTC and IOTA-address to be able to receive your funds once you left slack for different reasons, such as a ban or technical issues.
- For each IOTA deposit, a new address must be generated. This is necessary to show the right balances for each entry listed by the bot.
- For better usability, Gi and microBTC for fees are always rounded. (1Gi for 2GI-100Gi, 2Gi from >100Gi-200Gi and so on)
The service was tested with test tokens, but it is still possible that an undiscovered bug may lead to a loss of all your BTC/iotas, so we suggest to trade small amounts per session.
-Alice contacts @yassinnxt and says "I want to deposit 50 BTC"
-She sends 50 BTC to an address provided by Yassin
- Once 50 BTC are confirmed, Yassin types "GIVE 49.5 BTC TO @Alice (1% fee included)
-Alice contacts @yassinnxt and says "I want to withdraw 200 gigaiotas (Gi)"
-Yassin executes "TAKE 200 Gi FROM @Alice"
-Yassin sends 198 Gi to Alice (1% fee included)
-Alice contacts @yassinnxt and says "I want to deposit 200 Gi"
-She sends Yassin 200 Gi
-Once 200 Gi are confirmed he types "GIVE 198 gigaiotas TO @Alice" (1% fee included)
-Alice contacts @yassinnxt and says "I want to withdraw 50 BTC"
-Yassin types "TAKE 50 BTC FROM @Alice"
-Yassin sends 49.5 BTC to her (1% fee included)
Note: you can choose any name on slack, only the @-names are unique!
Source : http://iotasupport.com/buyingiotaotc.shtml