Buy EOS – Complete Guide
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EOS is quite similar to Ethereum in the way it functions. Primarily, it is a block-chain based platform that is designed for developing dApps (decentralized applications). It provides a highly smart interface and an operating system which contains a set of various functions/services that come handy in the development of decentralized applications.
The main goal of EOS is to form a highly scalable decentralized applications platform which combines together the unique features of different smart contract technologies including Ethereum’s computing, and Bitcoin’s high level of security.
Furthermore, another major aim of the EOS dapps platform is to allow transactions on a scale of hundreds of thousands in a single second, in a smooth and secure manner while providing a unique experience to entrepreneurs, business owners, developers, and other users. The services that are to be provided on EOS platform include cloud storage, server hosting, and user authentication, all of which are integral elements for a complete operating system that can be used in decentralized applications.
How to buy EOS?
Since EOS shows great prospects for the future with a constant rise in its popularity, a lot of people are currently deciding to buy EOS coin. Buying EOS is hence what this guide is centered upon. Do note that the only way to buy EOS cryptocurrency via fiat currency as of now is to use the Changelly exchange.
Nevertheless, the conventional method of exchanging EOS against an existing cryptocurrency such as Ethereum or Bitcoin through an exchange is not only far more secure but is also more efficient. Hence, this remains the most popular method among cryptocurrency users.
In case you are wondering, acquiring Bitcoin or Ethereum for exchanging with EOS later is quite easy on its own. This is what we have brought this guide for after all. All that you have to do is to follow all the steps mentioned in this guide.
Step 1: Setting up an EOS wallet
The first step is to set up an EOS wallet. This is where you will send your EOS coins after acquiring it. In fact, choosing the right kind of wallet is highly crucial for the greater security of your funds. Hence, a considerable amount of care should be put in this step.
There are plenty of options that you have. However, we have reviewed three of the most popular EOS wallets below.
Jaxx wallet is a popular desktop-based (also offers mobile/tablet access) crypto wallet that supports a number of cryptocurrencies such as Bitcoin, Dash, and Ethereum. Since EOS token is an ETH class compliant token, it is supported by all wallets that support Ethereum.
Jaxx offers an easy interface along with great security. Since this wallet stores all the private keys on the device of the user, it is nearly impossible for any third party to mess with your funds. However, it does not have a 2-factor authentication which means that you are not fully prone to hacking attempts.
It has a standard fee of 0.000441 ETH for standard ETH transactions. A similar structure of fee is also applicable to other cryptocurrencies such as EOS and Bitcoin.
Ledger Nano S is one of the most popular hardware crypto wallets. It supports a range of cryptocurrencies including Ethereum, Bitcoin, and Litecoin. However, since it does support ETH, the EOS coin can also be stored on it.
Ledger Nano S is waterproof, shockproof, and hack-proof. This makes it the ultimate choice for those who prefer security over everything else.
As an added benefit, it is possible for users to integrate both MyEtherWallet and the Ledger device. Simply, head to the MyEtherWallet website and click on ‘Send Ether & Tokens’. Then, plug in your Ledger Nano S device, click on the ETH application and activate the browser support from its settings. Once done, you can select Ledger Wallet option from MyEtherWallet allowing you to send funds to the device.
Exodus is a software wallet with a client interface allowing users to receive and transfer their funds with ease. It supports a range of major cryptocurrencies such a Litecoin, Ethereum, Bitcoin, Dash, and EOS.
While it provides a good level of security by storing all the private keys on your device, it does not have a two-factor authentication feature. Also, do note that since it is a software wallet, it is not immune to hacking attempts.
As far as the customer reviews go, most users give it a rating of 4.4 out of 5 on an average. Despite the lack of 2-factor authentication and a mobile interface, Exodus is quite a reliable wallet considering its sleek design and overall performance.
Step 2- get some BTC/ETH
Now that your wallet is set up, the next step is to buy some Bitcoins or Ethereum that which you can later use to exchange with EOS. In case you already own some Bitcoins/Ethereum, simply skip ahead to the next step.
Cex.io is quite a reliable exchange that we prefer you to use. It offers a range of payment methods including Credit/Debit card and bank transfer. Moreover, it supports a number of currencies including Euros, Pounds, Dollars, and Rubles.
In order to buy some BTC or ETH, you need to head towards the Cex.io exchange and register. At this point, you will have to follow a two-factor authentication for safety purposes. For this, simply log in to your email and verify it. This will add greater security to your account.
Now, you will have to provide some personal information along with some form of photo identification such as driver’s license or national identity card. Almost all exchanges require this information for security reasons. After verification, press the ‘Deposit’ option on the top menu. At this point, you will be presented with a range of different deposit options.
Cex.io allows you to buy cryptocurrency coins instantly through credit/debit cards. However, with this method, it charges you a commission of 3.75% of the deposit amount. On the other hand, the bank transfer option does not charge any commission for deposit but the deposit arrives after a few days. Once you have deposited the money in your account via your chosen method, click on the ‘Buy/Sell’ option present at the top menu. Here, choose ‘ETH’ or ‘BTC’ along with the currency you’d like to buy it against. Once you enter your amount in fiat currency, you will be shown a pre-calculated amount of ETH or BTC that which you will receive. You can also enter the amount of ETH/BTC by clicking on the ‘Custom amount’ option. Once you are ready, click ‘Buy’ and confirm your order.
Step 3- Choose an EOS exchange
In this step, you will be exchanging your ETH/BTC that which you have bought in the 2nd step against EOS through the Binance exchange. To do so you need to head on to the Binance, enter a valid email address and a good password. Once you are ready, click on ‘Register’. After confirming your email through your inbox, you will be brought back to the Binance. Now, log in to your account and set up the two-factor authentication for added security. Reach towards the ‘FUNDS’ button located on the top menu and press the ‘Deposits/Withdrawals’ button.
Here, type ‘Ethereum’ or ‘Bitcoin’ in the search box and click on ‘Deposit’. At this point, you will receive an ETH or BTC deposit address. Use this address to transfer your deposit funds into the exchange via the Cex.io account where you ordered ETH/BTC in the 2nd.
Once your fund is loaded in the ‘available balance’ section you are ready to trade it against EOS. Located the green button saying ‘Buy EOS’ and click on the ‘Market’ above it. Enter the number of EOS token that you wish to buy in the amount input box.
Alternatively, you can also choose the percentage options below, for instance, 50% would convert 50% of your available funds into EOS. Once ready, click on the buy option. After your order is placed, click on the ‘funds’ option on the top menu and then click on ‘Deposits/Withdrawals’. Now, type EOS in the search box and your funds will be visible to you. Now, safely Withdraw the EOS to your personal wallet created in the 1st.
Other than Binance you can also use other exchange platforms such as HitBTC and OKEx.
HitBTC is a quite well-known exchange platform that offers its users the EOS / BTC, EOS / USD, and EOS / ETH trading pair to its users. The platform charges 0.1 % fee for every market trade and yet offers a 24 hours a day customer support services. This exchange platform pays a lot of attention to the verification processes. The amounts that you can trade and the features you can use mainly depend on the level of the verification you have gone through. The funding of an account takes 14 business days on average, meanwhile, the withdrawals usually take around 20 business days.
OKEx is another cryptocurrency exchange platform that offers EOS with trading pairs such as EOS / OKB, EOS / USDT, EOS / BTC, EOS / ETH, and EOS / BCH. OKEx is based in Hong Kong and mainly concentrates on crypto to crypto along with futures and spot trading. OKEx is known for offering margin trading especially for the people who prefer trading on leverage. The fees for token trading are around 0.1 %. The platform offers services that are fully integrated for projects and entrepreneurial team that deal with blockchain technology.
Step 4- Storing EOS safely
Depending on your level of convenience, you can either leave your coins stored on the exchange or you can withdraw them to a personal wallet of your choice. We do not recommend you to leave your funds in any exchange because exchanges are more like gold mines for hackers and heist artists. In fact, a number of exchanges have been victim to hacking attempts with millions of dollar worth of cryptocurrencies stolen.
Follow the below mentioned simple steps to withdraw your EOS funds safely.
Note: It is not possible to store ETH based tokens on Coinbase. In case you try sending your EOS to Coinbase, you will end up losing them.
Click on the ‘Withdrawal’ option on the exchange platform you have bought EOS from. Fill the following information in the boxes: In the boxes that appear, fill in this information:
- Label: Type ‘My wallet’
- Address: Copy and paste the private address to your MyEtherWallet wallet in this box.
- Amount: Click on the ‘Max’ option to transfer all your EOS to the specified address.
Once ready, double check all the information and click on ‘Submit’. In case you have two-factor authentication enabled, you will have to enter a code received on your phone. Now, you must verify your email to confirm the withdrawal. Simply head to your inbox and click on the link that you have received. Go to your MyEtherWallet account. You will be able to see EOS labeled under the ‘Token Balances’ section of your wallet.
In general, the EOS coins are present as tokens within the Ethereum network. In order to move the EOS tokens around through the network, one has to pay the ‘gas’ costs which are charged in the form of Ethereum. So in case you wish to transfer your EOS tokens on to another address, you will be required to have some those coins so as to power their transfer.
Alternative: Buying EOS on Changelly >>
Other than the conventional method of exchanging ETH/BTC for EOS, buying EOS through Changelly is yet another popular method of acquiring EOS. Though it is possible to buy EOS through fiat currency through the use of a credit/debit card, we still recommend users to fuel their EOS conversion via Bitcoin or ETH. This is because Changelly does not offer very good conversion rates for buying EOS via Dollars/Euros. These conversion rates vary and are different for each cryptocurrency. However, they are usually lesser as compared to the market conversion rates.
Changelly is quite different as compared to other exchanges because, in the true sense, Changelly does not store the coins. In order to exchange through changelly, you simply send coins to a particular address and your preferred coin in exchange is sent to your designated address at the rate of going. In case you are wondering, Changelly is totally safe even though the concept looks too good to be true. In fact, millions of people all over the globe use Changelly on a regular basis.
Create a Changelly account via a simple and easy sign-up process. Once done, head to the main page and select an output currency (your required currency) and input currency (the currency that you will exchange against). To get started, create an account on Changelly. They have an extremely easy sign-up process. Go to the main page of the site and select an input and output currency, along with your designated wallet address for receiving your funds.
As far as the transfer limits are concerned, the US, Australian, and Canadian residents can only trade an amount of $50 in the first transaction. For another transaction made in the next four days, this limit increases to $100. For another transaction in the next week, the limit increases to $500. After this, there is no trading limit on fiat currency. Do note that changelly charges 0.5% of the trading fee as charges.
NOTE: In case the amount of you deposited could not cover the network fee/cost, you might lose your deposit without exchange of coins.
In a Nutshell
Indeed, EOS shows great prospects for the futures, especially for early investors. This is because the unique concept behind EOS and its level of scalability makes it a gold mine for future investments. This predicts a significant rise in its price near the end of the year 2018.
The most recommended and efficient method of buying EOS is through an exchange such as Binance, by exchanging an existing cryptocurrency token such as BTC/ETH against EOS. While Changelly allows you to buy EOS via fiat currencies, the EOS buy price is likely to be higher due to a low conversion rate.
We hope to have provided you with all the information about buying EOS coin that you were looking for. To find more information and general news about cryptocurrencies, feel free to check out the other sections of our website!