You’ve done your research. You’ve logged countless hours separating the good projects from the bad ones; you finally know which cryptocurrency you want to buy. No, no, not Bitcoin, but rather a lesser-known altcoin: EOS.
Many people want to know how and where to buy EOS, which is exactly what we’re going to discuss. I’m not going to waste your time about the project itself – although I will touch on it. The purpose of this tutorial, however, is to show you exactly what you need to do to get your hands on some EOS.
The project’s ICO kicked off in 2017, raising more than USD 4billion. Something worth knowing about the ICO, however, was that it lasted an entire year. Most projects only last a few days, or maybe a month, but EOS chose to go longer. When EOS officially launched in June 2018, it immediately became the fifth-biggest token on the market based on crypto market capitalization.
Some people don’t know about the EOS ICO because there was a little controversy surrounding it. Since the project’s blockchain didn’t exist in 2017, the sale didn’t directly release EOS tokens to investors. Instead, they received ERC-20 replacements, which would serve as a stopgap until the platform went live in 2018. At that time, investors received their native EOS tokens.
Some were worried that the ERC-20 tokens wouldn’t be honored when the time came, while others showed concern about the volatility of the token’s performance before the platform’s launch. To learn more about EOS and it’s team, token, and history, check out eos.io.
EOS price in 2020
Unfortunately, EOS has not had a great year. Currently, the coin is in a “bearish” state, trading at just below USD 3. Resistance levels show up at USD 3 and $3.50, while support levels show up if EOS’s price is USD 2.50 or $2. If the price does manage to break $3, many in the industry will view that as a signal to buy EOS.
If the coin can manage to follow the rest of the bull cryptocurrency market and rise about USD 3.50, the next resistance point would be USD 4. On the flip side, if it continues to stagger and drops beneath USD 2, investors would use that as a signal that it’s time to sell EOS.
Step By Step Guide For Buying EOS
We’ve covered the basics of EOS, so now let’s get into why you’re here. Here is our step-by-step guide on how and where to buy EOS. We’ll start by choosing the best wallet for your coins.
Choose Best Wallet For EOS
If you’re familiar with crypto, then you know that there are three types of wallets in which you can store your digital coins. There’s a physical wallet, a desktop wallet, and a mobile wallet. Let’s take a closer look at your best EOS options for each wallet type.
A physical wallet is just what it says – a representation of your EOS that you can hold in your hand. There are a few options to choose from: a hardware wallet and a paper wallet.
Ledger Nano S – This hardware wallet is both appealing and versatile. With it, you can store your favorite digital currencies, including EOS. The Nano S offers a built-in LED screen, along with features that allow you to confirm transaction information anytime you want. It’s easy to configure and set up so you can plug it right into your laptop’s USB port. Once that’s done, you can manage your EOS as you see fit.
Ledger Nano X – If the Nano S doesn’t have enough features for you, check out the Nano X. This upgraded hardware will cost you more upfront but will provide additional advantages you won’t get with the Nano S. For example, the Nano X can hold more decentralized applications than its counterpart, along with the ability to manage multiple wallets on the same device. If you’re into Bluetooth, the Nano X offers that functionality as well.
Paper Wallet – One of the safest ways to store your EOS is in a cold storage paper wallet. It’s literally a piece of paper with your private keys on it. The beauty of a paper wallet is that it’s never online, so there’s no way for a hacker to access your coins.
Of course, paper wallets aren’t perfect. If you don’t keep it safe, it could be stolen or destroyed. If you do decide you’d prefer to keep your EOS in a paper wallet, be sure to make a few copies and keep them all in a place where they’re secure and protected.
Desktop wallets reside on the desktop of your PC or Macbook and support Windows, macOS, and Linux operating systems. These are wallets that are only connected when you are. Many of these applications provide frequent updates to incorporate new blockchain features along with additional coin support.
Exodus – Exodus is my desktop wallet of choice. It’s a multicurrency wallet that supports Bitcoin, Ethereum, EOS, and many more coins. I personally like this wallet due to how easy it is to use, how well it’s designed, and how many features the company offers its users. With the latest features and a long list of supported coins, Exodus is a great desktop cryptocurrency wallet for your EOS.
Scatter EOS Wallet – Another solid desktop application for your EOS is the Scatter EOS wallet. The app has a single sign-on feature that lets you log into multiple applications and view several transactions. But don’t worry. All your information is stored on the app itself and isn’t shared online.
GreyMass – This EOS desktop wallet offers its users an easy to use interface, along with guides and tutorials that help explain EOS and it’s purpose. However, it’s a lightweight wallet, so that you won’t get a lot of the features you’ll get with full-fledged cryptocurrency wallets. GreyMass is very secure, uses AES-256 encryption, and boasts that it has never been hacked.
Mobile wallets are wallets that you can take with you on the go. Typically these apps support Android and iOS, so you’re covered no matter what type of smartphone you own. Like desktop wallets, mobile wallets release frequent updates, so you have the latest and greatest features right at your fingertips.
Lumi Wallet – The first mobile wallet on our list is Lumi wallet, which supports both Android and iOS. If you want to use a larger screen, the app is also available in browser format. Lumi supports the vast majority of digital coins, including Bitcoin, Ethereum, Litecoin, EOS, and many other ERC-20 tokens. Users can also purchase crypto with their credit card and exchange it for other coins within the wallet’s safe confines.
Guarda EOS Wallet – Another nice multicurrency EOS wallet available for both iOS and Android is the Guarda EOS wallet. The wallet itself doesn’t keep track of your private keys, which makes it one of the more secure mobile wallets in the industry. Guarda is sleek, clean, and simple, so even novice users will have no trouble getting set up and moving EOS to their wallets.
Atomic Wallet – Last on our shortlist of mobile wallets is Atomic wallet. This multi-asset wallet is an excellent option if you want to store and manage your EOS on the go. Atomic supports more than 300 digital coins and tokens, so if you have other assets, you can manage them through the wallet as well. It’s user friendly, and the team releases weekly updates that include new asset support and additional features.
Where to Buy EOS Coin?
When it comes to purchasing EOS, your best bet is going to be a cryptocurrency exchange. Fortunately, there are several high-profile, secure exchanges you can use to get your hands on some EOS. Here are just a few you might consider.
When you’re ready to buy EOS, you might find that buying it through a globally recognized crypto exchange such as Kraken will be the easiest way to do so. Kraken users get low transaction fees along with an easy to use interface, which is why the exchange is rated as one of the best in the world.
Kraken is also known as being a secure trading platform, which means you’re not likely to lose your EOS as a result of hackers. The exchange uses high-quality technology and regularly audits its systems to ensure its user’s assets’ safety and security.
Buying EOS on Kraken is easy and straightforward. The first thing you’ll need to do is create your account. Once you’re completed the verification process, you’ll be able to fund your account. You can use either crypto like Bitcoin or Ethereum or use fiat currency like USD, EUR, or GBP. However, using fiat requires an extra level of verification.
Next, deposit your fiat or cryptocurrency onto the exchange. Once your funds arrive, you’re ready to go. You can buy any amount of EOS you want. Keep in mind that Kraken has a minimum EOS order of 3, so it will have to be at least that much.
Like Kraken, Binance is a globally known cryptocurrency exchange that prides itself on being one of the industry’s best platforms. You’ll have no trouble purchasing EOS on a platform like Binance that does plenty of buying, selling, and trading on a daily basis.
The registration process on Binance is similar to other cryptocurrency exchanges. You’ll register for an account and provide personal information to confirm your identity. This is a process called KYC or Know Your Customer, which lets the exchange know who is doing what on its platform. Once that’s done, you can send some BTC or ETH over to Binance.
When your funds arrive, find the appropriate trading pair on the trading screen. It will be either BTC/EOS or ETH/EOS. Enter the amount of EOS you want, hit that submit button, and wait for the complete trade. Once it does, you’ll have EOS in your Binance wallet. Send it off to one of the wallets mentioned above for safekeeping.
As with other exchanges, the first step to purchasing EOS on Bitfinex is to set up an account. You’ll get an email that will kick off the process to validate your identification. Typically you need to provide information like a driver’s license or passport to show the exchange you are who you say you are.
Once that process is complete, you’ll want to fund your account. Bitfinex allows users to use either fiat currencies or cryptocurrencies. However, fiat requires additional steps in the verification process, while crypto will let you start trading right away. New accounts are limited to USD 10,000, so if you want more EOS than that, you’ll have to wait.
Check your “deposits” tab to ensure that your funds arrive. When they do, you can head to the “trade” section, find the trading pair you want to use, enter the amount of EOS you want, and click “exchange/buy.” That’s all there is to it. The entire process typically only takes a few hours. It could take longer depending on how long verification is taking, but it’s rarely longer than a few hours.
For many new to the world of blockchain and cryptocurrency trading, Coinbase has become the go-to exchange. This is in large part due to how easy the platform is to use. Even though the site makes things convenient and simple, it still has its fair share of drawbacks. One of which is the limited amount of coins available on the platform.
Fortunately for us, one of the coins Coinbase does support is EOS. Just like with other exchanges, you’ll have to create an account and have it verified to use the exchange. Fund your account, then buy all the EOS you want. Once you have EOS in your wallet, you’ll see it show up in your Coinbase portfolio.
One last thing to remember about Coinbase is that it will cost you 1 EOS to send the coin. There’s no minimum required amount to send, but no matter what, you’ll be charged 1 EOS to move your funds. Additionally, Coinbase requires a memo in the transaction notes any time you send or receive EOS, so be sure you make a note anytime you perform a transaction involving the coin.
Which payment methods can I use to buy EOS?
Payment methods available to buy EOS will vary depending on where you live and what exchange you use. But rest assured, you can use almost any payment type you want to purchase EOS. Some exchanges will allow you to use fiat currencies like USD, EUR, and GBP. Others will accept debit card and credit card payments, as well as wire transfers and bank transfers.
However, the most common payment method you’re going to find is cryptocurrency. Many platforms will let you load up your account with LTC, XRP, BTC, ETH, or some other popular digital asset and trade it for EOS.
How to buy EOS in the US?
If you live in the United States, there are plenty of ways to go about getting some EOS. We’re already touched on some of these methods, including using an exchange like Binance, eToro, or Coinbase. Users can also make use of wallets like Exodus to perform exchanges within the app itself.
What costs are charged when buying EOS?
Any costs you incur when purchasing EOS will be directly related to the exchange or platform you use. Some exchanges will charge as little as 0.1%, while others may require as much as 5%. Often, sending or receiving EOS requires a fee of 1 EOS no matter how much you plan on moving. If you want to find out more about the platform and the project, check out eos.io.
As you can see, there are many avenues through which you can get ahold of some EOS. While the coin has yet to move past Ethereum as the top dapp provider in the industry, it’s still a project that continues to gather support. For the time being, EOS is focused on providing dapps to its users in a secure and safe method.
No matter what, when you’re ready to add EOS to your digital portfolio, you have plenty of ways to do so. Whether it’s through an exchange, a wallet, or via another platform, there’s no shortage of methods to get your hands on some EOS.