Following the highly anticipated launch of its mainnet in June 2018, EOS has continued to cement its position as one of the world’s largest cryptocurrencies by market cap. Providing the infrastructure for the development of decentralized applications (dapps), EOS aims to dethrone Ethereum as the world’s number-one blockchain-based dapp platform.
If you want to buy EOS but don’t know how, you’re in the right place. Keep reading for step-by-step instructions on how and where to buy EOS.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Quick guide: How to buy EOS
Register for an account with a cryptocurrency exchange like Kraken.
Verify your account.
Enable two-factor authentication.
Click "Funding" then "Deposit."
Select a currency as the payment option, then choose your transfer method.
If you’ve just discovered cryptocurrency and you don’t have any trading experience, the quickest and easiest option will most likely be to buy EOS with US dollars. However, for your convenience, we’ve included step-by-step instructions on how to buy EOS with fiat currency and with another cryptocurrency.
Buying EOS with fiat currency
If you want to buy EOS with US dollars, here’s an example of how you can do it on the cryptocurrency exchange Changelly:
Step 1. Register for a Changelly account
EOS is listed on a huge range of exchanges, but only a select few of them allow you to buy with US dollars. You can register for a Changelly account by providing the following:
Your email address
Your phone number
Proof of ID
Proof of residency
A photo of yourself holding a signed statement
Don’t forget to also enable 2-factor authentication on your account before proceeding to step 2.
Once verification is complete, log in to your account and click on the “Deposit USD” link from your account dashboard. Changelly accepts online deposits via debit and credit cards.
Step 3. Buy EOS
When the funds have cleared in your account, click on the “Buy/Sell” link at the top of the screen and search for EOS in the list of supported currencies. Click on “Buy EOS” and then specify either the amount of EOS you want to buy or the amount of USD you want to spend.
Make sure you take a moment to review the full details of your purchase before clicking “Buy” and submitting your transaction.
How to sell EOS
If you want to sell EOS coins, the process you’ll need to follow is similar to that described in step 3. EOS can be traded against a number of fiat and cryptocurrencies, so take some time to find an exchange that offers your desired currency pair.
Of course, when placing your trade, remember to use the “Sell EOS” part of the trading screen.
Which wallets can I use to hold EOS?
EOS tokens were originally issued as ERC20 tokens on the Ethereum blockchain. However, following the launch of the EOS mainnet in June 2018, these ERC20 tokens were exchanged for coins issued on EOS’s own blockchain as part of a token swap.
As it’s still early days for the EOS mainnet, there’s currently only a limited number of wallets that support EOS coins. Options include mobile wallets like Infinito Wallet, the SimplEOS desktop wallet and the Scatter browser extension.
EOS is designed to provide developers with everything they need to create and deploy commercial-grade dapps. Its end-to-end software solution includes user authentication, accounts, storage, server hosting and more. It’s also designed to scale to millions of transactions per second.
EOS uses a delegated proof-of-stake (DPoS) consensus mechanism that allows EOS coin holders to select block producers through a continuous approval voting system. Anyone can participate in block production if they wish, with new blocks produced every 0.5 seconds.
EOS was built by a company known as block.one, led by CEO Brendan Blumer and CTO Daniel Larimer. Larimer is a highly regarded figure in cryptocurrency circles and has previously spearheaded the development of blockchain projects Steem and BitShares.
Before buying EOS or any other cryptocurrency, it’s essential to do your own research into how the currency works and the factors that could potentially affect its price. Digital currencies are complicated, volatile assets, so make sure you’re fully aware of the risks involved before making a purchase.
If you’re thinking of buying EOS, consider the following factors:
Supply. According to CoinMarketCap, at the time of this writing (July 2018), the circulating supply of EOS was 896,149,492. The maximum supply of coins is 1 billion EOS, with 10% (or 100 million) of those reserved for block.one.
Competition. EOS is far from the only challenger to Ethereum, with NEO, Cardano, Qtum and a host of other platforms competing for market share. Competition from these projects could have an impact on the level of widespread adoption EOS achieves.
Airdrops. Many projects that launch their own cryptocurrencies on the EOS blockchain also conduct airdrops of their own tokens to EOS holders. Find out more about how this works in our list of upcoming EOS airdrops.
By considering a wide range of factors that could potentially affect the price of EOS, you’ll be able to make an informed decision about whether you should buy EOS.
You can buy EOS with cash using a cryptocurrency exchange or broker that accepts cash deposits. For example, Changelly allows users to deposit cash via their credit or debit card.
YoBit allows wire transfers via Payeer, AdvCash, Perfect Money and Capitalist. You can also find a cryptocurrency exchange that lists EOS in one or more trading pairs and also accepts bank transfer deposits.
There’s no way to directly buy EOS with PayPal as of July 2018. However, you could use PayPal to buy bitcoin on a platform such as VirWox or Paxful, and then exchange your BTC for EOS on a crypto exchange.
If you want to buy EOS without disclosing any personal details, you’ll need to look for a platform that doesn’t require you to verify your ID before trading. For example, Bitfinex allows users to deposit, trade and withdraw cryptocurrencies without verifying their ID, while many decentralized exchanges don’t require any personal details before allowing you to start trading.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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