All You Need to Know About How to Buy EOS Coin
Welcome to this guide on how to buy EOS coins.
If I would take a wild guess, I would say you have heard about all of the buzz surrounding EOS coins and decided to find out more. Or maybe you have not and just happened to come across it online?
Whatever the case, this guide has you covered.
In this post, I will take you through everything you need to know about EOS, including buying it, the platforms you can use to acquire its coins, some of its key features, some frequently asked questions, and more.
But hold on for a moment, did you know that EOS’s pronunciation is actually “E-OS”? Well, I thought you deserved to know how to pronounce it if you are going to learn much more about it.
What is EOS?
EOS is a cryptocurrency as well as a platform that features a Blockchain designed to allow both vertical and horizontal scaling of decentralized applications. The application is capable of executing millions of transactions per second, making it one of the fastest Blockchain technologies in existence today.
The platform also enables users to deploy decentralized applications faster and more easily while eliminating user fees.
EOS contains an ER-20 token that is transferable on the Ethereum Blockchain. Being an ER-20 token, the coin relies on smart contracts to decentralize applications (dApps) to developers. In case you do not know much about smart contracts, below is a brief video to help you out with that:
A decentralized application such as Facebook can be used on EOS. Such applications are not controlled by single individuals, and they also do not permit access to your personal information.
As we go on, be sure to check out their whitepaper for the finer details about the project.
Where to Buy EOS?
EOS is traded on a number of exchanges, but for illustration purposes, we will highlight two of the most common ones. They include Changelly and Binance.
Buying EOS on Changelly is a bit easier if you are using fiat. The platform allows for the purchase of the coins using fiat currencies such as the USD, GBP, CAD, and more. However, EOS applies a slightly higher transaction fee when processing purchases of cryptocurrencies using fiat currencies.
On the other hand, for you to buy EOS on Binance, you will need to first of all convert your fiat currency into a cryptocurrency such as Bitcoin and Ethereum. You can head over to purchase either of these coins on Coinmama, Coinbase, Cex.io, and more.
Let us look at how to buy EOS on both exchanges.
How to Buy EOS on Changelly?
Changelly is a diverse platform – it permits the purchase of EOS coins using both fiat and cryptocurrencies. It is highly recommended that you acquire cryptos prior to buying EOS to avoid incurring unfavorable conversion rates as well as higher transaction fees.
The best way to go about your purchase on this platform is to acquire Ethereum or Bitcoin first, then exchange one crypto for another. You are better off acquiring EOS because it is natively a crypto-to-crypto coin.
That notwithstanding, you can still go ahead and acquire your EOS coins using your fiat currency.
When transacting on Changelly, you will not be able to hold your coins using the platform. The application provides for the sending of coins to a specific address as well as a receiving address.
This means that your coins will not be shown as a balance on your online account the moment they are purchased; they are sent to your designated address at the going rate.
The platform serves many people worldwide and is safe and convenient.
Getting started on the platform is quite easy; you first of all need to create your account.
You have the option to sign up using your Gmail, Facebook, or Twitter account. If you do not prefer any of these options, you can commence the signup process by entering your email address in the provided area and proceed to the signup page.
The next few steps are quite easy, as they involve confirming your email address and setting up a password among other details.
Once that is done, proceed to the site’s main page and enter the input and output currencies.
In the input section, key in the currency you intend to issue out while the output one is the one wish to receive. For instance, if you chose to use the USD to acquire EOS, the USD will be the input currency while EOS will be the output currency.
Since Changelly does not hold your funds online when trading, you will need to have a valid wallet to receive your EOS coins. I highly recommend using hardware wallets such as the Ledger Nano S or Trezor to guarantee the safety of your assets.
Once your wallet address is keyed in as well as your input and output currencies, proceed to make the exchange, and you should receive your EOS coins as soon as your payment is received.
How to Buy EOS on Binance?
Binance is one of the most popular exchanges with affordable trading fees. The platform is safe with no history of security breaches. It is also highly interactive through organizing numerous user contests on its platform.
Binance has an easy signup process to enable you to get set up fast and safely.
Head over to their website and click on the Login/Register icon on the upper right-hand side of your screen.
Once that is done, head over to the “Funds” area and click on “Deposit”. You will be able to see all the listed currencies that are supported by Binance.
If you cannot seem to find your preferred currency, you can type in the search bar using the currency’s abbreviation, such as BTC for Bitcoin and select the coin you wish to deposit in your account. Proceed to deposit the currency you will use to trade with EOS.
Save the address of the deposited funds as you will need to use it at a later stage.
Since it currently is not possible to purchase EOS coins using fiat currencies on Binance, you will head over to a platform such as Coinbase to enable you to acquire the coins you need use to buy EOS on Binance.
You can choose Bitcoin or Ethereum since they are widely traded, then follow the prompted steps to safely transfer the coins to your Binance account.
The process is almost always similar to the standard procedures such as signing up using your email and password remaining the same.
Once the purchased coins are received on Binance, you are ready to buy EOS.
Identify the correct trading pair depending on the currency you intend to use. If you purchased BTC, search for a pair indicated as “BTC/EOS”.
After identifying the pair you wish to trade, proceed to make the exchange. It is important to mention that at this stage in Binance, you will have two options — a market order and a limit order.
A market order allows you to choose the amount of EOS coin you wish to acquire and the transaction will be executed based on the market exchange rates.
A limit order, however, allows you to input your preferred price and rate, and when a match is found, the transaction will be executed.
From the explanation of the two options, the first choice offers an instant purchase of your coins as compared with the second one, which is a bit speculative.
Once you are done filling in all the details regarding your transaction, proceed to complete the transaction and your coins will be deposited to your Binance account. You can then withdraw the coins to an offline wallet for safekeeping.
How to Buy EOS Coin Using Credit and Debit Cards?
EOS coins are mostly listed on exchanges that trade crypto-to-crypto assets. Despite there being a few that accept fiat for crypto trades, the resultant transaction is never favorable to the trader due to the high fees and unfavorable exchange rates.
To trade more profitably, you will need to, first of all, buy a different cryptocurrency on a platform that accepts fiat currencies. Just like we have indicated before, this platform can then be used to send your coins to another exchange that trades EOS.
Seeing as both credit and debit cards deal in fiat currencies only, you will need to use the money to acquire your preferred coins for trading with EOS then send them over to whichever platform you wish to acquire EOS on.
How to Buy EOS Coin Using Bank Wire?
Just like in the case of credit and debit cards, you will first of need to acquire a different crypto such as Ethereum from a different platform then transfer the coins to your preferred medium of trading with EOS. A great place to buy your coins for trading with EOS is Coinbase as the platform accepts bank wire payments. However, all bank transfer transactions take three to five days to go through; this means that if you need your coins urgently, this might not be the best method of payment for you.
How to Buy EOS Using Cash?
Despite cash payments being a bit unpopular in the cryptocurrency space, there are platforms that still allow users to make payments for purchased assets using cash. Depending on the platform you choose, you may still be required to acquire a specific fiat currency to make your cash payment. For instance, if you have USD but the platform only accepts Japanese yen (JPY), then you may still have to trade the two fiat currencies.
Cash payments may also require both the seller and the buyer to be in the same locality.
However, such purchases also can take place from different geographical locations as long as there is a mutual consent between the buyer and the seller.
Features of EOS
Low to zero transaction fees: Transaction fees play a significant role in identifying a proper platform to trade on. Most projects charge their users transaction fees for various activities conducted on their platforms including depositing, withdrawing, sending, and trading money. EOS, on the other hand, allows users to access their Blockchain depending on the holding of their EOS.
Other than that, individual applications used on the Blockchain determine their transaction fees, which is usually quite low.
Highly-scalable: The EOS network is one of the most scalable Blockchain platforms that are capable of supporting hundreds of decentralized applications. In addition, this is also one of the few networks with lightning processing speeds. With the use of asynchronous communication, the network can execute millions of transactions per second.
Block creations: The EOS network has made it possible for them to develop blocks after every three seconds – using delegated block producers, the EOS network regulates the number of produced blocks, and currently limits it to 21 per three seconds.
Frequently Asked Questions
What is EOS in Full?
EOS is a word on its own and not an abbreviation. For a while now, the EOS team had left the members of the crypto community to figure out what the word means. Weird, right? Well, EOS is a word with a Greek origin that means the Titan, goddess of dawn. Seeing as they named one of their recent updates Dawn, it is safe to assume that we got the meaning of the coin right.
Is EOS Safe?
EOS is one of the newest projects in the cryptocurrency space. But with it comes a host of security measures including data encryption, two-factor authentication, smart contracts, as well as user data privacy. In general, we have not heard of any cases of security issues on this platform, and we can only hope it stays that way.
Who is the Creator of EOS?
EOS was developed by Block.one, a research team keen on evaluating the impact of Blockchain around the world. The membership of Block.one is made up of Brandon Blumer, Dan Larimer, and Brock Pierce. The trio hopes to decentralize as many goods and service as possible.
Thanks for staying with me until the end of this guide on how to buy EOS coins, I certainly hope you found some useful information that can help you invest in this coin.
Being a new kid in the block, we believe that there is room for more innovations other than those that have already been achieved. For this reason, our take is that EOS is one of those projects to watch out for in the days to come.