EOS is one of the truly remarkable stories of 2017/2018, at least in the world of cryptocurrency. This year long ICO project took in over $4 Billion! That’s easily a world record and, depending upon who you talk to, perhaps slightly more than was necessary. But then again, EOS’s Dan Larimer’s vision couldn’t be any bigger. EOS is gunning for Ethereum, the world’s premier smart contract platform, and already it seems to have taken more than a nibble out of Ethereum’s market share.
We’ll leave platform details until the EOS FAQ at the end of this post. First, we’ll show you how to buy EOS with eToro and a couple of other trusted platforms.
5 Quick Steps to Buy EOS
- Create a new eToro account in the time it takes to brush your teeth
- Choose between Paypal, credit/debit card, Skrill, Neteller, and wire transfer as your payment method
- Throw in a minimum of £200
- Place an order to buy EOS
- (Hopefully) profit big in the weeks and months to come!
Why Buy EOS Now?
EOS has been a force in popular culture, even beyond the cryptocurrency community. The platform’s remarkable ambitions got the attention of John Oliver, who described (and lampooned) EOS in great detail. The increased attention only upped the demand and hype for EOS, which has firmly established itself as the world’s 5th largest cryptocurrency.
The EOS mainnet, at the time of this writing, has only been out for a couple of weeks. Already, developers and users are pouring into the platform, and demand for the EOS token is truly universal. So why buy EOS now?
By getting into EOS now, you’ll be at the ground floor of what could be a worldwide technological powerhouse. The code and economic models contained in EOS make it tremendously useful to the world, while being a godsend to crypto investors. Just as institutional money is starting to leak into the space, and while prices are still low following the January 2018 crash, this could be the last time you have the chance to buy an EOS token for less than $10.
If you’re as convinced as we are about the brilliance of EOS, you probably want to know how to get some of your own. We’ll give you all the information you need, starting with eToro – the world’s easiest way to invest in cryptocurrency.
What is the Best Site to Buy EOS?
EOS is available, along with a handful of other high quality cryptocurrencies, on the trusted eToro trading platform. eToro has been around since 2006, long before Bitcoin was even created. The company uses an interesting method to help its users gain profits. Rather than selling the user digital assets like stocks or crypto coins, eToro sells something called CFDs.
CFD stands for Contract For Difference. It’s basically an agreement between you and eToro, stating that if you pay them the cost of X number of EOS coins, they’ll agree to give your money back with profit if the price of EOS goes up. However, unlike a traditional exchange, eToro doesn’t send you real coins. They don’t even have any! They just keep track of prices and allow you to take profits (and incur losses) from a virtual portfolio which they manage.
Why would you want to do this? Well, cryptocurrency is..you know…complicated. New users frequently panic because they think they’ve lost their coins by sending to a wrong address (and sometimes they’re correct). Others are victims of phishing sites and wallet scams, losing all they have because they didn’t have the experience to recognize the fraudulent actor. Safely storing and transferring cryptocurrency isn’t rocket science, but it’s not a piece of cake either.
eToro gives users a way to ensure that they’ll never suffer any of these mistakes, or even have to worry about them. eToro is fully regulated, with more than a decade of superior service to financial clients. Your money will be safe with them. And because nothing else changes hands, there’s really not much else that can go wrong! You won’t find a safer or simpler way to invest in crypto. Period.
How to Buy EOS With eToro
eToro is simple to use, but it may still cause confusion for people unused to these kinds of platforms. In general, eToro is easier to use than Facebook. But even Facebook had a learning curve, so let’s briefly go over the steps you’ll need to complete in order to use eToro.
Step 1: Open Account With eToro
As with any financial platform on the internet, you’ll have to create a new account in order to use eToro. This entails providing your name and email, along with some official personal ID (passport, drivers license, etc.) so that eToro can establish 1) who you are and, 2) that you’re not being hunted by the FBI for extensive financial crimes (among other things). Nobody likes to put their personal info online, but there’s no getting around it with financial platforms, and eToro has such a long history of security that you can rest easy because you are in good hands.
Step 2: Deposit Funds
Once your account is complete, you’ll be able to navigate the site, but you won’t actually be able to do anything until you deposit some money. Click on Deposit at the top of the screen and connect one of the banking or payment channel options listed in the column outlined in red above. When your payment pathway is connected, you’ll be able to make an initial deposit of at least $200 (or your local currency), and begin to buy EOS with eToro.
Step 3: Buy EOS
When you click on trade, you’ll see a crypto option. This will take you to the 12 crypto coins that eToro makes available through their platform. You’ll see the obvious classics like Bitcoin and Ethereum, along with relative newcomers like NEO and EOS. Click the blue Trade button and you’ll be taken the world’s simplest trading interface. All you have to do is select how much you want to lock into this first contract, how much leverage (if any) you want to use, and that’s about it. Complete the trade and watch those markets. If and when EOS goes to the moon, you’ll be able to cancel your contract and take some big earnings home with you.
How to Buy EOS Through Exchanges
EOS is, of course, available through many conventional exchanges like Binance and Bittrex. Most of these platforms follow the same basic format. We’ll explain using Binance, but you’ll be able to use these steps for most exchanges that support EOS, without having to adapt them too much. As always, start by creating an account.
Binance will ask for your email address and a new password. Always choose a secure password that isn’t in use on other sites and platforms that you use. When you submit this information, Binance will send you an email with a verification link. Click this and you will be led back into the Binance website, but this time you’ll be able to navigate anywhere you want.
For security, add 2 Factor Authentication. This is a second security layer that goes beyond the simple password. If someone were to steal or discover or guess your password somehow, they’d still have to try to break through 2FA, and that’s a tricky problem. 2FA requires you to download an app on your phone. Every 30 seconds this app displays a new code. After you type in your Binance password, you’ll be required to also type in the password from your 2FA app. No one will be able to access your account without both of these codes. All crypto exchanges safe to work with will offer 2FA.
Now you’ll have to fund your account. Binance isn’t like Coinbase or eToro because it doesn’t accept fiat currency like US Dollars as payment. Instead, Binance accepts only Bitcoin, Ethereum, Tether, and Binance Coin. Using Binance Coin will save you 50% on your (already low priced) trading fees.
Buy Bitcoin or any of these other currencies elsewhere (except for Binance Coin which is usually bought on Binance) and transfer it to your Binance wallet, using the code you find after you click “receive” beside the destination wallet. Take this code to the external wallet that holds you Bitcoin and send the Bitcoin you want to trade for EOS to the Binance wallet address. When it arrives, click Exchange > Basic.
The EOS trading screen will look like the image at the beginning of this section. To find it you must first select BTC in the little box on near the top right of the screen. Beneath this will be displayed every trading pair on Binance that uses Bitcoin as the payment currency. Click BTC/EOS and the screen will change to the one in the picture.
Use the small interface at the bottom left to make your trade. Type in how much Bitconi you want to spend on EOS, and specify the price at which you would be willing to buy a single coin. Your Bitcoin balance will be divided by the price you want to spend, and this will tell you how many EOS you can afford. Click Buy EOS + when you’re ready, and your order will be completed as soon as a sell order is found to match. If you chose a market price, your order should be filled in seconds. If you chose a lower price, your order will only be filled if the price of EOS falls to the level of the price you are willing to pay.
How to Store EOS in a Wallet
EOS coins must be stored in a piece of software called a digital wallet. There are tons of different digital wallets that support EOS, and there’s no way to have EOS without having a wallet. After you buy EOS in Binance, your coins will be temporarily stored in your Binance EOS wallet. But because big exchanges like Binance have tons of people trying to hack them, it’s not regarded as safe to store your coins in Binance long term.
Transfer them to one of the wallets in our crypo wallets guide. Most or all of these will support EOS, and any of the options you see will be more secure than keeping your EOS in an exchange wallet.
EOS is an amazing platform and digital currency. No one can predict the future, but we believe that EOS has a bright one. Many other crypto traders and analysts believe the same thing. However you choose to buy your EOS, get in now before the progress of the EOS platform drives the price ever higher. We wish you the best of luck and a whole lot of profits!
If you would like to know more about the EOS platform itself, check out our EOS FAQ below.
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What is EOS? What is EOS Coin?
EOS is the developing project of a team of blockchain experts headed by Dan Larimer. Larimer’s previous successful blockchain endeavors include Bitshares and Steem. Larimer wants to build a blockchain protocol from the ground up which fixes scaling issues (and others) common to major blockchains like Bitcoin and Ethereum.
EOS will support smart contracts and handle ICOs. In many ways, it will do all of the things that anyone familiar with Ethereum will well know. In many ways, EOS is taking a crack at being the Web 3.0 network we’ve all been waiting for. The question is, can they pull off the big promises they’re making at this point in history?
With a team led by Larimer, it would seem that EOS has as good a chance as any to dethrone Ethereum. What’s more, being able to handle many thousands of transactions per second is a very compelling capability, one which Ethereum can only dream of at the moment. The coming months will tell us much about who wins.
What is EOS’s Delegated Proof of Stake?
One of EOS’s major selling points is its Delegated Proof of Stake security and governance model. With familiar blockchains like Ethereum and Bitcoin, Proof of Work through data mining is the way transactions are verified, the network is secured, and new coins are added to the circulating supply.
The problem is, Proof of Work is messy. It saps the world of incredible power resources and has a tendency to centralize influence in mining pools, and those who can afford/develop specialized devices which can mine these coins better than any other existing technology. Proof of Work isn’t green.
Proof of Stake allows users to verify transactions themselves, without requiring machines to do it for them. Ethereum itself is moving toward a version of Proof of Stake, and away from the mining protocol which has guided the network to this point. With Casper, Ethereum will make these important steps.
But Ethereum isn’t there yet. EOS’s Delegated Proof of Stake gives 20 “Witnesses” the power to confirm transactions and receive new EOS coins. This puts a great deal of power in a few hands, but there is big financial incentive not to cheat, and what is lost in decentralization is gained in scaling potential.
How Can I Buy Bitcoin or Ethereum Before I Buy EOS Coin?
Buying EOS isn’t as simple as typing in your credit card number. There are very few cryptocurrencies which you can buy with US Dollars or Pounds Sterling or any other “fiat” currency. To make purchases of assets like EOS coin, you’ll have to first buy Ethereum or Bitcoin, then take it to an EOS exchange where you can trade these well known cryptos for up-and-coming coins like EOS.
Use an exchange like Coinbase or Gemini to buy some Ethereum or Bitcoin. You’ll have to link your bank account or pay with a credit card. In most cases, it’ll take a number of days for your transaction to be completed and for your new coins to be available to transfer and trade. Just be patient. You’ll be there before you know it.[/su_note]