By: Ofir Beigel | Last update: 01/06/21
EOS is a “Do It Yourself” platform for running decentralized apps (similar to Ethereum) that has received a lot of attention lately due to its ICO and $ 4 billion metrics. In this post I will explain how to buy EOS tokens and where to keep them.
How to buy EOS Summary
To buy EOS you need to follow the steps below:
- Get an EOS Wallet (Ledger Nano X, Exodus)
- Set up your EOS account
- Find your EOS address
- Log into Coinbase
- Deposit your account and buy EOS
- Pull the EOS tokens into your wallet
If Coinbase isn’t working for you or is not available in your country, here are some options:
* eToro users: 75% of retail CFD accounts lose money.
How to buy EOS in a nutshell. For a detailed look at EOS and the different purchase options, read on: I’ll cover the following:
- What is EOS?
- How to buy EOS in 3 steps
- Conclusion
1. What is EOS?
EOS is seen by many as a potential competitor to Ethereum and is a platform for running decentralized applications (Dapps). Dan Larimer, who founded EOS, is also the co-founder of BitShares and Steemit.
EOS is designed to be more scalable and flexible than Ethereum due to its design, which makes it easier for developers to create dapps. On the other hand, EOS is more central than Ethereum as only 21 computers are responsible for the production of new blocks (unlike all miners in Ethereum).
EOS also differs from Ethereum in the following ways:
- There are no transaction fees
- It has the potential for millions of transactions per second
EOS ran a one-year ICO (between June 2017 and June 2018) that managed to raise over $ 4 billion. EOS has now become one of the top 10 cryptocurrencies and blockchains, although it is still far from the level of popularity of Ethereuem.
2. How to buy EOS in 3 easy steps
Step 1: Choosing an EOS Wallet
There are several wallets that can be used to store EOS tokens. If you want a quick start, you can use a desktop wallet. Be aware, however, that these wallets are generally less secure. For maximum security, use a hardware wallet like the Ledger Nano X.
How EOS Wallets work (optional reading depending on your wallet)
EOS wallets work a little differently than most cryptocurrency wallets in that they have two private keys – an owner key and an active key.
The owner button controls the active button used to stake out, pick up, and transfer tokens (more on staking out here).
To send EOS from your wallet, you need an EOS account. An account is a 12 character human readable name stored on the blockchain (e.g. myaccount123). EOS accounts can only be created using existing EOS accounts. This means you will have to use a third party who already has an account to help you.
There are several ways to create an account, depending on the wallet you choose. Some wallets will create the EOS account name for you, others will show you how to create it yourself, and in some cases it can cost a few dollars.
Since each wallet handles the creation of EOS accounts in a different way, I recommend consulting your wallet’s FAQ after initial setup.
Here are some guides for the most important ones:
Create an EOS account with Exodus
Create an EOS account in the ledger
If you’d like to create your own account name, you can use this website and tutorial below.
Warning – be careful when using a third party website as you can never know if it is legitimate or not. NEVER give your private key to anyone (only your public key if necessary).
Please refer to this manual for more information on EOS accounts.
Hardware wallets for storing EOS
You can use the various Ledger hardware wallets to store EOS tokens and a variety of other cryptocurrencies. These wallets are compatible with most desktops and the Nano X is compatible with Android and iOS.
However, in order to interact with your EOS tokens in the ledger, you need to use Fairy Wallet – an open source desktop.
Software wallets for storing EOS
If you’re not ready to spend some cash on a hardware wallet, you can save EOS with free software wallets. Exodus is a great multi-currency wallet for Windows, Linux, and Mac. You can read my full Exodus review here.
Edge is a great mobile app for iOS or Android.
Get your EOS address
Once you have your EOS wallet, it is time to get your EOS address so that you can send EOS tokens to it. An EOS address is a long string of characters that begins with 0x. For example: 0xd0a6e6c54dbc68db5db3a091b171a77407ff7ccf
Step 2: Find an EOS Exchange
There are several exchanges where you can buy EOS tokens either directly with fiat currency (i.e. dollars, euros, etc.) or by exchanging your Bitcoins / Ethereum for EOS.
Buy EOS through eToro
If you just want to speculate on the price of EOS, eToro is the best platform for it. eToro offers an easy-to-use, beginner-friendly trading platform that can be funded with multiple payment options.
It’s important to distinguish between actual exchanges, where you can buy and hold your own EOS tokens, and platforms like eToro, which are better suited to speculating on price.
If you use eToro for price speculation, you don’t need an EOS wallet because you won’t withdraw the actual coins. You can read my full eToro review here.
* 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford the high risk of losing your money. CFDs are not offered to US users. Cryptoassets are highly volatile, unregulated investment products. No EU investor protection.
Buy EOS through Coinbase
Coinbase is a leading cryptocurrency exchange available in 103 countries worldwide. You can buy EOS on Coinbase using one of two methods:
- Buy EOS directly from Coinbase (i.e. broker service). This is a quick and easy method with relatively high fees.
- Buy EOS on Coinbase Pro via a market or limit order. This is an advanced, more complicated method that requires fewer fees.
Coinbase accepts debit cards, wire transfers, and domestic transfers such as ACH or SEPA. You can read my full Coinbase review.
Buy EOS through Binance
Binance has quickly established itself as one of the most popular cryptocurrency exchanges. Dozens of altcoins have been listed, including EOS tokens. You can top up your Binance account at BTC or ETH and then exchange them for EOS.
Alternatively, you can buy Bitcoin or Ethereum on Binance with your credit or debit card and then exchange it for EOS. This method gets more expensive, but there is no way to buy EOS directly with fiat currency on Binance. You can read my Binance review here.
Buy EOS through Kraken
With Kraken you can fund your account with EUR, USD or CAD. You can then exchange EOS for USD, EUR, or even BTC and ETH.
Kraken is known for being relatively easy to register and for offering comparatively low fees. However, performance has recently suffered during peak trading hours. You can read my full Kraken review here.
Buy EOS with cash or PayPal
There is currently no way to buy EOS with cash or PayPal. If you’re looking for a quick workaround, you can always buy Bitcoin with cash or PayPal at LocalBitcoins and then exchange it for EOS at Binance.
Note that this process can become expensive due to the multiple conversions.
Step 3: Drag your EOS tokens into your wallet
Remember never to leave coins or tokens on an exchange. If you are using a trading platform to buy EOS like the ones above, make sure to withdraw your coins from that exchange to your personal wallet. This will protect you if the exchange gets hacked or insolvent.
As soon as the EOS tokens have arrived in your wallet, you have successfully completed the purchase process for EOS.
3. Conclusion
Although EOS is often referred to as the “Ethereum Killer”, there is still a long way to go before the king of decentralized apps is dethroned. Even so, it’s got off to a good start with a huge amount of capital put behind it by the ICO and a team with a track record.
Buying EOS is a little more difficult than other popular cryptocurrencies, but as the platform evolves and the token becomes more mainstream, it will likely become available on more and more exchanges.
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