Buy EOS – Where and How to Buy EOS
On this page we will cover all your options on where to buy EOS and how to go about it. Additionally you will find out about the crypto and how to secure it properly.
Overview of Where to Buy EOS
EOS is fairly well known amongst the crypto community, but is not a popular cryptocurrency. For this reason unlike other cryptocurrencies you are not able to buy EOS from a vast selection of different platforms.
In fact cryptocurrency ATMs, ETFs and Mutual Funds are out of the question. The best options to buy EOS are either exchanges or trading platforms. Additionally not all exchanges and trading platforms support EOS. There are some wallets that allow you to buy EOS. However they only allow credit card payments.
You also have the option to buy EOS using a crypto card company. We will cover all of this here on this page.
Best Exchanges Where to Buy EOS
Kraken is known as one of the most secure exchanges. It is an exchange that supports and accepts a variety of different payment methods. It has an easy to use exchange area and a more advanced and complex trading area. You can take your pick on which area you prefer for buying EOS.
Similarly Kraken have some restrictions on what currencies you can use to buy EOS. The same applies to Coinbase. You should always check if your currency will buy EOS first.
If that is confusing then, probably the easiest thing to do is buy Bitcoin and then buy EOS with Bitcoin. Like this any region or currency you have will not have any restrictions.
Coinbase is one of the most popular exchanges to use. It is very user friendly and hence easy. However like Kraken it also has a trading platform area called Coinbase Pro.
Coinbase is overall a good exchange, it is popular for a reason. However their customer service falls short and a lot of their clients complain about this aspect of the exchange.
Note that certain Coinbase regions do not support EOS. That includes the state of New York and the United Kingdom. It supports the US dollar for the US and Euro for the EU other than the UK to buy EOS.
Similarly to Kraken, the easiest solution if you are not able to buy EOS is to buy Bitcoin first. After that you can buy EOS with Bitcoin.
Trading Platform Where to Buy EOS
Bitfinex is a trading platform that is designed for professionals. It is not as user friendly as exchanges since there is only a trading platform area.
Bitfinex is not for everyone. This is because you need to make a minimum deposit or withdrawal of 10,000 USD/EUR/GBP.
It is definitely the platform you want to have if the market is tanking though. Since it was built for professional it is a robust platform. Unlike other exchanges or trading platforms, Bitfinex can handle large traffic volumes on the site.
How to buy EOS From an Exchange
It is easy to buy EOS from exchanges. If you need further instructions you could have a look at the how to buy cryptocurreny guide. This guide is a general guide on how to buy most cryptocurrency including certainly EOS. It is very detailed and provides a good break down of the steps along with tips and best practices.
The guide lists the best exchanges. However as mentioned earlier, EOS is not that popular. Which means it is not necessarily supported by all the exchanges listed on the guide itself.As a resultyou should choose an exchange or trading platform from the list on this page instead.
Moreover the guide recommends how to safely store cryptocurrency by using hardware wallet. The process is not quite the same for EOS. So we will go through how to safely store and secure your EOS further down this page.
Buy EOS From a Crypto Card App
If you do not know there are a number of crypto cards available on the market. They make buying and selling crypto very easy through a downloadable application. As a result you can buy, sell and manage your cryptocurrency directly from the app.
Additionally these cards are very handy because their main appeal is to help people spend their crypto easily.
With a crypto credit card you can spend your crypto anywhere around the world that accepts cards. Including merchants that do not support or accept cryptocurrency. These cards either support Bitcoin and perhaps other currencies. So not all of them support EOS.
Here are the cards/applications that support EOS:
Wirex was one of the first companies to offer cryptocurrency cards. They offer many other cryptocurrencies not just EOS which you can buy on their application.
They have a Mastercard which automatically exchanges crypto to fiat when you go to pay. As a result you do not need to lift a finger. All you need to do is make sure you have funds in your account to cover the transaction.
Here below is how the Wirex app looks like. Other app are quite similar because they all perform the same functions.
Crypto.com has one of the most popular crypto cards with 10 million users worldwide. They offer a Visa card which means you will need to exchange your crypto to fiat to make payments.
Crypto.com provide a great application. They have vastly improved their customer service, but they do charge hidden fees which is a negative. They do this by quoting a higher price for the crypto you are buying. On the other hand they quote a lower price when you sell.
Save Money on Fees
Similarly to buying any other crypto, buying EOS by credit card is more expensive than buying using wire transfer. It can be 2.99-5% more expensive because on top of the exchange fee you have the transfer fee to pay.
On the other hand if you deposit by bank transfers it is usually much more cost effective. Usually it is free for deposits, but you may have to pay a small fee when you withdraw. You would need to check on the exchange, trading platform or crypto card you signed up for.
Moreover you can save more on fees if you use a trading platform. The downside is that trading platforms are more complex to use. So if you are a beginner we would not suggest you use a trading platform.
Kraken and Coinbase have both exchange and trading areas. You can switch to which ever area you prefer to use. If you switch to the trading areas you will benefit from lower fees.
EOS started out in 2017. EOS is a platform that supports its own native currency. It is built on top of the Ethereum blockchain and provides a lot of value to Ethereum.
EOS is much more scalable and flexible than Ethereum. In fact its block time is 0.5 seconds compared to Ethereum’s 15 seconds and Bitcoin’s 10 minutes.
As a result EOS allows developers to create some great decentralised applications on top of Ethereum. Initially EOS was called an Ethereum killer project and it is instrumental for a lot of other platforms. However it is not that popular for a couple of reasons. Other Ethereum competitors include Waves, Solana, Polkadot and Cosmos.
Firstly there tends to be congestion in the network. This is makes it problematic for most users because it is unusable.
Secondly EOS is highly centralised to a point where it is not to the benefit of the users of the network. The top block producers on the network are accused of colluding with each other. Like this they can maintain their favourable position in the network. This issue is discussed in more detail on the EOS vs Ethereum page.
These are the reasons why other crypto project that launched after EOS are more popular. EOS has a lot of competition. There are some really good and ambitious projects out there that have great roadmaps. The developers of these other cryptos have set out to achieve quite a lot. Moreover there are a lot that are more successful than EOS.
Safely Secure Your EOS
After you buy EOS you might want to consider moving your EOS to secure it more safely. This is because exchanges are hacked all the time. Additionally because some crypto leaves no trace it is desirable to hackers who want to steal crypto.
As a result it is not just exchanges that are at risk, but other crypto platforms as well. Plenty of cryptocurrency was stolen in the past so you might want to take additional precautions.
For this reason you have to figure out which wallet you will use to store your EOS. There are no dedicated EOS wallets that would be considered an ‘official’ wallet. For this reason you will need to rely a third party wallet. Third party wallets are pretty good, depending on which ones and how you use them.
There are two options you could consider using. One is MEW (My Ether Wallet) which is compatible with both Ledger and Trezor. Alternatively you can use Exodus, however for the time being it is compatible only with Trezor.
There are other wallets you could consider using. However some of the more popular ones provide information on the computer screen. For example they display the seed phrase on the screen, hence they are less secure. With MEW and Exodus you can use your hardware wallet which makes it much more secure.
Note there is the option to buy EOS directly from MEW. However it is more expensive to buy from MEW directly since it only supports credit card payments.
Since MEW is compatible with both Ledger and Trezor we will cover the process of how to use MEW.
The process for MEW (MyEtherWallet)
Next thing you need to know is that EOS is an ERC-20 token. Therefore you will not have a dedicated EOS address. You will need to use your Ethereum wallet address.
- So once you set up your hardware wallet you need to make sure you have the Ethereum app ready.
For Ledger if you do not have the Ethereum app pre-installed you will need to download it. You will need to use Ledger Live simultaneously while your Ledger is plugged in. Select ‘manager’ from the menu on the left, find or search for EOS and download it. It should appear as an option on your Ledger device.
With Trezor you should have Ethereum already pre-installed.
- Now you can use MEW. You will need to select ‘access my wallet’ on the home page. Then you will need to select ‘hardware wallets’ and select the hardware wallet you own.
- Next, make sure your device is on. For Ledger make sure you are in the Ethereum application
- Select ‘Ethereum’ under open ledger app for both Trezor and Ledger. For Ledger you will have an additional options to select the path. Select ‘Ethereum’.
- You will now see a screen similar to this. Except of course without the EOS.
You will need to copy the address on the top left under ‘my personal account’. Head over to the exchange or trading platform and input the address to send the funds. If you have a large amount of EOS you should test the address by sending a small amount first. If it works send the rest of the funds.
Viola you are done! Just a note you may need to give the blockchain some time before your EOS tokens appear in your wallet.