How to Buy EOS in 3 Simple Steps – A Beginner’s Guide

Last updated on January 10th, 2018 at 09:46 am

What Is EOS?

Seen by many as a potential competitor to Ethereum, EOS is a blockchain-based platform that will support decentralized applications (Dapps). Dapps run on a decentralized, peer-to-peer network, rather than on centralized servers. They don’t require a third party or middleman. Instead, they directly connect providers and users.

Dan Larimer created EOS (which stands for Ethernet Over SONET). He is also the cofounder of BitShares and Steemit.

By its very design, EOS intends to be more scalable and flexible than Ethereum, which makes it easier for developers to create decentralized apps. EOS has made the following claims:

  • That it will not have transaction fees
  • That it has the potential for millions of transactions per second

However, the project is still in its early stages, so it doesn’t have a working product yet.

EOS is funded via the sale of tokens. It’s unique, in that one billion ERC-20 tokens will be distributed over a one-year period. In other words, everyone will have an equal chance to buy tokens.

EOS Token Sale

Step 1 : Choosing an EOS Wallet

While there are currently no official EOS wallets, EOS uses the ERC-20 token. As such, you can store your EOS tokens in an ERC-20 compatible wallet. There are a few different types of wallets available to you:

Desktop Wallets for Storing EOS

Jaxx and Exodus are among the most popular desktop wallets for EOS. They are both multi-cryptocurrency wallets that are available on Windows, Mac, and Linux. In fact, Jaxx is also available on Android and iOS.

Both Jaxx and Exodus have ShapeShift built in, which allows for the quick, easy trading of cryptocurrencies.

Exodus EOS

Hardware Wallets for Storing EOS

You can use the Ledger Nano S and Trezor hardware wallets to store ERC-20 tokens. But you’ll need to connect your hardware wallet with a MyEtherWallet.

Both the Edger and Trezor wallets are compatible with Windows, Mac, and Linux. They’re popular options that offer greater security than most other wallet types.

Web Wallets for Storing EOS

Arguably, the best wallet for storing your EOS tokens is the MyEtherWallet. Unlike many online wallets, it’s an open source that allows you to store Ether on your own computer, rather than on their servers. This feature makes it much safer than most web wallets, since you’re in control of your wallet’s information.

Mobile Wallets for Storing EOS

Jaxx is also available for mobile devices. In other words, you can store your EOS ERC-20 tokens on your Android or iOS device. Jaxx supports many different cryptocurrencies, and it has a very intuitive interface, which makes it particularly suitable for beginners.

Step 2: Find an EOS Exchange

Since EOS tokens are available on many major cryptocurrency exchanges, it should be easy enough for you to buy them wherever you’re located.

Here’s a list of the most popular options:

Buy EOS on Binance

Launched in 2017, Binance has quickly established itself as one of the most popular cryptocurrency exchanges. It has listed dozens of altcoins, including EOS tokens. Unfortunately, you can only fund your Binance account with cryptocurrencies, which can be somewhat limiting. However, you do have the options to get BTC and ETH pairs.

Buy EOS on Kraken

Like Binance, Kraken has both BTC and ETH pairs with EOS. However, Kraken offers a little more flexibility. For instance, you can fund your account with EUR, USD, JPY, and CAD.

Kraken is known for being relatively easy to register, and for offering comparatively low fees. However, it its performance has recently suffered during peak trading times.

Buy EOS on HitBTC

HitBTC is a cryptocurrency exchange based in Europe. It offers many different cryptocurrencies, including EOS. You can make a deposit using EUR or USD. While the exchange is easy to use, it doesn’t have the best online reputation, since many claim that it lacks transparency. You should treat HitBTC with caution, as it is an unregulated exchange.

Buy EOS via Shapeshift

While all of the other cryptocurrency exchanges in this list require registration, ShapeShift requires no personal details whatsoever. It allows you to exchange many different cryptocurrencies for EOS. The fees are on the steep side, but it’s a small price to pay for the convenience and privacy that it offers.

Buy EOS on Bithumb

Bithumb is one of the largest exchanges in South Korea, and it has the highest trading volume of  EOS. However, unless you’re located in South Korea, it’s probably not the best option for you, as they only accept KRW. The exchange is relatively simple for beginners, and it has little to offer, as far as advanced trading features.

Buy EOS on Bitfinex

Bitfinex is one of the few cryptocurrency exchanges with an EOS/USD pair, so it’s a popular option for anyone buying EOS. However, it’s not a particularly beginner-friendly platform, since it has a rather complex interface.

Buy EOS with Cash

Unlike with Bitcoin, there is currently no viable way to buy EOS with cash. This situation may well change when the EOS platform has been launched. You could always buy Bitcoin with cash on LocalBitcoins, then trade it for EOS on a major cryptocurrency exchange. However, this process may be more complicated than necessary.

Buy EOS with Credit Card

Very few cryptocurrency exchanges allow you to buy crypto with a credit or debit card. Your best bet is to use Coinbase or CEX.IO. Then you can purchase another cryptocurrency (such as Bitcoin or Ethereum) with your credit or debit card. You can then transfer it to another exchange, trade it for EOS, or trade it directly to EOS via Changelly.

Buy EOS with PayPal

Much like a credit card, there isn’t a way to directly buy EOS from PayPal. However, if you’re willing to buy another cryptocurrency and trade it for EOS, you can take a look at LocalBitcoins and VirWOX.

Again, you’d need to trade the cryptocurrency that you purchased for EOS via Changelly, since you can’t directly buy EOS via the options listed above.

Step 3: Withdraw your EOS tokens to your wallet

Remember, never leave coins or tokens on an exchange. If you use a trading platform to buy EOS like the ones mentioned above, make sure to withdraw your coins from that exchange into your own personal wallet. Therefore, you are protected if the exchange gets hacked or becomes insolvent.

 

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10 Comments on "How to Buy EOS in 3 Simple Steps – A Beginner’s Guide"

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andre lmao
Guest
andre lmao

Hello,
In my wallet it says I have the ECR tokens, but how do I know if I registered them correctly? I want to double check so I get my EOS.

Steven Hay
Member
Trusted Member
Steven Hay

Hi Andre,

Well, if your wallet says you have the ECR tokens then I very strongly suspect that everything is in order and you’ll receive your EOS in due course. However, if you want to double-check, then I suggest going to EOS chat: http://www.EOS.io/chat/ – that will redirect you to their Telegram group. There you can question someone involved in EOS development who will be able to confirm that your address is registered with them and will receive the coins when available.

Kimron
Guest
Kimron

EOS appears to be a direct competitor to Ethereum. Headed by Dan Larimer the founder of two successful crypto coins STEEM and Bitshares.

You can also buy EOS on coinswitch.co

Lan Starimer
Guest
Lan Starimer
Hi Folks, It is very important that if people are holding EOS, they register the ethereum address at the EOS token distribution site at https://eos.io/distribution/ If you fail to register the address, when the EOS mainnet is launched, there will be no way to claim your EOS tokens. EOS ECR20 token is a ‘place holder’ token to mark ownership before it is transferred to the EOS mainnet in 2018. EOS uses a different address format than ethereum, so you need to register the ‘new’ EOS address with your Ethereum address. If you have stored EOS tokens in Jaxx or Exodus,… Read more »
wwfjdraw
Member
wwfjdraw

I hate to burst your bubble and break it to you, but there is no way to register shit with the site you gave, I went to the site and clicked on the “sign up” link and all it does it let you join some mailing list. So if anyone is reading this, do not invest in EOS, only invest in coins that have their shit together.

Dan Learner
Guest
Dan Learner

Bad idea to tell people to store their EOS in Jaxx. How would they register there ETH address with their EOS public key in Jaxx? They can’t. You need to do more research before posting this.

Ofir Beigel
Admin
Active Member
Ofir Beigel

Hey Dan – care to shed some more light on this matter? I’m sure our readers would love to hear your opinion.

wwfjdraw
Member
wwfjdraw

So to continue in follow up to where I left of from my previous comment, does anyone know how to register your EOS yet?

Steven Hay
Guest
Steven Hay

Hey there,

Here’s a guide to registering via MyEtherWallet and exporting the privkey from Exodus:

https://support.exodus.io/article/65-register-eos

Of course, the privkey needn’t be exported from Exodus if you’re using a different wallet. Please see your particular wallet’s documentation for help on exporting the privkey, the rest of the guide as it applies to MEW should be the same.

samuel
Guest
samuel
copied from https://eos.io/instructions Incompatible Wallet Do not use an incompatible Wallet. There are many incompatible wallets, please check to make sure that your wallet meets the compatible wallet criteria before sending any ETH. The following wallets are known to be incompatible wallets; this is not a complete list. Do not use any of the following wallets to participate in the EOS Token distribution: Any Bitcoin exchange Any Ethereum exchange Bitfinex Bittrex Bitstamp Cex.io Coinbase Exodus Jaxx Kraken Poloniex