How & where to buy EOS coin online
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This beginner’s guide takes you through how to get your hands on the EOS cryptocurrency. Compare the different platforms you can use and follow our step-by-step guide to buying your first EOS coin.
What are the best exchanges to buy EOS on?
These are the best trading platforms that offer EOS right now. You can sign up and get started by following the links in the table below, or keep reading to learn more about how to do so first.
How to buy EOS online – a step-by-step guide
Step 1. Find an exchange
The best place to buy EOS coins is on an exchange. Exchanges are trading platforms that match buyers and sellers together and where the price is set according to activity on the platform. They usually offer the best price for cryptocurrencies and have the widest range of altcoins available.
To find EOS you should use one of the exchanges below. These are both easy to get started with and offer a variety of different ways to pay for the tokens.
- Binance: Binance is the most popular exchange platform in the world. It has an array of beginner-friendly material and hundreds of different cryptocurrencies available. Sign up for Binance now >
- Bithumb: Bithumb is a truly global exchange that lets you trade from 190 countries around the world. It also offers lots of different coins and contains useful information for beginners. Join Bithumb today >
Step 2. Sign up and fund your account
Before you can make any purchases, you must create an account. This is a quick process and you only need to provide some personal information, your contact details, and supply some photo ID to verify the account.
Most exchanges accept deposits in a fiat currency (such as GBP or USD) but they often charge a small fee each time you move money around. A bank transfer is usually cheapest, with a fee of 1-3%, while card payments are a little more expensive.
In some cases, the exchange you choose will only operate in cryptocurrency. The best way to deal with this is to buy Bitcoin first and then transfer that into your account. Then you can use it to swap for EOS.
Step 3. Purchase
Search for the cryptocurrency using its ticker symbol, EOS, when you’re signed into your account. Then you’ll see a list of different pairs, such as EOS/BTC or EOS/USD. Those pairs show you the price of EOS in Bitcoin or in US Dollars.
All you have to do is choose the one that corresponds with how you want to pay for your new coins. Then enter how many coins you want and choose between whether you want to pay the ‘market’ rate, or set the price yourself in a ‘limit’ order.
If you choose the former, the trade goes through straight away at the current price. If it’s the latter, it’ll go through as soon as the exchange can match you up with someone willing to sell at that price. As soon as the trade takes place the coins will be added to your account and you’ll be able to see all of your holdings in the ‘wallet’ section.
Step 4. (Optional) Get a suitable wallet
You can choose to leave your coins in the exchange account if you like. If you plan to buy or sell them frequently then it’s often easier to do so. However, if you want a bit more security then there are dedicated cryptocurrency wallets available. These are (usually) free services that store your coins securely behind a unique pin code or password, just like normal banking apps.
Here are two of the top wallets around:
- Freewallet: Freewallet is an online cryptocurrency wallet that lets you manage you coins through your browser or a dedicated mobile app. It’s free to set up and you can hold as many different coins as you like. Get Freewallet now >
- Ledger Nano S: The LEdger Nano S is a hardware wallet, which means it’s a physical, USB-like device. You manage your coins by plugging it into your computer and they are stored completely offline for extra security. Get the Ledger Nano S today >
How to trade EOS – a step-by-step guide
Step 1. Find a CFD broker
Trading cryptocurrency means using contracts for difference (CFDs) to make lots of trades every day. It’s usually governed by a strict set of rules to help you make a small amount of profit on each coin as its price fluctuates over very short time frames.
To do that you need to find a broker that offers CFD trading. Most of the leading platforms do this and here are two of the best ones:
- eToro: eToro is a CFD broker that lets you trade a variety of assets, from stocks and commodities to cryptocurrency. All of the leading coins are available to trade, including EOS. Sign up for eToro now >
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
- Capital.com: Capital.com is another CFD broker and one that uses AI technology to power its trading platform. You can trade all of the top cryptocurrencies along with popular stocks, with up to 60x leverage if you choose to. Join Capital.com today >
Step 2. Set up and fund your account
To start using a broker you need to create an account and deposit money into it. This is just as easy as setting up an exchange account and requires a few personal details as well as some ID. To fund it, you can use a bank transfer or a card payment, and some platforms accept alternative payment methods like PayPal as well, although it is worth checking if that’s important to you.
Step 3. Learn how to perform technical analysis
Day traders spend a lot of their time studying price charts and using the information to influence when to buy and sell a coin. This strategy is known as a ‘technical’ one, and is based on using specific indicators as signals to get in or get out of a position.
The most common signals are support and resistance levels but there are a huge variety of different ones. Each trader develops their own strategy over time, often combining these indicators into a unique method that works for them. You need to spend time learning about technical analysis before you start trading any coins.
Step 4. Decide whether to buy or sell
A positive of CFDs compared to simply buying coins is the ability to ‘short’ them. Shorting is the practice of borrowing an asset from your broker and selling it, with the aim of buying it back later at a lower price. It gives you the opportunity to profit when a coin falls in value just as you can when it rises.
You should use your technical analysis, combined with research into any news that might affect the price of a coin, to decide whether to take a long (buy) or short (sell) position in EOS.
Step 5. Execute the trade
All that’s left is to make the trade. In contrast to an exchange, the broker has a simple buy and sell price that you can use to execute your trade instantly. Once you’ve decided how much money you want to put into EOS and made the trade, it’ll show up in the ‘open positions’ section of your account.
Should I invest in EOS?
That depends on whether you think more developers are going to want to build on the EOS blockchain in the future. Developers have to use EOS coins in order to do so and so more activity would push the price up.
You should consider how many other competitors are operating in the same space and think about why EOS might be better placed to succeed than them. It’s also worth thinking about the fact that there is no upper limit on the number of EOS coins in circulation, which stands in contrast to many other cryptocurrencies and could cause inflation over time.
If you need more help to decide whether EOS is for you, we have summarised its key pros and cons in the list below. After that, there are a few more pointers as to when to time your investment, the main problems the coin solves, and what its future prospects might be.
- It offers a simple, cheap way to build apps on the blockchain
- Developers must own the coin in order to build, which would increase the price as it becomes more popular
- Token holders can earn extra money by renting their bandwidth to other users
Finally, here are three more questions to read through before you decide to invest in EOS.
1. Is it a good time to buy EOS?
There is a different answer if you are interested in trading it quickly compared to investing for the long term. Longer term investors should take time to research the project so that you thoroughly understand it before you put any money in. Then look at the state of the market as a whole, as even the best project can struggle during bear markets or when confidence is low.
However, if you are a short term trader you should focus on studying the current price in order to pick out buying opportunities. Either develop your own strategy, based on a particular set of technical indicators, or use some of the analysis below to help you.
2. What problem does EOS solve, and what are its future prospects?
Those two factors make EOS a significantly more practical blockchain to use than many of its competitors but the challenge is that there are so many of them. Ethereum is the market leader and is in the midst of streamlining its own building process. Then there are lots of others too, such as Polkadot, Cardano, and Algorand.
Whether all these platforms can succeed independently is the big question. You have to decide where EOS ranks among these platforms and if it can generate enough traffic to make it a worthwhile investment. The latest news links below can help you keep up to date with any developments that might affect its price.
EOS token makes double-digit gains amid market recovery
Top 3 undervalued cryptocurrencies to avoid at all cost in 2022
EOS community blocks ongoing $250M funding to Block.one
3. Do you want to hold EOS for the long term?
There are times when holding for the long term is best and others when a short term approach is most likely to be successful. Here are some final considerations for each investing strategy.
Considerations for a long term investment strategy
If you expect the EOS price to keep going up, then you should sign up for an exchange to get coins straight away. You should also think about getting a wallet to store your coins.
Considerations for a short term trading strategy
A short term strategy relies on honing your technical skills so that you can analyse the current price and identify the right time to buy. Find a broker with low trading fees so that you can make as many trades as you like.
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