www.banklesstimes.com
HomeEOSHow To Buy EOS Online in 2022

How To Buy EOS Online in 2022

Last updated 13th May 2022
Disclosure

With the price of Bitcoin continuing to rise, many cryptocurrency investors are thinking about alternative possibilities. One coin that offers a potentially intriguing investment is EOS, which aims to solve a significant problem for various apps.

Before buying EOS, it’s worth doing some research to ensure that you make the best possible decision. On this page, you’ll discover everything you need to know about how to purchase EOS along with some important considerations to keep in mind.

Best brokers to buy EOS in 2022

Given the rise of cryptocurrencies, there are plenty of platforms to choose from when it comes to buying EOS. To make things easier for you, we’ve put together a list of the best providers below.

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What is the difference between buying and trading EOS?

When you begin researching cryptocurrency investments, you’ll notice several terms that may seem similar but are slightly different. For example, buying and trading

Below is a brief explanation for both:

  • Buying EOS: When you buy EOS, you purchase the coin and own it outright. You can choose to sell it when you see a profit opportunity but can also spend and send it like you would with fiat money.

  • Trading EOS: Trading EOS involves buying with the intention to sell at a later date – typically with a shorter time frame in mind. Alternatively, you can trade crypto derivative products that allow you to speculate on the price of a token, without owning the underlying asset.

How to buy EOS online?

The best place to buy EOS is on a cryptocurrency exchange. The process for doing this is relatively straightforward; all you need to do is follow the steps below.

Step 1: Find an exchange that offers EOS markets.

Step 2: Sign up and complete any required know your customer (KYC) checks.

Step 3: Deposit money into your account.

Step 4: Locate the EOS markets using the search bar. E.g. EOS/USD or EOS/GBP.

Step 5: Enter the amount of EOS you want to buy and confirm the transaction.

How to trade EOS?

If you’ve decided that you’d prefer to trade EOS, the sign-up phase is a little different. Nonetheless, it shouldn’t take you too long; follow the steps below.

Step 1: Find a broker that lets you trade EOS.

Step 2: Sign up and verify your identity.

Step 3: Deposit money into your account.

Step 4: Decide on a trading strategy and purchase the amount of coins you desire.

What are the different ways to pay for EOS?

If you want to buy EOS, you can use one of several payment methods to fund your purchase.

To help you narrow down your choices, we’ve outlined the best ways to pay for EOS below.

Credit/debit card

Arguably the easiest way to pay for EOS is through your debit or credit card. Almost every cryptocurrency exchange accepts this payment method which typically takes only a few minutes to complete.

To fund your account with a credit or debit card, the process is similar to buying something online with it. Once you’ve entered your details and security number, your funds should appear in the account shortly after.

Pros

Easy to use
Accepted on most cryptocurrency exchanges
Fast transactions

Cons

Card fees can be high
Not ideal for more significant transactions

Bank transfer

Another popular way to buy EOS is to fund your account via bank transfer. Doing so is simple; enter your bank details and the amount you want to add to your account.

Like credit and debit cards, most cryptocurrency exchanges will facilitate bank transfers.

Pros

The best option for larger transactions
Straightforward process
Ideal for both depositing and withdrawing

Cons

Transactions take longer; you’ll need to wait between 1-3 days for wire transfers in many cases, and 3-5 business days for bank transfers.

PayPal

PayPal is the world’s most popular digital wallet, with over 300 million active users.

To buy EOS using PayPal, connect it to your chosen brokerage/exchange account and deposit the amount that you require.

Pros

Fast transactions
Simple sign-up process
High levels of security

Cons

Many cryptocurrency exchanges don’t offer PayPal support

Apple Pay

Apple Pay is a handy way to pay for your shopping and it is accepted in many stores around the world

Fortunately, it is also accepted as a payment method on some cryptocurrency platforms..

Pros

Instant transactions
No extra sign-ups are needed if you already have an Apple device
Secure transactions

Cons

Apple Pay isn’t accepted at many crypto exchanges
You can’t use Apple Pay if you’re an Android user

What to consider when buying EOS?

When buying EOS, you need to make several considerations. The most important things to note are listed below.

  • Deposit Fees: There may be some fees involved when you make a deposit into a crypto trading platform. As such, it’s worth doing some research so you can get the best prices.

  • Trading Fees: Some exchanges will charge users a certain percentage for both buying and selling. This might be in the form of commissions or maker-taker fees. These will vary from platform to platform so have a look around to find one that suits your needs.

  • Volatility: Cryptocurrencies are highly volatile and EOS is no different. Make sure you know what to expect before parting with your money.

  • Taxes: In some countries, you’ll need to pay capital gains tax on cryptocurrency investment profits above a certain threshold. Check the laws in your jurisdiction to ensure you stay on the right side of the law.

Is it safe to buy EOS online?

Buying EOS is safe online if you use a reputable exchange and follow the recommended security measures.

Having said that, no platform is foolproof, and cryptocurrencies are under the constant threat of security breaches.

Fortunately, you can take steps to protect yourself online. We’ve listed a selection of important things to consider below.

  • 2 factor authentication (2FA): You can activate 2FA by going into your security settings on the platform. This will mean that signing into your account will require a code that will be sent to your phone first. This can help to protect your account against online attackers.

  • Use a wallet for your coins: When you buy EOS, you can keep them in a wallet provided by your crypto exchange. However, doing so is risky; if a hacker breaks into the system, you could lose everything. Instead, move your coins into a private wallet that only you have access to.

  • Pass only the necessary KYC information: When you sign up for an account, you’ll need to pass a KYC check in most cases. Doing so will require that you provide a copy of your passport or driving licence, along with proof of your address. However, if you’re asked for things like your card PIN or social security number, do not hand these over; no genuine platform will need these.

  • Only ask for help on official forums: Remember not to reveal your private keys to anyone online. People may pose as customer service to steal this information from you. Be vigilant at all times.

  • Don’t trade with users you don’t trust: If you use a peer-to-peer (P2P) marketplace. Only trade with users who have a high reputation. Avoid people who ask you to make payments outside of the platform.

How to store EOS?

After buying EOS, we recommend that you store your coins somewhere secure. Different types of wallets exist; below is a quick rundown of some you might consider.

  • Digital cryptocurrency wallets: Digital crypto wallets allow you to store a number of different crypto assets. Keep your private keys safe and do not reveal them to anyone.

  • Hardware wallets: hardware wallets are small flash drive shaped devices that require you to physically approve transactions. Storing your cryptos on these devices is often considered one of the safest options.

How to sell EOS?

When you’re ready to sell EOS, you’ve got a handful of options. We’ve broken each of these down below.

Cryptocurrency exchanges

Cryptocurrency exchanges are the most accessible place to buy and sell EOS.

All you have to do is:

  • send your EOS tokens from your wallet into the wallet provided by the platform.

  • Locate the EOS/USD or EOS/GBP markets using the search bar and click sell.

  • Your funds should appear in the account balance page shortly after.

CFD brokers

The process for selling on CFD brokers is essentially the same except you won’t have to send any assets to the platform since they cannot be withdrawn from the account you bought them from.

To sell:

  • Use the search bar to locate the EOS/USD or EOS/GPB markets.

  • Enter the amount of EOS you want to sell and confirm the transaction.

P2P Services

You can sell your EOS directly to another user/buyer using a peer-to-peer (P2P) marketplace.

Just put your offer up on a P2P exchange and wait for a buyer to find you.

Make sure you only deal with reputable buyers and sellers on these platforms.

Is it worth buying EOS right now?

Cryptocurrencies are highly volatile assets and EOS is no different. This means that buying any coin carries risks.

That said, EOS offers a valuable proposition and if its platform is utilised by many developers, then this should reflect positively on the price of the token.

Of course, gains are not guaranteed so only invest with money you can afford to lose.

Final thoughts

EOS is still in its early days and we’re a long way away from seeing how blockchain technology will be adopted.

That means there’s a lot of risk that comes with dealing with these markets as well as opportunity.

The best way to buy EOS is using a broker/exchange that accepts debit/credit card transfers.

That way, you can easily buy the tokens when you want, and withdraw the funds back into your bank account when you sell into fiat currencies again.

As always, activate 2 factor authentication on your accounts and consider buying a hardware wallet as these offer the highest levels of security for your assets.

FAQs

Can I buy EOS in any country?
Is there a limit to how many EOS coins I can buy?
Can I buy EOS without an ID?
Can I buy EOS instantly?
What is EOS?
How does EOS work?
Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.