146

How to Buy EOS [2022] | Step-by-Step Crypto Guide

Justinas
Baltrusaitis
4 months ago
13 mins read

The EOS cryptocurrency is among a growing list of so-called ‘Ethereum killers’ due to its vision of displacing the leading smart contract platform. This guide will help you learn how to invest and purchase EOS in a few simple steps.

Introduction

EOS launched to huge fanfare in 2018 following Block.One’s record-setting ICO (initial coin offering) that resulted in the crowdfunding of more than $4 billion over a span of one year. Block.One is the creator of the EOSIO, the blockchain network that hosts EOS coins.

From the get-go, EOS has been a highly desirable and valuable digital asset consistently ranking among the largest cryptocurrencies by market capitalization. The asset can be accessed on multiple crypto exchanges and has several uses.

Below we will focus on how an investor can get their hands on some EOS coins. There are several ways to do that, including buying them off an exchange, accepting EOS as payment for goods and services, receiving gifts and aidrops.

What is EOSIO (EOS)?

EOS is the native cryptocurrency on the EOSIO blockchain, which was launched in 2018 by Block.One, a brainchild of Daniel Larimer. Larimer is also known for creating BitShares and blockchain-based social media platform SteemIt. Before its launch on the mainnet, EOS was initially developed on the competing platform Ethereum and was compliant with the ERC2- token standard.

The launch of EOS on Ethereum was necessary because Block.One needed to conduct an ICO, which would help raise the funds needed to develop the EOSIO software. Once the EOSIO was rolled out, the EOS ERC20 tokens were converted into native EOS coins.

The project is named EOS, which is a name derived from Greek and Roman mythology that means “personification of the dawn.” Proof of this origin is found in the naming scheme of the testnet versions of EOSIO, which were:

  • Dawn 1.0 – released on September 3rd, 2017;
  • Dawn 2.0 – which went live on December 4th, 2017;
  • Dawn 3.0 – with a release date of April 6th, 2018;
  • Dawn 4.0 – which was released on May 7th, 2018.

The launch of version 1.0 of EOSIO on the mainnet happened on June 1st, 2018, and the software shipped several features, including:

  • Free Rate Limited Transactions;
  • Low Latency Block confirmation (0.5 seconds);
  • Smart contract platform powered by Web Assembly;
  • Scheduled Recurring Transactions:
  • Time Delay Security; and
  • Inter Blockchain Communication.

Block.One was not only innovative with the launch of its EOSIO Version 1.0, but also it was ambitious. One of its biggest goals was scaling the EOS blockchain from 1,000 transactions per second (TPS) to millions. For context, Ethereum and Bitcoin can only support about 15 and 5 TPS, respectively.

Why Invest in EOS?

There are two main reasons for investing in EOS: for speculation or for ecosystem development.

  • Speculation – most investors in the cryptocurrency space are speculators looking to benefit from the price actions of digital assets. EOS, like other cryptocurrencies, is a volatile asset providing a profit opportunity for its traders;

  • Ecosystem development – EOS uses a Delegated Proof of Stake (DPoS) consensus mechanism that requires EOS token holders to vote for their favorite block producers (BPs) to validate transactions and create blocks. Only 21 BPs can be voted for to validate transactions at any given time. Additionally, EOS holders have the obligation of participating in the governance of the project by voting on project proposals which helps propagate the development of the EOSIO software as well as implement other proposals that affect the EOS community.

Where to Buy EOS

EOS is an easily accessible asset on most cryptocurrency exchanges, both large and small in size, considering the trading volume reported. However, not all platforms are good for everyone. Essentially, there are two main options to choose from when deciding which exchange to use. You can opt for a: 

Centralization means that a platform is controlled by a single entity, such as a company or a government. Decentralized exchanges are controlled by smart contracts running on blockchains distributed participants within a community.

If you are a beginner to crypto, you might want to avoid using DEXes due to their complexity and limited support of cryptocurrency assets. Few, if any, DEXes support EOS, which leaves you with the option of using a CEX.

With CEX platforms, you also have to consider some important factors while choosing a trading platform:

  • Interface – you want to opt for an exchange with an intuitive user interface;
  • Regulations – depending on where you reside, you will have to consider which amongst the several available platforms in the market are licensed to operate in your jurisdiction;
  • Security – how secure is the platform? Research the history of the company to ascertain whether they have experienced a security incident in the past and what they have done to secure customer assets;
  • Features – consider what you need from an exchange and check whether the platform you are looking to use has these features.

One of the best platforms you can use to buy EOS is Uphold, a regulated multi-asset exchange with support for stocks, precious metals, national currencies, and cryptocurrencies, including EOS. Plus, you can exchange anything for anything, such as gold for Bitcoin, or USD for EOS, among several other asset pairs.


How to Buy EOS on Uphold (step-by-step)

Step 1 – Sign up or log in

Uphold is a regulated brokerage platform, so all users have to undergo KYC (know your customer) provisions to acquire an account. Start by signing up for an account (here’s a guide on how to do it) and verifying your identity. To do that, visit Uphold.com and click on the [Sign up] button on the top right of the home page, then provide a valid email address and strong password to secure your account.

Alternatively, if you already have an Uphold account, simply login to start buying EOS.

Step 2 – Log in to Uphold

To start using Uphold, visit wallet.uphold.com to log in using your username and password.

The account interface is simple and easy to understand. There are three columns, the first two of which we recommend you ignore for this tutorial.

Focus on the third column with the title: ‘Anything to Anything.’ This is the transaction form, and it is all that you will need to buy EOS on Uphold.

The column has three sections separated by the tabs Transact, Repeat, and Limit.

  • Transact is the normal order form where the user can buy, sell or trade any supported asset on the spot at the current market rates.
  • The Repeat tab can be used to set up a regular purchase of EOS automatically daily, weekly, or monthly using a debit card.
  • The Limit tab enables the user to buy or sell assets at predetermined prices. Typically a limit order is a deferred order that is executed once a target price is reached.

Let’s start with the normal order translation.

Step 3 – Choose a payment method

Click anywhere within the [From] field to display a list of supported payment methods.

Here you can choose from using a bank account, debit card, or swapping from any of the other supported assets such as precious metals, cryptocurrencies, or US equities if you happen to have any of them within your account. If this is your first time using Uphold, you will be required to add a bank account or debit card to purchase your desired asset using fiat currencies.

Tap (or click) on either of the two [+] buttons next to the corresponding option you wish to use as a payment method.

To use a bank account, you will be provided with bank account details for Uphold, to which you will send your funds. Select a deposit method between using a bank account or a wire transfer.

Then select which currency you want to deposit.

Finally, use the bank details provided to make your transfer.

Note that bank transfers settle instantly, while wire transfers take a few days to reflect in your Uphold account. Therefore with wire transfers, the coins you purchase will only be credited to your account once Uphold receives the funds.

Adding a debit card is even simpler on Uphold. Once you click the [+] button, all you have to do is provide the card details, then tap the [Add card] button. 

At this stage, your account is now linked to a payment method, and you can proceed to the next step.

Step 4 – Specify which asset to buy

Click anywhere within the [To] form field to choose which asset to buy. In our case, that will be EOS.

You can use the search bar at the top to search for EOS or scroll down the list of supported digital assets to locate it, then click to select it.

Next, specify how much you want to spend. To do that, you can use any of the three available form fields, but for simplicity reasons, we recommend you use the middle form field, which shows the equivalent amount in fiat currency. Fill in the amount you want to spend and let Uphold automatically convert and fill in the other slots.

Step 5 – Confirm the transaction

Click the [Preview] button below the transaction form to load the confirmation window. Here you will get a chance to go over the transaction details, including payment method, receiving asset, and the exchange rate the platform is using. If everything seems correct, click [Confirm] to authorize the transaction.

How to Buy EOS Using the Repeat Feature on Uphold

The Repeat feature on Uphold enables the platform’s users to set up automatic buy, sell and exchange orders executed at regular predetermined intervals. It could be daily, weekly, or even monthly at the specified time and date.

This feature is beneficial for investors looking to purchase assets regardless of the price or those looking to average into a position through the dollar-cost averaging (DCA) technique.

To set up a repeat EOS purchase order, follow these steps:

Step 1 – Activate the Repeat feature

Select the middle tab with the [Repeat] label.

Below the transaction boxes, there is a new menu that has been revealed which you can use to set up the repeat order. To activate the feature, you need to change the frequency from [Never] to [Daily], [Weekly], or [Monthly].

Tap on the forward arrow next to [Never] to change this setting.

Step 2 – Set up Repeat EOS Buy

Once the feature is activated, select the next option to specify the start date of the repeat purchases. Click on [Today] or the forward arrow next to it to open up the calendar window.

Choose a date you want Uphold to process your future orders automatically. If you opt to Repeat buy weekly or monthly, the order will execute on the same day, weekly or monthly, respectively. If you opt for daily purchase, the order will execute at the same time every day.

Note: In addition to selecting a particular date to execute your order, you can also specify the number of times you want the order to repeat: once, twice, or as many times as you prefer.

If you choose the number of occurrences, the system will automatically calculate the end date for you, as shown above.

You may also choose to label this order for easy identification on your order history page, but this is optional. The rest of the order form can be filled as we directed in the previous section.

Note: Repeat buys can only be paired with a debit or credit card payment option.

How to Buy EOS Using the Limit Feature on Uphold

A limit order allows a trader to specify a target price in which they want to either buy or sell their asset. Since we want to buy EOS, the limit feature will enable us to set an ideal purchase price. Here’s how to set it up.

Step 1 – Select the Limit tab

Choose the third option of the transaction slip labeled [Limit].

As shown by the directional arrows, to set up a sell limit order, you will use the [From] form field, while if you are looking to buy, you will use the [To] form field. Below that is a [Duration] tab through which you can set up how long you want your order to remain active as you await the asset price to rise or fall to your desired level. If the price does not reach your target level, the order will be canceled automatically according to your settings.

The first option allows you to cancel the order manually, while the second and third enable the system to automatically cancel the order at the end of the day or at a particular date that you specify.

Click [Preview] to confirm your order, then authorize the platform to execute it at the target price or cancel it.

Final thoughts

EOS is a popular digital asset that is easy to buy and sell on the most popular crypto trading and brokerage platforms. Our example using Uphold shows how simple it can be to get your hands on some EOS coins. The process is straightforward as long as you have a functional bank account or debit card.

Tip: Anyone new to the cryptocurrency space may look up all of the supported crypto exchanges to buy EOS and other asset-related metrics on the largest cryptocurrency market aggregator Coinmarketcap.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Frequently Asked Questions on Buying EOS

What is EOS?

EOS is the native cryptocurrency on the EOS blockchain network. The cryptocurrency was initially launched as an ERC-20 token on Ethereum but was later converted into an EOS token when the EOSIO open-source software launched in mainnet in June 2018.

Why Invest in EOS?

There are two main reasons to invest in EOS:

  • For speculation through trading or hodling it as the asset is very volatile, it presents opportunities to make a profit of price changes;
  • To participate in the EOS ecosystem through either running a smart contract, voting on block producers, or governance proposals. To do all these, you need EOS tokens.

Why Buy EOS on Uphold?

Uphold offers several benefits over other crypto brokerage platforms, including:

  • It is highly regulated;
  • Its interface is beginner-friendly;
  • Users get access to repeat and order-limit features gaining greater convenience when buying EOS.

Can I store EOS on Uphold?

Yes, you can opt to use your Uphold account as storage for your EOS tokens. However, we recommend you use a self-custody wallet such as a hardware wallet to keep your digital assets safer.

3 out of 5 (1 vote)

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

AD