Learn Where & How to Buy EOS (EOS) - A Beginner's Guide
EOS is a blockchain network with the primary objective of providing an easy to use platform for the development community who are interested in creating decentralised applications known as dApps. The cryptocurrency of the network is also known as EOS. If you are interested in investing in EOS, you need to understand that there are a multitude of factors that you need to take into account before you can start investing.
When it comes to EOS, you have to keep in mind that it is slightly different from other traditional cryptocurrencies, and that's why you need to learn about the token before you can invest.
3 Things to Consider Before Buying EOS
One of the significant challenges faced by current blockchains is that they cannot support large decentralised apps limiting their functionality. EOS is trying to change that by making it easier for developers to run hundreds, even thousands of dApps on the EOS network without compromising on the quality regardless of the number of people who are using the app. Easier scalability of apps means that the EOS network has great future potential.
There are many uncertainties involved when there are still a large number of coins that aren't in circulation. Their release can have a negative impact on price as the supply rises. However, out of 1.02 billion EOS tokens, more than 936 million are already in circulation, which means the coin has already achieved stability when it comes to price. There are still 10% of coins left to be released, but they are not expected to have a major impact on the EOS token's price.
Loyal & Dedicated Community
EOS is one of the few blockchain networks that is supported by a diverse community with software engineers, developers, designers, financial supporters and other stakeholders making their contributions from all over the globe. This massive support means that EOS, as a cryptocurrency, has a bright future ahead of it, making it a promising prospect for both short and long-term investors.
Where to Buy EOS in 2021?
If you wish to turn into a crypto speculator, you have to build up a key comprehension of how you can put capital into EOS and different tokens using various methods. For example, when you are a short term dealer who simply needs to create a secondary pay, your methodology would be unique as compared to the long-haul trader who needs to possess and hold EOS coins for quite a long time before they sell. You need to ensure that you are settling on the correct decision that suits your requirements.
All things considered, when you are a long-haul investor who needs to hold their EOS coins for some time, you should discover an exchange that sells the tokens directly. You will have the option to buy, own, hold and sell EOS. You may also need to put your EOS funds into a crypto wallet so you can store your assets in a protected way.
Then again, when you are a day trader who simply needs to bring in cash, your investment procedure would be totally unique. Rather than an exchange, you should find an agent or broker where you can buy instruments of EOS tokens, for example, Options, CFDs and Futures. This way, you don't possess the tokens directly but speculate on the price of EOS. It weeds out all the difficulties and issues related to possessing EOS and different tokens.
Our Tutorial to Buy EOS in 5 Steps
Since you have a fundamental comprehension of different ventures, the time has come to acquaint you with the overall process of beginning your investment journey.
Step 1: Find an Appropriate Platform to Buy EOS
When you understand what sort of investment you are keen on, you will know whether you need to select a merchant/broker or go with a crypto exchange. Regardless of the crypto broker or exchange you opt for; you have to do fundamental exploration to distinguish which one meets your requirements. Ensure that your selected platform maintains regulatory compliance and offers intuitive UI. Also, search for elevated client assistance, numerous payment modes and reasonable transaction costs. Ensure that you look at online reviews to make sure you are going for the right platform.
Step 2: Registration/Create a New Account
After you have selected your crypto exchange or broker, you have to make an account with them. Since it's a regulated platform, you will be required to provide personal information including name, email and country. You will need to give documentation to prove your identity. This is done to ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. This may cause a bit of burden; however, it additionally guarantees the security of your assets and individual information.
When you need to remain unknown and don't have any desire to share your data, you can generally discover platforms that are not regulated. That said, don’t forget that you are exposing yourself to a much higher level of financial risk.
Step 3: Deposit Funds
Once you are done setting up your account, the one final activity you need to do before you can begin trading is depositing your working capital. You can research the service website to find various payment methods accessible to the clients, including credit and debit cards, bank transfer and e-payment modes. Ensure that you pick the one that offers the right blend of quick processing, convenience and economical charges.
Furthermore, do not forget that various brokers and exchanges have a base deposit limit which implies that you have to store a minimum amount before you can begin trading. For example, Skilling's base deposit ask is $100, while Pepperstone doesn't demand any at all.
Step 4: Start Trading or Buying EOS
After you have deposited your capital, you are ready to start trading EOS. Your broker or exchange will guide you through the process.
We recommend that you start small and ensure that you are cautious. Do not use advanced options like leveraged trading initially, which allows you to invest up to 100 times more money than you actually have. Needless to say, this puts your money at a much greater financial risk and can wipe off your entire savings. That’s why managing your risk is key.
Step 5: Optional Steps
Once you have purchased your EOS tokens, you have different choices to go with. Many of the well-known options are given beneath:
- Move coins to a wallet:
When you are a long-haul trader, you shouldn't depend on the exchange wallet. All things considered, get your own software or hardware wallet and move your EOS tokens.
- Participate in mining:
EOS cannot be mined in a traditional way, but since it relies on the Proof of Stake protocol, you can put up your tokens for the voting process to support the community.
- Sell high, rebuy low:
If you are hoping to use your EOS tokens to make gains with consistency, ensure that you reinvest when the cost has hit the floor. Purchasing at a lower price requires insight and tolerance and permits you to make profits reliably.
Available Payment Methods for Buying EOS
When you need to purchase EOS, you have a wide scope of choices made accessible to you by crypto platforms including:
- Buy EOS with Cash
When you are hoping to buy EOS with cash or money, you have to discover the closest EOS teller or ATM. You can use the CoinATMRadar.com site to find the closest ATM for buying EOS tokens.
- Buy EOS with Credit/Debit Card
You have a choice to use your bank card, for example, debit or credit card to purchase EOS as all platforms offer that option including Coinmama, eToro, Binance and Coinbase.
- Buy EOS with Bank Transfer
For purchasing EOS coins with bank transfer, you initially need to recognise whether your platform offers the payment mode in your area. Coinmama offers the best coverage for bank transfer.
- Buy EOS with Cryptocurrency
- Buy EOS with PayPal
PayPal support is not yet available in all countries except the US and is limited to a few crypto tokens, but the service will soon be expanded to more countries.
What Are the Fees for Buying Eos?
The expenses and charges rely upon numerous components including your region, the broker, or exchange you pick, your payment mode and the number of EOS tokens you are purchasing. As a rule, the most affordable payment method is wire transfer which costs around up to 2% of your order while credit and debit cards can cost you up to 10%. Keep in mind; you have to limit your transaction costs to maximise your profit margin.
Expert Tip to Buy and Sell EOS“ The most effective tip any crypto expert will give you is to remain reasonable and don't yield to your emotions. If you have missed a chance at investing, don't be excessively hard on yourself. The market is unpredictable, and you'll get another open door soon. Continuously deal with your risk, expand your portfolio by putting capital into various promising tokens and ensure that you are saving a chunk of your profits as opposed to reinvesting them constantly. ”
How to Find the Best Time to Buy EOS
Only you can tell. You have to watch out for the price developments, news, advancement, most recent turns of events and what network individuals are saying to make informed choices which you can use to improve your crypto investment game. This will guarantee that you are not just making wild guesses but making educated decisions with regard to your interest in EOS or different cryptocurrencies.
What Drives the Coin's Price?
Being a decentralised network, EOS's price isn't constrained by any central authority. It is just affected by market influences of supply and demand, which can be impacted by various social, political and technological elements.
How to Sell EOS
When you are in a position where you think the price of EOS won't rise further, you can sell your EOS tokens using one of the following methods.
Cryptocurrency Exchange – If you own and are holding EOS tokens, you should go to crypto exchange to sell off your coins and take your profits.
Trading/Broker Websites – If you are a day trader who essentially has financial instruments like EOS CFDs, you can sell them on a trading website.
Peer-to-Peer (P2P) Network – If you are holding EOS coins but don't have any desire to sell them using an exchange, you have another option accessible to you – a P2P cryptocurrency marketplace. These are fundamentally specialist sites that connect crypto merchants and purchasers so they can do the business on their own terms.
Frequently Asked Questions
No central authority can control or influence the price of EOS coins. It is a completely decentralised network.
EOS is technically a facilitator of financial institutions’ networks, but you can pay on a few websites using the token.
If you have taken all the necessary security steps, including investing in a dedicated crypto wallet, there is no reason why your EOS coins won’t be safe.
EOS has just started to gain momentum and has seen a lot of strategic and financial support in recent times. It is actually just the right time to get in.
It totally depends on the investors, their strategy, their risk management and most importantly, the amount they are investing.
You will have to check your country's tax laws to find out whether you need to pay income tax on your trades.
The forces of supply and demand are influenced by political, legal, social, and technological developments and turns of events.
As said earlier, EOS has just begun to gain momentum, and it is highly unlikely that the people investing in the token right now will see their capital become futile down the line. However, cryptocurrency markets are volatile, and you should do your own research before investing.