EOS like many other cryptocurrencies is a blockchain based platform that is primarily used for the development of decentralized applications or DApps, which similar to how Ethereum works. One of the main ideas behind the creation of EOS was to bring together some of the best features that have come from previous smart contract technologies, such as how ethereum has tied in smart contracts, and bitcoin’s security. The idea is to bring these viable technologies together and combine them to create one massive decentralized application and present it to the everyday user to empower the oncoming blockchain economy.
Much like other cryptocurrencies before it, EOS has a vision in which the blockchain based decentralized application can safely and securely handle thousands of transactions per second, as well as providing an enjoyable experience for the developers. Developers can actually build and deploy their applications on the EOS network, all while maintaining sufficient cloud storage and download bandwidth, and this can open up creative freedom for developers and let them bring their own ideas into the real world. Developers on the EOS will have access to the analytics and other tools, and these services are paid for using EOS tokens.
Choosing an EOS Wallet
Whilst there are no official EOS wallets at present, EOS uses the ERC-20 token. This means you can store EOS tokens on any wallet that is ERC-20 compatible. There’s a few different types of wallets that can store EOS:
For desktop wallets, Exodus and Jaxx are two of the most popular digital wallets. They are established multi-cryptocurrency wallets that are available on Windows, Mac, and Linux. Jaxx is also available on Android and iOS. They both have ShapeShift incorporated which makes for easy and quick crypto trading.
If you are looking at web wallets, probably MyEtherWallet is one of the best to use. it’s an open source wallet which allows you to store Ether, not on their servers but on your own computer. This makes makes it safer than most web wallets.
Recommended EOS Wallets
There are many digital wallets to choose from. We recommend the following wallets when discussing how to buy EOS:
For further information and more in-depth digital wallet reviews, please visit our Crypto Wallets page.
Choose an EOS Exchange
EOS tokens are fairly common tokens and easily found on the major crypto exchanges.
Krarken offers both BTC and ETH pairs with EOS, but with a bit more flexibility than Binance. Kraken offers a wide range of fiat currencies including the Canadian Dollar. The Kraken exchange is easy to register with low fees but can be a bit slow during peak trading hours.
Binance is another popular exchange for EOS. The exchange offers relatively less transaction fees than most exchanges and has been performing well so far without any major issues.
Buying EOS with a credit card is narrowed down to using CEX.io or Coinbase. There you buy anther cryptocurrency such BTC or ETH with your credit or debit card and then transfer it to another exchange, trade it for EOS, or trade it directly to EOS with Changelly.
When choosing an EOS exchange, look out for these five considerations:
- Make sure that the exchange allows users from your country.
- Check which payment methods are available.
- Know exactly what the fees are.
- Compare the exchange rates as fees are often ‘hidden’ within the exchange rates
- Complete the Know Your Customer (KYC) process. ID and proof of residency are generally all that is required, but some exchanges request proof of earnings
Recommended EOSCrypto Exchanges
Always check out the exchange’s online reputation. For full in-depth reviews, check out our best crypto exchanges.
Make a Trade
It is important in the how to buy EOS process, to remember to never leave coins or tokens on an exchange. If you use a trading platform to buy EOS like the ones mentioned above, ensure to withdraw your coins from that exchange into your own self hosted wallet. This protects you from potential hacks.