Read our beginner’s guide to buying the EOS cryptocurrency in Australia.
Following the highly anticipated launch of its mainnet in June 2018, EOS has continued to cement its position as one of the world’s largest cryptocurrencies by market cap. Providing the infrastructure for the development of decentralised applications (dapps), EOS aims to dethrone Ethereum as the world’s number-one blockchain-based dapp platform.
If you want to buy EOS but don’t know how, you’re in the right place. Keep reading for step-by-step instructions on how and where to buy EOS.
Quick guide: How to buy EOS in Australia
- Register for an account with CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for EOS and click on “Buy EOS”.
- Enter the amount of EOS you want to buy or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy EOS”.
Where to buy EOS
HiveEx.com is an over-the-counter (OTC) cryptocurrency platform specialising in high-volume trades.
- Tap into HiveEx.com’s global network of high liquidity trading partners
- Trade between $50,000 and $100m for a fixed price
- Access competitive rates compared to traditional exchange trading
- Receive your coins in your wallet fast, with same day settlement options
- As an AUSTRAC registered company, HiveEx.com is fully compliant with industry-standard AML and CTF obligations
A step-by-step guide to buying EOS
In general terms, there are two main options to choose when buying EOS:
- Buying EOS with fiat currency, such as AUD
- Buying EOS with another cryptocurrency, such as bitcoin (BTC) or Ether (ETH)
If you’ve just discovered cryptocurrency and you don’t have any trading experience, the quickest and easiest option will most likely be to buy EOS with Australian dollars. However, for your convenience, we’ve included step-by-step instructions on how to buy EOS with fiat currency and with another cryptocurrency.
Buying EOS with fiat currency
If you want to buy EOS with Australian dollars, here’s an example of how you can do it on Melbourne-based cryptocurrency exchange CoinSpot:
Step 1. Register for a CoinSpot account
EOS is listed on a huge range of exchanges, but only a select few of them allow you to buy with Australian dollars. You can register for a CoinSpot account by providing the following:
- Your name
- Your email address
- Your phone number
- Proof of ID
- Proof of residency
- A photo of yourself holding a signed statement
Don’t forget to also enable 2-factor authentication on your account before proceeding to step 2.
Step 2. Deposit funds into your account
Once verification is complete, log in to your account and click on the “Deposit AUD” link from your account dashboard. CoinSpot accepts online deposits via POLi Payments and BPAY, while you can also make a cash deposit at a participating newsagent via blueshyft.
Step 3. Buy EOS
When the funds have cleared in your account, click on the “Buy/Sell” link at the top of the screen and search for EOS in the list of supported currencies. Click on “Buy EOS” and then specify either the amount of EOS you want to buy or the amount of AUD you want to spend.
Make sure you take a moment to review the full details of your purchase before clicking “Buy” and submitting your transaction.
Buying EOS with another cryptocurrency
You can also acquire EOS by exchanging another cryptocurrency for it. Here’s an example of how you can buy EOS with another digital currency on Binance:
Step 1. Register for a Binance account
EOS can be traded on a huge number of crypto exchanges, so compare the features of a number of platforms that list EOS before choosing the right one for your needs.
If you want to use Binance, one of the largest exchanges in the world, you can sign up for an account by entering your email address and creating a password. You should also make sure to enable 2-factor authentication on your account for increased security.
Step 2. Deposit cryptocurrency into your account
The next step is to decide which cryptocurrency you want to exchange for EOS. Binance lists EOS in trading pairs alongside bitcoin, Ether, Tether (USDT) and Binance Coin (BNB). If you need help acquiring any of these currencies, check out our how-to-buy guides:
Once you’ve decided which coin you want to deposit, find the correct deposit address by logging in to your Binance account, clicking “Funds” and selecting “Deposits”, and then searching for your chosen currency. Copy the wallet address or scan the QR code provided to ensure you’re sending funds to the right place when making a deposit from your external wallet.
Step 3. Buy EOS
The last step in the process is to click the “Exchange” tab in your Binance account and decide whether you’d prefer the “Basic” or “Advanced” trading view. It’s then a matter of searching for the pair you want to trade, such as “EOS/BTC”, selecting the type of order you want to place and specifying the amount of EOS you want to buy.
Regardless of whether you’re using Binance or any other platform, remember to review the transaction details before you click “Buy EOS”.
How to sell EOS
If you want to sell EOS coins, the process you’ll need to follow is similar to that described in step 3. EOS can be traded against a number of fiat and cryptocurrencies, so take some time to find an exchange that offers your desired currency pair.
Of course, when placing your trade, remember to use the “Sell EOS” part of the trading screen.
Which wallets can I use to hold EOS?
EOS tokens were originally issued as ERC20 tokens on the Ethereum blockchain. However, following the launch of the EOS mainnet in June 2018, these ERC20 tokens were exchanged for coins issued on EOS’s own blockchain as part of a token swap.
As it’s still early days for the EOS mainnet, there’s currently only a limited number of wallets that support EOS coins. Options include mobile wallets like Infinito Wallet, the SimplEOS desktop wallet and the Scatter browser extension.
How EOS works
EOS is designed to provide developers with everything they need to create and deploy commercial-grade dapps. Its end-to-end software solution includes user authentication, accounts, storage, server hosting and more. It is also designed to scale to millions of transactions per second.
EOS uses a delegated-proof-of-stake (DPoS) consensus mechanism that allows EOS coin holders to select block producers through a continuous approval voting system. Anyone can participate in block production if they wish, with new blocks produced every 0.5 seconds.
EOS was built by a company known as block.one, led by CEO Brendan Blumer and CTO Daniel Larimer. Larimer is a highly regarded figure in cryptocurrency circles and has previously spearheaded the development of blockchain projects Steem and BitShares.
What to consider before you buy EOS
Before buying EOS or any other cryptocurrency, it’s essential to do your own research into how the currency works and the factors that could potentially affect its price. Digital currencies are complicated, volatile assets, so make sure you’re fully aware of the risks involved before making a purchase.
If you’re thinking of buying EOS, consider the following factors:
- Supply. According to CoinMarketCap, at the time of writing (July 2018), the circulating supply of EOS was 896,149,492. The maximum supply of coins is 1 billion EOS, with 10% (or 100 million) of those reserved for block.one.
- Competition. EOS is far from the only challenger to Ethereum, with NEO, Cardano, Qtum and a host of other platforms competing for market share. Competition from these projects could have an impact on the level of widespread adoption EOS achieves.
- White paper. If you want to know more about the technology behind the EOS platform, check out the EOS technical white paper.
- Airdrops. Many projects that launch their own cryptocurrencies on the EOS blockchain also conduct airdrops of their own tokens to EOS holders. Find out more about how this works in our list of upcoming EOS airdrops.
- Partnerships. In the first quarter of 2018, block.one announced a partnership with digital assets merchant bank Galaxy Digital to develop the EOS ecosystem and invest in projects that use EOS blockchain software. It also joined forces with German fintech incubator FinLab AG to develop projects using EOS software.
By considering a wide range of factors that could potentially affect the price of EOS, you’ll be able to make an informed decision about whether you should buy EOS.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.