If you’re interested in purchasing EOS (EOS), you will need to have Bitcoin (BTC) or Ethereum (ETH) to
with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank
account or credit card.
Step 1: Setting up your Binance account:
1.1 Go to Binance’s website (https://www.binance.com/en)
Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL
carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For
security, make sure to bookmark the original site to avoid future mix-ups.
1.2 Complete the signup process
Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with
your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address
you enter is the one you have access to and is your most secure email as this is how you will always sign in to your
After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols,
upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete
the registration process.
1.3 Enable two-factor authentication (optional)
Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more
secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up
2FA because it’s very important!
With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This
code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your
mobile phone in order to generate the code.
Step 2: Making your first purchase of Bitcoin
To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can
use your debit/credit card. (In this section, we’ll focus on the credit card option).
Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to
Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or
Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees,
and increased convenience.
As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the
desired amount of EOS (EOS).
Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make
sure that you get it absolutely right.
- Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your
currency, i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
- On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order
amount. The total charge will be displayed according to the order amount and current market price (all fees are
included). If you prefer, you can set the total charge first and the order amount will be calculated
- When you are ready, click “Buy BTC” A window will appear so you can confirm the details of your order. Read the
- Next, you will be required to fill your credit card details along with your personal information. When you are
done, click “Pay now” and wait for your card to be verified
- If this is your first Simplex payment, you will be required to verify your email and phone number. You will
receive an email and an SMS with a verification code. To finish the verification process, you need to open the
link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
- Next, you will be required to verify your identity using an official document. Please upload a picture of your
document along with your personal data and click “Upload Document.”
- Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase
has been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.
Step 3: Transfer Your Cryptos to an Altcoin Exchange
Now it’s time to purchase EOS (EOS) using your investment from Binance.
Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that EOS
can be traded. So I will guide you to Bittrex which is a well known exchange to trade altcoins. Use the link below to
register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Deposit BTC to Exchange
Once you have your trading account setup at one of the exchanges that trades EOS (EOS), you will need
transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
Click to “Holdings” on the top right menu.
Find “BTC” from Token section and copy the given “Deposit Address”
This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.
Once you copy your unique BTC wallet address go back to Binance.
Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot
(Deposit & Withdrawal)”.
Search for BTC in the list and click on “Withdraw” on the right hand side.
Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the
amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for
your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s it, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade EOS (EOS)
Now you can go back to Bittrex to buy EOS (EOS) with the Bitcoins you sent.
Click “Markets” and you will see altcoins list.
In the left column make sure to select “BTC” pair and in the search bar type in “EOS”. Once you move your coin
on it and now you will see a price chart of EOS/BTC in the middle of the page. Choose the “Market” tab as that is the
most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC
deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything,
click “Buy EOS”. Now you own your EOS !
Other Exchanges to Buy
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes
and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be
lower. It is suggested that you also register on these exchanges since once EOS (EOS) gets listed
will attract a large amount of trading volumes from the users there, that means you will be having some great trading
Safety Tips for Trading on Binance:
- Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading
altcoins on Binance, safety is paramount. There are several ways you can protect yourself from hackers and
thieves. Let’s take a look at the best ways.
- Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for
the “secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact
information found on its secure homepage.
- Always use two-factor authentication. While you will be allowed to complete setting up your Binance account
without 2FA, I strongly advise that you don’t. It is a very important step in securing your account and it will
help protect your account from hackers and scammers. Binance currently offers two options for 2FA: SMS and
Google Authenticator. However, they recommend using Google Authenticator.
- Use a strong password for your Binance account and you can change it regularly.
- Always regularly check the list of devices that have been authorized to access your Binance account. If you see
any devices that you don’t recognize or no longer use, simply remove them
- Allow withdrawals only to addresses you trust and check the whitelist regularly.
- Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from.
Make sure all the devices you use to access your Binance account are free from bugs and viruses.
Frequently Asked Questions
Can I buy EOS (EOS) with cash?
There is no direct way to buy EOS (EOS) with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the
steps by transferring your bitcoin to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace
where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the
price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the
platform. LocalBitcoins is after all a good place to go to buy
Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform
and you have to do your due diligence to avoid getting scammed.
Are there any alternative platforms to buy EOS (EOS) or Bitcoin with credit cards?
Yes. Changelly is
also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that
allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying
steps are pretty self-explanatory.
What Is EOS?
EOS is a platform that’s designed to allow developers to build decentralized apps (otherwise known as DApps for short.)
The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology — and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly.
Other priorities include delivering greater levels of scalability than other blockchains, some of which can only handle less than a dozen transactions per second.
EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
The blockchain launched back in June 2018.
Who Are the Founders of EOS?
The EOS platform was developed by the company Block.one, and its white paper was authored by Daniel Larimer and Brendan Blumer.
Both men continue to be members of Block.one’s executive team, with Blumer serving as CEO and Daniel Larimer as CTO.
Blumer is a serial entrepreneur, and one of his earliest ventures involved selling virtual assets for video games. He went on to co-found Okay.com, a digitally focused real estate agency in Hong Kong.
Larimer is a software programmer who has also started a series of crypto ventures. They include the crypto trading platform BitShares and the Steem blockchain.
The pair met in 2016 and formed Block.one the following year.
What Makes EOS Unique?
To an extent, you could argue that EOS aims to create familiarity for its users. Whereas EOS.IO is probably best compared to an operating system like Windows or iOS, EOS is the cryptocurrency that drives the network.
According to the company, it has the capacity to accommodate the demands of hundreds, if not thousands, of DApps — even if they were being used by substantial numbers of people. Parallel execution, as well as a modular approach, are said to drive this efficiency.
In a unique twist, token holders have the ability to vote for block producers — as well as other matters such as protocol upgrades.
Unfortunately, some of the most distinguishing features of EOS are those that certain critics dislike the least. There are those that argue that extensive Block.one’s involvement with this project means it’s rather centralized — and some argue this is the opposite of what blockchains and cryptocurrencies were meant to achieve.
How Many EOS Coins Are There in Circulation?
There are 936 million EOS coins in circulation at the time of writing, and a total supply of 1.02 billion tokens.
Block.one held an initial coin offering for EOS back in June 2017 and it lasted for a year — that’s substantially longer than many of the ICOs seen at the time.
A total of $4.02 billion was raised in the process, and investors from the U.S. were unable to take part. Looking at the breakdown of how tokens were distributed, 10% were allocated to the founders, while 90% were distributed among investors.
It is worth noting that Block.one won’t receive this allocation straightaway — instead, it’ll happen over a 10-year period.
How Is the EOS Network Secured?
EOS uses a delegated proof-of-stake consensus mechanism. This concept was conceived by Larimer, and aims to solve some of the flaws that are seen in PoW and PoS systems.
As we briefly explained earlier, those who own EOS tokens are able to vote for representatives who will be responsible for validating transactions. One of the advantages is that this helps eliminate consolidation, where smaller miners are pushed out by those who have greater levels of computing power and resources.
Where Can You Buy EOS?
EOS is available through Binance, Coinbase, Kraken and countless other exchanges. Given how widely used it is in the crypto industry, you’ll probably be hard pressed to find a trading platform that doesn’t support it. Some services will allow you to use fiat currencies to make a purchase, either through a bank transfer or a credit card. Find out more about fiat on-ramps here.