How to Buy EOS Cryptocurrency | A Step-by-Step Guide

How to Buy Eos

The EOS token has been available for trade since July 2017, and the project developers plan to gradually release all of the tokens over a period of 341 days starting from the initial day last July. The token has shown relatively linear price growth since the end of October in 2017 and it is currently ranked as a top-ten cryptocurrency in terms of overall market cap.

EOS tokens can be bought on many exchanges, but two of the most common platforms are Binance and Bitfinex. You can trade your existing Bitcoin (BTC) and Ethereum (ETH) for EOS on both exchanges. Bitfinex gives you the additional option of using U.S. Dollars to acquire EOS directly; however, this process can be a bit of a headache as discussed below.

The Exchanges We’ll Be Using

Exchange Accepts U.S. Residents Deposit / Buy Methods Trading Fees Withdrawal Limits
Binance logo

Visit Binance

Yes Cryptocurrency 0.1% 2 BTC / 24 hours for unverified accounts

100 BTC / 24 hours verified accounts

Visit Bitfinex

No Cryptocurrency /

Bank Wire

0.2% or less Unlimited Cryptocurrency Withdrawals

Fiat users must verify accounts which takes 6-8 weeks.

How to Buy EOS (EOS) on Binance

Binance currently holds about 8% of the daily trading volume for EOS and offers purchasing options in both Bitcoin (BTC) and Ethereum (ETH). Binance is often the go-to platform for new investors as it has various purchasing options, reliability, security, and low fees (0.1%).

You can learn more about the platform in our Binance Review.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made.??Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

4) Buy EOS with Bitcoin or Ethereum

The Binance exchange interface is pretty intuitive once you get used to it. Locate the “Exchange” button at the top of the page. Float your mouse cursor over it and then choose “Basic” from the drop-down menu. The “Advanced” option provides additional trading tools that are unnecessary for most new users.

All of the trades on Binance are executed against one (or more) of their pairings:  BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and USDT (U.S. Dollar Tether). You can see these on the right side of the Basic Exchange screen. EOS tokens are available against both Bitcoin (BTC) and Ethereum (ETH). Select whichever you have deposited into your exchange wallet. Enter “EOS” into the search bar that is revealed under your selection, then choose the appropriate trading pair (EOS/BTC or EOS/ETH).

Binance Buy EOS

You will now see a price-action market chart for EOS in the middle of the screen. The current price in terms of BTC or ETH is indicated on the right side of the chart. Beneath the market chart are two order forms titled “Buy EOS” and “Sell EOS”. Look at the “Buy EOS” form where you will see options for “Market” and “Limit” orders (as well as Stop-Limit, which can be used for more advanced transactions). Let’s start with Market orders.

Market orders are filled instantly because the Binance exchange sets the price automatically based on the current valuation of EOS. Simply input the number of EOS tokens you wish to purchase on the “Amount” line, then press “Buy EOS”.

For Limit orders, users  are required to choose both the amount you’d like to purchase and the price you’re willing to pay for it. If your chosen price is too low, your order might take a long time to fill completely, if it fills at all. Input a reasonable price on the “Price” line and an “Amount” of desired EOS tokens in the corresponding fields. Select “Buy EOS” to proceed. If your order remains unfilled for a long time, you can cancel it and try again with a more appealing price.

After your order is filled, you can find your EOS tokens in the “Funds” => “Balances” pathway, and you can withdraw those tokens to any secure EOS wallet via the “Funds” => “Withdrawals” pathway. Keep in mind Binance’s 0.1% fee will be taken out of the EOS you receive.

Binance EOS Balance

Buy EOS Binance

How to Buy EOS on Bitfinex

Of the two exchanges profiled in this guide, Bitfinex has the distinct advantage of being the only one that offers a U.S. Dollars trading pair for EOS (in addition to Bitcoin and Ethereum). Because of this uncommon opportunity for investors, Bitfinex experiences slightly higher daily trading volume than Binance at close to 9%. The fees on Bitfinex are 0.2% or less per transaction.

There are some very important notes for new Bitfinex account creators. Bitfinex has recently rebranded itself as a professional trading platform. As such, every new account must hold a minimum of $10,000 in equity (held in USD or equivalent values of cryptocurrency) before the account holder is allowed to trade on the exchange. Account verification currently takes 6-8 weeks to complete, and fees will be implemented in the future for maintenance of inactive accounts. The exchange also does not accept customers from the United States.

You can learn more about the exchange in our Bitfinex Review.

1) Sign Up to Bitfinex

When you click the "Sign Up" button for Bitfinex, you'll first be asked to acknowledge a variety of their terms, as shown in the image below.

Bitfinex makes it abundantly clear that their platform is geared towards serious traders. Users hoping to use their platform must maintain a minimum account equity of $10,000 to use their platform. If you're hoping to make fiat currency deposits on the platform via bank wire, you'll need to verify your account. This process can take 6-8 weeks.

Bitfinex Sign Up Agreement

Once you have agreed to those terms, you'll see the following signup form. A username, email address, and password are required.

Bitfinex Sign Up

2) Secure Your Account With 2-Factor Authentication (2FA)

It's highly recommended that you secure your account with 2FA. Bitfinex offers 2FA through Google Authenticator, FIDO U2F, and Twilio (SMS). Of the available options, we'd recommend GA or Fido.

Bitfinex 2FA

3) Deposit onto Bitfinex

Click the deposit button in the menu of your account. Here you'll see all cryptocurrency and fiat deposit options. Keep in mind you'll need to verify your account to use Euro or US Dollar bank wires.

Bitfinex Deposit Options

If you're making a cryptocurrency deposit, you'll be given an address where to send your chosen cryptocurrency.

Bitfinex Deposit Ethereum Page New

4) Buy EOS with USD, Bitcoin, or Ethereum on Bitfinex

To the right of the Bitfinex logo, on the top-left corner of the screen, is a “Trading” menu. Hover your mouse above the word, move the cursor downward to “EOS”, then move the cursor to the right and select whichever trading pair is appropriate based upon your asset deposit: EOS/USD, EOS/BTC, or EOS/ETH.

Bitfinex Find EOS Trading Pair

You’ll then be taken to the trading window for your selected pair. The trading window has three pertinent zones:  the chart, the order book, and the order form. In the center of the screen is a market chart with the current price of EOS on the far-right side of the chart. Beneath the chart is an order book where you can see past transactions involving EOS tokens. On the left side of the chart is the order form on which you should focus your attention.

Underneath the label for the order form is a menu that allows you to select either “Market” or “Limit” order. For market orders, simply enter the amount of EOS you’d like to purchase and click “Exchange Buy”. Bitfinex will automatically enter the current valuation of EOS as the price and your order will be immediately filled.

Bitfinex Buy Eos

The limit order form is slightly more difficult to fill out as you must enter an amount as well as a price. Look at the market chart and the recent sales and purchases in the order book to get a reasonable price estimate. Input your chosen price and desired number of tokens in the appropriate fields, then press “Exchange Buy’. Unlike market orders, limit orders are not instantaneous, and will remain open until enough sellers agree to meet your chosen price. If you want to cancel your limit order, you can do so in the “ORDERS” section under the chart.

Upon fulfillment of your order, your EOS tokens will be visible to you on the “Balances” tab. From there you can withdraw your EOS tokens to a secure, EOS-supported wallet through the wallet tab on the page’s top-right area.

Buy EOS on Bitfinex

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