Bitcoin has been the talk of the town for the past few years, since its introduction into the financial market in 2009. Its notoriety model gave birth to Initial Coin Offerings (ICOs) and other cryptocurrencies. These tokens, built on blockchain technology, facilitated different concepts and unique models globally and some of them have attained remarkable popularity in a small amount of time. One of the platforms that we are going to discuss in this article is EOS.
EOS, with no apparent full form, is a decentralized network that is built on the concept of blockchain technology. Moreover, it supports decentralized applications (DApps) and smart contracts on its platform. Similar to our current centralized applications, available on the Google Store or Apple Store, EOS facilitates decentralized applications for authentication, cloud storage, etc.
The platform provides the functionality to develop decentralized applications on its platform. Furthermore, the platform aims to process thousands of transactions per second thereby increasing the scalability and flexibility for DApps. The blockchain ecosystem is faced by the ever-pertaining question of scalability. The protocol of EOS is effectively built to increase scalability for its users.
The EOS ecosystem consists of two fundamental elements. EOS.IO, which essentially governs the system of EOS. The second element is the cryptocurrency token: EOS. Launched in 2017, the token has achieved surmountable success in a short span of time.
How significant is the token? How should I buy it? Is it safe? Is it legal? We have answers to all your questions. Let’s find out more.
Should I Buy EOS?
As cryptocurrencies are gaining adoption around the world, people are growing more familiar with them. Aside from Bitcoin, there are a number of other cryptos available in the market today. Also, since cryptocurrencies are still at a nascent stage, one of them could easily turn out to be the next Apple or Google of the future.
Coming back to the EOS cryptocurrency, let’s take a look at its historical stats and figures. The ICO was launched back in June 2017. In a first-ever record, the EOS ICO ran for over a year until June 2018. In a year, the ICO raised a significant amount of $4 billion. Currently, the cryptocurrency ranks 7th in a market of almost 5,000 cryptocurrencies. The total market capitalization of EOS is $2.5 billion with one EOS token priced at $2.5.
However, aside from the lucrative figures, the underlying concept of EOS makes it a solid investment. The vision, its structure, the team behind the digital coin; everything is synchronized perfectly which makes EOS a profitable investment. Let’s take a look at some of these unique features of the crypto token.
The Team Behind EOS
In almost any blockchain or crypto project, the team running behind it is of utmost importance. The right team induces the much needed ‘trust’ factor for such projects.
The EOS platform was created by a company named Block.one. This company was built by Dan Larimer, Brendan Blumer, and Brock Pierce, who have already attained success with their other popular crypto ventures. This includes building two other crypto platforms namely Bitshares and Steemit, both of which rank among the top 50 in the cryptocurrency market.
Another important feature that makes EOS token valuable is the underlying protocol of the EOS network. Its structure offers value by enabling a medium to build dApps on its platform. It offers to solve the roadblocks of the blockchain ecosystem by providing higher speed, scalability, and flexibility in blockchain transactions. The value-driven protocol of EOS ensures the utility of EOS token.
Is It the Right Time to Buy EOS Today?
It is quite a suitable time to invest in this cryptocurrency. This is due to multiple factors as enlisted below.
The adoption of crypto is growing. People around the world are starting to look for investments in it. With the increase in demand, subsequently, the price of cryptocurrencies, including EOS, is bound to increase.
Many governments around the world are starting to legalize cryptocurrency. This will convert to an increase in the potential of digital currencies. If they become a legal tool, it is but natural for people to invest money in it.
The crypto industry has matured in the last few years. Multiple options are now available on the table. This even includes CFD trading of cryptocurrencies, wherein you can maximize your profits with less investment. Furthermore, a CFD investment allows you to make money irrespective of the ups and downs in prices by leveraging volatility in cryptocurrencies.
Further, the EOS algorithm builds and offers value. It is much faster and scalable than conventional cryptocurrencies. All these factors indicate that the future of EOS crypto is a graph only progressing upwards. So, yes it is a perfect time to get EOS in your crypto wallet. Alternatively, you can also trade EOS with higher leverage from a CFD broker.
Below is a list of recommended and reputable CFD brokers that will give you direct access to trade EOS and other CFDs.
Is It Safe to Buy EOS?
The entire market of cryptocurrency is at a primary stage. For a beginner, it can be overwhelming to understand the industry at first.
The schematics of crypto works on a different model than those of stocks or gold. Additionally, even the loss of private keys would mean the loss of your coins. On top of this, multiple incidents of hacks and scams of cryptos and cryptocurrency exchanges have occurred in the past few years. All these elements have made people wary of digital currencies.
However, there is a flip side to it. The first is that with modern instruments like hardware wallets, it has become considerably difficult for someone to get access to your crypto coins. The second is that it is substantially easy to store and manage cryptocurrencies rather than gold. The third factor is that with options of CFD trading available, you need not buy the underlying cryptocurrency. Anyone can stand to make a profit only by speculating on the price (high or low) of a crypto rather than buying it.
As far as EOS is concerned, the altcoin also facilitates the process of recovery for an account in the case of the loss of your private keys. Hence, the altcoin is relatively safer to buy as compared to its peers.
Is EOS Safe and Legal?
Since the advent of Bitcoin in 2008, it has been on crosshairs with the governments around the world. Besides Bitcoin, cryptocurrencies have always been portrayed as a ‘bit of a grey area’ by the regulators around the globe.
However, opinions seem to be taking a turn now. A number of governments have started legalizing Bitcoin and other cryptocurrencies. Recently, even Germany and France have taken steps to offer custodial services and licensing for crypto firms. Other countries like Switzerland and Japan have further recognized the potential of cryptocurrency, calling it the future of money.
Interestingly, some countries, like India and China, have either outrightly banned them or have restricted banks in dealing with them. The status of regulation for EOS differs from one country to another. Having said that, looking at the recent turn of events, it seems that now regulators are opening their doors for cryptocurrencies.
Where to Buy EOS?
Over the years, with the growing prevalence of cryptocurrencies, many exchanges have opened up in different areas of the globe. As EOS is one of the top-ranking altcoins of all the times, most of these exchanges offer it as an option to buy.
But at the same time, you also need to take precautionary steps while storing your private wallet keys of EOS. You should never store your private keys on the exchange platform. If the exchange is hacked, you can also lose your EOS coins. Hence, you should always keep your private keys stored in a hardware wallet instead of the exchange’s wallet.
One of the reasons that trading with CFDs takes an edge is because you don’t need to store or access your private keys with the broker. Besides, you don’t need to buy EOS. You are essentially speculating on the price movements. This removes the hassle of opening an EOS wallet and other security problems associated with the exchange.
Best Place to Buy EOS
As stated earlier, not all cryptocurrency exchanges are safe. The insufficient security levels in the exchange can result in scams or attacks on your coins. We have compiled a list below of exchanges and brokers that will provide you with a secure and safe trading environment as well as other effective trading features and tools.
What Are the Pros and Cons of Buying EOS?
EOS is one of the top-ranking cryptocurrency of all times. The ICO has also attained significant success in its long run. But will the same success continue? What does the future look like for EOS? What are the pros and cons of buying EOS? Let’s take a look at this one by one.
Pros of Buying EOS
- Valuable Token –
The web kit and functionality of the EOS platform allow developers to build applications and smart contracts. The future will be run by dApps and smart contracts, making them one of the main applications of blockchain technology. The essence of the platform would subsequently give value to the token as well.
- Greater Speed –
The EOS platform facilitates millions of transactions per second with zero transaction fees. This unique feature puts the platform directly in competition with the traditional models of VISA and other credit cards. Additionally, such inclusive features also ensure the solid substance giving way to a brighter future.
- Leveraging Volatility –
As compared to other commodities like gold and stocks, the cryptocurrency market is highly volatile. You can further use this to your advantage by leveraging on the volatility. Sophisticated trading tools, like CFDs, allow you to make profits on EOS volatility. Even a slight change in the EOS token price can give you higher returns. Moreover, you need not worry about the increase or decrease in price as with a CFD instrument, you can subsequently make profits on the decline in crypto prices as well.
- The Future of Money –
Many of the recent developments suggest that the next decade will shape the crypto industry. Cryptocurrencies will likely take the place of outdated financial instruments. However, not all cryptocurrencies are bound to be successful. EOS, with its strong team of members and its underlying protocol, does have higher chances of a successful model in the crypto industry.
Cons of Buying EOS
- Safety and Security –
Even after the Mt. Gox scandal in Japan, the issues of scams and hacks are ever-present in this industry. Even if one exchange gets hacked, a number of users stand to lose their coins. This is also one of the reasons why trading via CFDs would help curb the risk of losing EOS coins.
- Competition –
Even if the model of EOS is a bit unique, it stands in direct competition with another major cryptocurrency, Ethereum. In order to stay ahead, the platform and its team would always need to continually update the EOS model.
- Legal Regulations –
In many parts of the world, EOS is yet not a legal tender. Without adequate laws and regulations for crypto as well as service providers, cryptos will always be a grey area. As a result of this, for people who are holding EOS, they remain in a vulnerable position.
Is There a Difference Between Buying and Trading of EOS?
Yes, there is a considerable difference between the buying and trading of EOS.
When you buy EOS, you are buying the crypto token and further holding it in your wallet. Additionally, with buying EOS you only receive the amount that you paid with your fiat currency. If the price of the token increases, you can sell it and you profit on the price difference. However, if the price decreases, the difference will be your loss. The mechanism is similar to that of buying and selling of stock market shares.
On the other hand, trading offers a dynamic mechanism as compared to buying. While trading EOS, you are not buying the actual cryptocurrency. With a CFD broker, you are speculating whether the price of the EOS token will go up or down. Based on the speculation you will make a profit, even when the price of the token goes down (conditional upon the fact that you have speculated that the price of EOS will go down).
Furthermore, CFD brokers allow you to trade EOS with leverage. So even if you have invested X amount of money, you can speculate till 30X or 40X of that amount, depending upon the leverage that your CFD broker offers. This further enables you to trade with a much higher amount than you have originally invested. However, trading also comes with its own set of risks. In the case that your speculation goes wrong, you also stand to lose money.
How Do I Buy EOS Anonymously?
It is a popular belief that cryptocurrencies can be bought anonymously without sharing your KYC (know your customer) details. However, this perception is not entirely true.
Even when you buy EOS from a popular crypto exchange, you will still need to provide your KYC details and comply with Anti Money Laundering (AML) laws. There are a couple of exchanges that require minimal verification in order to open an account on their platform. However, the move is a bit risky and may cause inconvenience.
Over the past few years, due to strict regulations, OTC trading has become popular. Over the Counter (OTC) trading allows a buyer and seller to trade EOS with an OTC dealer in between. The dealer is basically a broker or middle-men ensuring things run smoothly and anonymously. However, this kind of dealing is limited to geographical locations. Also, it is a riskier move as parties are anonymous and do not know each other.
Even if you want to trade your EOS coins, you will still be required to provide valid documents. Most of the popular CFD broker firms validate your account once all the required information is collected. Additionally, by providing identification proofs, you are relatively safer in case if things go south.
How to Buy EOS Anonymously Online?
As such, there are no popular way of buying EOS online. Even if there are a couple of hidden options available, they hold considerable risk.
There are options for buying Bitcoin anonymously through Bitcoin ATMs, which are currently set up in few locations around the globe. After this, you can find an exchange that lets you anonymously convert your Bitcoins to EOS.
As an investor, you need to consider if you are willing to pay the price for staying anonymous.
How to Buy EOS Without ID?
There are a couple of offline options available in case of buying EOS anonymously. As stated before, you can use an OTC dealer wherein you can buy or sell your EOS coins with cash. There is no need to provide any official ID verification.
A couple of wallets are also available on the market that allow you to buy and store your cryptocurrencies anonymously. No personal information is stored on their platform.
Which Payment Methods Can You Use to Deposit?
The adoption in crypto has resulted in a broader infrastructure in terms of everything. From payment methods to new tools, there are a variety of options available to buy EOS coins. Let’s take a look at some of the most common payment methods available to buy EOS.
Payment Methods Online
Credit card and debit card methods have undoubtedly been a favorable payment method to buy any cryptocurrency. They are easier, simpler and you can instantly buy them from the exchange. Most of the popular exchanges offer the option of buying EOS with credit or debit cards.
Furthermore, on some of the exchanges, you will also find that you can buy EOS coins with Bitcoin or the Ethereum cryptocurrency. In such cases, you will first need to buy BTC or ETH coins with your card and then buy EOS coins with them.
As far as trading EOS coins with a CFD broker is concerned, there are widespread payment mechanisms that are supported by such platforms. CFD broker firms offer you payment options of credit and debit cards, PayPal, Wire transfer, and e-wallets like Neteller and Skrill. Moreover, whichever method you use, you can trade your EOS coins with greater leverage as offered by the platform.
Does It Matter Where I Live to Buy EOS?
Yes; as currently, cryptocurrencies, including EOS, are not officially regulated. You need to check if your country considers cryptocurrency as a legal tender or an asset. You can only buy or sell cryptocurrency in countries where it is officially regulated.
In some countries, trading of any commodity or cryptocurrency comes under legal regulations. In such instances, you can choose to make trades for EOS coins.
Which Places Accept EOS Payments?
One of the factors concluding the fact of growing crypto adoption is that retailers around the globe have started accepting it as an official payment method. Recently, the coffee giant Starbucks has included Bitcoin as an official payment method.
In the case of EOS, as it is a yet developing cryptocurrency, it does not have a long list of major retailers or corporations incorporating it as a payment method. Here is a list of merchants that accept EOS payments.
Places that Accept EOS Near Me
In order to know this, you will have to do a bit of research on finding out which online and offline stores accept EOS as a payment method near you. Remember that as the adoption increases, the list will also consequently add up.
5 Best Ways to Buy EOS
People have gone skeptic in buying cryptocurrencies as there have been a number of scandals. Exchanges getting hacked or the owner running away with user’s money are no longer surprising. That is why we have compiled a set of things that you need to check before buying or investing from a cryptocurrency exchange.
- Security: One of the most important factors is the security of the exchange. It is the key to your funds and hence you need to make sure if all the protocols are in place.
- Legalities: You need to make sure if the exchange or the broker is regulated. It has to be in compliance with the laws of the country that they are based in.
- Technology: You need to check if the exchange offers 2-FA authentication, cold storage for your funds as well as the availability of customer service in case of any hassles.
- Withdrawal Methods and Fees: Check if the exchange has instant withdrawal services as well as what are the transfer fees that they charge.
- Asset Choices: You also need to see if the exchange offers EOS as a cryptocurrency asset. Some of the exchanges limit their availability to Bitcoin and Ethereum.
If you prefer not to use an exchange, you can also opt for a CFD broker. After studying and analyzing a number of brokers, we have compiled a list of top quality brokers by taking into consideration the factors mentioned above. Below is a list of our recommended brokers for trading in EOS coins.
How to buy EOS UK?
Buying EOS in the UK is simple and hassle-free. There are a number of exchanges offering services with various payment options including fiat and Bitcoin. Additionally, UK also has CFD broker firms that are involved in trading of EOS while also offering leverage.
How to buy EOS Cash?
In order to buy EOS via cash, you need to find an OTC dealer within your area. The OTC dealer will help you find a person who wants to sell EOS via cash. The method does not require any official verification. However, it is also a risky method.
How to sell EOS?
Selling EOS with a CFD broker is relatively easy. You have two options. You can either place a stop loss at the time of placing your investment. Funds will automatically be transferred if you have already set a limit. Alternatively, you can also manually sell EOS coins from your CFD account at any time.
How to buy EOS instantly?
To buy EOS, you can either open an exchange account and purchase EOS from their platform. In case if you want to trade EOS, you can sign up at one of a CFD brokers and register for an account. Once your account is set up, you can directly trade from it.
How to buy EOS gold?
You cannot directly buy EOS with gold. You first need to convert the commodity into fiat currency. You can then purchase EOS from the fiat money on either an exchange or from a CFD broker.
How to buy EOS with a credit card?
Most of the reputed exchanges, as well as CFD broker firms, offer the option of buying EOS with credit or debit cards. Whichever option you choose, head over to the platform and you will be able to see a list of the payment options that they offer.