How to Buy EOS Tokens on Binance
Dubbed the Ethereum Killer, EOS is a blockchain platform that is slowly but surely taking the cryptosphere by storm by making dApps and smart contract development easy. It does so by providing its users with an OS-like set of services on functions specifically designed for dApps.
Created by Dan Larimer and the very skilled Block.one team, EOS is highly focused on speed, advanced user experience (no transaction fees, fast account recovery, etc.), and scalability (as it aims to answer Ethereum’s scalability challenges). EOS is currently the 5th most valuable cryptocurrency by market cap, with a token supply of 906,245,118 EOS out of a total of 1,006,245,120 EOS.
Why would one want to buy EOS?
The fact that it’s designed with scalability in mind is just one of the reasons why an investor with an eye for good business might want to buy EOS and support the future development of this unique platform.
EOS also has various functionality tricks up its sleeve and can very well beat Ethereum at its own game, and it’s a project that’s extremely well-funded (it pays for its development through inflation, and via various ecosystem funds).
Lastly, there’s the fact that holding EOS tokens entitles each holder to a certain percentage share of available network resource at any given time. This opens up various opportunities, namely, new projects can either outright buy EOS tokens at market price, or they can rent them from another token holder.
If investing in EOS and buying tokens is what you’re after, then you’re in luck since there are numerous exchanges that provide this type of service. One of the most popular choices for buying EOS is Binance, which is also the leading cryptocurrency exchange (by 24-hour traded volume) at the current time.
Binance started in life as a Chinese-based exchange and has just recently moved its headquarters to the more crypto-friendly island of Malta. This crypto-to-crypto exchange has gained immense popularity thanks to its impressive number of ICO listings. Binance’s success is the combined result of professional services and staff, high-quality services, fast transaction times, as well as low trading fees.
Binance Fees & Limits
Binance charges a general 0,1% trading fee. Please note that trading fees are determined based on trading volume over a 30-day period (in both BTC and BNB balance). If you happen to hold Binance’s native token, the BNB, you can get 50% off on the trading fee. Withdrawal fees vary heavily for each digital currency. For example, in the case of Bitcoin withdrawals the fee is 0,0005%, and for ETH is 0,005%. More information about the fee system can be found here.
Binance doesn’t have limits on how much the users can withdraw, just as long as the said users have their accounts verified. The verification process requires users to provide Binance with the following information: full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
As mentioned before, Binance is a crypto-to-crypto exchange, meaning that you will have to first have a sum of the supported tokens before you can proceed. For this guide, we will point out how to buy EOS tokens with BTC and ETH, since they are the most popular cryptocurrencies to date.
Once the account is set up, you can start sending some BTC or ETH to your Binance wallet. From the main window, select “Funds,” then “Deposits.” Choose the desired coin the dropdown list, and send the coins to the specific wallet address. Wait until the exchange confirms that the transaction has been made successfully and move on the next point.
Now that your coins are in your Binance wallet, you can select the “Exchange” option, followed by “Basic.” Click on either the EOS/BTC or the EOS/ETH pair, and choose how much EOS you want to buy. You can either set a price at which you wish to buy or buy at the current market price by selecting the “Market” option. All that’s left to do now is finish the process by clicking the “Buy EOS.”
Once you have successfully bought your EOS, it’s advisable that you move them to a secure wallet (maybe even a hardware wallet). Go to “Funds,” and then select “Withdrawals” to move forward with the process.
Is Binance safe for your coins?
Even though Binance is the most popular crypto exchange out there, it’s also one of the newest on the market. However, from its launch up until now, Binance has managed to retain a high level of trust from its users and the cryptocurrency community. The exchange makes it clear that it secures accounts via two-factor authentication, but also a multi-tier system architecture.
Binance did suffer a hacking attempt in March 2018 when individuals managed to steal the funds of various users who entered their site logins and 2FA details into a fake website. The way Binance reacted after the event only further instilled more confidence in the exchange. Binance’s automated security protocols caught the thieves but also offered a $250,000 bounty to anyone who can help catch the hackers.
Without a doubt, Binance is one of the most compelling cryptocurrency exchanges out there and a very good choice for buying EOS if that is what you’re after. It’s secure, it boasts low fees, it has one of the fastest exchange engines (capable of processing up to 1,4 million orders each second), and it works on all devices with modern web browsers. The website also boasts multi-language support (Chinese, English, Korean, and Japanese).