Comprehensive guide on understanding what is EOS, It’s token, purpose and how to buy EOS token from Binance.
An Introduction to EOS
I think it’s important to understand at least the very basics of what you’re purchasing, so this and all future articles will include a short introduction to get you started.
The Most Powerful Infrastructure for Decentralized Applications, in practice this means that developers can build applications on EOS.Owning EOS coins is a claim on server resources. A developer needs to have EOS coins to use the EOS blockchain.Developers will not spend the coins to use the server resources, s/he just need to prove they hold them.
Let’s get started
To begin with, we need to buy either Bitcoin or Ethereum to buy any cryptocurrency on exchanges. So follow the link below to buy Ethereum on Coinbase and then follow the next steps to buy EOS on Binance. If you already have Ethereum with you — you can skip this step and go on to Binance registration.
EOS can be bought with Bitcoin too — just that it takes more time to transfer to another exchange, I am suggesting to go with Ethereum as it takes only few minutes.
Register on Binance
Binance is a cryptocurrency exchange with relatively less transaction fees and been faring good so far without any issues and good support response. There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.
Deposit your Ethereum to Binance
Once you’ve registered on Binance and logged in, you can see few menu items on top right corner. One of the is “Funds” which has a sub menu item named “Deposits Withdrawals”. This is the place where you can see all your coins(purchased on Binance and received from other addresses).
Once you receive Ethereum on Binance, Click on Basic submenu item under Exchange on top left corner.
Now we need to find EOS coin with Ethereum trading pair on list of currencies. Check out following screenshot and instructions below to do this.
- Select ETH box on top right corner. This means you are looking for coins which can be traded with Ethereum.
- Write EOS in the search box above the coins list and it filters you as shown below. Now you can see EOS/ETH with current price. You are almost close to invest in EOS now. Just click on the EOS/ETH now.
- Click on EOS, which brings up the daily chart with candlesticks and orders on left side as shown below.
Click on required green price on left side to populate your price for EOS in ETH (currently showing as 0.009728 in above screen shot). Once you click, it changes to 0.009683. Now you need to select how much of your ETH you would like to invest in EOS. Click on 25|50|75|100% to populate the amount of EOS you can buy at that price.
You are free to choose the price from those green numbers- they are basically different offers by others — this is also called Limit purchase.
Since you are beginner, you can also click on Market tab beside Limit and select the ETH amount and click on Buy EOS— this basically buys at the market price.
Once it shows success, you can go to Funds -> Deposits & Withdrawals from the top right menu and search for EOS.
Congrats on purchasing EOS.
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Disclaimer: I am using my referral links for respective exchanges. If you use them, it helps my bills and to write more informational articles ahead. Thanks in advance.🙏