In this ultimate guide a detailed step in how to buy EOS Crypto on Binance. Furthermore a deep dive into the foundations of the project.
One of the most ambitious Blockchain projects currently out there must be the EOS cryptocurrency project. Additionally, back in 2018, this project was founded out of an ICO round which covered 7.12 million of ETH! At that time this amount of ETH was worth more than 4 Billion USD and until today this is the largest fundraising amount ever recorded.
EOS Crypto: Short history of this blockchain project
With so many funds invested in it, the EOS project can be considered as the main challenger of Ethereum. Another reason for this is that some famous names out of the industry are supporting this project.
So who is behind this massive Blockchain project? The main driver behind this Blockchain project is a bigshot internet company called BlockOne. The founders of this company have been around for a while now in ‘cryptocurrency-land’. Also, this company is famous for its slick marketing campaigns. For example, back in 2019, they announced that something big is going to happen. Moreover, lots of effort is put in social media campaigns with the goal to attract as much visibility as possible.
BlockOne is a private company known for developing and publishing the EOS.io protocol. It is registered in the Cayman Islands, led by CEO Brendan Blumer and chief technology officer Daniel Larimer. Also self-made millionaire and ‘crypto-believer’ Michael Novogratz is a member of this club.
Some more stats about EOS crypto
This EOS crypto blockchain project which is founded by Brendan Blumer is currently ranked 5 at Coinmarketcap with a total market value of about 7.3 billion US dollars. Another important person in this project is the CTO, Dan Larimer, who is also the creator of the mining technology called delegated proof-of-stake. Also, this man is involved in Bitshares and Steem, two other existing blockchain projects.
Revolutionary Blockchain network
To be a revolutionary Blockchain network these are the 7 factors they are aiming at:
- Scalability – Where Ethereum has problems to scale due to the proof-of-work mining algorithm, EOS uses delegate proof-of-stake technology which will allow millions of transactions to happen per second.
- Flexibility – because EOS uses delegate proof-of-stake it will be very unlikely that another Blockchain hard fork will appear on this chain.
- Usability – very simple use of interface development, self-describing interfaces and database schemes.
- Governance – updates to the protocol happen in a decentralized manner
- Parallel processing – calculations and program instructions on the network by smart contracts are handled by multiple processors to reduce the running time.
- Self-sufficiency – Every Dapp on the EOS Blockchain has an inflation rate of 5% yearly. This to ensure that decentralization is done the right way without bigger monopolists dominating the network.
- Operating system – Ethereum manifests itself as a decentralized supercomputer, EOS states that it’s a decentralized operating system.
Short Video: EOS Crypto explained
In this short video YouTuber and EOS-fanatic ‘Ivan on Tech’ explain the main difference between EOS and Ethereum.
What are the Benefits of Binance Exchange
In the first place, Binance is one of the biggest cryptocurrency exchanges out there and because of this, it makes them very trustworthy to start out with. They are also a very young exchange which got launched back in 2017. Since then, the exchange has witnessed massive growth and gained a lot of popularity among cryptocurrency traders. Nowadays Binance is one of the largest exchanges with a 24-hour trading volume of more than 1 billion USD!
Below I have listed the overall advantages and disadvantages of buying EOS from Binance.
|✓ More than 140 different coins listed||✗ Buying alt-coins with fiat is not possible|
|✓ Low trading fees||✗ Customer support help-section poorly translated|
|✓ Large liquidity|
|✓ Perfect to trade for beginners as more advanced traders|
|✓ Free deposits and cheap fee to withdraw EOS|
|✓ Excellent security|
|✓ Live chat functionality|
How to Buy EOS Crypto on Binance
Buying EOS Crypto on Binance is quite easy, but before you can do this you have to sign up and perform some steps for setting up your account the right way.
|Take attention if you are a US customer!|
|Since September 2019, US residents aren’t allowed to trade on the regular Binance Exchange. To be able to trade altcoins, Binance has created a new exchange which is approved by the Financial Crimes Enforcement Network(FinCen). Use the link below instead.|
1. Register and sign up(Binance tutorial)
First, you have to go to the Binance website and perform a signup process here. Like any other registration, an email address and password are needed. After signing up a confirmation email will be sent to you.
Solve the very easy puzzle, this to verify you are not a bot.
The confirmation email which has been sent to you contains a link to confirm your account. Click this link to continue the sign-up process.
And after clicking submit button in your email :
Log in to your Binance account.
After logging in for the first time, Binance comes with a warning screen that you have to read carefully. This Safety risk notice screen comes up with 5 questions that you have to answer before continuing.
Additionally, click the continue button.
2.Continue setting up your Binance account
After logging in you will be taken to your start-up screen within the Binance trading portal. It’s highly recommended that you enable 2-Factor Authentication (2FA) on any exchange you use to trade cryptocurrency to improve your account security. Specifically, I recommend using the Google Authenticator app, as SMS 2FA has a variety of security vulnerabilities. Google Authenticator is free to use from both the Google Play Store and Apple IOS Store.
Initially, your account withdrawal limits will be set to a 2 BTC equivalent every 24 hours, but you can raise these limits by completing “Submit verification documents”.
Personal or Business depends on what you are interested in. The next screens need your personal information like passport, driver license or identity paper and submitting a selfie. These are all optional and only needed if you want to trade with large amounts of BTC( > 100 BTC pro day).
3.How to Buy EOS Crypto on Binance
After installing and setting up your personal account it’s time to buy EOS or any other cryptocurrency at this trading platform. To do so, there are currently two ways of doing this and it depends whether you already own some cryptocurrency or not. If not, don’t panic, because Binance also makes it possible to buy Bitcoin with a credit card. For buying EOS you have to buy Bitcoin or Ethereum first and purchase EOS with it later on. I will show you later how to do this on the Binance exchange.
3.1 Use a credit card
To buy Bitcoin with a credit card you have to choose “Funds” on the left and then click “Buy with credit card”.
After this screen, you have to give the details about your credit card company and you’re ready to go.
3.2 Deposit cryptocurrency to Binance
There’s a large number(more than 140 coins) of cryptocurrencies available to deposit onto Binance, although trading pairs are denominated in BTC, ETH, USDT, XRP, USDC, USD, PAX, TUSD, and USDS.
Notably, whatever crypto coin you choose, click deposit then send funds to the given address.
It takes some time for the blockchain to handle the transaction, but you can check this in a separate screen on Binance:
After the transaction has been confirmed by the blockchain network, the amount of Bitcoin will be added to your available balance as shown below:
4. Buy EOS Crypto with Bitcoin
Once your deposit has been completed, it’s time to trade your deposited cryptocurrency for EOS. First of all, click the “Exchange” button in the menu and choose “Advanced”. Now you see the window which shows the current chart and price of several cryptocurrencies.
For buying EOS with Bitcoin you have to search in the menu for the EOS symbol. In the menu choose “BTC” and give the EOS(this is the symbol for EOS).
Firstly, place a buy EOS order using either a limit or market order. Additionally, Binance charges a .1% fee for trades. To keep it simple, I purchased 25 EOS using a market order. Also, if you’re placing a market order, you can choose the percentage of your Bitcoin balance you wish to use to buy EOS.
A market order will purchase the maximum amount of EOS available for the Bitcoin amount you’ve chosen to spend. It will purchase the cheapest available EOS until it has filled this amount.
After the market-order has been completed, you will receive the amount of EOS in your EOS crypto wallet on the exchange. Besides, this wallet will automatically be generated for you by the Binance exchange.
In particular, EOS is one of the altcoins which has a lot of potentials to grow in the future. Currently, there is some serious interest from bigger companies that are investigating to implement EOS technology. Also, for Investors who are willing to invest in this token with USD dollars or just Bitcoin, Binance offers a quick but simple way to buy on their trading platform. Finally, with this guide, I hope I have given you a clear view of how to buy EOS crypto on Binance.
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