A Beginner’s Guide to Buying and Selling EOS Cryptocurrency in Australia
The guide will explain the best way to buy EOS in Australia. You will also understand the step-by-step method of buying EOS in a cryptocurrency exchange. Moreover, the guide offers tips on selling the asset in the exchange, how to store it, and important things you should know before buying the EOS token.
The EOS mainnet was launched in 2018 and has since cemented itself as one of the most valuable cryptocurrencies in the world. It has provided the necessary infrastructure for dApps development, as it competes favourably with Ethereum in the blockchain-based dApps space.
The EOS token has increased in popularity and usage over the past year, as the crypto industry also witnessed an impressive boom. Whether you are a crypto enthusiast or this is your first time dabbling into the crypto space, this guide will provide all you need to know when buying, storing or selling the EOS cryptocurrency in Australia.
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What's in This Guide?
The guide covers a comprehensive explanation of the process of buying EOS cryptocurrency either with fiat currency or other crypto assets. It also explains how to properly store the asset, how to sell, and the things you need to do before you buy the cryptocurrency.
Where to Buy EOS in Australia
As a novice in the cryptocurrency industry, you may be wondering where you can buy EOS in Australia. Well, the best place to purchase an EOS token is via a crypto exchange.
This is also the easiest place to buy EOS since a crypto exchange offers the option of depositing directly from your bank account. It’s also the safest option because many of the exchanges are duly registered with the Australian regulators.
List of the best Exchanges to buy EOS in Australia:
Looking where to buy EOS in Australia right now? Below you will find 4 of the best brokers that allow you to buy EOS in Australia.
- eToro - Best broker to buy EOS in Australia
- Binance - Best exchange to buy EOS in Australia for asset diversity
- Coinbase - Best exchange to buy EOS for beginners
- OKEx - Best broker to buy EOS in Australia for low-cost
A Step-by-Step Guide to Buying EOS in Australia
There are generally two options available to you when buying EOS in an exchange in Australia: buying EOS with cryptocurrency and buying EOS with fiat currency. We will explain the two options below.
Buying EOS with other cryptocurrencies
This is the right option for you if you already have a crypto asset in a wallet. Here, you will be asked to deposit the crypto asset (such as BTC, ETH, or ADA) to your exchange account from your crypto wallet.
Afterwards, you can buy EOS using the deposited crypto asset on the exchange. Almost all exchanges allow you to deposit cryptocurrencies with them.
Buying EOS with fiat currency, such as AUD
Okay, maybe you are completely new to the world of cryptocurrencies and probably don’t have any crypto assets you own. That’s fine.
It is also easy to own EOS as long as you choose a crypto exchange that accepts deposits in fiat currency, such as AUD. The following step-by-step guide will show you how that is possible.
Step 1. Register for an account with a crypto exchange
EOS is listed on several exchanges, so it shouldn’t be difficult to find one you are comfortable with. But you need to choose the exchange that accepts fiat deposits because not all the exchanges do.
Once you’ve seen the right exchange, you may be asked to provide certain information to complete your registration.
You may be asked to provide your full name, phone number, email address, proof of residency, as well as proof of ID.
Also, you should enable 2-factor authentication to increase the level of security your account will have. Once the information is provided, your account will be created.
Step 2: Deposit funds into the exchange account
The next step is to deposit AUD into the exchange account you’ve created. In most exchanges, there is usually a deposit link on your accounts page.
When you click the link from the accounts dashboard, choose the fiat currency you want to deposit and follow the steps that will follow.
Most exchanges have different deposit options, including via credit card, debit card, PayPal, and other payment methods. Select the option that’s more convenient for you and proceed to the checkout page.
Once you’ve completed the deposit and it’s been received, an email notification will be sent to you
Step 3. Buy EOS
When the funds have been debited in your exchange account, you can click the “Buy/Sell” link to go to the section where you can buy EOS. Search for EOS to find a list of supported currency pairs. Choose the EOS/AUD option on the list and fill out the order form.
Enter the amount of EOS you want to buy and proceed to review your order. Once your order is received and executed, you will be notified via email. The EOS will be deposited into your exchange account and you can decide to trade with it or withdraw to a crypto wallet.
How to Sell EOS
If the EOS you bought has increased in price and you want to sell it, the process is similar to the buying process. But this time, you are accessing the “Sell EOS” order page.
On the page, you will see several currency pairs for selling the token. Select the right pair and proceed with the remaining instructions. Once your order is executed, you will be notified by email.
Which Wallets Can I Use to Hold EOS?
After buying your NEO token, you should get a wallet to store the crypto asset. In this case, you can either store the EOS in a cold wallet or a hot wallet. The cold wallet is the offline storage option in a hard drive. On the other hand, the hot wallet is the online storage option that is stored in the software and easily accessible.
How EOS Works
EOS is an end-to-end software solution that includes server hosting, storage, accounts, and user authentication.
It is specifically designed to offer developers the tools they need for the creation and deployment of commercial-grade dapps. It’s also developed to speed up transactions and enhance scalability within the blockchain ecosystem.
Key Things to Consider Before Buying EOS in Australia
The following are the things you should consider before buying EOS in an exchange
The project undertaken by platform developers can go a long way to influence the price of the token in the future. EOS has collaborated with several networks and platforms. It recently partnered with German fintech incubator FinLab AG for the development of projects using EOS software.
the present circulating supply of EOS is about 896 million tokens, with 1% of those reserved for the block.one. Like other networks, EOS carry out regular network upgrade and token burning to control the supply of EOS.
Level of competition
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Where can I buy EOS in Australia?
The best place to buy EOS in Australia is in a crypto exchange. It is safer and more convenient to buy in an exchange.
Can I buy EOS with fiat currency?
Although not all exchanges offer the option of buying EOS with fiat currency, few allow you to deposit your fiat currency and trade on the platform.
Is PayPal accepted when buying EOS?
Yes, many exchanges offer PayPal as an option when buying EOS on their exchange.
Where can I store EOS?
The most secure place to store your EOS is in a compatible crypto wallet. You can choose either the software or hardware wallet to keep your EOS tokens.