How To Buy EOS in the UK
A Beginner’s Guide to Buying and Selling EOS Cryptocurrency in the UK
If you’re based in the UK and wish to buy EOS – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many EOS tokens you want to buy.
Since its mainnet launch in 2018, EOS has grown to enviable heights, cementing its position as one of the largest cryptocurrencies in the world by market capitalization. It has steadily provided the platform for the development of decentralized applications (Dapps).
The platform is looking to go toe-to-toe with Ethereum when it comes to the best blockchain-based dapp platform in the world. The increased interest in the EOS platform has also drawn considerably high interest in its tokens. More investors want to identify with EOS due to its steady growth. If you also want to buy the EOS token in the UK, the guide below provides all the information you need.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY EOS IN THE UK
- A step-by-step guide to buying EOS in the UK
- How to sell EOS
- Which wallets can I use to hold EOS?
- How EOS works
- What to consider before you buy EOS in the UK
QUICK GUIDE: HOW TO BUY EOS IN THE UK
- Open an online account with an exchange
- Verify your account
- Deposit funds into your account
- Search for EOS and click Buy
- Enter the amount you want to buy
- Review the details of the transaction
- Confirm your EOS order
A Step-by-step Guide to Buying EOS in the UK
Step 1. Register for an online account
If you’re looking to buy EOS in the UK, the first step is to register with a cryptocurrency exchange. When registering, remember to select a broker that allows you to fund your account with fiat currency (GBP). This is important if you don’t have any other cryptocurrency in a wallet you can deposit when buying EOS.
You also need to select an exchange that trades EOS on its platform. When you find the right exchange, proceed to the registration section and follow the instructions for the particular exchange. In some cases, they may require you to submit your proof of ID, residential address, and employment details, in addition to your email address.
Also, do not forget to enable two-factor authentication (2FA) to make sure your account is safe from hackers and threat actors. Once you have completed the registration a notification email will be sent to you and your account will be created. Next is to deposit funds into the account.
Step 2: Deposit funds into your account
After the registration, log into your account and click on the “Deposit” link via the account dashboard. There are two methods of depositing in exchanges. Some accept both fiat depots and cryptocurrency deposits while others accept deposits using other crypto assets only. If you do not have another cryptocurrency in a wallet, it’s obvious you need to deposit GBP. Go to the account section of the exchange and select the type of fiat deposit (credit card, debit card, PayPal, or direct bank deposit).
Enter the amount you want to deposit and complete the remaining details. Once the deposit is approved, you should expect the amount credited to the online account almost immediately.
Step 3: Buy EOS
Once the funds have been credited to your account, you can navigate to the market section and click on the “Buy EOS” link to search a list of various EOS pairs offered on the exchange. Some exchanges may not follow this process exactly, but they will still be similar. If you can’t find a direct GBP pair with EOS, you have to buy either Bitcoin or Ethereum with the fiat currency, which is almost available on all exchanges offering EOS tokens. Once you buy the crypto asset, you can buy EOS using the token.
Also, do not forget to review your transaction, as any transaction may not be reversed after it has been executed.
Once approved and executed, you should have the EOS tokens you ordered in your account in seconds.
How To Sell EOS
Maybe the EOS you bought has increased in price and you’re probably thinking about selling it. That’s also easy to do on the exchange. It’s similar to the process described in step 3 above. EOS can be exchanged with several cryptocurrencies on the platform, so make sure you select the right cryptocurrency. If you would rather have your funds in GBP, you may need to buy a popular cryptocurrency first before buying the EOS token.
Which Wallets Can I Use To Hold EOS?
After buying your EOS tokens, you may want to find a safe storage place for the coins. If you’re not planning to trade with the EOS tokens regularly, it will be safe to get a crypto wallet to store your crypto for the long term.
Basically, you can consider either an offline crypto wallet or an offline one. The former is ideal for those who want to access their crypto funds online from time to time. However, if you would rather store the EOS without any activity on it for the long term, having an offline (hardware) crypto wallet is the safer option. That’s because it is stored on separate hardware that is not connected online. This keeps it safe and away from online threats.
Also, remember to protect your wallet keys because that’s the only way you can access your EOS tokens.
How EOS Works
EOS is end-to-end software that provides server hosting, storage, and user authentication. It was designed to offer developers what they require to create and deploy commercial-grade decentralized applications (dApps).
The platform utilizes a proof-of-stake (POS) consensus mechanism, enabling the platform’s token holders to use a continuous approval voting system to select block producers.
Its EOS crypto asset has increased in popularity as it is now being offered for trade on several crypto exchanges, pushing its price higher. The cryptocurrency is now the 6th largest crypto asset in the world, based on market capitalization.
What to Consider Before You Buy EOS in the UK
If you’re looking to buy EOS in the UK, the following are some of the important things you should consider.
The level of competition for any project is an important factor that can determine the future price of its token. EOS has other platforms competing for the same group of users. Platforms like Ethereum, Qtum, Cardano, and NEO all provide similar features. This means that the competition levels can have a massive impact on the widespread adoption of EOS token.
Another determinant factor of price is the level of project developments and partnerships within the platform. The EOS team has been involved in several partnership projects to raise the strength of the network and increase its adoption.
It has also collaborated with German fintech startup FinLab AG to develop projects by utilizing EOS software.
Since 2018 when it launched its mainnet, EOS has not had issues with regulation or authorities. This has further strengthened investors’ belief in the token and increased its adoption. However, it’s important to always be alert to take decisions whenever any legal or regulatory issues come up because it can impact the price of the token.
We’ve all seen that buying EOS in the UK is not as difficult as it seems. Once you select the right exchange and follow the guide above, things will be pretty straightforward for you.
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