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Given that it is not possible to purchase EOS directly, in exchange for fiat currency, it is vital to understand how to exchange your existing cryptocurrency for EOS, should you wish to get your hands on the hot new thing of the cryptocurrency world. Luckily, the process is a simple and intuitive one, particularly if you have experience of exchanging cryptocurrencies in the past. In this guide, we will look at how to exchange EOS for ETH, but the same method can be used for BTC and several other supported coins too.
How to buy ETH?
The first step, then, is to get your hands on some ETH (assuming you don’t have already). Ethereum is the second most well-known and well-represented cryptocurrency and can be purchased on all well-known exchanges. This can usually be done in exchange for fiat currency. Alternatively, there are ATMs that allow for the purchase of ETH directly.
Are there fees applicable to my EOS/ETH transaction?
Cryptocurrency exchanges are business and, as such, charge a fee for facilitating the exchange of your ETH for EOS. While you would assume that these fees charged are roughly the same, there can be some large discrepancies at times, depending on your territory of residence and the number of trades you are conducting or are being conducted for the cryptocurrency of choice at the time. Do your research before finalizing any trades.
How to instantly convert BTC to ETH using Binance?
Binance is one of the most reputable exchanges for cryptocurrency in general and holds a reported 8% of the daily EOS trading volume. It offers safety and security, as well as fees of only 0.1%.
1) Create a Binance account. Registration is not a complicated one, requiring only an email address and a unique passcode. Once completed, verify your email address from the email Binance would have sent you.
2) Once your account has been registered, Binance will encourage you to make use of their two-factor authorization feature. This is not a requirement but adds an extra layer of protection to your transactions. Binance allows for either SMS or Google authorization as your second factor.
3) Now that you are set up you will need to deposit your ETH into Binance. To do this, click on the deposits tab, after clicking the fund's menu. You can select a host of cryptocurrencies here. Ethereum is recommended, however, as it is faster and makes use of lower fees than exchanging for BTC.
4) Once selected, Binance will provide you with an address into which your ETH can be deposited.
5) After the fund sending instruction has been processed, the funds will reflect as pending while the block confirmation takes place. This is not a lengthy process (+- five minutes, depending on certain factors).
6) Once you have ETH in your Binance account, you can use it to purchase EOS. This is done through one of several binary exchange options. For our
purposes, you will select ETH/EOS exchange, but depending on the
cryptocurrency you are purchasing with, you will select the suitable exchange.
7) You will enter the amount of EOS you seek to purchase at the bottom middle of the screen. You can select to make a market purchase, which will process your purchase of EOS immediately, at the EOS/ETH price at that stage. Alternatively, you can make a controlled purchase, which allows you to set a price and the transaction will only be completed when EOS trades at the selected price.
8) Once your order has been processed, your EOS tokens will be visible in the FUNDS – Balances section. Use the Withdrawal pathway to send your
purchased tokens to a suitable multi-cryptocurrency or EOS wallet.
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