EOS has to shot to popularity over the past couple of months. It is currently the fifth most popular coin by market cap size. So why is it so popular? Will it make a good investment? And how can you trade it? These are some of the questions I’m going to answer in this post.
What is EOS
EOS is a bit like Ethereum. But it has been designed from the ground up to be more scalable and easier to develop on. Developers can built decentralised applications on EOS that run across computers running the EOS blockchain. What makes EOS unique is that is uses a Delegated Proof of Stake system. Instead of having to pay “Gas” like you do on Ethereum to run applications, you simply need to hold some of the EOS coin. This makes it much cheaper to build and develop apps on the platform.
EOS also includes tools for building the app interfaces and to manage complex things such as authentication.
Some people believe that EOS may become the new Ethereum.
Buying EOS on Coinspot
Coinspot has added support for buying and selling EOS. Coinspot makes it really easy to buy EOS as you don’t need to worry about buying bitcoin first, transferring it to an exchange and then converting it into EOS. Instead you simply deposit money using PoLi (instant bank transfer buy Australia post), cash deposit or BPay and then buy the coin directly using fiat.
CoinSpot also provides a pretty good managed multi-wallet. While I never recommend storing large amounts on exchanges, Coinspot is a pretty good option for storing small amounts. By storing EOS on coinspot, you can easily sell the coin when the price rises.
Trading EOS on eToro
Another good option for trading EOS is eToro. The main difference between Coinspot and eToro is that that you can also short the currency on eToro. This means if you don’t believe in EOS or are looking to cash in when the price drops, you can do that on eToro.
Trading cryptocurrency on eToro is straightforward. You just create an account, make a deposit using credit card, bank transfer, paypal etc, and then you can open trades.
Other ways to trade EOS
In my opinion Coinspot and eToro are the easiest ways to buy and trade EOS in Australia. But you can also use international exchanges as well. They do have interfaces that are a bit more complex. Th big downside is that you will need to first buy Bitcoin and then transfer it to the exchange in order to purchase EOS. This is one extra step and the extra fees will mean your trades will be a little less profitable.
If you’re looking to buy EOS using Bitcoin then I would recommend the Binance exchange. They have very good liquidity, reasonable fees and a huge range of other coins available for trading.
Do you trade EOS? Think it has a future? Let me know in the comments.