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EOS trading is a pretty enticing investing opportunity since the platform is designed to allow developers to build dapps. Here’s a guide to get started with EOS.
What is EOS?
EOS is a powerful blockchain platform for decentralized applications. One can say it is a modified version of the Ethereum platform, faster, more scalable, and more efficient in building decentralized applications.
The development of EOS.IO is in the pipeline; it will allow ts. o process millions of transactions per second through horizontal scaling. Block.one, the private company building the platform, aims to outdo the older ecosystems like Bitcoin and Ethereum, making them appear like some personal computers with limited computing abilities.
The Ethereum blockchain is distributing a whopping 1 billion EOS tokens over 341 days through a smart contract. EOS.IO became an open-source software on June 1, 2018, allowing developers to take advantage of the EOS coin’s potential. On the other hand, EOS token owners act as shareholders of traditional public companies, so the owners can cast votes and participate in the blockchain’s governance in proportion to their stake. And hence, financial analysts around the globe claim that EOS is the future of companies and blockchain.
The smart contract platform is designed with various built-in features like allowing developers to make dapps easily and in a standardized fashion.
EOS (EOS) is the 51st largest cryptocurrency worldwide with a market cap of $1,254,340,072 (May 26, 2022). EOS is currently priced at $1.26, -0.071% lower than the day before. The prices swung from $1.34 and $1.21 in the last 24 hours.
What Makes EOS Stand Out?
The unique crypto project encompasses a number of important characteristics like:
When it comes to cryptocurrencies, one of the major challenges is balancing decentralization and scalability. And enter EOS , with its Delegated Proof of Stake (DPoS) consensus mechanism, made it possible to process 1 million transactions per second. The EOS project exploits parallel processing to achieve that high of a throughput.
Ethereum was vulnerable to being attacked by DAO. Conversely, the EOS platform can stop the node that processes such transactions and only processes new transactions when the problem is solved.
Ethereum was our decentralized supercomputer, but the EOS platform has the potential to become a decentralized operating system.
How Much EOS Is in Circulation?
Nearly 950 million EOS tokens are currently in circulation out of the 1,027,411,229 total tokens available. Note that there are no limits to the number of tokens that can be minted; a new block is created each time new tokens are released in circulation. The total EOS in circulation can rise 5% every year.
How Is the EOS Network Protected?
EOS used the Delegated Proof of Stake (DPoS) mechanism and an active approach to governance to secure its transactions. EOS has ingrained features enabling users to vote and alter the software’s rules. EOS holders have the ability to vote on the decision through staking and block produces, then carry out every approved decision.
Holders or stakers and block producers can vote and amend the “EOS Constitution,” a governing document containing the rules determined by its users.
This gives EOS block producers extensive power over typical network users.
How Can I Buy EOS?
Find an exchange that supports fiat and cryptocurrency to make buying EOS simpler.
Compare exchanges that support EOS
Cryptocurrency exchanges offer different fees, security, and payment methods. So search for an exchange that works well for you. When first starting out, you will not need many features, and you can always change your exchange later.
Open an Online Account
The first basic step to buying a cryptocurrency is to open an account with a crypto broker that provides access to the coins and tokens you are interested in. Crypto brokers work quite straightforwardly.
Then link a payment method to get started and then place an order using the broker’s trading platform. Your broker will buy or sell the cryptocurrency you chose based on your directions.
Considering the total market cap, EOS is the 16th largest cryptocurrency, meaning you will have a few choices when choosing a broker for your trades.
Buy a Wallet
Opening a private wallet for your coins and tokens is a good way to secure them. A crypto wallet uses private keys to store your coins. The computer program or device keeps your coins and tokens comparatively safer than the wallets offered by your exchanges since it lowers the possibility of you losing your money to a hack or exchange theft.
You can opt for a hardware wallet or a software wallet. While a hardware wallet is a physical device that stores your cryptocurrency offline, a software wallet is an application that has to be connected to the internet to access your investments.
Now buy your coins.
First, decide the amount of money you want to invest in EOS and use the current market rate of the coin to know the number of coins you can buy. It is good to spend time monitoring the changes in prices before placing your purchase order to get the most of your investment.
Once you have placed your order, it will be carried out by your broker. When your order is filled, your EOS will be added to your brokerage account. Now, you can start with your EOS trading.
How to do EOS trading with CFDs easily?
- Open a trading account with a broker
- Add funds to your account through one of the banking options
- Enter the investment amount
- Start trading by buying or selling EOS
How to do EOS margin trading?
Margin trading is to borrow funds from the platform itself to leverage a higher position to amplify profit returns with less capital put into the trade.
Simply put, traders can create bigger EOS positions than the amount of capital they have with them. While this means higher returns, it also means higher losses if the trade moves against you.
EOS Facts You Need to Know
Before you decide to put your capital in an EOS trading company, know these facts:
- EOS aims to distribute nearly one billion tokens.
- Inflation can go up to 5% every year based on community votes.
- The ownership model makes sure that there are no transaction costs and fees.
- EOS guarantees a faster platform with the ability to process over 50,000 transactions per second.
- You can stake the token to power the blockchain’s bandwidth, computing power, and storage abilities.
- The cryptocurrency coins will not be mined. Instead, they will be produced.
- EOS is not the official acronym yet despite the numerous predictions and suggestions. This means that its meaning in the trading arena is yet to be decided.
- It is astonishing that EOS could process millions of transactions per second with its horizontal scaling. Bitcoin and other centralized competitors are quite far from capabilities of such magnitude.
- 20% of the EOS token supply was sold for nearly $185 million in Ethereum in the first five days of the 341-day token sale. Additionally, according to its structure, 70% of EOS currency will be sold at market value.
Things to Consider Before Buying EOS
Do your research before buying EOS or any other cryptocurrency, and know how the currency works and the factors that affect its price. Digital currencies are complicated and extremely volatile, so you should be fully aware of the risks involved before buying one of them. Talking of EOS, consider the following:
EOS is not the only one to challenge Ethereum; there is Cardano, Polkadot, Solana, and many other platforms competing for market share. The competition is rife with these projects, and it could potentially impact the level of adoption of EOS.
Check the EOS technical white paper to know more about the technology behind the EOS platform.
Block.one partnered with Galaxy Digital, a digital assets merchant bank, to develop the EOS ecosystem and invest in projects that use EOS blockchain software in the first quarter of 2018. It also joined the German fintech incubator FinLab AG to develop projects with the EOS software.
EOS launched in 2018 to considerable fanfare; however, development news has been quieter as compared to similar projects, with CTO and figurehead Dan Larimer announcing his retirement from parent company block.one in January 2021.
How to sell EOS?
You can sell your EOS via the same exchange you bought it through:
Sign in to the exchange you have your EOS on
If you have stored your EOS in a digital wallet, look for a crypto exchange to sell it on.
Place a sell order
Choose the amount of EOS you wish to sell.
Complete your transaction
Confirm the selling price and fees and close your EOS sale.
Which is the best cryptocurrency platform for EOS Token?
Every investor has a unique set of needs, and hence what may be the best trading platform for one investor may not be the one for another. If you are trading out of the United States, it is a good idea to go for exchanges based in the U.S.
With Blockchain Tradein, you get an accurate view of the market movements and your performance. There are no idealistic predictions to influence your decisions. The platform is safe and secure for carrying out all your financial investment operations.
Which wallets hold EOS?
Once you have bought EOS, you will want to secure it from hackers and other such threats. And while you can hold your crypto on your exchange, it is advisable to get a crypto wallet for security purposes. Exchanges are vulnerable to cyber-attacks, and you can potentially lose all your funds on the platform if such an incident occurs.
You can keep your EOS token safer with a crypto wallet, especially a hardware wallet, to be on the safer side.
What are the best crypto wallets?
Confused about where to start with your wallet search? Here is what you need to look for in a wallet.
When it comes to hardware wallets, you need one that securely protects against viruses, hacks, keyloggers, etc. The wallet should also be able to restore all device content in the event of loss or theft. Using the wallet should be easy, and it should work for cold storage as well.
Choose a comprehensive device that can be used to store any and all types of cryptocurrency. The device should have enough security features like a touchscreen display and a private set of keys so that access to your assets is limited to you.
Software wallets are desktop and mobile applications where you can store your EOS, bitcoin, Ethereum, and other coins and tokens. You should be able to manage, stake, buy and sell your coins from one simple, easy-to-navigate platform that is efficient for experienced and beginners alike.
You can also look for features like in-app exchange with which you can directly buy and sell tokens and coins without having to connect to a new exchange. This makes it more affordable to exchange cryptocurrencies since, typically, you are charged a fee to transfer to your wallet and transfer to your exchange.
Now, you can also choose a wallet with staking options that allow you to earn crypto while you store your coins safely.
Blockchain Tradein has been successfully managing over 112 million users. We are a team of skilled wealth managers and one of the top choices when it comes to trading. We serve clients from around the globe. Everyone has a right to successful investments and an expertly managed portfolio, and hence we provide round-the-clock assistance and specialized counseling staff to our customers.
Our specialized staff of skilled wealth managers is here to manage your assets and maintain your portfolio by keeping you updated on the current market. We are dedicated to providing you with the best wealth management service possible. Our large customer is distributed around the globe, and our extremely strong servers aim to make trading seamless.
Why Choose Us?
By choosing BTI, you are choosing,
- team of wealth managers who keep a close eye on the market and any opportunities that appear for you.
- support crew to assist you throughout your trading journey.
- myriad of financial instruments to choose from– stocks, cryptocurrencies, indices, etc.
- faster trading platform that promises to deliver seamless trading experiences.
- set of practical trading tools and thorough research to assist you in managing your portfolio and earnings as effectively as possible.
Frequently Asked Questions
EOS cryptocurrency is like any other cryptocurrency; it is quite volatile and hence has the potential to be an excellent trading opportunity. If you trust EOS to overtake Ethereum and Bitcoin, then it is a fairly good investment, and if you believe the project is not as great as the hype, then it is a bad investment.
The future of EOS is not expected to be a smooth one, but it will have positive moments. The price will cross $6 in 2022, for example. But between these peaks, the results won’t be as optimistic. The price is expected to fall starting from May almost every year.
Using CFDs to trade EOS actually has quite a few benefits. One of them, and the best one, in fact, is that with CFDs, you don’t trade the actual cryptocurrency, so it saves the worry about wallets, private keys, or hackers stealing your coins. You can simply trade on the price changes in the underlying cryptocurrency.
This question comes up from the observation that the price of EOS has been dropping since its all-time high in April 2018. Although the coin also had many spikes, the highs have been only lower than the previous lows. Many top cryptocurrencies were making new highs alongside the gains in Bitcoin during 2020, and EOS spiked briefly before plummeting back near prior levels.
While this downtrend does not look good for EOS believers, it still presents an opportunity for traders to take advantage of the downtrend in EOS.
CFDs make sense when trading cryptocurrencies because you are exempt from owning the underlying asset. Instead, you trade contracts based on EOS prices through long and short positions or leverage for more flexibility and power.
Before you start trading EOS or any other asset for that matter, learn how to trade and then look into EOS markets carefully. You can take the help of technical analysis to know where to take a position and when to exit to make profits.
- Open a trading account
- Add funds to your account
- Enter the investment amount
- Start trading
Make your investment lucrative, create an account.