This review will explain how to purchase EOS in a cryptocurrency exchange step by step in Australia. Heck, we’ll also show you how you can sell EOS, how to store it, and, more importantly, factors you need to consider before purchasing EOS on Swyftx.
The recommended way to buy EOS in Australia is: Swyftx
EOS was founded in 2018 and has gained popularity over the years among the most valuable cryptocurrencies worldwide. It has provided sufficient facilities for dApps growth because it competes with Ethereum in the blockchain-based dApps space.
So if you’re a crypto enthusiast or are just getting started in the crypto space, this guide will teach you everything you need to know about buying, storing, and selling the EOS cryptocurrency in Australia.
What is EOS?
EOS is a decentralised, blockchain-based system that enables the creation of DApps (decentralised apps). In short, the platform makes it simple for developers to access and use blockchain technologies by providing the necessary training resources, support, and tools.
EOS improves scalability because it can process more transactions per second than other blockchains and also emphasises security.
How To Buy EOS Australia: A Step By Step Guide
Step 1: Sign Up With a Crypto Exchange
EOS is listed on many exchanges, so finding one you’re comfortable with shouldn’t be a challenge. However, you must pick an exchange that accepts fiat deposits since not all exchanges do.
When you’ve picked a suitable exchange, provide your personal information, like your name, phone number, national identification number, among other details you may need during the signup process.
You need to improve your account’s security by enabling 2-factor authentication—once you’re done, they will formulate your account.
Step 2: Deposit Funds into Your Newly Created Account
Next is to deposit AUD into your exchange account. You’ll always find a deposit link in most. Select your preferred fiat currency after clicking the link and follow the on-screen instructions.
Most exchanges have various deposit options, such as credit card, debit card, PayPal, and other payment means and once you’ve chosen the most convenient option, proceed to the checkout page.
After depositing, you’ll receive an email notification confirming your deposit.
Step 3. Buy EOS
Once the deposited funds have reflected in your Swyftx exchange account, go to the “Buy/Sell” button link to purchase EOS. However, you’ll need to search EOS to be sure of the supported crypto pairs. Next, choose the EOS/ AUD option and complete the order form on the page.
Set the amount of EOS you want to purchase and review your order—you’ll receive an email notifying you that the order has been accepted and processed. The EOS will be stored in your exchange account, and you’ll have the option of trading it or withdrawing it to a crypto wallet.
Factors to Consider When Purchasing EOS
If you’re looking to get into the crypto world, you should first research to know how it works and how the prices are impacted.
Modern currency is a confusing, volatile asset, so you should familiarise yourself with the risks associated with the purchase. That said, below are the factors you need to consider before purchasing EOS:
- ompetition: Other market shares compete with Ethereum, such as Cardano, Polkadot, Solana, etc. Competition from these platforms can impact the level of widespread adoption EOS attains.
- White paper: Read the EOS technical white paper to learn more about the technology that powers the EOS platform.
- Partnerships: Block.one partnered with digital assets merchant bank Galaxy Digital to grow the EOS ecosystem and invest in projects that use EOS blockchain software in the first three months of 2018. It also collaborated with the German fintech incubator FinLab AG to develop projects based on the EOS software.
- Development: EOS launched in 2018 with much fanfare, but development news has been relatively quiet compared to similar projects, with CTO and figurehead Dan Larimer announcing his retirement from parent company block.one in January 2021.
Where To Buy EOS
1. Swyftx—The #1 Option for Buying EOS
Swyftx is a cryptocurrency exchange developed by Alex Harper. Unlike the ASX (Australian Securities Exchange), Swyftx only deals in cryptocurrencies.
The company was developed in 2019 and has since gained popularity in Australia and New Zealand, with Swyftx Business accounts being available to Australian businesses. The crypto exchange service will extend its services in the UK and Canada in late 2021.
Swyftx allows you to buy, sell, and trade over 270 cryptocurrencies and some of the most popular coins, such as:
- Bitcoin (BTC),
- Ethereum (ETH),
- Ripple (XRP),
- Litecoin (LTC),
- Bitcoin Cash (BCH),
- Tether (USDT),
- Stellar (XLM),
- Monero (XMR)
- And Cardano (ADA)
Swyftx supports many lesser altcoins, such as XDC (currently unavailable), ABN, Nano, Quant, Pundi X, Shiba Inu, Dogecoin, and Internet Computer (ICP), as well as several NFT-related coins.
Pros
- Swyftx is transparent, simple to use, and trusted by over 350,000 people worldwide.
- Opening an account as a customer, providing your info, purchasing/selling/depositing/withdrawing are all quick and easy. Therefore most new users adapt within a day.
- There are no recurring membership charges, and the spreads are also low, allowing customers to buy and sell cryptocurrency at market prices.
- Swyftx’s integrated wallets keep cryptocurrencies. However, customers can opt to send cryptocurrencies directly to hot or cold wallets.
- Beginners have an unrivalled choice of learner materials that cover every topic, feature, and concept.
Cons
- It can take time for users to adjust.
2. Binance—Best for Lower Fees
Binance was founded in 2017 by Changpeng Zhao and is one of the world’s most reputable crypto exchanges. They’re based in Malta and trusted by traders worldwide every day with a large volume of transactions.
EOS is now available in Australia, and you can now buy it directly on Binance with your credit, debit card, etc., as they continue to develop more options to meet trader needs.
Purchasing this type of cryptocurrency is slightly higher than their industry-leading exchange fees, but they’re still among the best in terms of value. The transaction fee ranges from 1.5 to 3.5 percent depending on the payment method.
Also, the Binance sign-up and verification procedure is straightforward. The required documents are electronically uploaded and instantly verified in a matter of minutes, allowing you to begin trading. Due to its popularity, you can buy a wide range of cryptocurrencies while also offering their own Binance Coin (BNB).
Binance also offers over 300 cryptos, including major cryptocurrencies and altcoins, with more being added every day.
Pros
- Buying fees are low for both non-instant and instant purchases.
- Offer a massive coin selection.
- Offer numerous additional services.
- You can choose from over 50 cryptos
Cons
- Sometimes not suitable for complete newcomers.
- It lacks phone customer service.
3. CoinSpot—Best for Multiple Cryptocurrencies
Coinspot is a reputable crypto exchange service based in Melbourne—offering crypto enthusiasts a safer and secure way of trading digital currencies, such as EOS. Users instantly purchase or sell Bitcoin or trade on the open market to speculate and earn profitability.
CoinSpot is a licensed, legitimate company with a highly regulated financial sector that controls the exchange to maintain adequate conduct and operations with investors funds.
The safety of user accounts is guaranteed by Australia’s strict new AML/CTF laws enforced by AUSTRAC that cooperates with Coinspot cryptocurrency exchange. The exchange also employs bank security measures to safeguard clients credentials and money.
Like the other crypto exchange services, the Melbourne-based service also features a 2FA authentication to add an extra layer of security for every user on the platform.
To create a user account with Coinspot, you’ll have to go through a registration procedure. First, look up the website, and press the ‘Register’ button at the top of the website. Fill out the form and click Create Account.
Coinspot exchange asks for an email address to verify users’ access to the provided email address. Verifying the email address completes the basic Coinspot account creation process, allowing you to login into your new Coinspot account and start trading.
Pros
- Users can buy directly in AUD.
- Deposits and withdrawals are charged at low or no cost.
- It’s easy to use, especially for beginners.
- Numerous cryptocurrency options.
- Compliant with AML/CTF regulations
- Additional services include a mobile app, over-the-counter trading, and SMSF support.
Cons
- Accessible only in Australia.
- Margin trading isn’t possible.
4. Digital Surge—Best for Ease of Use
Digital Surge is a cryptocurrency exchange in Australia that offers an unrivalled simple way to buy, sell, and store cryptocurrency. The platform strives to make crypto exchange as enjoyable and easy to comprehend as possible.
Digital Surge is a friendly, close-knit team based in Brisbane that aims to build transparency and trust within the cryptocurrency market by participating in several community events to raise awareness of the industry.
With a maximum charge of 0.5 percent for buy and sell trades, Digital Surge is one of the cheapest cryptocurrency exchanges in Australia. Their trading fees are the lowest when compared to other popular exchanges such as Swyftx (0.6 percent), CoinSpot (1 percent), and BTC Markets (0.85 percent).
Pros
- It’s ideal for beginners as the user interface is straightforward to use.
- The charges are low, and the cost structure is straightforward.
- Creating an account and trading takes a few minutes.
- You have access to price notifications, trigger orders, and recurring purchases.
- Customer care is available 24/7 via chat and email.
Cons
- The only option for fiat deposits is AUD which is a minor issue for Australians.
- You can’t use a credit card to fund an account
- Only BTC-AUD and ETH-AUD have a spot market.
5. Independent Reserve—Best for Excellent Customer Support
Independent Reserve is an Australian-licensed crypto exchange founded in 2013 that offers a safe and stable system to buy and sell 26 of the most popular modern currencies. It has expanded its service options to include crypto investors in New Zealand and South-East Asian countries such as Singapore.
Since the platform was established in 2013, Independent Reserve has earned the trust of over 200,000 people and 8,000 SMSF accounts by allowing them to purchase cryptocurrencies using Australian Dollars (AUD), New Zealand Dollars (NZD), United States Dollars (USD), and Singaporean Dollars (SGD).
Independent Reserve, unlike most competitors, has been certified in various countries, including Australia, Singapore, and New Zealand. As a result, customers can fund their accounts with fiat currencies such as AUD, USD, NZD, and SGD.
Users can change currencies, choosing which currency to pay with based on foreign exchange rates. It also features various payment methods, like bank transfer, PayID, and SWIFT for US and Singapore dollars.
Pros
- It’s fully compatible and AUSTRAC licensed
- Over 200,000 users and 80,000 SMSF Accounts trust the exchange.
- 0.5 percent trading fee that decreases with increased volume
- It has a reliable and simple user interface for instant buy/sell
- Excellent live support and tax tools available 24/7
Cons
- The use of advanced exchange with charting is far out of date.
- You can’t place orders or monitor your portfolio on the mobile trading app.
Buy EOS in Australia at Swyftx
Swyftx is a popular crypto exchange platform in Australia. It’s easy to use and accepts Demo Account, over 270 cryptocurrencies, different deposit options with zero fees, and Live Chat Support.
Swyftx uses a variety of internal wallet systems to manage and control Crypto accounts securely and safely when buying and selling, depositing and withdrawing.
Therefore, Swyftx is the best when you need to buy EOS in Australia—you can create an account, deposit funds in AUD, and buy EOS almost instantly.
