How to Buy EOS in Canada
Buy and sell EOS in Canada easily with Netcoins.
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“EOS wants to be a bigger, better, faster version of Ethereum.”
EOS is owned by an organization called Block.one. In May 2017, the whitepaper for EOS was released but it wasn’t until June 2018 when EOS was launched. Although it’s Dan Larimer (a software developer) who is typically most associated with EOS, Brendan Blumer is the CEO.
The goal of EOS is to create a platform where big businesses can run their operations and applications without worrying about slow speed (since the network can run thousands of transactions per second). If you are wondering how to buy EOS in Canada, Netcoins is a publicly owned, fully regulated crypto trading platform based in Canada. With 0% funding fees, free cash withdrawals, and live customer support service seven days a week, we make it simple for Canadians to buy EOS and other cryptocurrencies.
Buy EOS in 3 steps
Create an Account
Provide some personal details and get verified in minutes through our automated KYC process.
Fund It
Fund your account with a crypto deposit, Interac e-Transfer, or bank wire transfer.
Start Trading
Buy and sell as little as $10, or up to $10 million with no slippage due to our deep liquidity.
Why Netcoins?
Rapid Transaction Times
Fund and withdraw quickly. Buy and sell instantly. Get your money in and out easily.
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Get verified at lightning speed with our automated KYC process. Get to trading bitcoin as soon as possible.
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What Is EOS?
EOS is a platform that allows developers to build decentralized apps (or DApps). The aim is to make it as easy as possible for developers to innovate upon it. Not only that, but EOS also focuses on solving the scalability issues that exists with blockchains and improve the user experience for big businesses. That’s why there are many resources available for developers to build upon the EOS network.
Although the EOS blockchain does not offer significant changes or innovations to the average person, it helps developers build projects on top of this network in an easier way than the Ethereum blockchain does.
What’s the Difference Between EOS & Ethereum?
The EOS platform, like the Ethereum platform, lets people build and run decentralized apps (known as dApps). However, EOS seeks to be like Ethereum but for big businesses. For this reason, it can process transactions at a much faster rate than Ethereum can. Although this is an important distinction, there are also other differences worth mentioning.
Ethereum has an unlimited supply of ETH it will produce – though they have started to burn tokens as a way to make ETH a deflationary asset. EOS on the other hand has a total supply cap of 1 billion with a yearly inflation set to 5%.
Additionally, Ethereum uses “Proof-of-Work” (PoW) to verify transactions while EOS uses “Delegated Proof-of-Stake” (DPoS). Proof-of-Work is the practice of creating a complex mathematical computation (like a puzzle) that needs to be solved for a transaction to be confirmed. Whereas DPoS allows anyone holding EOS tokens to vote on who you should confirm the transactions. Those who get voted on then can confirm transactions and earn rewards. This helps ensure that block producers perform their job well or else another block producer will get elected.
Finally, the community is committed to increasing the education around EOS and open-source code which can be a huge incentive for developers. As developers seek out EOS as a better alternative to developing dApps, we could see adoption of EOS continue which could increase the value of EOS over time.
Related article: Three ways to make your crypto assets work for you here.
Why Buy EOS?
For starters, EOS has ambitions to be better, faster and bigger than Ethereum. While Ethereum’s network can handle around 15 transactions per second, EOS is hoping to increase this to millions of transactions per second -which is more than even VISA handles. Plus, there are no fees to send or receive EOS.
EOS provides businesses with the ability to build blockchain solutions similar to the way that web applications can be built. Although there seems to be potential for EOS, it is still in its infancy. Here are four more reasons why people buy EOS.
EOS has an experienced team. It was launched by Dan Larimer, who is also the founder and creator of Bitshares and Steem. The CEO is entrepreneur, Brendan Blumer.
Offers smart contract capabilities.The EOS network can process fast and free transactions. It also allows smart contracts and decentralized applications (known as dApps) to be built on top of it.
Offers Free transactions. EOS transactions are free. That’s because if you owned a 2% stake in EOS coins, you would basically own 2% of the network (and its computing power to process transactions).
Has fast transaction speed. EOS is aiming to process millions of transactions per second. If successful, this would solve a big problem in the blockchain space as many can’t perform transactions this quickly!
How Much EOS Can I buy?
You don’t need to buy 1 entire EOS coin to get started! You can buy fractions of an EOS coin. In fact, the smallest unit of EOS is 0.0001. Many beginners start their journey by accumulating small amounts of EOS coins. You can start as small as $10, or invest up to $10 million with Netcoins. It’s completely up to you!
What are the next steps for EOS?
EOS is still very much in its early days and performing well. If it can continue to pursue improvements and work on its mission to process millions of transactions per second, it could be difficult for Ethereum to compete with EOS in the future for number of transactions.
2022 will tell how well the EOS blockchain will perform. It will be an exciting year for EOS and many other cryptocurrencies so remember, you can get started by buying as little as $10 worth of EOS tokens.
Related article: The Pros and Cons of Day-Trading vs. Long-Term Crypto Investing Here.
This post is for informational purposes only. For proper financial advice, we recommend you speak to a financial advisor.
Frequently Asked Questions
Why buy eos?
Buying EOS can be a good way for investors to diversify their portfolio by having non-traditional assets mixed in with traditional assets.
People invest in EOS for three main reasons:
- EOS provides big businesses with the ability to build blockchain applications (similar to building web apps)
- There are no fees for sending or receiving EOS coins
- EOS supports thousands of commercial-scale dApps without running into bottlenecks (this could mean outcompeting Ethereum in the long-run)
EOS is still very much in its infancy and will continue to fascinate investors in the coming years.
How much eos tokens should i buy?
A common misconception is that you have to buy 1 entire EOS, but you can actually buy fractions of it. You can start off with as little as $10, or invest a certain % of your wealth.
Many beginners start off by dollar-cost averaging in, which is the practice of putting in a set amount of money towards EOS in regular intervals (for example $100 every month).
Why is KYC (Verification) required?
As a Money Service Business (MSB) registered with FINTRAC, we are required to have a Know-Your-Customer (KYC) process and compliance program in place.
KYC is a process that allows us to verify the identity of our customers, as per Canadian regulations.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process.
If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business in Canada.
How can I fund my account?
Your Netcoins account can be funded with a cryptocurrency deposit, Interac e-Transfer, or a bank wire transfer.
Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy EOS in Canada.
Can I send my crypto to an external wallet?
Yes, you can either keep a crypto balance within your Netcoins account or withdraw it into your own external wallet. While FIAT withdrawals are free, there is a small withdrawal fee associated with crypto withdrawals.