There are a number of places where you can buy EOS in the UK…
But it’s easy to get ripped off if you’re not paying attention.
In this quick guide, I cover the best places to buy EOS in the UK with GBP (and various payment methods).
Summary: Best Places to Buy EOS in the UK
Here are the best places to buy EOS in the UK:
|Provider||Payment Method||Fees (Approx.)|
|Coinbase (Advanced)||UK Bank Transfer||< 1%|
|Kraken||UK Bank Transfer||< 1%|
|CoinJar||UK Bank Transfer||1%|
|CoinJar||Credit & Debit Card||2%|
|Crypto.com||Credit & Debit Card||2.99%+|
Without a doubt, Coinbase (via its Advanced UI) or Kraken are two of the best cryptocurrency exchanges in the UK where you can buy EOS. On both of these crypto exchanges, you can also buy a growing number of other cryptocurrencies at the real exchange without paying high fees.
Want something a little different?
CoinJar allows UK residents to easily and quickly buy EOS and a growing number of other cryptocurrencies with a UK bank transfer (without paying extortionate fees).
Scroll down to learn more about your best options.
How to Buy EOS in the UK
Coinbase is one of the cheapest places where you can buy EOS in the UK.
When you buy or sell cryptocurrencies through its Advanced Trade interface (that can be quickly toggled on and off), you’ll pay a maximum trading fee of 0.6%.
And in 2022, you can deposit GBP into Coinbase using a UK bank transfer for FREE. The first time you deposit GBP into Coinbase might take a few hours, but thereafter I’ve found that GBP I transfer over (from the same bank account) is credited within minutes – as it has supported Faster Payments (FPS) for years.
There’s just one small complication…
There’s currently no EOS/GBP trading pair on Coinbase’s Advanced Trade interface. This means that you can’t DIRECTLY buy EOS with GBP.
Coinbase (Advanced Trade) currently has 3 EOS trading pairs:
Is this a big problem?
It’s not ideal, but it’s not a huge issue. It just means you’ll have to waste a few extra minutes. Here’s the process:
Head over to the website to check it out yourself.
Kraken is another great way to buy EOS in the UK.
It supports free GBP deposits via UK bank transfers, with Faster Payments support – which reduces the time it takes for your money to arrive with Kraken.
Fees are low too. When trading cryptocurrencies, you’ll pay up to 0.16% if you’re a market maker or up to 0.26% if you’re a market taker.
CoinJar makes it simple, quick, and easy to buy EOS and a growing number of other cryptocurrencies DIRECTLY with GBP in the UK.
You can deposit GBP into CoinJar with a UK bank transfer. This is FREE and FAST. After making the initial transfer from my bank to CoinJar, I’ve found that subsequent deposits are being credited within minutes.
Once you have money in your CoinJar account, you can then buy EOS or any other cryptocurrency for a 1% fee.
Alternatively, you can buy EOS instantly with a credit or debit card. While it’s a bit more convenient, you will pay twice as much in fees (2%).
While CoinJar is more expensive than using a cryptocurrency exchange, it’s much more beginner-friendly.
Crypto.com has recently been making a big push in the cryptocurrency space.
They’ve added loads of new features over the last 12 months and attracted millions of new users.
You can deposit GBP with a UK bank transfer for FREE and then use your GBP balance to buy EOS and any other cryptocurrencies. You won’t pay any explicit fees when you do this, but the exchange rate is more than 1% higher than it should be.
You can also buy EOS with a debit card or credit card using the Crypto.com app. This is processed instantly, but you’ll pay 2.99% for the convenience. As mentioned above, keep in mind that the exchange rate you’re quoted will also be higher than it should be (1%+).
What is EOS (EOS)?
EOS is a decentralized, blockchain-based operating system that aims to run industrial-sized decentralized apps (dapps) without any transaction fees.
Once completed, the development team claims that EOS will process over a million transactions per second (TPS), solving one of the biggest problems in the blockchain/cryptocurrency sphere: scalability.
By comparison, the Ethereum (ETH) network can only process up to 20 TPS. For context, the Visa network processes just over 1600 TPS.
But why would someone hold the EOS token?
Unlike Ethereum (ETH), Cardano (ADA), and other smart contract networks, EOS doesn’t have a fee structure. Instead, access to the EOS.IO network and its computing resources depends upon how many EOS tokens a user holds.
The number of EOS tokens you hold can be thought of as how much of the network’s resources you own and can use.
This model is unique and does solve the issue of large transaction fees. However, it can provide a significant barrier to entry to small-time users who don’t have the resources to purchase enough EOS to leverage the power of the network.
Because of this, EOS is strongly geared towards commercial dapps and not hobbyists.
In May 2021, Block.one – the company that created the network – announced they were stopping all work on EOS and focusing their efforts on developing a hybrid exchange called Bullish.
Bullish will include aspects of both a centralized and decentralized exchange and focus on legal compliance issues for institutional investors. Originally, Block.one said Bullish would run on the EOS.IO system, although it is unclear if this is still the plan.
I recommend checking out this video to understand a bit more about this project:
Yes. However, the network is nowhere near 1 million TPS and currently achieves around 1,000 TPS.
The EOSIO uses a consensus mechanism called delegated proof of stake (DPoS). Unlike Bitcoin (BTC) – where transactions require full consensus – DPoS uses a democratic process to choose the next block creators.
While DPoS is faster, it has clear centralization issues. Check out this page for more details.
Best EOS Wallets
If you buy EOS in any of these places, you can leave it with them.
This is easier and more convenient, as it means you don’t have to think much about keeping your EOS safe.
However, there are lots of non-custodial (i.e. wallets YOU control access to) EOS wallets out there.
Here are just a few options I like:
- Anchor Wallet (Desktop & Mobile Wallet)
- Atomic Wallet (Desktop & Mobile Wallet)
- Ledger Nano S (Hardware Wallet)
- Trezor Model T (Hardware Wallet)
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