How to Buy EOS in the US – A Step-by-Step Guide
Many people believe that EOS will help create a new and better path for decentralized ecosystems and economies. EOS tokens have the potential to take cryptocurrency to new heights. Thus, it is natural that this cryptocurrency is attracting the attention of more and more people from all over the world, including people in the U.S. However, purchasing EOS tokens might not be all that straightforward for some of you out there. If you wish to know about how to buy EOS in the US, our guide will be very helpful.
Can US Citizens Buy EOS?
There are 3 option to get EOS tokens:
- Pick up EOS tokens on exchanges like Binance.
- Via the EOS ICO windows on Ethereum.
- Via the Exchange in the Exodus Wallet.
US residents are specifically barred from participating in the EOS token distribution, though circulating EOS tokens are available at any of the following exchanges. Just to make it clear, US citizens and residents are not technically supposed to purchase tokens via the ICO window (option 2), although it is possible by using VPNs.
You can also buy tokens directly on exchanges and remember to register them, for this you won’t need a VPN. The following exchanges support EOS tokens: Binance, Changelly, CoinSwitch, Mercatox, KuCoin, ShapeShift and Kraken.
Currently EOS is still being handled on the Ethereum blockchain as an ERC-20 token, but the eventual plan is to migrate it onto its own network. You’ll be able to take all of your tokens with you when that happens. The ERC-20 tokens will be swapped 1-to-1 for new EOS tokens. This is where you want your ERC-20 token wallet address to be registered. You can register the address through Block.One using a VPN, as has been suggested earlier.
Essentially you will have to get a set of public and private keys to the new EOS blockchain and run an Ethereum contract to link the EOS public key to your current Ethereum wallet.
Why Can’t US Citizens Buy EOS?
It was decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America. Block.One does not believe that the distribution of EOS Tokens or the EOS Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. EOS Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase EOS Tokens.
How to Buy EOS Coin in the USA?
Are you a US resident who is still looking for straightforward ways around these limitations? We might have a few cards in our pocket to help you with this challenge.
Exodus is a desktop wallet designed to give you complete control over your cryptocurrency assets. It aims to give you plenty of features to control an entire cryptocurrency portfolio, but it is designed for people who have never actually used an exchange. Since Exodus is a lite wallet, you never have to download the whole blockchain to your computer. It is compatible with the Windows (64-bit), Mac OS and Linux and it’s a free wallet.
So how can a US resident buy EOS:
- Download and install the Exodus wallet (if you don’t already have it).
- After installation of Exodus, click on Wallet and then Add More.
- Check off EOS.
- Return to Wallet.
- Fund the wallet by transferring some Bitcoin or altcoin to the Exodus wallet.
- Once the Exodus wallet is funded, click on Exchange in the Exodus menu panel on the left.
- On the Exchange menu, (top left) select the cryptocurrency you’re using to buy EOS e.g. Litecoin.
- Select EOS as the crypto you’re buying (top right).
- Enter either the amount of the crypto you want to use to buy EOS OR the dollar amount equivalent (USD) that you want to spend.
- Exodus will tell you how much tokens you will get.
- Click Exchange.
- Wait for confirmation and you’ll see the EOS purchase in your wallet.
These steps will be helpful for those using the MyEtherWallet. It gives you the ability to generate new wallets so you can store your EOS yourself, not on an exchange. This process happens entirely on your computer, not on their servers. Therefore, when you generate a new wallet, you are responsible for safely backing it up. MEW combines the ease of setup provided by online wallets while eliminating many of the vulnerabilities that come with storing your funds online.
- Install VPN software or browser add-on on your PC.
- Once you have the VPN, set your location to some other country except US or China.
- Now you can log into EOS.io and select Get EOS.
- Check all five boxes. I know, you are clicking a box that says you are not a US citizen, but this is for their protection, not yours.
- Scroll down and click register.
- Select MyEtherWallet.
- Click generate EOS keys.
- Save these keys somewhere on your PC. You are going to need the public key for MEW and you do not want to risk entering it wrong by doing it manually. You can also write them down or print them when you are done and delete the file to keep them safe.
- Connect your Trezor unlock it, select Ethereum and open your MEW wallet.
- Select Trezor again, follow the prompts and select the address you want to register.
- Now click on Unlock your Wallet.
- Click on Contracts at the top of the page.
- Now, where it says “select a contract…” click the down arrow and choose EOS: Contribution. Now Click the Access button.
- Scroll down and click on “Select a function”. Now select Register in the drop down menu. It is close to the bottom.
- Enter your new, EOS PUBLIC key in the key string. It also asks, just below and on the same page, “how would you like to access your wallet?” Select Trezor again and then click on connect to Trezor.
- Select the same address you have been working on and then click the Write button.
- Leave the two fields as they are, amount to send 0 and gas self populates. Now select Generate Transaction.
- Confirm and continue on your Trezor. Then select Generate Transaction.
- Click on Yes I’m sure.
- That’s it, you are done.
And the last option for US citizens willing to own some tokens is via the multiple exchanges that sell it. Check our step-by-step guide to select the best exchange match.
The EOS platform is certainly one of the most promising blockchains in the world. Naturally, EOS tokens are getting more and more fans around the world. But due to complicated bureaucracy, it was banned in the USA. It might be difficult to buy tokens if you are from US, but nothing is impossible.