Wombat Tutorial - How to Buy your first EOS

Author: Fauve Altman

What are EOSIO and EOS?

EOSIO is a blockchain protocol designed for fast, free, and secure applications. EOS is a popular blockchain that uses the EOSIO protocol; it’s also the name of the blockchain’s system token. Apps running on the EOS blockchain (so-called decentralized apps, or dApps) often require EOS tokens. So, now, we want to buy EOS to be able to interact with dApps built on the EOSIO blockchain protocol.

How can you buy EOS? Yes, the task of having to buy EOS may seem as tough as climbing Mount Everest backwards, but try not to worry too much, we’ve compiled a step by step guide that will hopefully simplify this challenge. There is a first for everything and everyone. We’ve got you.

Step 1 - Create Coinbase Account

First and foremost, create a Coinbase account. Coinbase will ask you to go through an identification verification and a bank account verification, altogether the verification process is variable in time depending on IDs and banks. You can expect to get your ID verified within a couple of minutes and your bank account within 2-3 bank days. Be sure to have a national ID, drivers license and/or a passport.

I highly recommend to connect it to a credit card rather than to your online bank with wire or SEPA transfers, as this will lengthen your process every time you wish to buy any token. With your credit card linked to your Coinbase account your purchases will be immediate. However, fees vary depending on location and payment method.For example, instant buys in Europe via credit card cost up to 3,99% whereas bank transfers are for free.

Step 2 - Buy EOS

Once all your account and ID verification have been done, let’s buy some EOS. Honestly, you’ve gone through one of the hardest parts: opening your Coinbase account and getting it verified. Now this is done, you’ve broken a sweat, the easy stuff is awaiting you. To buy EOS, simply go in your Coinbase account, you’ll see a tab Buy/Sell, click on it and it will bring you to a page where you can select to Buy or Sell cryptocurrencies.

The default cryptocurrency to buy is Bitcoin - simply select the cryptocurrency you wish to buy, in this case it will be EOS. Then select the payment method, credit card as mentioned in the previous step. Now, select how much you'd like to buy for, I would suggest a minimum of 8 USD or 7 EURO to be sure you have the minimum of 1 EOS to send your EOS to your Wombat EOS account.

Step 3 - Check EOS Balance

You’ve bought EOS through. Now you’ll see the EOS value you have in Coinbase like such:

Step 4 – Find your EOS account name

Now, you’ll want to send the EOS you bought from Coinbase to your Wombat wallet.  

Open your Wombat app, you’ll see a wallet logo in the bottom navigation bar, click on it and then you’ll see your account name at the top of the screen, your EOS value and two buttons: Send and Receive.  

Select the receive button, since you want to receive the EOS from Coinbase to your Wombat app. Now, this is the screen you’ll see: 

Your EOS account name is the one on top of the square bar code (in this case: ctrlaltf4152).

Your EOS account name is the one on top of the square bar code (in this case: ctrlaltf4152).

Now, you’ll want to send the EOS you bought from Coinbase to your Wombat wallet.  

Open your Wombat app, you’ll see a wallet logo in the bottom navigation bar, click on it and then you’ll see your account name at the top of the screen, your EOS value and two buttons: Send and Receive.  

Select the receive button, since you want to receive the EOS from Coinbase to your Wombat app.Now, this is the screen you’ll see: 

Step 5 – Select the amount

Back to Coinbase you’ll have to click the send button, which will ask you if you want to send all EOS from your account or only a certain amount, this is up to you. After this, Coinbase will ask you to enter the EOS account email or EOS account address you wish to send it to, this is where you’ll need to enter your EOS account name (ctrlaltf4152). Coinbase will ask you if you want to add an EOS memo, that is only needed if you are sending to an account that isn’t yours, just like a bank transfer message. Currently it is for free to send EOS token to your Wombat wallet.

Step 6 – Send EOS

Click send and you are done! You’ve bought EOS from Coinbase and sent it to your Wombat account. Good job! Go check your Wombat wallet. If you don’t see your EOS you may have to refresh the wallet view. The first time is always a bit scary, but don’t worry, the next times will be a piece of cake and if at any time in the process you are unsure of what you are doing, then look at Coinbase support page which is very helpful, or reach out to our team. Additionally, Wombat will soon offer an in-house solution for you to buy EOS and other cryptocurrencies with your credit card. So, sign up to our mailing list to be the first to know.

Security Reminder

Remember, never leave coins or tokens on an exchange. If you use an exchange platform to buy EOS like the ones mentioned above, make sure to withdraw your coins from that exchange into your own personal wallet. Therefore, you are protected if the exchange gets hacked or becomes insolvent.

Disclaimer: Coinbase is used in the following tutorial since we are an affiliate partner with them.