Went to buy some EOS today, and as I was checking my options, I realized https://changelly.com/ supports EOS now!
So what I did to handle the transaction was I bought some DASH on Bittrex, sent the Dash into the Changelly transaction, and got an output of EOS into my Metamask wallet which already has the EOS key registered.
I am not sure I saved a dime, but I certainly saved 40 minutes of hassle and multiple transactions, with the risks of something going wrong like Bitfinex not confirming a deposit or withdrawal. Had I used bitcoin at all I may have done worse because network fees are ridiculous these days. (Exodus wants to charge $23 to send Bitcoin!)
To buy EOS on Bitfinex, first I would have to send my Dash to Bitfinex. Then I would have to wait for a confirmation of my transaction at Bitfinex. Then I would have to sell my Dash for Bitcoin. Then I would have to use Bitcoin to buy EOS. Then I would have to withdraw my EOS into my Metamask wallet.
With Changelly, it turned that entire process into 1 step. Send my Dash to the Changelly address they give, and then I can walk away and forget about it. The final conversion was 8.758 DASH for 1,026.22121764 EOS.
My Dash was trading for 198.00 USDT on Bittrex. So my EOS pricing would be $1.689 per EOS which is competitive. It is not a steal but I am fine with it in this case. If I wanted to penny pinch, I wouldn't bother being in crypto anyway since network fees are getting absurd with Bitcoin, and coinbase charges something like 4% to convert to cash.
Anyway, it's a decent alternative I think, considering the speed and less hassle. Increasingly, I am noticing how doing things with crypto trades can often result in multi-hour processes of hopping funds between exchanges, and then hitting a bottleneck with a wallet systems being disabled on an exchange or a deposit not confirming in time. Worst case, this could land you in a customer support ticket, and your funds could be frozen for days (weeks on poloniex).
I also should mention Exodus does a conversion in their wallet system, which I aught to try sometime. I just did not try it this time because my Exodus EOS key is not registered.
G'day. I bought some EOS directly through Coinspot. Only a couple of hundred bucks worth but the rate seemed ok?
Easy transaction but I do remember when I initially set up the account it was a big job with all the security.
Any expert advice - good or bad? - is this the way I should have done it?
I never used coinspot. Would just suggest checking the prices against coinmarketcap.com to see if the price was ok when you bought it.
Great advice. Exodus wants to charge 23$ for Bitcoin transactions? That is simply ridiculous
Thank you for the heads up on this as it will make it a lot simpler.
I agree the BTC fees are insane right now and I wonder if this is the new norm with BTC so high. Ugh
I've used the exchange feature on Exodus and was very pleased. It was quick and incredibly easy. I exchanged BTC for EOS as soon it became available on their wallet through Shapeshift and also converted some Dash to EOS. Both transactions went very smoothly.
The Exodus conversion within EOS worked well and was cheaper than participating in the distribution as our friend SirKnight mentioned previously Ted. Assuming that when the time comes we will be able to simply transfer them into an EOS wallet. CN.
Super easy in exodos, however I dont have that key registered with eos either
I like Changelly a lot, sometimes the rates are better than in shapeshift. I see the need for a google account as a plus as I can secure it with my Trezor and get a little more anonymity and still register my transaction history. I'm a swing trader so getting into exchanges is a pain in the ass and of course "not your keys, not your crypto"
An excellent post @crypto-investor and to be honest I was thinking the other day how silly these exchange fees are. Thanks for sharing.
One reason I like Dash. Check out their fees on Exodus, was like 15 cents or something. Transactions are almost instant with it, faster than Ethereum or Bitcoin.
I'm on it @crypto-investor and this is going to save me and everyone a small fortune. Awesome post! :-D
so much to learn and why i am also following you now
i have no experience of using changelly before how is it
what do you recommend about their customer support is it good ??
Never used their customer support. I might suggest trying Exodus first, and seeing how that exchange works for you. Changelly is something to be aware of, though just for simplicity sake.
And Exodus does it support steem and Sbd ?? heard it for the first time
Hi! Newby here. Can you please explain what you mean about registering your EOS keys? Thanks!
In June 2018, EOS holders who have not performed the EOS key registry transaction on the Ethereum blockchain will lose their tokens. This happens because EOS will launch its own blockchain apart from the Ethereum blockchain. They warn about this in their documentation.
I am holding eos tokens in a local wallet from freewallet.org. How do I register my eos tokens? Thanks
Thanks for the tip on Metamask and pointing out the issue with Exodus. Every scrap of information sends us "back to the drawing boards" to figure out what's going on here. All my EOS has come via conversion within the EXODUS exchange, does that necessarily mean I do not possess the private key?
Exodus lets you extract the Ethereum private keys for your EOS (maybe even the EOS keys?) There is an Exodus guide to registering your EOS keys.
http://support.exodus.io/knowledge_base/topics/ive-received-eos-tokens-in-exodus-how-do-i-register-them
This turned out to be valuable information that I still might not have bumped into, thanks!