EOS Day Trading 2024 – Tutorial and Brokers

EOS is one of the most popular coins used in day trading. EOS is more than just a cryptocurrency – it allows developers to build decentralised blockchain applications in the public sphere. Its scalability and support for thousands of commercial applications have helped see the value and price of EOS tokens steadily rise.

This page will cover everything you need to know about trading EOS, including facts about its blockchain technology, mining, wallets, and more.

EOS Brokers & Exchanges

#1 - eToro USA

Why We Chose eToro USA

eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 0.75%
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: eToro Trading Platform & CopyTrader
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

About eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

Pros

  • The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
  • A free demo account means new users and prospective day traders can try the broker risk-free
  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly

Cons

  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos

#2 - Pocket Option

Why We Chose Pocket Option

Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: N/A
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Web, MT4, MT5
  • Minimum Deposit: $50
  • Regulator: MISA

About Pocket Option

Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

Pros

  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Extremely fast and smooth sign-up process that takes less than 2 minutes

Cons

  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
  • Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
  • Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders

#3 - Uphold

Why We Chose Uphold

You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.

"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."

- DayTrading Review Team
  • Coins: BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Up to 1.5%
  • Crypto Lending: No
  • Crypto Staking: Yes
  • Platforms: Desktop Platform, Mobile App
  • Minimum Deposit: $0

About Uphold

Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.

Pros

  • Fees are competitive based on tests, with 26 underlying platforms helping to source the best prices
  • UK users can get the Uphold card with up to 2% cashback in XRP
  • Two-step authentication bolsters user security

Cons

  • There is a 2.49% fee if you want to use debit or credit cards
  • Uphold operates with limited regulatory oversight
  • The charting analysis features on the platform trail specialist exchanges

#4 - Sage FX

Why We Chose Sage FX

Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.

"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."

- DayTrading Review Team
  • Coins: BTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: TradeLocker
  • Minimum Deposit: $10
  • Regulator: Pending

About Sage FX

SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.

Pros

  • Low starting deposit from $10
  • High leverage up to 1:500
  • Fast withdrawal processing

Cons

  • Relatively narrow range of asset classes
  • Not regulated by any reputable body
  • Lacks educational resources and other extra features

#5 - Revolut

Why We Chose Revolut

Invest in 100+ crypto tokens using 30+ fiat currencies. You can buy, sell and transfer cryptos on the iOS and Android app. We like that traders can also choose to round up leftover cash from card transactions in crypto and use their crypto balance to make card payments.

"Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment."

- DayTrading Review Team
  • Coins: ZRX, 1INCH, AAVE, ALGO, AMP, ANKR, BNT, BAND, BAT, BTC, BCH, ADA, CTSI, CELO, LINK, CHL, COMP, ATOM, CRV, MANA, DOGE, ENJ, EOS, ETH, FIL, RLC, ICP, KEEP, KNC, LTC, LRC, MATIC, MIR, NKN, NU, NMR, OMG, OXT, OGN, DOT and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: 2.5% commission for standard profiles
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Own
  • Minimum Deposit: $0
  • Regulator: FINRA, SEC

About Revolut

Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.

Pros

  • 24/7 live chat support
  • Multiple deposit and withdrawal options including wire transfer
  • No inactivity charge

Cons

  • Relatively narrow product range
  • No advanced trading platform
  • No margin trading

Chart

What is EOS?

Definition

The straightforward definition is that EOS is a decentralised operating system, based on blockchain, that aims to support commercial decentralised applications. It looks to offer core functionality, so businesses can build blockchain applications much like you can create web-based applications. The overall objective is to be the most powerful infrastructure for decentralised applications.

EOS is, in fact, a direct competitor of Ethereum, who is currently considered the best application based protocol for building decentralised applications. However, EOS hopes to become a faster and more efficient version. Having said that, the EOS ICO actually supports Ethereum.

History

The company founder is Dan Larimer who is also the creator of Bitshares and Steem. Both cryptocurrency platforms are still active today. His proven track record has helped bolster EOS trading value and price.

EOS was introduced to the world at the Consensus 2017 with a peculiar ICO launch. Rather than the average two weeks, there was to be a year-long ICO and token dispensation period.

EOS Key Facts

Before you start day trading with EOS cryptocurrency, there are a few facts you should know:

Benefits

There are three notable benefits of the EOS trading platform and system, all of which have been detailed below.

1. Decentralised Operating System

Although this been touched upon above, it deserves some expansion. Developers just need to hold EOS tokens to build applications. Owning the coins gives you access to server resources, which is how you can use the EOS blockchain. However, note you do not have to spend the coins to use the infrastructure, you just have to prove you hold them.

If you run a Data Acquisition and Processing Program (DAPP) on the EOS network, it can interact with other Dapps. However, a firewall will be used to protect the Dapps. The interactions actually enable users to move around within the network so you won’t have to enter any login details on the blockchain. In fact, as a result of the integrations, you may not even realise you are using a number of Dapps.

2. Free Transaction Economy

One of the advantages, when you take EOS vs Ethereum, is that you do not incur the same fees. On Ethereum, you must pay gas costs when you conduct a transaction. Whereas the EOS platform does not. This will make adoption easier and is partly fuelling current price predictions.

The rules and precautions allow for uninterrupted functionality, keeping harmful software at bay. Whilst at the same time also preventing network servers turning against it.

In addition, a parallel processing mechanism promises greater scalability and faster transaction speeds. This all helps result in EOS being among the fastest blockchains.

Understanding these technical benefits will help you better understand prices, patterns and volume on your intraday charts.

3. Minimal Inflation

Inflation usually comes with negative connotations, leading to a decrease in the value of money. However, inflation means trading growth for EOS.

Inflation is self-sufficient and can only reach 5%. This level is small enough that it can trigger economic growth as the ecosystem develops.

Day trading with EOS and knowing when to buy and sell will be far easier if you understand why these attributes perhaps give it an advantage over other cryptocurrency systems.

Drawbacks

Before you find a cryptocurrency wallet and start day trading on EOS, forums, blogs, critics and the news have all highlighted a couple of drawbacks.

1. Trust

Some users question the founder’s previous success. As Tony Vays stated, “Dan Larimer has started several proof-of-stake based projects and they have all been shady in nature, both Bitshares and Steemit allowed insiders to create lots of tokens for themselves, and after that, the proof-of-stake nature of the project allowed those insiders to print tokens of value for themselves in perpetuity.”

Developing consumer trust is important in the cryptocurrency world. Negative news announcements can send prices plummeting.

2. Limited Technical Insight

In addition, Wayne Vaughn, founder and CEO of Tieron noted “The white paper does not go over any specifics and there is no code yet. So nobody can answer any specific technical questions.” Having said that, he does later concede “This is a team of people who have come forward, and they’re trying to build something that they think is innovative and that they want people to build new applications on top of.”

Yet despite current lack of technical depth, the ambiguity may only help to send charts into overdrive and drum up sophisticated trading ideas and strategies to profit from this mysterious cryptocurrency.

EOS Price Predictions

Making an EOS price prediction for 2024 is obviously difficult, but it appears that EOS day trading is likely to increase in volume. Most people agree there are promising opportunities for Dapp-based blockchain companies to flourish. There is currently little to suggest EOS won’t be one of those victors.

These forecasts make it an appealing proposition for both investors and day traders. Whilst prices could of course halt and then crash, the scalability of the platform and its current positive attributes seem to be attracting considerable attention. All of which is driving prices up.

In addition, the minimal IT infrastructure needs should help attract enterprise level clients. If the platform does attract these clients, there is a very strong chance the appreciation of tokens will be considerable.

What’s Next for EOS?

Regardless of the long-term outlook and strange year-long ICO, misinformation, fear of missing out and publicity is all likely to be a catalyst for intraday trade. The chance of overbidding on exchanges is also high, which may lead to serious price fluctuations. This could all provide switched on intraday traders with the opportunities needed to turn a profit.

For further crypto guidance and competitors, see our cryptocurrency page.