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EOS Day Trading 2023 – 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
  2. Uphold
  3. Sage FX
  4. World Forex
  5. Revolut

#1 - eToro USA

eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

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

- DayTrading Review Team
  • Crypto Spread: BTC 0.75%
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

About eToro USA

eToro is a social investing platform that offers 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, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.

Pros

  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
  • A free demo account means new users and prospective traders can try the broker risk-free
  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly

Cons

  • Narrower range of instruments than some competitors
  • No MetaTrader 4 platform integration
Visit eToro USA

#2 - Uphold

I found that 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.

"I opened an Uphold account, tested every inch of the platform and what stands out for me is how convenient it is for accessing the crypto markets. I can buy, trade and transfer over 250 digital tokens in a few clicks. It is a one-stop-shop for crypto investors."

- DayTrading Review Team
  • Crypto Spread: Up to 1.5%
  • Crypto Lending: No
  • Platforms: Desktop Platform, Mobile App
  • Crypto Staking: Yes
  • 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

  • UK users can get the Uphold card with up to 2% cashback in XRP
  • I am reassured that Uphold is 100% reserved, helping to protect client funds
  • Over 250 cryptos are available including major tokens like Bitcoin and Ethereum

Cons

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

#3 - 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
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: TradeLocker
  • Crypto Staking: No
  • 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

  • Bonus offers and trading competitions
  • Ability to deposit and withdraw via Bitcoin
  • Prop trading accounts with multiple funding tiers

Cons

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

#4 - World Forex

Traders can access CFDs on crypto assets through World Forex's dedicated W-CRYPTO accounts, which offer leveraged cryptocurrency trading with spreads from zero. We rate that you can trade on 10 cryptos paired with the USD and EUR, while crypto-crypto pairs are also available.

"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."

- DayTrading Review Team
  • Crypto Lending: No
  • Platforms: MT4, MT5
  • Crypto Staking: No
  • Minimum Deposit: $1
  • Regulator: SVGFSA

About World Forex

World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

Pros

  • MT4, MT5 and a proprietary trading terminal
  • Swap-free account available
  • Several different account types with varied pricing structures

Cons

  • No negative balance protection
  • Withdrawal fees apply
  • Weak regulation
Visit World Forex

#5 - 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
  • Crypto Spread: 2.5% commission for standard profiles
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • 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

  • Send money to 200+ countries
  • Secure trading environment & login protocols
  • No inactivity charge

Cons

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

Chart

EOSUSD Chart by TradingView

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 2023 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.