A number of cryptocurrency trading exchanges have announced their What are "support levels" in trading? A support level is a... More of the so-called EOS token swap on June 1 2018, whereby your EOS tokens that are currently still on the Ethereum network will be transferred to the new EOS MainNet that is set to launch on June 2, 2018. If you do not hold your EOS or eosDAC ERC20 tokens with a supportive exchange, you need to register your Ethereum address with an EOS public address to receive the coins on the EOS network.
Countdown to MainNet
The EOS MainNet is scheduled to go live within 3 Days, 5 Hours and 5 Minutes at the moment of writing this news. At exactly 22:59:59 UTC on June 2nd, EOS tokens will become frozen on the Ethereum blockchain and the MainNet launch will occur shortly afterwords. Traders have been advised to either move the tokens to an exchange supporting the EOS token swap before June 1 or registering their EOS tokens.
Important Notice for EOS Token Holders on Ethereum Address Registration https://t.co/arB5kQjpjT
— EOS (@EOS_io) May 29, 2018
Big cryptocurrency exchanges supporting the EOS token swap
On June 2, EOS will go from Ethereum to the EOS MainNet chain and Kraken will fully manage the token swap involved in this transition. Clients with EOS balances in their Kraken accounts do not need to move these tokens or do anything else. #EOS #eosio https://t.co/VMTcO8TUY6
— Kraken Exchange (@krakenfx) April 25, 2018
As we noticed before, we are supporting EOS Token Swap.
For Bithumb members, if EOS is deposited in Bithumb account, all procedure will be automatically converted on the basis of 1:1 ratio. Regarding this, please refer to the notice on our website. 😀
— Bithumb (@BithumbOfficial) May 28, 2018
- Binance – EOS deposits and withdrawals will be suspended from May 31st, 0:00 am (UTC) and the swap will be initiated. The exchange also added two more trading pairs for EOS: EOS/BNB and EOS/USDT
Binance Will Support EOS MainNet Token Swaphttps://t.co/D6bAH5lOgl
— Binance (@binance) March 12, 2018
- Bitfinex exchange updated all users recently with the following message
Update on EOS MainNet Swap: https://t.co/3RwZU6syIw
EOS ERC20 tokens will be frozen by https://t.co/5cR6N7xxeV June 2nd, 22.00 UTC. Bitfinex will freeze deposits & withdrawals 30 minutes before this, re-enabling transactions once the network is deemed stable. pic.twitter.com/HdbifuPZ9X
— Bitfinex (@bitfinex) May 29, 2018
- Kucoin exchange made the announcement via its twitter page and gave similar instructions of halting withdrawals and deposits on the 31st of May.
KuCoin Will Start EOS MainNet Token Swap Soon
— KUCOIN (@kucoincom) May 26, 2018
Smaller exchanges followed announcing their support of the token swaps, such as
- BigONE exchange
Exchanges are charging for the token swap
It is worth noting that most exchanges are charging between $30 and $40 for this token swap. Traders seeking to control the fee have been taking their tokens off exchanges and managing the swap offline or have been trying to negotiate with exchanges such as the Italian EOS community with Kraken here:
Yes, ok, but please 2 eos to deposit eos on kraken is a fraud 30$ !!!!! You need to reduce to 0.5 eos at least —> do something fair instead to make unsane profit! 👍🏻✌🏻
— EOS Italy 🇮🇹 – Official Community (@EOS_Italy) April 26, 2018
Avoiding the token swap via CFD brokers offering EOS
Traders who are interested in trading EOS can avoid the token swap by using so-called contracts-for-difference (CFDs) which are safely regulated in the EU and forbidden in the U.S.
Among the largest CFD brokers offering EOS are
- EXANTE (offers EOS at $0.1 What are trading spreads? In online trading, spread is the d... More) and
Disclaimer: Trading is risky. This news article does not constitute financial advice. It is recommended to learn to trade and invest to make your own decisions or seek independent advice.