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Moving EOS from an exchange into your EOS account

Rohan Abraham10 APRIL 2019

Why hold EOS on your own EOS account instead of an exchange?

The main reason is to control your EOS tokens. In addition, there are two main areas:
- Getting REX benefits
- Getting airdrops
REX is the new system level contract wherein existing token holders get paid system fees (RAM fees, namebids and fees earned on renting out their spare EOS tokens). Airdrops are free tokens given to EOS accounts by projects trying to market themselves and make themselves accessible to EOS holders.

What do I need to create a new EOS account?

You need two things if you already have an EOS balance on an exchange:
1. Pick an EOS account name
2. Generate a secure EOS Private Key and EOS Public Key

An account name is unique to you and can not be deleted from the EOS mainnet. The keys can be changed anytime but you have to retain the key. Fortunately those two steps can be generated and verified on this link https://eosauthority.com/wallet.

How long does it take?

The whole process to create an account takes less than 5 minutes. The speed of transfer from the EOS exchange to the signupeoseos account could vary.

How does this work?

To create an EOS account there is a cost involved in buying RAM and staking a little for CPU/Net to make the transactions. Essentially you make a small transfer (usually less than 1 EOS) to an EOS contract account signupeoseos and it creates the account for you.

Q: Can I register by a simple transfer operation or withdrawing from exchanges other than Bitfinex?
Yes, basically a normal EOS transfer would also work. As for withdrawing from some other exchanges such as “huobi”, there might be uppercase character restriction for the MEMO field, which is not supported for now.

Q: Is there a service-fee charged by “signupeoseos”?
No. “signupeoseos” is a DApp and you can check the details on the EOS network.

Q: Is the service “signupeoseos” run by EOS Authority?
No. “signupeoseos” is a DApp used by EOS Authority, the code is available on Github.

Q: Will I lose my EOS if I transfer inadequate EOS?
No, unsuccessful registration will fail the entire transfer transaction and you will not lose any EOS.

Q: What if I transfer more EOS than necessary?
All additional EOS will be used for purchasing EOS RAM for you newly created account. User will not lose any EOS.

Q: What if I fill in the wrong format in the MEMO field during the transfer?
If the MEMO comment format is incorrect, it will fail the entire transfer transaction and you will not lose your EOS.