Setting up your first EOS account.

Here is the simplest (and cheapest) way to setup an account on EOS Mainnet.

Prerequesites

-At least 2 EOS tokens on an exchange
-A desired 12-character account name
-An EOS public and private key (this will act as the password to access your account).

How to check if account name is available?
Visit http://www.eosflare.io and type in your desired 12-character account name. The account can contain numbers and/or letters, but needs to have at least 12 characters. If you search for your desired account name and nothing is found, you are all set!

How to generate an EOS keypair?
It is much like generating a public/private key for EOS or Ethereum. There are many different resources to generate an EOS keypair. A few of my favorite resources that many I've found trust:
-https://nadejde.github.io/eos-token-sale/
-http://get-scatter.com/
-https://steemit.com/eos/@eosnewyork/securely-generating-an-eos-public-private-key-pair-using-official-eos-io-code (My personal favorite, but takes a little more effort).

Most importantly, you are the only one responsible for your own private key, so store it somewhere safe offline and don't expose it!

Now that you have your EOS account name picked out and an EOS keypair, here is how to generate the account:

-Send "2 EOS" to signup to signupeoseos, but include this transaction memo

your_desired_account_name-your_eos_public _key.

For example, if I wanted to register
an account named fluffypony11
And generated an EOS keypair with the address: EOS8iACVgkW6qy4o4MjySd413ntqDvx7dqB9jbEsg5n7giTZzBGii

The memo of the transaction would look like this:
fluffypony11-EOS8iACVgkW6qy4o4MjySd413ntqDvx7dqB9jbEsg5n7giTZzBGii

The way the signupeoseos contract will work is it will stake a minimum amount of EOS for BANDWIDTH and CPU when the account will created and will buy the neccessary RAM.

WARNING - Whatever excess amount of EOS sent to signupeoseos will be converted to RAM in the new account. So unless you want to speculate on RAM price, it is best to send the minimum amount necessary to create an EOS account -- which is currently around 2 EOS. EOS accounts will require 4KB of RAM to create. You can check current RAM prices at http://eosrp.io

You can read more about this new account creation tool at:
https://medium.com/coinmonks/create-your-own-eos-account-easily-using-the-non-service-fee-dapp-signupeoseos-b15c5347f2fc