How to Buy Neo (NEO)

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neo

NEO

$10.05*

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Neo is a direct competitor to Ethereum for creating financial products on a blockchain. It is often referred to as the "Chinese Ethereum" due to the Neo Foundation's base in China. Neo offers cheaper transaction costs compared to Ethereum. The platform also has a fund to support ongoing development. As a result, Neo presents an appealing investment opportunity for those who believe another cryptocurrency may eventually surpass Ethereum as the primary platform for decentralized applications (dApps).

Discover the world of NEO with our beginner-friendly guide! Learn how to buy NEO and make informed investment decisions in the cryptocurrency market.

How to Buy Neo (NEO)

Ready to invest in NEO? Follow this step-by-step guide on how to buy NEO safely and effectively.

1. Open an Online Account

In order to purchase NEO tokens, you’ll need to make an account with a crypto trading platform that supports the trading of the asset. Unfortunately, some major crypto exchanges like Coinbase don’t support the trading of NEO, but you can watch the price movements of the token on the Coinbase app. The most popular cryptocurrency exchanges that support NEO are eToro and Binance.

To create an account, you’ll need to provide the website or mobile app with information about yourself. The information you provide is for tax purposes, and it’s very similar to making an account with a stock brokerage. Some information you’ll need to is your Social Security number, address, email address and birthday. You need to verify your account by submitting identification documents to comply with the Know Your Customer (KYC) regulations.

2. Fund Your Account

Now that your account is ready for trading, you'll need to fund it by depositing fiat money or a supported cryptocurrency. Most trading platforms offer a variety of payment methods to facilitate this process, including transferring funds from your bank account, credit card, debit card and cryptocurrency deposits from external exchanges or crypto wallets.

To get started, choose your preferred payment method and carefully follow the platform's instructions for depositing funds. Make sure to enter the desired deposit amount and check for any applicable transaction fees before confirming the transaction, as these fees can vary based on the chosen payment method and platform policies.

3. Purchase Neo (NEO)

With a funded account, you can now start buying crypto. Go to the trade section of your selected platform. Search for NEO and select the option to buy. Enter the amount you wish to purchase. Review the transaction details carefully before executing the order. Once confirmed, NEO will be added to your portfolio. A confirmation email will be sent to you.

In a similar way to stocks, you can buy NEO as a limit order or a market order. Market orders purchase your NEO tokens at the market price which is determined by the highest bid and lowest ask in an exchange’s order book. Alternatively, you can buy your NEO using a limit order. Limit orders purchase NEO at a specified price you set when placing your order. If the market price dips to the price you’ve specified, the order will automatically purchase NEO at that price. 

What Is Neo?

Neo is a blockchain network that competes with Ethereum to provide a platform to build financial infrastructure on. Unlike Bitcoin, cryptocurrencies like Ethereum and Neo let developers build financial products directly on the blockchain. This eliminates the need for a centralized third party, making a financial ecosystem that is both trustless and permissionless. 

A trustless system means that there is no need to trust a third party to operate on your behalf. For example, you need to rely on a cryptocurrency exchange to hold your assets securely and continue supporting the cryptocurrency tokens you’re invested in. Instead of a third party controlling your assets, you control your funds with your crypto wallet and transact using code on Neo’s blockchain. This code is referred to as smart contracts, as they’re capable of handling assets on the blockchain. 

Neo’s network provides a permissionless financial system for anyone who can access the platform’s smart contracts. Unlike an exchange or bank, you can use a smart contract without having to gain “permission” by making an account or submitting paperwork. 

Brief History of Neo

NEO was initially released as Antshares back in 2014. The blockchain company is based out of China and is believed to be the first public blockchain to be developed in the country. In 2017, Antshares rebranded to Neo and quickly appreciated from sub $1 prices to almost $200 at its peak.

Da Hongfei and Erik Zhang are the co-founders of Neo. They operate the Neo Foundation, which is used to facilitate upgrades to Neo and aid in the adoption of Neo’s network. Currently, NEO is trading for around $9.28 and has a market capitalization of about $654 million, placing it at 88th spot in the top cryptocurrencies based on market cap.

The second token on Neo’s network is NeoGAS. NeoGAS is similar to Ethereum’s gas, but it’s not directly linked to the NEO token. NeoGAS is used to purchase computational power for transactions and smart contracts, “fueling” the network.

Where to Buy Neo (NEO)

Here are some platforms to consider for your NEO crypto investment. These platforms offer various features to help you get started. Make sure to evaluate each option based on your investment goals and preferences. Consider factors such as fees, user interface, and support services when making your choice.

How to Store NEO Coins Safely

If you don’t plan on actively trading your cryptocurrency, you should store your crypto assets on a dedicated crypto wallet. Storing your funds on a cryptocurrency exchange puts your digital assets at risk of being stolen, as hackers may be able to breach the exchange’s security. The two main types of cryptocurrency wallets are hardware and software wallets.

Software wallets are programs for storing funds on devices and offer more security than exchanges. Hardware wallets, which are physical devices that store crypto offline, provide the highest level of security for NEO tokens. Check out a few of our recommended wallets for Neo.

• Best hardware wallet: Ledger

Ledger is an affordable hardware wallet that supports a variety of altcoins. Its Ledger Live platform allows you to download applications for lesser-known crypto assets. Ledger offers two models of cryptocurrency wallets: the Nano S, which is the basic model focusing on security and simplicity, and the Nano X, which includes Bluetooth and a larger screen at a higher price. Both models support major cryptocurrencies such as Bitcoin, Ripple, Ethereum and ERC-20 tokens.

• Best software wallet: Binance Wallet

Binance Wallet is an exchange wallet that holds your crypto assets off the cryptocurrency exchange. If you choose to use Binance to buy and sell NEO, it’s a great option to store your cryptocurrency since it’s so convenient. Also, Binance is one of the few wallets that lets you earn NEOgas, which is deposited to your wallet on the second day of each month.

Trade, Sell or Convert Your NEO

If you plan on day trading your NEO, then you’ll need to keep your crypto on an exchange. You can’t trade cryptocurrencies from most crypto wallets, but some high-tech wallets let you exchange crypto using smart contracts. If you’re holding your NEO in a crypto wallet, you’ll need to send it back to an exchange in order to sell it. To transfer your NEO tokens from your crypto wallet, just enter your exchange’s NEO address in your crypto wallet and send it on its way.

Current Crypto Prices

To get an idea of how cryptocurrency prices are moving, check out some of the major cryptocurrency prices below.

Is Neo a Good Investment?

If you don’t think Ethereum will be able to scale in a timely manner, then Neo may be a good investment for you. Right now, Ethereum’s market capitalization is over 400 times more than NEO’s, and most blockchain developers use Ethereum to build smart contracts. Network effects are an important part of the blockchain industry, and it will be hard for any smart contract-enabled blockchain to replace Ethereum as a decentralized financial service provider.