How to Buy NEO (NEO)
NEO is a Chinese cryptocurrency that was launched in 2014. The NEO network offers users the ability to create smart contracts and digital assets. This virtual currency was designed to generate a smart economy system based on a distributed network. If you are wondering how to buy NEO, here is everything you need to know.
There are several ways to purchase NEO. These include purchasing the cryptocurrency via a trading platform, such as eToro. Other options include bank wire or using a brokerage service. Before you buy the currency, you will need first to choose one of these methods.
In the section below, we give you a little more detail about the different options you have to buy NEO, as well as how to choose the right platform or service for the job.
Trading Platforms or Exchanges
The most convenient way to buy NEO is on an exchange like eToro. However, you cannot withdraw the cryptocurrency if you use eToro, which means you may only purchase and sell NEO in fiat currency. However, there are several cryptocurrency exchanges on the market, so it is helpful to consider the following before you choose an exchange:
You can finance your trading account on an exchange with a variety of payment methods in order to purchase Neo. Each trader, though, has a preference that offers them greater convenience. Therefore, you should look for an exchange that accepts your preferred method for making payments and withdrawals.
The costs for transactions differ from one platform to another. Some even incorporate additional fees, so it's critical to compare prices across sites before making your choice.
However, your choice should not be based entirely on transactional costs because some exchanges charge higher rates in exchange for exceptional security, so be sure to look at the platform holistically.
The perfect platform should be simple and easy to use, even for newcomers. Determine whether the platform's operations are simple and that help is available when needed. Customer reviews can assist you in determining whether a platform is suitable for your level of expertise or not.
Scams using cryptocurrency are not uncommon, and you could be a target. Every trader should look for a reliable cryptocurrency exchange that is entirely transparent in all aspects. To make sure everything is legal, double-check the platform's registration and regulatory information, as well as the proprietors and platform addresses.
Where to Buy NEO
NEO, like many other cryptocurrencies, soared in 2017, gaining a market worth in the billions and establishing itself as a top ten cryptocurrency (by market cap). Moreover, NEO is the most recent addition to eToro’s ever-growing cryptocurrency roster, joining the likes of Bitcoin, Ethereum, XRP, Bitcoin Cash, and others as we continue to provide our clients with a single platform to manage all of their online trading and investment needs.
Buying and selling NEO on eToro is much like buying and selling any other asset, and it can be done through its web trading platform or mobile app.
Step One: Open an Account
To buy NEO tokens, you’ll need to sign up for an account with a crypto trading platform, such as eToro, that allows this type of trading. eToro, a renowned crypto exchange that offers a range of cryptocurrencies, is the most popular exchange that supports NEO. Go to eToro!
In order to open an account with eToro, you must first provide the website with your personal information. The information you submit is for tax purposes, and it works in a similar way to opening a stock brokerage account. Your social security number, address, email address, and birth date are some of the details you’ll need.
Step Two: Upload ID
Verify your eToro trading account by uploading proof of ID and address.
Step Three: Make a Deposit
USD deposits are not subject to platform fees, and US clients can start using the platform with as little as $10. To deposit funds, you can use a variety of methods, including debit/credit card, PayPal, or any other supported method on the platform.
Step Four: Search for NEO
In order to get to the page with the applicable asset class you wish to invest in, search for it on eToro –in this case, ‘NEO’– and then click on ‘Trade.’
Step Five: Buy NEO
You can buy NEO as a limit order or a market order just like stocks. Market orders buy your NEO tokens at the current market price, which is decided by the highest bid and lowest request in the order book of an exchange.
Also, you can place a limit order to purchase NEO. Limit orders purchase NEO at a specific price that you choose when you place your order. If the market price falls below the price you specify, the order will purchase NEO at that price.
However, if you do not intend to actively trade your cryptocurrency, you should keep it in a separate crypto wallet. Because hackers may be able to compromise the exchange’s security, storing your assets on an exchange puts your crypto in danger of being stolen. Hardware and software wallets are the two most common forms of cryptocurrency wallets.
Software wallets are computer systems that can be installed on a computer or a mobile device. These programs are often free to use and are more secure than putting your money in exchanges. Hardware wallets, which are real devices that keep your crypto offline, are the safest way to store your NEO tokens.
If the exchange is permitted in your location, Bank Wire is another good option to make deposits on eToro. Making a deposit is free, although there is a $500 minimum amount for deposits, which is considerably higher than eWallets and credit cards.
The advantage of using a bank wire to finance your eToro trading account is that there is no limitation to the amount of money you may send in. However, a major disadvantage is that payments often take longer to reflect, and you may find yourself waiting up to seven business days for money to appear in your account.
After much research, we have determined that the best places to buy NEO are eToro and Plus500. These platforms have advanced security features and have a good range of payment methods, so you are sure to find one that works best for you.
Once you have successfully acquired your NEO coins, we highly recommend storing them in a NEO wallet if you do not intend to use them right away, as this minimizes your risk of losing your assets.
Brokers are essentially third parties that facilitate cryptocurrency exchanges. You can find several brokerage platforms online to help you acquire NEO assets, including Avatrade and Markets.com.
Because several cybercriminals use the façade of brokerage platforms to lure victims, you should always check that the broker is regulated before choosing to use their services. We recommend using brokers that are leaders in the industry.
How to Buy NEO with PayPal
PayPal is a globally trusted payment service that provides tremendous convenience at a reasonable price.
Unfortunately, finding an exchange that accepts this payment method may not be easy. Because international authorities more frequently license crypto brokers, they are more likely to offer PayPal as a payment option.
Fortunately, platforms such as eToro accept PayPal payments, so you may use your PayPal account to purchase NEO directly through these platforms.
A benefit of purchasing Neo using PayPal on sites such as eToro is that transactions are processed almost instantaneously, and transaction fees are minimal. Furthermore, there is no deposit fee for PayPal transactions at eToro. The minimum deposit amount using PayPal is $200, or $50 for users in the United States, with a $10,000 maximum limit.
How to Buy NEO with Your Credit Card
If you wish to buy NEO using your credit card, you can do so by creating an account with CEX.IO. After successfully registering, you can link your credit card by following the prompts. The platform allows you to deposit your fiat currency and convert it to NEO. Supported currencies include the US dollar, the Euro, the Russian Ruble, and the British pound.
Alternatively, you can use Changelly to purchase NEO directly using your credit card. However, the cheapest way to obtain NEO using your credit card is to buy Bitcoin using your credit card and then exchange it for NEO on Changelly or Atomic Wallet. Other exchanges that you can use to buy NEO with a credit card include Binance, Bitfinex, eToro, and Crypto.com.
Whether you purchase your cryptocurrency via an exchange or a broker, storing it safely is your responsibility. If you do not intend to trade your cryptocurrency actively, you should keep it in a separate crypto wallet. Because cybercriminals may breach the exchange’s security, keeping your coins in a trading account on an exchange exposes you to a greater risk of losing your assets.
Here are a few other tips to help you store your crypto assets safely:
- We recommend using a hot wallet to store smaller quantities of cryptocurrency that you intend to trade
- Keep a physical record of your crypto wallet passwords. If you lose your private key or password, your crypto assets may be lost forever
- Save your recovery words in a safe place that only you have access to
- Never give out your private keys or recovery phrases to anyone, and do not store them on your computer, as a hacker could gain access to them
Alternate Ways to Buy NEO
Cryptocurrency ATMs are internet kiosks that allow users to deposit fiat currency and exchange it for cryptocurrencies. Unfortunately, NEO does not have a network of ATMs yet. However, you may be able to purchase NEO using some Bitcoin ATMs.
The interchange or sharing of assets, information, or data, between parties on a platform in the absence of a regulatory or authoritative body such as a bank or government entity is referred to as peer-to-peer (P2P) exchange.
Some of the best P2P exchanges you can use to buy NEO include eToro, Plus500, Binance, Bitfinex, Bittrex, and HitBTC.
When you create an account with a broker, you will have the option of buying NEO. If you are looking for a NEO broker to help you buy the cryptocurrency, here are some of the best brokerage platforms you can use:
- Admiral Markets
This cryptocurrency has already shown much growth since its inception. It is expected to continue to show similar growth in the future. Many experts have seen much promise in this Chinese cryptocurrency, with predictions indicating that the value of a single NEO coin is expected to rise from $32.7 to $156.3 in five years. You can find a full NEO price prediction here.
NEO has been described as the Chinese Ethereum because of its focus on smart contracts and digital assets. However, since its inception in 2014, it has grown in value and popularity, challenging the Chinese view of digital currencies.
Should you wish to purchase NEO, you have several options at your disposal. However, we recommend buying this digital asset via exchanges and brokerage platforms.
The number one platform for buying NEO, according to our research, is eToro. It supports a plethora of payment methods and employs a high level of security measures, which has earned it such an excellent reputation in the industry.