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How to Buy NEO Online in 2024
Neo (NEO) is a blockchain platform that many people like to call the “Chinese Ethereum”. It offers cheap and fast transactions for users all over the world. If you’re looking for more information on this cryptocurrency, then you’ve come to the right page.
In this guide, we cover how to buy and trade NEO, along with some other important considerations such as how to keep your accounts safe. Read on to find out more.
Best Brokers to Buy/Sell Neo in 2024
Given the rise of cryptocurrencies, there are plenty of platforms to choose from when it comes to trading. Picking the right platform for you can be a long and daunting process.
To save you time and effort, we have listed the top providers below to help you get started right away.
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What Is the Difference Between Buying and Trading Neo?
In this section, we will discuss the difference between buying and trading Neo as oftentimes users get confused about what they mean.
Buying: Buying a cryptocurrency simply means using a cryptocurrency exchange or broker to purchase digital assets such as Neo. It is then up to you what you want to do with the assets. You can hold on for the long-term or use it to pay for other services.
Trading: Trading cryptocurrencies involves buying and selling crypto for profit, usually in a shorter period of time. If you use a broker, you can even speculate on the price without even owning the underlying asset.
How to Buy Neo Online?
Buying Neo is a relatively straightforward process that we have outlined below:
Step 1: Sign Up for an Account
Sign up to a crypto broker such as eToro and create an account
Step 2: Verify Your Account
Provide ID to verify your details for regulation purposes
Step 3: Deposit Funds
Enter your preferred payment method details and deposit money into the brokerage account
Step 4: Find the NEO Markets
Use the search bar to find the NEO markets, e.g. NEOUSD or NEOGBP
Step 5: Confirm the Transaction
Enter the amount of NEO you want to buy and confirm the transaction
Step 6: Your Account Balance Will Have the NEO Holdings
The NEO holdings will appear in your account balance shortly after
How to Trade Neo?
Trading NEO coin follows generally the process and the steps involved have been outlined for you below:
Step 1: Sign Up for an Account
Find a broker or exchange that supports the NEO coin and create an account
Step 2: Verify Your Account
Provide ID to verify your details and pass the know-your-customer checks
Step 3: Deposit Funds
Enter your payment information and deposit some money into your account
Step 4: Confirm the Transaction
Find the NEO markets using the search bar, enter the amount that you’d like to buy, and confirm the transaction
Step 5: Your Account Balance Will Have the NEO Coins
The NEO coins should appear in your account balance shortly after
Step 6: Enter the Number of Tokens You Would Like to Sell
When you want to sell the trade the tokens back into a fiat currency such as USD, go back to the market page, and enter the number of tokens you would like to sell.
Step 7: Your Account Will Show the USD With Profits
After you have confirmed the transaction, the USD should appear back in your account along with any profits you may have made on the trade.
What Are the Different Ways to Pay for Neo?
You can pay for the Neo coin through these methods:
Credit Cards: You can buy Neo Coin with fiat using your credit card. This popular method of payment is accepted by most crypto platforms.
Debit Cards: They work just like credit cards and are supported by most crypto brokers and exchanges as well.
ATMs: You can buy Bitcoin at a crypto ATM and exchange it for NEO on exchanges.
PayPal: Many platforms have now started accepting PayPal as a payment method so if you are familiar with this platform, you may want to check if the platform you have chosen accepts it.
Other Cryptocurrencies: Naturally, you can also trade one crypto for another on exchanges, e.g. NEO for BTC or vice versa.
What to Consider When Buying Neo?
Before investing in cryptocurrencies, there are some things you should keep in mind. Here are some important considerations:
Deposit Fees: Some platforms charge you fees when depositing funds. It may be worth looking around to find the best rates.
Trading Fees: Most, if not all, platforms charge fees when you buy or sell your tokens. Again, if you are going to be trading frequently, it’s worth finding platforms that suit your needs.
Volatility: Cryptocurrencies are volatile assets and this of course applies to NEO as well. Make sure you know what to expect before putting money on the line.
Regulations: Most reputable exchanges and brokerages require you to provide an ID when signing up for regulation purposes. Avoid platforms that do not ask this from you. Furthermore, make sure you check the laws on crypto in your country to ensure you stay on the right side of the law.
Long or Short-term Holding: Make sure you have a strategy in mind before investing. That way you can be better prepared if something goes wrong.
Is It Safe to Buy Neo Online?
When it comes to investing of any kind, there are risks involved and this is especially the case with cryptocurrencies.
Firstly, stick to regulated platforms, that way you’re more protected if something goes wrong.
Secondly, activate 2-factor authentication on all your accounts as this adds an extra layer of security.
Finally, if you have a substantial amount of money on these platforms, consider withdrawing and storing them in a private wallet so that your funds are unaffected if the exchange gets hacked.
How to Store Neo?
When it comes to storing NEO coins, there are two types of wallets you can choose:
Cold Wallets: Ledger hardware wallets support hundreds of cryptocurrencies including NEO. These are small flash-drive-shaped devices that require you to physically approve transactions before they are made.
Hot Wallets: These are applications that you can download on your phone or PC for free. When setting it up, make sure you keep the private keys safe as you need them to access your assets.
How to Sell Neo?
If you want to cash out by selling your NEO, you can do it through any of the following ways:
Exchanges: Using the same exchange where you bought your coins, you can sell them in a few simple steps. Sign in to the exchange, enter the desired amount you want to sell, and complete the transaction.
Broker: The steps are generally the same for brokers. Use the search bar to find the NEO markets and click ‘sell’. The USD should appear in your account balance shortly after.
P2P Service: You can sell your NEO coins directly to another person using peer-to-peer platforms such as Binance P2P. Just follow the onscreen instructions to get your funds.
Is It Worth Buying Neo Right Now?
Cryptocurrencies are highly volatile assets and NEO is no different. This means that the price of NEO can fluctuate significantly in a short period of time. That said, Neo has some hugely intelligent developers helping to build the project so it may have some room to grow in the long term.
Even though NEO is no longer as popular as it once used to be, the project still has a lot of support from the community. Of course, though, gains are not guaranteed.
Final Thoughts
The best way to buy NEO is using a cryptocurrency broker such as Uphold as it has a user-friendly interface that anyone can navigate. If you’re ready to buy NEO, you can sign up to Uphold now. Remember to activate 2-factor authentication on all your accounts and only invest with money you can afford to lose.
FAQs
Can I buy Neo in any country?
This depends on the country you are from so check the laws in your jurisdiction.
Is there a limit to how many Neo coins I can buy?
If you’re planning to buy a substantial amount, then check the platform’s policies to see if this is permitted.
Can I buy Neo without an ID?
No, reputable exchanges require you to provide ID during registration.
Can I buy Neo instantly?
Yes. You can buy Neo Coin instantly using regulated brokers such as eToro.
What is Neo?
NEO is a blockchain platform that houses a native token of the same name. Neo was initially founded as “AntShares” by Erik Zhan and Da Hongfei in 2014. However, it eventually rebranded to “NEO” in 2017.
The platform is designed to operate smart contracts, with a focus on regulatory compliance for both individual users and larger businesses and financial institutions – something which has been lacking in most blockchain models.
How does Neo work?
NEOemploys Delegated Byzantine Fault Tolerance and the blockchain is capable of executing thousands of transactions per second.
NEOblockchain’s ongoing development ensures that it is future-proof and capable of dealing with surges in demand. Neo 3.0 improves network security while also allowing for a higher number of transactions per second to be handled.
Find Out More About Smart Contract Tokens
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