At the risk of repetition, we recommend only ever signing up with a licensed broker, rather than risking your capital at an unregulated exchange. This is because there are hundreds of shady online providers waiting to scam unsuspecting investors. Instead of ploughing your life savings into https://cryptolisting.org/ buying cryptocurrencies – we recommend investing small amounts on a regular basis. Those who engage in short-term investing look to make use of short-term spikes in the price of crypto-assets. To counter this, there is also the option of storing your own NEO coins after purchasing them.
How to Buy NEO Buy NEO in 4 easy steps
You should buy NEO tokens with a long term perspective because these coins will become more expensive. In connection with ICO and entering new markets, popular Chinese tokens became known as NEO by analogy with the name of the main character of the movie “The Matrix”. There are also other exchanges that would allow you to have access to nicehash best spot to buy and sell hashing power the NEO ecosystem. You should pay close attention to the exchange that offers the best solutions for your needs. When not trading, it is best practice to keep your coins in your own, secure wallet, separate from an Exchange. This is even more important for NEO, as you want a wallet which is able to generate GAS from your NEO holdings.
What Is NEO in a Nutshell?
All of the above is standard with any regulated crypto broker as per rules on KYC (with the view to prevent financial crime). Next, you will be asked to provide proof of who you are, so simply upload a clear copy of your passport or driving license. Modest but regular gains are achieved by buying NEO and then cashing out within minutes, days, or weeks – depending on market sentiment and your chosen strategy.
Step 5: Set Up A Trading Order
Neo uses smart contracts to automate the management of digital assets. Eventually, Neo intends on creating and launching a distributed smart economy system that is based on the blockchain network. Although the Binance exchange offers an account to deal with virtual currencies, the best thing to do is to withdraw the funds to another wallet. The most secure way of holding NEO coins is by depositing them in a hardware or offline wallet. You can get it as a trading pair with BTC, ETH, or USDT on Binance, KuCoin, Gate.io, and Huobi. Alternatively, you can buy NEO tokens with your fiat currencies on Bitfinex, EXMO, and Crypto.com Exchange.
NEO purchase algorithm:
- This wallet also allows users to claim GAS if they’re holding NEO.
- Having already made sure your payment method of choice is compatible with the crypto platform you have chosen – you are good to go.
- EToro offers the protection of regulation, an easy to navigate website, and you can buy NEO.
- According to City of Zion, a developer that offers a number of NEO wallets, myneowallet(.io) is a scam, as it saves private keys right in its database.
This How to Buy NEO Guide found that the minimum deposit required from brokers can range from nothing to hundreds of dollars. If you are still unsure of how to buy NEO safely – doing so via crowd-pleaser eToro is a no brainer. The online broker is regulated and serves over 13 million clients.
Unlike NEO tokens, GAS tokens can be divided into smaller units. However, the incredible speed of transactions is possible because the NEO platform is partially decentralized, unlike the fully decentralized Ethereum platform. If you deposited ETH, don’t worry – the process itself is exactly the same. If your deposit has already been processed, the coin and amount will appear on the list. Once you have deposited your Bitcoin or Ethereum, it’s time to move to the Exchange.
Once you are in the Exchange, find the NEO pair for the coin you deposited earlier. To do this, go to the search bar near the top right, and search for NEO. This will bring up pairs for Bitcoin, Ethereum, TrueUSD, Paxos Standard, Tether or Binance Coin, Binance’s native cryptocurrency. Currently, NEO is the 18th largest digital currency in the market with a market cap of $708 million and a price per coin of $10.05.
Another wallet that many believe to be a scam is the neopaperwallet(.org). The accusation came in September of 2017 after many who used it allegedly lost their NEO. While at this point, it’s impossible to say whether or not this is definitely a scam, users should avoid it just to be safe. According to City of Zion, a developer that offers a number of NEO wallets, myneowallet(.io) is a scam, as it saves private keys right in its database. However, users won’t be able to claim GAS tokens when they are holding NEO in this paper wallet. Users can send, receive and store both NEO and GAS, without storing any data on the NEO Tracker servers (similar to Blockchain.com).