Often referred to as the Chinese Ethereum, NEO is a Chinese open-source blockchain. The source code is freely available for redistribution and modification. Under the NEO blockchain, you will find three core factors including Digital Assets, Digital Identities, and Smart Contracts. The NEO cryptocurrency has shot to fame recently and is now available to buy in exchange for currencies like EUR, USD, and GBP. If you want to know where to buy NEO cryptocurrency, there are many online platforms that offer a seamless exchange for fiat currency. This guide helps you find the most suitable way to buy NEO coins online.
Is NEO cryptocurrency a good investment?
Before you get started with buying NEO cryptocurrency, you might want to know if this is a good investment. Just like Bitcoin, NEO started slow and grew to become one of the most used cryptocurrencies across China and beyond. In January 2017, a NEO coin sold for $0.13 cents. One year later, the price had shot to a high of $196.85. As adoption of the cryptocurrency continues to grow, it has become a valuable commodity for those looking to trade cryptocurrency. So, if you are ready to invest in NEO coins, here are a few steps you might want to consider.
Buy NEO Coins via Online Exchange
The best places to buy new cryptocurrency are through exchanges. There are many platforms online that facilitate cryptocurrency trading, so it is about choosing the most suitable for you. The most common platforms include Binance, Upbit, Bitfinex, Livecoin, Bobox, and KuCoin. To buy NEO coins on these platforms, you need to first obtain other cryptocurrencies, most commonly Ethereum or Bitcoin. With your wallet funded, you can then perform the exchange. Additionally, you can use bank transfers if the platform you are using offers the service. Here is a complete breakdown of each service and how it works.
Binance offers a seamless process for buying cryptocurrencies online. The advantage of the platform is that it is easy to use and coins on the platform have a good reputation. With over 2 billion dollars traded through Binance per day, NEO buyers account for 29 million dollars of the exchanges. You can easily exchange Ethereum for NEO coins on Binance, and they help you to securely hold your coins there until you need to trade them again. However, you have to part with a 1% trading fee applicable to each trade you complete.
Upbit handles roughly a similar amount of NEO as Binance, around $29 million each day. With over $1.8 billion across all coins each day, the platform charges 0.25% KRW trading fee, which is applicable on all orders. Supported pairs on Upbit include NEO/ETH and NEO/BTC/. Note that you have to part with a withdrawal fee of 0.01 – 1000 KRW, which will vary depending on the amount you are handling. You can easily deposit to your Upbit account as long as you have a coinbase account, so if you need Ethereum or Bitcoin for the exchange, you should not have a difficult time trading.
Bitfinex handles over 17 million worth of NEO coins daily. This Hong-Kong based platform is one of the largest exchanges for big coins like Bitcoin and Ethereum. They charge you fees based on their tier model, so make sure to confirm how much it will cost you before you choose this platform. Bitfinex allows you to buy NEO coins in exchange for fiat currency including GBP, USD, JPY, and EUR, which means you can fund your account via bank transfer if you don’t have other coins to use in the purchase of NEO. Also consider other exchange platforms like Bibox, KuCoin, and Livecoin.
Buy for cash – peer-to-peer trading
In addition to the different exchange platforms, you could also use peer-to-peer sources. All you have to do is find buyers and sellers, or individuals looking to sell or buy NEO cryptocurrency. The only challenge with this method is that NEO lacks escrowed platforms such as LocalBitcoins. Therefore, you should only use this method as a last resort, and while doing so be alert to ensure you don’t fall for scams. However, you are not likely to rely on this method as you have a variety of platforms to use as highlighted above.
If you are looking to buy NEO cryptocurrency, there are different platforms that provide a seamless exchange of coins. You simply need to choose an exchange platform that gives you the best features. Most importantly, if your intention is to invest for profit, it’s advisable to first consult a financial expert, especially one well versed in matters relating to coin trading. Like other forms of trading, you need to take caution before you put your money in NEO cryptocurrency. With knowledge at hand, buying and selling NEO coins on any of the platforms recommended will be a smooth experience.