How to Buy Neo Coin (NEO)
See how the Neo platform works and learn how and where to buy NEO today!
What is Neo (NEO)
NEO is a next-gen smart economy platform (formerly known as Antshares), and the name means new and young in Greek. NEO has had a considerable rise to fame in recent years and is now most known for its explosive growth.
According to the website, Neo is a “non-profit community-based blockchain project that utilises blockchain technology and digital identity to digitise assets, to automate the management of digital assets using smart contracts, and to realise a “smart economy” with a distributed network.”
Shanghai-based blockchain R&D company “OnChain” developed NEO in 2014. Onchain was ranked in the Top 50 Fintech Companies in China by KPMG in 2016.
How Neo Works?
NEO is a recent iteration of Ethereum’s smart contracts. NEO uses a unique blockchain algorithm that builds and improves upon Ethereum’s model. While the basics still apply, it also aids decentralised commerce, digitisation and identification of several assets. NEO also closes many loopholes that have caused various Ether contracts to be vulnerable to hackers.
Neo Price
The total circulating supply of NEO is 65 million tokens, and the current NEO price is $131.53 per unit. At the time of this writing, the current market cap is $1.1 billion
NEO vs Ethereum
If Ethereum is Goliath, NEO is David. While both NEO and Ethereum have generalised blockchains that provide a toolbox for developers, their objectives do differ.
Ethereum: Ethereum’s goal is to be the leading platform for DApps, and for the most part they are accomplishing this. They currently own the DApp market. The Ethereum roadmap is all about giving both users and developers more control and more diverse options when it comes to developing their applications.
NEO: NEO, on the other hand, is working towards developing a product for the future. In June of 2017, it not only rebranded from Antshares to NEO, but they refocused their marketing as well — with tremendous success. Neo’s objective, while ultimately utilising many of the same technologies as Ethereum, is to be the platform for a newer smarter economy.
In short: Ethereum is developing their platform in response to new demands, while NEO is developing their platform in anticipation of future needs.
How to buy NEO?
The first step to buy NEO is to open a digital wallet that stores NEO and GAS. It isn’t quite as simple as purchasing Bitcoin or Ethereum, but many exchanges do allow it. The best way to purchase NEO is first to buy BTC and then exchange it for some NEO.
Keep in mind; not many exchanges allow the purchase of NEO coins with fiat currency. You can, however, pay with a credit card or wire transfer. You will find that many exchanges will only approve the purchase of NEO coins with other cryptocurrencies such as Bitcoin or Ethereum.
Our preferred method is to not buy NEO coin at all and instead, trade NEO as a Contracts for Difference (CFDs) through a regulated broker.
No matter which exchange or broker you use, never risk more than you can afford to lose.
When you buy NEO, keep in mind that there is always a risk to investing. Cryptocurrencies are volatile commodities, and even if you use a reputable trading platform or cryptocurrency exchange, you can still lose all of your capital.
How to Find the Best Broker to Buy NEO Online
With such a high level of market competition and massive volume of exchanges and brokers to choose from, it may be difficult for beginners to decide how to invest. Before picking the right online broker to buy Neo coins, keep these things in mind:
Regulation
Ensure that the Broker or Exchange you use is regulated by an organisation such as the Financial Conduct Authority in the UK (also known as the FCA). These types of authorities and regulatory bodies develop rules and services that protect the integrity of the market and safety of traders and investors. Due to safety concerns, make sure to open your NEO trading account with a regulated broker.
Customer Service
Cryptocurrency trading happens online 24 hours a day, which means that customer support needs to be available at all times. Primarily, you will want to speak to a live support person. When checking out support, ask pertinent questions to find out if the representative is reliable or not. any brokerages have a local office.
Also, the details of a trustworthy broker should be out in the open, either online or otherwise, for the public to see.
Account Types
Your ideal online broker for buying or trading NEO should offer either multiple account options or an element of customizability with your account. The broker may even have a separate account for beginning traders. Look for a broker that provides competitive spreads and easy deposits and withdrawals.
Tradeable Assets
Many people tend to focus on just one asset class when selecting a crypto broker or exchange. However, keep in mind there are many other types of investment alternatives with which you can work. These include stocks, shares, Forex, ETFs, other popular cryptocurrencies, CFDs, or futures to name a few.
Fees
Buying and selling NEO costs money. Cryptocurrency brokers usually charge a percentage, but you may choose to find a broker who charges a flat fee instead, as opposed to a percentage model.
Liquidity
Because NEO are traded in a market where people are always looking to both buy and sell, make sure you consider the amount of liquidity an exchange has. Liquidity is the ability to sell an asset or currency without wrecking the price.
Here at TopBrokers.Trade, we take pride in providing the best possible online trading broker comparison, reviews and ratings. These reviews enable you to select the best trading platform for your needs. We don’t just help you to pick a great place to trade, but also do everything that we can, to show you how to get started. For more information on Cryptocurrency trading, please see our tutorial: The Basics of Cryptocurrency.
