NEO is amongst the top ten cryptocurrencies in market value. Colloquially known as the ‘Chinese Ethereum’, NEO is the Chinese government’s first foray into the digital asset world and enjoyed their full support at the time of launch.
This didn’t last too long however, as later on, China banned the use of all cryptocurrencies in the country, leaving NEO to be utilised by the rest of the World. Now that its main selling-point has been negated, is NEO worth investing your money into?
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eToro is the leading CFD provider when it comes to cryptocurrencies and buying NEO. They were one of the first to launch NEO on their trading platform and continue to be a market leader in the cryptocurrency space. If you’re looking to buy NEO, then look no further than eToro, see below our 3 step process to getting started!
eToro is free to sign up and has a demo account that you can use to practice before buying NEO for real. To sign up, click the button below and fill out the form; name, email, phone and then you’ll need to create a password. Next you’ll be required to verify your account by clicking the link in your confirmation email.
Once you’re account is verified, you’ll need to deposit funds into your account to make it live. We recommend starting with the minimum of $250, start small to get used to it and then begin to add more over time. Choose your payment method, eToro offers several options, pick your favoured and then fill out your details and click submit.
Once you have funded your account, it’s time to buy NEO. eToros platform is easy to use, to find NEO, click ‘Trade Markets’ on the left, then you’ll see ‘Crypto’ at the top. Once in this section, you will see eToros full list of cryptocurrencies. Hit NEO and then ‘Trade’. A ticket will open, manage your risk and then ‘Open Trade’.
To most investors, the market value is the primary determinant of whether a coin is worth buying or not. In 2017, the coins were extremely cheap, sitting at one cent per coin. In December 2018, the price of the currency had grown and stabilised at $170. Very few cryptocurrencies have made such a leap in price over the same duration, especially when looking at more established coins.
Overall, both Ethereum and NEO serve the same purpose. They provide a platform for smart contracts, decentralised applications, and Initial Coin Offerings (ICOs). The three appear to be the next big thing in the financial technology industry and NEO & Ethereum are the market leaders, consequently the biggest rivals. However, they differ at their core.
Ethereum is responding to the current need for decentralised apps (DApps). However, NEO is focusings on building a product that caters for a smart economy. Therefore, while one focuses on the present, NEO is working on future relevance.
Here are some of the different payment methods you may be able to use when buying NEO;
In spite of its massive growth in the past few years, cryptocurrency still does not have worldwide acceptance. Regulations by different authorities make its full adoption almost impossible. Certain countries, including China, have banned ownership as well as trading in cryptocurrencies. Other countries that have banned cryptocurrency activity include Egypt, Morocco, Ecuador and Columbia.
Another limitation when buying NEO in your country is specifically exchange based. Even though most popular exchanges and CFD trading platforms are available in most countries, some of them are only available to a select amount of nationalities and jurisdictions.
Banks and credit card providers also may hinder buying NEO coins in your country. Some credit card and debit cards may consider payment to a cryptocurrency exchange as a foreign purchase, which will lead to increased purchase charges,
Again, it is essential to choose an exchange that uses a language you understand. Just because it is a Chinese coin does not mean you have to trade on platform coded in Mandarin. Fortunately, most NEO exchanges are English-based.
Yes. Buying NEO grants you ownership of these coins and unlimited freedom on what you can do with them. You can keep them in a wallet or exchange them for another cryptocurrency. Trading, on the other hand, is the act of making a profit by predicting the future prices of a coin and using a trading platform to execute this trade. When you trade, you might buy the currency, but you do not own them.
Each option has advantages over the other. The main merit of trading is that financial bodies such as the FCA and others properly regulate the sector. Exchanges, on the other hand, are under no regulation whatsoever. Consequently, investment in trading is safer than in buying.
However, trading does not allow you to own the coins and use them in any way you wish. You can only convert them to fiat currency. As a result, those who own NEO on trading platforms do not enjoy the benefits real NEO owners have such as GAS tokens.
The other difference between the two is that trading provides access to multiple profit making options to the trader, which are impossible with buying and holding. However, it also exposes the trader to the risk of high losses. Therefore, it requires skill to successfully invest in trading cryptocurrencies, even NEO.
As per most cryptocurrency purchases and transactions, there are fees associated with buying and selling NEO. We’ve outlined the core fee types below;
Broker platforms offer both small, quick trades on NEO prices, but also have unlimited purchase amounts, giving you the opportunity to buy in bulk. This flexibility means that certain brokerages charge a higher amount to invest in NEO than some exchanges.
If this article has given you the confidence to start investing in cryptocurrencies and you want to buy NEO, click the button to get started.
Yes. Realistically, the best way to do this is to use CFD platforms, as most exchanges have a limit with the amount of NEO that you can purchase. Overall, for flexible purchasing and better payment options - the regulated nature of CFD broker platforms is far more suited to quick bulk purchases.
Most exchanges that sell NEO coins to individuals also buy. Therefore, you can visit any reputable exchange and sell your NEO coins for another cryptocurrency or fiat currency. Most of the time there are even options to sell straight through the platform itself.
It depends on whether you wish to trade or own the coins. If you want the latter, then you do not need a robot because the gain will not be worth the investment. However, beginning traders can do with some help from a robot, making it worthwhile to trial one and see how it performs for your style of trading.
It is a computer program that can interpret market behaviour, predict future price trends, and execute a trading decision for you.
Yes. Most exchanges do make you go through KYC verification processes for money laundering, but in reality, your transactions are always kept completely private. On top of this, if you transfer your Lumens into a wallet that doesn’t need KYC verification, it’s then extremely difficult to trace.
In reality, buying cryptocurrency is actually relatively complex. The easiest way to invest in NEO is to use a broker platform to trade on the price. These have the simplest user interfaces, the best payment methods and the quickest turnaround times. Perfect for the beginner cryptocurrency investor.
Mainly because it’s always good to diversify your investment portfolio. Having two or more investment vehicles will cushion you if NEO takes a hit from other competitors and market factors. Ideally, you want to spread your investments, and make sure you could profit on the growth of other technologies all whilst reducing losses if only one coin is failing.