How To Buy Neo (NEO)?
A common question you often see on social media from crypto beginners is “Where can I buy Neo?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Neo (NEO)
First, you will need to open an account on a cryptocurrency exchange that supports Neo (NEO).
We recommend the following based on functionality, reputation, security, support and fees:
1
Binance
Fees (Maker/Taker) 0.075%*-0.1%*
Cryptocurrencies
Available for Trade 500+
Sign-up bonus
10% reduced trading fees*
Available in
Europe, Asia, Oceania, Africa
2
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Neo (NEO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Neo (NEO)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Neo (NEO) or Neo (NEO) trading pairs. Look for the section that will allow you to buy Neo (NEO), and enter the amount of the cryptocurrency that you want to spend for Neo (NEO) or the amount of fiat currency that you want to spend towards buying Neo (NEO). The exchange will then calculate the equivalent amount of Neo (NEO) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Neo (NEO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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How to create a Gate.io account
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Step 1: Go to the Gate.io website.
Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.
Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.
How to complete KYC (ID Verification) on Gate.io
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”
Step 2: Click “Individual (Verify now)”
Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.
Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.
How to buy cryptocurrency on Gate.io
Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.
Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.
Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to Conduct Spot Trading on Gate.io
Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.
Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.
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For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What is Neo (NEO)?
Neo was founded by Da Hongfei and Erik Zhang in 2014 under the name Antshares. The original source code was published to GitHub in July 2015 and the MainNet subsequently launched in October 2016.
In 2017, Antshares was rebranded to Neo as it implemented Smart Contracts 2.0. It underwent aggressive global expansion as hundreds of new developers poured onto the blockchain. Neo leadership began distributing NEO token rewards to groups and individuals that contributed to the growth of the Neo platform. Some of the earliest groups to join Neo included COZ, NeoEconoLabs, and O3 Labs.
In 2021, Neo is being upgraded to version 3.0, known as N3. As a project that began in June 2018, the N3 upgrade represents the biggest advancement in Neo’s history. It is aimed at bringing the first all-in-one blockchain development experience to the industry, packed with powerful native features such as distributed storage, oracles, and name services. Neo N3 also boasts a simpler and more modular architecture than its predecessors, along with an improved governance and economic model.
Neo was a pioneer in the early blockchain industry. Not only was it the first public smart contract platform to be founded in China, it was also the first chain to use a dual token model and the first to implement a BFT style consensus mechanism. Further, Neo is still the first and only token sale to return all the original raised funds to its participants once the project had generated enough money to be self-sustaining.
NEO Execution Philosophy
Over the years, Neo’s organizational structure matured as its Shanghai based operation grew from less than a dozen to over 50. The number of community groups dedicated to advancing Neo’s technology also increased. Today, Neo has developers all over the world contributing to core development, infrastructure, and tooling, including alumni from organizations such as Microsoft, Facebook, Amazon, Samsung, Dell, Seagate, and others.
The main groups working on Neo can be broken down as follows:
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Neo Foundation
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Core Developers
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Neo Global Development
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Sponsored Community Groups
In the eyes of the idealist, the overarching goal of Neo is to be a decentralized and open network for the Smart Economy. The pragmatist, however, knows that in order for this goal to be realized in a timely manner, some centralized coordination must occur.
To this end, the Neo Foundation was established as a strategic guide for the Neo platform. As an organisation, the Neo Foundation sets the overall goals for the project and provides funding to other self-governed groups to pursue these goals as they see fit.
Neo also knows that the blockchain industry cannot circumvent existing legal systems or create solutions that are wholly incompatible with existing business frameworks. Instead, we must all work together to build the Smart Economy of tomorrow.
Neo has approached this issue by founding and joining several industry groups designed to establish standards, educate law-makers, and increase access to infrastructure.
In 2021, Neo will take its biggest step forward toward decentralization with the launch of Neo N3. NEO holders will have the opportunity to vote in a Neo Council responsible for governing the blockchain, running consensus nodes, and setting critical blockchain parameters such as transaction fees.
NEO also distinguishes itself from other standard blockchain platforms by focusing on regulatory compliance. While digitized assets and smart contracts are popular on other blockchain platforms such as Ethereum, the third key feature of NEO’s “digital identity” distinguishes it from the competition.
Every individual, company, or other entity using the NEO platform must have a unique digital identity that can be verified. People, businesses, and projects can only transact with one another if the other party has the required identity, making the NEO network regulatory-compliant.
Even nodes on the NEO network may require identification before they can participate in transaction verification and other activities such as accounting and bookkeeping.
How does Neo work?
Neo’s platform allows developers to use its software to run smart contracts (known as NeoContracts) and design new programs (dapps) meant to replicate real world products and services.
NeoContracts differ from other smart contract-based protocols in that developers can build applications using existing popular languages (such as C# and Java) rather than learning a new language.
As a result, NeoContract’s ability to work across multiple programming languages may appeal to a broader pool of developers looking to create or support dapps.
Neo employs a consensus mechanism method known as delegated byzantine Fault Tolerant to secure its blockchain and keep its distributed network of computers in sync (dBFT).
dBFT, like delegated proof of stake (DPoS), uses a real-time voting system to determine which computers running the software can create the next block on the Neo blockchain. This means that anyone who owns NEO can contribute to the network’s operation.
Each NEO token (also known as a Neo coin) can be locked, or “staked,” to represent a vote (the more staked NEO, the more voting power.) All NEO owners who stake their coins vote for the consensus nodes, which are in charge of creating blocks.
Consensus nodes receive network transaction fees for proposing and adding new blocks to the Neo blockchain (paid in GAS cryptocurrency).
What is the NEO Token?
The NEO token is the primary cryptocurrency that powers the Neo blockchain, and it can be used for holding, sending, spending, and staking.
The main application of NEO is that it gives those who stake it the right to vote on changes to the network’s parameters.
Staking NEO allows users to receive a portion of the block rewards in GAS. Each new block generates gas until the network has released 100 million tokens.
It is worth noting that its smallest unit is 1 NEO and cannot be further subdivided, whereas the GAS cryptocurrency’s smallest unit is 0.00000001.
The supply of NEO and GAS tokens, like many other cryptocurrencies, is limited, which means that there will only ever be 100 million units of each according to the software’s rules.
Asset Digitalization on NEO
NEO’s Smart Economy System is theoretically described as (Digital Assets + Digital Identity + Smart Contract = Smart Economy).
On the NEO blockchain, assets can be easily digitized in an open, decentralized, trustworthy, traceable, and transparent manner that is free of intermediaries and their costs.
Users can record, buy, sell, exchange, or circulate a variety of assets. The NEO platform enables the physical asset to be linked to an equivalent and unique digital avatar on its network. NEO also supports asset protection. Assets registered on its platform have a validated digital identity and are legally protected.
Verifiable key information about participating individuals, organizations, and other entities that exist in the digital context is made possible by digital identity.
Smart contracts enable the execution of transactions and agreements between different parties without the need for any legal system or central mechanism to govern them. The execution of such contracts is based on the network’s programming code, and the coding allows for transaction traceability, transparency, and irreversibility.
What is Onchain and how does it relate to NEO?
While developing NEO, the cryptocurrency’s founders, Da Hongfei and Erik Zhan, piqued the interest of a number of enterprises seeking private blockchain solutions. As a result, Onchain, an independent technology company that works with the necessary financial and legal frameworks and provides blockchain solutions to various enterprises, was founded in 2014.
While NEO functions similarly to Bitcoin and Ethereum, Onchain focuses on the development of private and consortium blockchains to meet the industry’s specific needs.
Onchain’s main product, Distributed Networks Architecture (DNA), helps businesses by creating private and public blockchains using digital asset applications. DNA is thought to be the blockchain platform that can be customized to address a wide range of problems in both the private and public sectors.
NEO and Onchain are distinct entities that exist independently of one another, and neither owns the other. NEO focuses on the business-to-consumer (B2C) market, where the “C” can refer to a customer or even a community, whereas Onchain focuses on enterprise services.
NEO is funded by a public community, while Onchain is backed by China’s largest private conglomerate, called Fosun.
The common founders of NEO and Onchain believe that cross-chain interoperability will be possible in the future. That is, a mechanism will be developed to connect and share information among blockchains, whether public like NEO or private like those used by businesses.
As the number of blockchain-based systems in both the public and private domains grows, there will be a need for interoperability among them. The teams at NEO and Onchain are working hard to close this gap.
However, trust and identity are required to enable such interoperability. The inherent Digital Identity feature, which is an integral part of the NEO blockchain platform, will fill that void.
In essence, NEO and Onchain may provide a much-needed bridge between completely decentralized, unregulated, and anonymous blockchain systems like Bitcoin and the traditional KYC-compliance of today’s bank accounts and credit cards.
By attempting to involve and serve the needs of all parties—individual users, network contributors such as miners, transacting participants, private businesses, and even regulators—NEO and Onchain may be best positioned to provide a holistic solution to the ongoing schism between closed-economy regulators and open-system cryptocurrency enthusiasts.
Neo development updates in 2023
Neo (NEO) has seen various developments throughout 2023, highlighting its active role in the decentralized finance (DeFi) and blockchain space. Here are some of the key updates:
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Hackathons and Community Engagement: Neo has been highly active in organizing and participating in hackathons, fostering a vibrant development community. This includes the Neo APAC Hackathon, featuring a series of Twitter Spaces events and workshops focusing on various blockchain topics like decentralization, NFTs, and smart contract coding. These initiatives aim to engage developers and community members in meaningful discussions and hands-on learning experiences.
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Ecosystem Expansion: The Neo ecosystem has seen the launch of new projects and partnerships. Notably, Flamingo Finance released its own stablecoin (FUSD) and implemented minting rewards for new FUSD-based liquidity pools. Additionally, various NFT projects and games within the ecosystem, such as DogeRift and Quirky Soul College, have been making significant progress.
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OneBand NFI and Partnerships: One significant development was the OneBand Non-Fungible Item (NFI), developed by COZ, a key developer community in Neo’s ecosystem. OneBand achieved success at Consensus 2023, and partnerships were formed to promote its adoption across various industries. This included an NFT auction at the Tribeca Film Festival supporting charitable causes.
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Token-Related News: On the token front, GAS/USDT trading was listed on Huobi, expanding trading options for the Neo community. There was also a NEO and GAS token migration on the KuCoin Exchange, enhancing liquidity for NEO holders.
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Cross-Chain and DeFi Developments: O3 Labs launched O3 Swap on Neo N3, enabling swaps across Neo and 14 other chains, significantly boosting liquidity and flexibility for users. Flamingo Finance also made an appearance at Web3 Berlin, introducing new users to DeFi via the Neo platform.
These updates demonstrate Neo’s commitment to growing its ecosystem, engaging its community, and expanding its presence in the DeFi and blockchain space. The variety of projects and initiatives also reflect Neo’s dedication to innovation and collaboration within the industry.
Official website: https://neo.org/
Best cryptocurrency wallet for Neo (NEO)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Neo (NEO)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
Neo (NEO) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
