NEO Purchase Guide - Tutorial
With NEO a crypto currency originating from China has firmly established itself among the most important old coins. NEO is often called the “Chinese Ethereum” and scores with its own block chain and ecosystem. Here you can read where and how you can buy NEO and what else you should know. With our link to Binance you save another 10% in fees.
NEO is much more than a copy of Bitcoin (BTC), because from the very beginning, NEO has aimed to develop its own ecosystem through Smart Contracts and DApps. NEO 2014 was launched under the name Antshares by Da Hongfei and Erik Zhang. Today, the two Chinese run the NEO Foundation.
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NEO is based on its own block chain with the Proof-of-Share (PoS) protocol. With currently around 10,000 transactions per second (TPS), NEO is well positioned, and work on an even more powerful NEO 3.0 network is already underway. NEO is the native token for payment functions in this ecosystem. Based on the block chain, dozens of DApps are online, realizing a variety of offers from travel bookings to DeFi to social media and games.
100 million NEOs have been generated, half of which will be sold at an ICO 2016 for the equivalent of about $47 million. The other 50 million NEOs were reserved for further development and rewards for the team. NEO has long since succeeded in seeing its orientation as global and not just limited to China.
How to Buy NEO – Summary
- 2. Deposit via Credit Card, Wire Transfer or Cryptocurrency
- 3. Now you can buy NEO directly
NEO Buying Guide
Among the major international crypto exchanges, Binance has taken the lion’s share of trading with NEO. This high trading volume guarantees you fair market prices for NEO at Binance. Furthermore, Binance is known for high security and user-friendliness. We therefore recommend you buy Binance as your first point of contact for NEO.
How to buy NEO from Binance
Without a customer account with Binance, you can’t buy NEO there either. To create a customer account with Binance, you need to enter your e-mail address and choose a password. Now you will receive a confirmation e-mail and you are registered with Binance.
With the simple customer account at Binance you can make and trade deposits and withdrawals (up to 2 BTC daily) via crypto. Since you probably want to trade with Euro, you should verify your customer account additionally. To do so, upload a copy of an identification document (passport or identity card) and confirm your address by a copy of a current invoice or bank statement. As soon as Binance has completed this process called KYC (Know Your Customer) for you, you will receive an e-mail. This usually happens within a few hours, now you can buy and trade NEO with Binance without any restrictions.
Pros and Cons Binance
- Market Leader
- Good Support
- Largest selection of cryptocurrencies
- Payment also via credit card and wire transfer
- Binance app for smartphone and tablet
- Cryptocurrencies remain a risky investment
What payment methods are available to purchase NEO?
Buy NEO with Credit Card
Binance accepts payments by Visa or Mastercard. This procedure works immediately, but there are quite expensive three percent fees.
Buy NEO via wire transfer
By transferring Euros from your bank account to Binance you save fees, because this method costs only 50 Cent per transfer. However, you will need to be patient for up to two banking days before the balance is credited to your Binance account.
Buy NEO via Cryptocurrencies
Those of you who already hold Bitcoin (BTC) or Altcoins can easily deposit them into your customer account with Binance. Simply scan the QR code of the wallet at Binance and transfer the desired number of coins from your wallet to it. This usually works within minutes.
Purchase of NEO from Binance
With credit on the customer account of Binance, buying NEO is done quickly. In the top line you will see the menu item “Markets” and when you click on it, enter NEO in the search field. You can now see which currency pairs Binance supports for NEO. In autumn 2020 Euro will not yet be included as Fiat. Therefore you have to take the short detour via Bitcoin (BTC) or the Stablecoin Tether (USDT).
You can buy these under “FIAT Markets” against Euro and use them immediately to buy NEO. Click on “Trade” to initiate the purchase of NEO at the desired currency pair for NEO. Now you are on the actual trade page for NEO at Binance.
This is dominated by the centrally displayed price curve of NEO. To the left of it you can see the order books, to the right of it the deals that have been concluded. But it’s all about buying NEO and the field under the price curve called “Buy” is crucial for this. Here you determine the amount of NEO you want to buy and differentiate between “Market” or “Limit”. Limit” is the target price for your purchase of NEO and “Market” is the current market price for an immediate deal.
Sale of NEO at Binance
To sell NEO at Binance, you actually do the reverse of buying NEO. On the webpage you will see the field “Sell” right next to “Buy”. Enter the amount and decide between “Market” (current price) or “Limit” (self defined target price). As soon as the trade is completed, you can exchange the received Bitcoin or Altcoins back into Euro and have it transferred to your account.
Should I buy NEO now?
NEO has proven itself as an ecosystem with its own technological basis and crypto currency, the NEO Foundation ensures its further development. The price development has recently stabilized around 20 US dollars after violent highs and lows in autumn 2020. This is a long way from the all-time highs of 2017/8 at almost 200 US dollars, and this gap demonstrates good chances of winning.
In addition to its maturity and widespread use, the number of coins fixed at 100 million speaks in favor of NEO. The NEO Foundation uses the distributions from the reserves to finance further technological development.
With partners from around the world and the NEO-funded EcoBoost program for the development of more and more everyday use cases (DApps etc.), the foundation is well positioned for the future. In addition, NEO 3.0 and the growth potential for NEO in its home country China, where block-chain technology is booming. The signs are good that NEO will continue to grow and defend its status as a successful challenger to Ethereum.
With NEO you are not taking the risk of a mayfly. With staking for NEO you can also increase your inventory, this offer for tied NEO is in preparation at Binance. There is much to indicate that NEO is sometimes underestimated by western investors in its importance and thus misses opportunities.
Which wallet to use for NEO?
To store your NEO safely, you need a wallet, the digital equivalent of your wallet. Software wallets are a convenient solution, but because of the connection to the Internet, they may be a target for hackers. Not every software wallet can handle NEO, since NEO has its own block chain. The NEO Foundation recommends software wallets such as the NEON wallet for desktops and O3 wallet for mobile devices.
You will always drive more safely with a hardware wallet, not only with NEO. Because on a hardware wallet, your Bitcoin and Altcoins are stored offline on a separate small piece of hardware. The Ledger Nano S and Ledger Nano X models from market leader Ledger are already compatible with NEO. Trezor’s competitors have not yet prepared their hardware wallets for NEO. So our clear recommendation is to use a wallet from Ledger for NEO. How this works and what the differences between the Ledger Nano S and Ledger Nano X are, we have summarized in this special for you.
Conclusion
NEO initially established a solid base in its home market of China – mostly under the radar of Western experts. However, starting from there and the often used comparison with Ethereum, NEO is now much more. With a growing ecosystem, NEO has long since arrived around the globe and, from a technological point of view, has currently outstripped Ethereum. With this knowledge in mind, optimism for clearly positive price curves in NEO is allowed.
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NEO Price and Price Development
Here you can find the current LINK price and see how the price has developed.
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