NEO was founded in 2014 as Antshare and changed its name to current one in 2017. It was promoted as the replacement of Ethereum and that is why it is often dubbed as Chinese Ethereum. The NEO cryptocurrency has proven its worth with time and became one of the better investment options.
In this article, we will discuss how to buy the NEO cryptocurrency and from where you can buy it.
Being the first crypto token of China gave NEO an early push in the market and its parallel with Ethereum network’s complete blockchain ecosystem propelled it into the Top 10 cryptocurrency bracket soon.
NEO peaked it price high during the golden year of 2017 where major cryptocurrencies saw its prices propel to new highs, taking its market cap up to $1.45 Billion. Currently, it is priced at $7.81 with a market cap of $512 Million.
If you are new to crypto investment or want to make NEO as your option, then this is the perfect place to get all the information regarding NEO cryptocurrency.
How to buy NEO: A Detailed Guide
Buying NEO cryptocurrency is as easy as buying any other cryptocurrency, if you are new to the crypto realm, then need not to worry, as we have got you covered. This guide would try to make you understand every aspect of buying and trading NEO coins, so make sure to follow the guidelines carefully
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NEO has a two token policy, one is NEO coin while other is called NEO-GAS. NEO GAS act as the token for the community which is used to fulfill the needs of bookkeeper. You can pay the transaction fee, for using the NEO network through the GAS token.
To understand it better, the main NEO token act as a share which is non-divisible, you cannot pay 0.5 NEO tokens as it is a singular entity. While GAS is divisible and can be used to pay any divisible amount. You get incentivized for holding your NEO in your wallet in the GAS token, just like today’s banking system where you get paid an interest rate.
The two token policy might be confusing at first, but the whole ecosystem has been maintained very sophistically, and once you are a part of it, you would find what a great idea it is. In order to hold your NEO token, you would require a wallet. This is the first step of the guide
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Step 1- Get A Wallet:
In order to hold your crypto, you would need a wallet, and NEO provides the wallet on its official website itself the website provides the option to download the wallet in three forms
- Desktop Wallet: currently available for only Windows users, the GUI wallet can be downloaded on your desktop and used for holding both NEO coins as well as the GAS coin.
- NEO Tracker Wallet: Developed by the NEO community, the wallet is a tracker based web wallet, which can be used to hold your NEO coins. You can integrate it with a third-party wallet to keep a track on your crypto.
- NEO Mobile Wallet: the official mobile wallet developed by PeterLinX can be downloaded from the main website, however, it is only available for Android users.
Apart from the official wallets, users can also download trustworthy third-party wallets as the current list of official wallets are not available for every platform.
Also, remember hardware wallets or offline wallets are considered safer than any other form.
Users must be aware of potential scams as well, as many wallets in the past namely, neopaperwallet(.org), and myneowallet(.io) has been found out to be a scam.
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Step 2 – Find the Right Exchange
Once you have decided upon which wallet you are going to use, the next decision you need to make is about the Exchange you are going to use for trading.
NEO being one of the better-known cryptocurrencies, major exchanges provide support for trading your NEO against various entities like Fiat, US dollars, and other cryptocurrencies. Below is the list of some of the finest exchanges you can select from, in order to trade your NEO coin.
Step 3 – Fund Withdrawals
It’s Highly recommendable to cash out your funds and store into a cold-wallet (hardware wallet) as Exchanges are prone to attack. Once you have bought the NEO against a fiat or other crypto make sure, you put it out from an exchange and keep it safe in your wallet.
The major risk from attackers comes in the form of Private Key theft, where attackers get into exchanges and steal your private key and thus take away all your crypto riches.
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