How to Buy NEO Cryptocurrency | Step by Step Guide
Despite being one of the world’s largest cryptocurrencies, NEO is currently listed on a limited number of exchanges. The easiest way to buy NEO is to trade Bitcoin (or another popular cryptocurrency) for NEO on exchanges like Binance, Bittrex, and Bitfinex.
While this may seem daunting to some of you reading this, I’ll show you step-by-step how you can buy NEO from some of the world’s most popular exchanges.
The Exchanges We’ll Be Using
|Exchange||Trading Fees||Withdrawal Limits||Review||Visit|
|0.1%||2 BTC equivalent / 24 hours w/ no verification
100 BTC equivalent / 24 hours w/ "Level 2" Verifcation
|0.25%||.04 BTC equivalent / 24 hours w/ "Basic" verification
100 BTC equivalent / 24 hours w/ "Enhanced" Verification
How to Buy NEO on Binance
Binance consistently has some of the largest volume of any exchange where NEO can be traded. Buying NEO on Binance is a lot easier than it may first appear. Binance also currently charges just a 0.1% trading fee.
1) Create Your Binance Account
The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.
Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.
2) Secure Your Binance Account
Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.
2FA helps to secure your account by requiring an additional passcode when login attempts are made.??Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.
Once you select Google Authenticator, Binance will show you step-by-step how to set it up.
You can also set up 2FA at any time from your "Account" page.
From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.
3) Deposit Bitcoin or Ethereum to Binance
Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).
In this example, we'll be depositing 1 ETH.
Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.
After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.
4) Buy NEO With Bitcoin or Ethereum
When you’re ready to buy NEO, locate “Exchange” in the Binance menu (1). There are two options for exchange views on Binance, “Basic” and “Advanced”. As the name suggests, the basic version is easier to use and should handle the needs of most of you reading this.
On the exchange tab, locate the trading pair you’re looking for (2). Since I deposited ETH, I used the NEO/ETH trading pair.
Once you’ve found your trading pair, locate the order form (3). You can choose between placing a market order or limit order.
Placing a market order, as I did in this example, will allow you to choose how much NEO you want to buy and then automatically execute the order at the best available price. The available price is determined by what other Binance users are willing to sell NEO at.
Alternatively, you can choose to place a limit order. This allows you to choose how much NEO you want to buy and limit the price you’re willing to pay. If using this option, there’s no guarantee your order gets filled, although you can cancel pending orders.
After your order has been executed, your newly purchased NEO will be available in your account balance. Here you can withdrawal your NEO to another NEO wallet.
Note: There was a fractional amount of NEO in my account before placing the 5 NEO buy order.
How to Buy NEO on Bittrex
Bittrex is another exchange with a huge amount of NEO trade volume. Bittrex charges a 0.25% commission on all trades.
One key difference of Bittrex and Binance is that Bittrex requires more personal information to withdraw funds. Bittrex users are required to complete “basic verification” in order to make withdrawals. You will have to give Bittrex your name, address, and birth date. A “basic verified” account will be able to withdrawal up to .4 BTC equivalent per day.
Keeping that in mind here’s the step by step guide for buying NEO on Bittrex.
1) Sign Up to Bittrex
To begin creating your Bittrex account, you???ll need to enter your email and choose a password.
2) Verify and Secure Your Bittrex Account
Since Bittrex requires you to verify your account to make withdrawals, we recommend starting this process immediately. To do this, locate the verification tabs under your account's settings.
"Basic Verification" requires your name, date of birth, and address. The information you submit will be automatically checked against public records. Once "Basic Verification" is completed, you'll be able to withdraw up to the equivalent of 0.4 BTC per day.
If Bittrex is unable to verify your "Basic Verification" information or you need greater withdrawal limits, you can go through their "Enhanced Verification" process. This will require a photo or scan of a government issued ID, as well as a "selfie" of you. Once "Enhanced Verification" is complete, you'll be able to withdrawal up to the equivalent of 100 BTC per day.
In addition to verifying your account, you should also take time to enable 2-Factor Authentication (2FA). Bittrex encourages all users to do this and we second this recommendation.??
Bittrex offers 2FA via Google Authenticator.
3) Deposit Bitcoin or Ethereum to Bittrex
To make a deposit onto Bittrex, locate the "Wallets" page in the menu of your account. You can use the search bar to find the cryptocurrency you want to deposit.
Once you???ve found the cryptocurrency you want to deposit, click the ???+??? symbol next to it. After clicking ???+??? a deposit address will be shown where you can send your crypto.
Once you've sent funds to your bittrex account, you can view them under your pending deposits. Each cryptocurrency requires a specific number of block confirmations before being credited to your account. Due to its faster block times, Ethereum allows for far quicker deposits than Bitcoin.
4) Buy NEO on Bittrex with Bitcoin or Ethereum
You can locate all Bittrex markets by clicking on the Bittrex logo in the upper left-hand corner of your account. Search for NEO in either Bitcoin or Ethereum markets. I’ll be using the “BTC-NEO” trading pair in this example.
You’ll need to enter the amount of NEO you want to purchase (Units) and the price you’re willing to pay (Bid). You can view the prices sellers are asking for (ASKS) and the prices other buyers are offering (BIDS) in the orderbook below the order from.
After you place your order, the NEO you purchased will be available in your Bittrex wallet. You can withdrawal your NEO by clicking the “-“ symbol in your wallet.
While NEO is currently listed on just a handful of popular cryptocurrency exchanges, it’s still relatively easy to buy NEO. The one major issue you’ll face is the inability to purchase NEO using fiat currency. For investors without other cryptocurrencies or those not wanting to sell their current crypto portfolio, this adds an extra step to the process.
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