How to buy GAS

Your guide to GAS, how it works with NEO and how you can buy GAS in New Zealand.

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GAS is a cryptocurrency used to complete transactions on the NEO blockchain. When you hold NEO in your cryptocurrency wallet, you’ll also be rewarded with GAS generated by the construction of the blockchain.

If you’re interested in buying GAS, it’s important to first understand how it works, how it ties into the NEO ecosystem, and how you can buy GAS in New Zealand.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy GAS

You can buy GAS on a wide variety of popular cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Bank transfer
Cryptocurrency
POLi
NZD
BTC, BCH, BTG, ETH, ETC, XLM, XRP, SC, EOS, XVG & 80+ more
Based in New Zealand, BitPrime trades around 50 of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple.
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
-
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy and trade 100+ cryptocurrencies on this global cryptocurrency exchange.
Cryptocurrency
-
BTC, BCH, XMR, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, USDT, BSV, & 134+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL, GAS, LTC, ZRX, QTUM, ETH, ETC, VET, ICX & 300+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Livecoin Cryptocurrency Exchange
Cryptocurrency
Payeer
Perfect Money
Qiwi
USD, EUR, RUB
BTC, BCH, ETH, LSK, LTC, XMR, XEM, DASH, BCC, CLOAK & 410+ more
Trade at an exchange that has an extensive offering over 160 coins and numerous fiat and altcoin currency pairs.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT & 130+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.

Compare up to 4 providers

A step-by-step guide to buying GAS

If you want to buy GAS, here’s an example of how you can do it:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade GAS

GAS can be traded with bitcoin (BTC) or Ethereum (ETH). It’s free to sign up for a cryptocurrency trading account by providing your email address, creating a password and in some cases, supplying proof of ID. It’s also recommended that you set up two-factor authorisation to ensure a higher level of security.

Step 2. Deposit funds into your account

Many exchanges don’t allow you to directly deposit fiat currency, such as NZD, and only facilitate trading between cryptocurrencies. With this in mind, you’ll need to own or buy BTC or ETH first.

The process for depositing funds varies between exchanges, so look for the link to fund your account or contact customer support for advice. For example, on Binance you can click on “Funds” and then “Deposit” from the top menu.

Step 3. Buying GAS

Now it’s time to trade BTC or ETH for GAS on the exchange. The steps you need to follow will differ slightly depending on the exchange you choose.

If you’re using Binance, for example, you’ll have to click on your desired trading pair (such as GAS/BTC) and enter the number of GAS you want to buy. Then you can select market or limit price and click “Buy GAS”.

How to sell GAS

If you decide at a later date that you want to sell GAS, the process is very similar to the instructions outlined in Step 3 above. Of course, it’s important to remember that exchanges simply don’t offer every possible currency pairing, so it may not be possible to directly exchange GAS for the cryptocurrency you want.

Which wallets can I use to hold GAS?

Unless you’re looking to place a trade, keeping your GAS in your account with a cryptocurrency exchange for any length of time is not recommended. You’ll need to store GAS in a wallet set up to handle these types of tokens, such as:

  • Ledger Nano S (hardware wallet)
  • NEON Wallet (desktop wallet)
  • NEO GUI (desktop wallet)
  • NEO Tracker (web wallet)
  • NEOWallet (web wallet)

How GAS works

You should never hold any cryptocurrency without first having a solid understanding of its function. In order to understand GAS, we first need to take a look at the NEO network.

NEO was originally launched as AntShares by Da Hongfei and Erik Zhang back in 2014. China’s first public blockchain, AntShares was rebranded to NEO in 2017. The NEO platform aims to rival Ethereum – it’s even commonly referred to as China’s Ethereum – and provides a smart contracts ecosystem to allow for the easy storage and exchange of digital assets.

However, to perform transactions on the NEO blockchain you need GAS. Formerly known as AntCoins, this cryptocurrency also underwent a rebranding in 2017.

GAS is used to power the NEO blockchain network, with users needing to pay GAS fees to deploy and run smart contracts. The fee charged is calculated based on the computing resources used by the contract.

GAS is also generated at a rate of 8 GAS per block as the blockchain is constructed. With each new NEO block generated, GAS is distributed to all NEO holders – this process is similar to the way a company might pay dividends to its shareholders.

Key things to consider if you’re thinking about buying GAS

All cryptocurrencies are complicated and speculative, so you’ll need to thoroughly assess all the potential risks involved in holding any cryptos before you actually make a purchase. If you’re thinking of buying GAS, make sure you consider the following factors first:

  • Supply. The maximum supply of GAS is capped at 100,000,000 tokens. According to CoinMarketCap, at the time of writing (24/01/2018) there was a circulating supply of 9,570,522 GAS, out of a total supply of 14,788,456 GAS.
  • Limited GAS available. It’s anticipated that the maximum supply of GAS in circulation will reach the 100,000,000 limit around the year 2039, so the limited supply of coins could potentially increase demand.
  • Use. GAS powers the NEO blockchain network and is used to perform transactions on the ecosystem. It is also offered as a reward to NEO holders – with every new block generated, 8 GAS are distributed for all 100,000,000 NEO.
  • The NEO ecosystem. The value of GAS is closely linked to the success and adoption of the NEO ecosystem. With this in mind, it’s important that you understand how NEO works to determine its potential real-world applications and growth.
  • Advantages of being based in China. With the world’s largest economy and a population of more than 1.4 billion people, China offers huge potential for companies developing blockchain technology. NEO’s Shanghai location means it is well placed to take advantage of opportunities and position itself to comply with any government regulations.
  • Disadvantages of being based in China. However, the Chinese Government has launched a number of well-publicised crackdowns on cryptocurrency trading, so it’s essential to be aware of the impact that regulatory oversight could have on the profitability of GAS.
  • Market competition. Finally, remember to consider the competition NEO faces from other companies that offer similar products and services. For example, Ethereum and EOS are two other cryptos you may wish to research further.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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