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How to buy NEO and how it works

A beginner’s guide on how to buy, sell and trade NEO in New Zealand.

Neo is a Chinese blockchain platform designed to provide a distributed network for the smart economy. Formerly known as AntShares and often referred to as China’s Ethereum, Neo enables the development of digital assets and smart contracts.

The Neo ecosystem has two tokens, NEO and GAS, which each perform important roles. For more details of how the Neo platform works and how you can buy NEO in New Zealand, keep reading.

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.
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Quick guide: How to buy NEO

  1. Register an account with a cryptocurrency exchange like Easy Crypto.
  2. Upload ID to the platform to verify your identity.
  3. Wait a moment for Easy Crypto to confirm your identity.
  4. Create a cryptocurrency wallet on Easy Crypto if you don’t already have one.
  5. Select the cryptocurrency you want in the “Buy” section.
  6. Enter how much you want to buy and your wallet address.
  7. Check the amount and confirm the purchase.
  8. Pay for the purchase with a POLi payment or bank transfer.
  9. Receive your cryptocurrency to the wallet address provided.
Go to Easy Crypto's site

This is our quick guide to just one way to buy NEO. Compare some other options in the table below.

Where to buy NEO

You can buy NEO on a wide range of cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

305
cryptocurrencies

Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
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.
eToro Cryptocurrency Trading & CFDs
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

23
cryptocurrencies

Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. $200 minimum deposit.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

119
cryptocurrencies

Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
CEX.IO Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)
USD, EUR, GBP, RUB

22
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Neteller, Skrill
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

9
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

273
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Easy Crypto Cryptocurrency Exchange
Bank transfer, POLi
NZD

104
cryptocurrencies

Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
BitPrime Cryptocurrency Retailer
Bank transfer, Credit card, Cryptocurrency, POLi
NZD

96
cryptocurrencies

Based in New Zealand, BitPrime trades around 90+ of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

219
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
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Compare up to 4 providers

A step-by-step guide to buying NEO

If you want to buy NEO, read on for step-by-step instructions on how to do it:

Step 1. Register for an account with an exchange that allows you to buy NEO

The first step is to search for an exchange that lists NEO in one or more currency pairings. Once you’ve found an exchange that meets your needs, you can sign up for an account by entering your email address and creating a secure password.

This is all you need to do before you can place a buy order on some platforms, but many exchanges require additional information (such as your full name, contact details and a valid form of photo ID) to satisfy KYC (know your customer) laws before permitting you to make a deposit and place a trade. It’s also important to enable two-factor authentication on your account for extra protection.

Step 2. Deposit funds into your account

It’s not currently possible to exchange New Zealand dollars (NZD) for NEO. This means that, in many cases, you’ll first have to own or buy a cryptocurrency that’s listed in a currency pairing with NEO, such as Ethereum (ETH) or bitcoin (BTC), and then use it to buy NEO.

The steps you need to follow to deposit funds will depend on the exchange you’re using. For example, if you’re using Binance you need to click on “Funds” and then “Deposit” in the links at the top right of the screen. On Kucoin you select “Assets” in the top menu, choose your desired currency and click “Deposit”.

Step 3. Buy NEO

Now you can exchange BTC or ETH for NEO. While the process varies slightly from one exchange to the next, you’ll generally have to search for your chosen trading pair (such as NEO/BTC) and enter the number of NEO. It’s then a simple matter of entering the number of NEO you want to buy, choosing a market or limit order and clicking “Buy NEO”.

The final step is to review the full details of your transaction, including the total cost, before finalising the purchase.


How to sell NEO

If you want to sell any NEO, you’ll need to follow a similar process to that outlined in Step 3 above, obviously making sure to click the “Sell NEO” link. Remember also that because exchanges don’t list every possible pairing for a particular cryptocurrency, you may not be able to directly exchange your NEO holdings for the currency you want.


Which wallets can I use to hold NEO?

Unless you’re preparing to place a trade, the security concerns associated with exchange-based wallets mean it’s not recommended to hold your funds on an exchange for an extended period of time. Instead, it’s generally a safer option to store your NEO in a secure wallet.

Some NEO-compatible options you might like to consider include:

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

How NEO works

Founded in 2014 by Da Hongfei and Erik Zhang, Neo is a community-based blockchain project which, according to its official website, “utilises blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realise a ‘smart economy’ with a distributed network”.

What does this mean in the real world? Well, Neo aims to provide the following features to users:

  • Digital assets. Through the use of smart contracts, traditional assets can be turned into digital ones and securely stored on the blockchain.
  • Digital identity. Neo will enable the creation of digital identities for individuals and organisations, and those identities will only be accessible via multi-factor authentication.
  • Smart contracts. Like Ethereum, Neo will allow the creation of smart contracts. However, Ethereum is based on its own proprietary coding language known as Solidity, which developers must first learn in order to build on the Ethereum ecosystem. Meanwhile, Neo supports many additional code bases, including C#, VB.Net, F#, Java and Kotlin, thus removing this barrier to entry for developers.
  • Dapps. Neo will also support the creation of decentralised applications, such as decentralised exchanges and legal smart contracts.

Though it started life as AntShares, the project was rebranded to Neo in June 2017. The Neo network has two cryptocurrency tokens:

  • NEO. This is the investment token of the Neo system and is used to create blocks, manage the network and fulfil other tasks requiring consensus.
  • GAS. GAS is the fuel that powers transactions on the Neo blockchain. Check out our how to buy GAS guide for more information on this token.

To find out more about the NEO platform, check out our guide on NEO for beginners.


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

Cryptocurrencies are complicated and highly speculative, not to mention volatile. Before purchasing or holding any crypto, it’s critical that you thoroughly research a coin or token and familiarise yourself with all the risks involved.

If you’re thinking of buying NEO, consider the following factors first:

  • Supply. According to CoinMarketCap, at the time of writing (14/02/2018) the circulating supply of NEO was 65,000,000 out of a total supply of 100,000,000 NEO.
  • Crowdsale. 50,000,000 NEO tokens were sold during an August 2017 crowdsale, with the other 50,000,000 reserved until 16 October 2017 to be managed by the Neo Council as follows:
    • 10,000,000 to Neo developers and Council members
    • 10,000,000 as incentives for developers in the Neo system
    • 15,000,000 invested in auxiliary blockchain projects used by Neo
    • 15,000,000 set aside for “contingencies”
  • Concerns. Some commentators have pointed out that reserving half the total supply of NEO tokens for Neo developers produces the potential risk of those tokens being dumped on the market and other practices that could affect NEO’s value.
  • Use. NEO tokens represent the right to manage the network. Management rights include voting for bookkeeping, NEO network parameter changes and a number of other tasks.
  • Not divisible. Unlike many other cryptocurrencies, NEO is not divisible. In other words, the smallest unit of NEO will always be 1.
  • Proof of Stake. Neo operates on a proof-of-stake model that allows users to generate GAS by staking their NEO tokens in a wallet. GAS is required to perform transactions on the Neo system.
  • Developer use. One critical factor in the future value of NEO tokens will be the widespread adoption of the Neo platform by developers. While there’s been plenty of hype around the potential for Neo in the past 12 months or so, whether or not it achieves mainstream popularity remains to be seen.
  • Based in China. The fact that Neo is based in China offers both benefits and disadvantages. On the plus side, China’s huge population and economy mean there’s great potential for growth if Neo becomes the go-to platform for Chinese developers. On the other side of the coin, the Chinese government has in the past launched a number of crackdowns on cryptocurrencies, so regulatory pressure is a concern.
  • Market competition. Neo is not only competing with the well-established Ethereum platform, but also with platforms such as Cardano, EOS, Lisk and more.

If you thoroughly research the Neo platform and the pros and cons of the NEO cryptocurrency, you’ll be well placed to make an informed decision about whether or not to buy NEO.

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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