Chapter 2.7

Neo was once known as Antshares. In 2017, the project rebranded to Neo. Neo is similar to Ethereum in that both platforms offer smart contracts, virtual machines, and the ability to launch your own standardized tokens. While Ethereum uses the ERC20 standard, Neo uses the NEP-5 standard. The Neo platform uses a token called NEO as its fuel – similar to how Ethereum uses ETH.

Today, Neo has grown to become one of the world’s largest and best-known altcoins. Ready to buy Neo for yourself? Today, we’re explaining how to easily buy Neo online.

How to Buy NEO from Any Cryptocurrency Exchange

All major cryptocurrency exchanges now feature NEO in at least one pair. You’ll often see a BTC/NEO pair online, for example. That means you can sell your bitcoin for NEO. If you have an account at any major exchange, then you should have no trouble purchasing NEO.

Here’s the basic process you’ll use to buy NEO from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange; most major (and many minor) cryptocurrency exchanges have at least one NEO pair – like NEO/BTC
  2. Verify your account
  3. Deposit funds into your account
  4. Buy NEO using a pair like NEO/BTC, NEO/ETH, or NEO/USD
  5. Keep your NEO in your exchange account; or, withdraw your NEO to your NEO wallet

How to Buy NEO Using Bittrex

The process of buying NEO on all major exchanges is virtually the same. However, we’ve broken the process down step-by-step for you below. For the purposes of this example, we’re buying NEO using Bittrex. Bittrex offers two NEO pairs, including NEO/USDT and NEO/BTC.

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create a NEO wallet on Bittrex. This wallet will hold your NEO. Remember: you cannot deposit NEO into a bitcoin or Ethereum wallet. If you try to do so, then you’ll permanently lose access to your NEO. To create a NEO wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside NEO. This will create a public NEO address complete with a QR code, making it easy to deposit NEO into that address.
  7. Now you need to actually purchase NEO. You can purchase NEO in several different ways. First, there’s the NEO/BTC pair that lets you buy NEO in exchange for selling BTC. There’s also a NEO/USDT pair that lets you sell your USD for NEO (technically, you’re selling a digital token called the USD Tether in exchange for NEO). In order to buy NEO through either of these pairs, you’ll need to deposit USD or BTC into your account. You can deposit USD using bank transfers and other payment methods. Or, you can deposit BTC from any bitcoin wallet – say, if you bought bitcoin online through another service.
  8. Once your Bittrex account has been funded, you can easily purchase NEO using either of the pairs listed above. Click on either the BTC/NEO pair or the USDT/NEO pair. On this page, under the price graph, you’ll see two boxes. One says “Buy NEO” and the other says “Sell NEO”. In the Buy NEO box, you’ll have three options to buy NEO. You can buy NEO at the last sold price (“Last”). You can buy NEO at the best price currently being offered (“Bid”). Or, you can buy NEO at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of NEO tokens you wish to purchase (under “Units”). Then, click the “Buy NEO” button once you’re ready. Your order will be processed as soon as a seller is found. Your USD or BTC will be deducted from your account. Then, you’ll receive your NEO.
  9. You can keep your NEO in your Bittrex NEO wallet. Or, you can withdraw to your NEO wallet if you want to maintain full control of your funds.

Conclusion

NEO is a popular cryptocurrency used as the fuel for the Neo ecosystem. Like Ethereum and ETH, you can use NEO to participate in NEP-5 token sales hosted on the NEO platform. Some people buy NEO specifically for this purpose. Others purchase NEO as an investment. The token has grown enormously in value since the beginning of 2017, rising from just a few pennies to as high as $180 at one point. Whether you’re buying NEO as an investment or for a token sale, you can follow the steps above to purchase NEO from any major exchange.

Written by Andrew T

Follow us on:

Pin It on Pinterest