This guide gives a clear view of the steps to acquire NEO crypto on the Binance cryptocurrency exchange. Additionally, with Bitcoin and also with a credit card.
NEO is one of the most promising altcoins, which is a Blockchain project that has its main focus on China. Additionally, the project was left in silence for a very long time during the crypto bear market in 2018. Since 2019, this promising project made furious progress resulting in 23th place on coinmarketcap.com. As of today, Bitcoin, the mother of all cryptocurrency coins is back in ‘bull-modus’ and has recently blasted through the 10K US dollar border. It’s just a matter of time before new investors money will flow into alternative coins like NEO for example. This ultimate guide will explain to you the steps to buy NEO on Binance flawlessly without any additional issues.
Short history of NEO Cryptocurrency
In the first place, NEO can be seen as one of the main Ethereum competitors. Mostly, because NEO is also a distributed online network like the Ethereum blockchain network. As a result, NEO offers smart contract solutions that can be executed on a distributed network of nodes called a Blockchain.
First, the project started as “Antshares” in 2014 but was rebranded to NEO in June 2017. NEO was founded by two rounds of crowd sales; the first was in October 2015 were 17.5 million NEO tokens were sold for $550.000. The second round followed quickly, which contained 22.5 million tokens and was worth 4.5 million US dollars.
NEO vs Ethereum
NEO stats vs Ethereum stats
|Supply limit||100 million, plus inflation of 50 million developer tokens released over time||Unlimited, with minor capped inflation each year|
|Mining||Proof of stake||Proof of work to transition into proof of stake|
|Dividends||Dividends are transaction fees paid out in GAS, divided among NEO owners.||None. Casper update to introduce proof-of-stake dividends for node operators.|
|Features||Easily programmable smart contracts, digitization of physical assets, verifiable digital identities||Pioneered smart contracts and dapps, unique programming language (Solidity), more than 538 tokens hosted on its network*|
|Applications||Digitization of physical assets, anything that needs smart contracts, creation and hosting of dapps**, creation of digital identities, token economy||Anything that needs smart contracts, dapps**, token economy|
Latest developments according to NEO
Not only the NEO price has been on the rise lately(21%), also the developments related to the cryptocurrency project are speeding up very fast. Firstly and very recently, NEO Global Development(NGD) announced that the project had acquired Liquefy. Liquefy is a Hong Kong-based tokenization platform and will help the NEO Blockchain project expand further.
NEO Video explanation
Before we deep dive into the process of buying NEO crypto, a quick explanation of the most popular cryptocurrency exchange to do this. Moreover, if you are new to crypto my advice would be to go to Binance.
What are the Benefits of Binance Exchange
Binance is one of the biggest cryptocurrency exchanges out there and because of this, it makes them very trustworthy to start out with. They are also a very young exchange which got launched back in 2017. Since then, the exchange has witnessed massive growth and gained a lot of popularity among cryptocurrency traders. Nowadays Binance is one of the largest exchanges with a 24-hour trading volume of more than 1 billion USD!
Below I have listed the overall advantages and disadvantages of buying NEO from Binance.
|✓ More than 140 different coins listed||✗ Buying alt-coins with fiat is not possible|
|✓ Low trading fees||✗ Customer support help-section poorly translated|
|✓ Large liquidity|
|✓ Perfect to trade for beginners as more advanced traders|
|✓ Free deposits and cheap fee to withdraw NEO|
|✓ Excellent security|
|✓ Live chat functionality|
Steps to Buy NEO on Binance
Buying NEO on Binance is quite easy, but before you can do this you have to sign up and perform some steps for setting up your account the right way.
|Take attention if you are a US customer!|
|Since September 2019, US residents aren’t allowed to trade on the regular Binance Exchange. To be able to trade altcoins, Binance has created a new exchange which is approved by the Financial Crimes Enforcement Network(FinCen). Use the link below instead.|
1.First step: Register and sign up
First, you have to go to the Binance website and perform a signup process here. Like any other registration, an email address and password are needed. After signing up a confirmation email will be sent to you.
Solve the very easy puzzle, this to verify you are not a bot.
The confirmation email which has been sent to you contains a link to confirm your account. Click this link to continue the sign-up process.
And after clicking submit button in your email :
Log in to your Binance account.
After logging in for the first time, Binance comes with a warning screen that you have to read carefully. In detail, this Safety risk notice screen comes up with 5 questions that you have to answer before continuing.
Next, click the continue button.
2. Continue setting up your Binance account
After logging in you will be taken to your start-up screen within the Binance trading portal. It’s highly recommended that you enable 2-Factor Authentication (2FA) on any exchange you use to trade cryptocurrency to improve your account security. Specifically, I recommend using the Google Authenticator app, as SMS 2FA has a variety of security vulnerabilities. Google Authenticator is free to use from both the Google Play Store and Apple IOS Store.
Initially, your account withdrawal limits will be set to a 2 BTC equivalent every 24 hours, but you can raise these limits by completing “Submit verification documents”.
Personal or Business depends on what you are interested in. The next screens need your personal information like passport, driver license or identity paper and submitting a selfie. Overall, these are all optional and only needed if you want to trade with large amounts of BTC( > 100 BTC pro day).
3. Buy NEO on Binance
After installing and setting up your personal account it’s time to buy NEO or any other cryptocurrency at this trading platform. To do so, there are currently two ways of doing this and it depends whether you already own some cryptocurrency or not. If not, don’t panic, because Binance also makes it possible to buy Bitcoin with a credit card. For buying NEO you have to buy Bitcoin or Ethereum first and purchase NEO with it later on. I will show you later how to do this on the Binance exchange.
3.1 Use a credit card
To buy Bitcoin with a credit card you have to choose “Funds” on the left and then click “Buy with credit card”.
After this screen, you have to give the details about your credit card company and you’re ready to go.
3.2 Deposit cryptocurrency to Binance
The last step to buy NEO on Binance is depositing crypto on the platform. In particular, there’s a large number(more than 140 coins) of cryptocurrencies available to deposit onto Binance, although trading pairs are denominated in BTC, ETH, USDT, XRP, USDC, USD, PAX, TUSD, and USDS.
Whatever crypto coin you choose, click deposit then send funds to the given address.
It takes some time for the blockchain to handle the transaction, but you can check this in a separate screen on Binance:
Now, just wait until the transaction has done 6 confirmations on the Blockchain network. After these confirmations, the sent Bitcoin will be added to your available balance.
4. Buy NEO with Bitcoin
Once your deposit has been completed, it’s time to trade your deposited cryptocurrency for NEO. Click the “Exchange” button in the menu and choose “Advanced”. Now you see the window which shows the current chart and price of several cryptocurrencies.
For buying NEO with Bitcoin you have to search in the menu for the NEO symbol. In the menu chose “BTC” and give the NEO(this is the symbol for NEO).
First, place a buy NEO order using either a limit or market order. Binance charges a .1% fee for trades. To keep it simple, I purchased 4 NEO using a market order. If you’re placing a market order, you can choose the percentage of your Bitcoin balance you wish to use to buy NEO.
A market order will purchase the maximum amount of NEO available for the Bitcoin amount you’ve chosen to spend. As a result, it will purchase the cheapest available NEO until it has filled this amount.
Second, after the market order has been completed you will receive the amount of NEO in your NEO crypto wallet on the exchange. This wallet will automatically be generated for you by the Binance exchange.
NEO is one of the promising altcoins which has a lot of potentials to grow in the future. Recently they have made the news by acquiring Liquefy and expanding their development team with some ‘fresh blood’. Blockchain technology and smart contract will be part of the decentralized online community. As a result of this, the NEO price has a lot of potentials to grow in the near future.
Investors are willing to invest in this token with USD dollars or just Bitcoin. As a result, Binance offers a quick but simple way to buy on their trading platform. Finally, with this guide in the steps for buying NEO crypto, I hope I have given you a clear view of the options on the Binance platform.
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