A Beginner’s Guide to Buying and Selling NEO Cryptocurrency in Australia
NEO is a direct competitor with the Ethereum network to create financial products on a blockchain. The network is known as the “Chinese Ethereum” since it is based in China.
The popularity of the NEO cryptocurrency has grown immensely since the crypto boom last year. As a result, there has been a high interest in the token from both retail and institutional investors.
If you’re looking to buy the NEO crypto asset in Australia, this guide will help you throughout the buying process.
What's in This Guide?
The guide explains how to buy NEO using fiat currency or another cryptocurrency in Australia. It also explains where to buy NEO and provides a step-by-step guide when buying the crypto asset.
The guide also shows you how to sell NEO, how to hold NEO and the things you should consider when buying the cryptocurrency.
Where to Buy NEO in Australia
As a novice in the world of cryptocurrencies, you have limited options when it comes to buying NEO. However, the obvious place is in a cryptocurrency exchange.
That’s because a crypto exchange is a secure platform that will accept either fiat currency or another cryptocurrency in exchange for NEO tokens. You can also sell the token easily on the exchange if you have to.
List of the best Exchanges to buy NEO in Australia:
Looking where to buy NEO in Australia right now? Below you will find 4 of the best brokers that allow you to buy NEO in Australia.
- eToro - Best broker to buy NEO in Australia
- Binance - Best exchange to buy NEO in Australia for asset diversity
- Coinbase - Best exchange to buy NEO for beginners
- OKEx - Best broker to buy NEO in Australia for low-cost
A Step-by-Step Guide to Buying NEO in Australia
If you’re looking to buy NEO in a crypto exchange, there are two options available to you: you can buy NEO with fiat currency or buy with another cryptocurrency.
Buying NEO with other cryptocurrencies
Many exchanges will allow you to deposit your cryptocurrency on their platform when you create an account with them. From there, you can go to the NEO pair combination where you can select the order type you want.
Buying NEO with fiat currency
This is the route you need to follow if you are buying NEO as your first cryptocurrency or you don’t have any other crypto asset. The process below will explain how to buy NEO with fiat currency (AUD).
Step 1. Register for an account with an exchange
the first thing you need to do is find a crypto exchange that accepts fiat currency when creating an account with them. Not all exchanges will accept NEO when linking your account, but you will find few exchanges that do.
To create an account with the exchange, you will be required to provide some details like your full name, proof of address, proof of ID, and your employment details. All these may not be required, as each exchange has its requirement.
These demands are to fulfill the Know Your Customer (KYC) requirements. Once you provide the details, your account will be created after verifying your email address. Also, don’t forget to enable two-factor authentication (2FA) to further protect your account.
Step 2. Deposit funds into your account
The next step is to deposit funds into the exchange account you’ve created. You should have a lot of payment options, including via credit card, debit card, and PayPal. Click the option that’s most convenient to you because each of the payment methods comes with specific fees attached. Enter the amount you are depositing to the account and proceed to checkout.
Step 3. Buy NEO
You have done the difficult part of searching for an exchange that accepts NEO deposits and providing the details needed for opening your account. The part of buying NEO is pretty straightforward.
Proceed to the markets page in your exchange account and choose the NEO pair you want to buy (in this case, it’s the NEO/AUD pair if you’re buying with AUD).
Select the order type that works for you - either the market or limit order – and enter the amount of NEO you want to buy. Proceed to the review page before submitting the order. A confirmation message will be sent to you when the order is executed. Once you have the NEO in your exchange account, you can transfer it to a crypto wallet or buy other tokens with it.
How to Sell NEO
Selling NEO is also very easy. Proceed to the markets page and click the “Sell NEO” link. Note that this may appear differently in different exchanges.
Once you've seen the right pair, proceed to the order page, enter the amount of NEO you want to sell, and complete your order. That’s all!
Which Wallets Can I Use to Hold NEO?
Once you have NEO in your exchange account, you can get a wallet to store the token. It’s always better to keep your NEO token in a crypto wallet due to security reasons.
Select a crypto wallet that is compatible with the NEO token. It could be either a cold wallet or a hot wallet. If you’re looking to hold NEO for a long time, a cold wallet (offline or hardware wallet) will be the right option for you.
How NEO Works
NEO is a network that eliminates the need to have a centralized third party during transactions. This makes the financial ecosystem both permissionless and trustless.
The network allows you to control your cryptocurrency through a wallet and transact using code on NEO’s blockchain, known as smart contracts.
It also enables the creation of digital identities for organizations and individuals, and the identities can be accessible through multifactor authentication.
Read Also: Could NEO Be A Millionaire-Maker?
Key Things to Consider Before Buying NEO in Australia
Before investing in the NEO, the following are some important things you should consider.
1. Consider the volatility in the market
The volatility in the crypto market is unquestionable. It’s the main reason why many investors are skeptical about the industry. But many are still making massive profits. Before you go into the industry and buy NEO, understand that the market is a speculative one and the price of the token can change massively within a short time.
2. Competition for NEO
Competition always has an impact on the progress of a product. It’s the same thing with the NEO cryptocurrency. The token competes directly with Ethereum and other platforms, which has impacted its level of adoption.
3. Future of the project
The NEO token is backed by experienced developers and an engaging community. It has attracted lots of investors lately, and the developers are setting up projects that will take NEO to the next level.
Don't Miss: Neo Price Predictions
eToro – Best Exchange to Buy NEO in Australia
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy NEO in Australia?
You can buy NEO cryptocurrency in crypto exchanges in Australia. But you need to register with one that offers the token on its platform.
Can I buy NEO with AUD?
Yes. Although most exchanges do not allow payments for NEO tokens with AUD, few do in Australia.
Where can I store NEO?
You can store NEO either in a cold crypto wallet or a hot wallet, but it must be compatible with the new token.