Thinking about adding NEO to your portfolio?
The cryptocurrency industry has attracted a lot of traders and investors due to their high volatility and a sharp increase in prices.
Some crypto assets like NEO have performed exceptionally well within the past few months. So many people are smiling to the bank, and the market is still wide open for new investors.
If you are new to cryptocurrency investment, you will be wondering the right way to buy crypto assets.
NEO’s smart economy concept has the potential of revolutionizing economic transactions and change the way the world interacts on a financial level.
If you’re considering a cryptocurrency investment, the following step-by-step guide will help you buy NEO in the UK with ease.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY NEO IN THE UK
- A Step-by-Step Guide to Buying NEO in the UK
- How NEO Works
- Which Wallets Can I Use to Hold NEO?
- Things to Consider When Buying NEO
QUICK GUIDE: HOW TO BUY NEO IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select NEO.
- Enter how many NEO coins you want to buy.
- Check the details and confirm your purchase.
A Step-by-Step Guide to Buying NEO in the UK
Step 1: Open an Account With an Exchange
A cryptocurrency exchange is the best place to buy your NEO token. Interestingly, many crypto exchanges in the UK offer the NEO token on their platform, so you won’t have any issues ordering NEO.
Select the exchange you think is right for your needs. Remember that different exchanges offer different options. Some exchanges offer to hold you NEO token while some other allow you to withdraw your crypto asset to a wallet. Chose an exchange that allows you to store your NEO the way you want. So, it’s important to select the right type of exchange when buying NEO.
Step 2: Deposit Funds Into Your Account
Some of the exchanges may ask you to provide certain information to verify your identity. You may be asked to provide proof of ID, your residential address, email address, and your employment information. Once the information is provided, the exchange will go-ahead to create your account. You will be asked to link your exchange account to your credit card to make deposits to your account.
Step 3: Buy NEO
Although not all exchanges allow the purchase of NEO with fiat money, the numbers that accept have increased over the years.
Choose the exchange that allows you to buy NEO using your bank account, credit card, or debit card. If you already own Bitcoin and you want to buy NEO, you can look for exchanges that can exchange your Bitcoin for NEO tokens. But if you are new to cryptocurrencies, the best option is to pay via your bank account or credit card.
Once your crypto account on the exchange is credited, you can proceed to the transaction portal to order your NEO token.
Fill in the order (which should be for NEO/GBP in this case) and review it before submitting it. In no time, your order will be executed and the amount of NEO you ordered will be credited to your exchange account. Once you have bought the NEO token, you can withdraw the funds to your crypto wallet if you don’t wish to trade immediately with it.
Step 4: Get a Crypto Wallet for the NEO Tokens
As we stated before, some exchanges can offer crypto custody services to store your NEO token with them. But for security reasons and your peace of mind, you should get a crypto wallet.
This is even more important if you plan on holding the NEO tokens for a long time. So, before you register with an exchange, get a crypto wallet you can use to store the NEO tokens after purchasing from the exchange.
How NEO works
NEO was initially known as Antshares when it was developed in 2014. However, it changed its name to NEO and focused on a smart economy to merge smart contracts, a digital identity, and digital assets into one.
NEO facilitates millions of transactions via its decentralized distributed ledger, which has forced banks to rethink the way they do business.
Interestingly, the cryptocurrency supports popular programming languages like Python, Java, and C#. The token is regularly traded just like other cryptocurrencies and has a large community of supporters and enthusiasts.
Which Wallets Can I Use to Hold NEO?
There are different types of wallets you can use to hold cryptocurrencies, but you need to get the specific ones for the NEO cryptocurrencies.
A good place to do this is on the NEO website. But you still need to choose why wallet you want, since they are classified into offline and online wallets.
The former is safer as it doesn’t need to be connected on the web. It’s strictly for the storage of NEO tokens for a long time until you need to sell them. On the other hand, the online wallet is ideal for regular traders who want to keep their NEO tokens as liquid as they can.
Things To Consider When Buying NEO
Before you invest in NEO in the UK, there are certain things you need to consider first.
1. Cryptocurrencies Can Widely Fluctuate in Price
The extreme volatility nature of cryptocurrencies, including NEO, is the reason why some investors are still skeptical about the market. Before you enter the crypto market with your first investment in NEO, understand that the market is highly speculative.
Crypto assets can move from all-time high to all-time low and vice-versa in no time. So, remember to protect your wealth by investing only what you can afford to lose.
2. Carry Out Enough Research
With a lot of information available on the internet, it should not be too difficult to research and find out more about NEO. Although the project is a prospective one, it’s still necessary to do your research.
This will help you predict more accurately the future price of the token.
Even after buying NEO, ensure you stay updated with news about NEO and its developers. Positive news can drive the price of the token. On the other hand, negative news will probably have an equally negative impact on the price.
3. Understand the Regulatory Risk
Remember that cryptocurrencies are hardly regulated because of their nature. This also impacts the prices, just like what happened to Ripple (XRP). Trading NEO is also not supervised by any EU regulatory framework. So, you should keep all these risks in mind when buying NEO.
Don't Miss: What Will Drive the NEO Price In 2021?
NEO crypto asset is no doubt one of the most popular cryptocurrencies in the world right now. It has grown to unimaginable levels since it was developed. The market for the token is booming and many investors are looking to have a share of the entire NEO market.
If you are new to crypto, the guide will help you get started on the right way to buy NEO in the UK.
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Virtual currencies are highly volatile. Your capital is at risk.