How To Buy NEO Cryptocurrency In Australia
Alright, so you want to buy some NEO. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
In Australia, we have quite a few options when it comes to cryptocurrency exchanges. The majority, however, only support a handful of coins, these are usually the bigger ones like BTC (Bitcoin) and ETH (Ethereum).
You can learn more about all the Australian crypto exchange options out there, but, long story short, our favourite Australian platform at the moment is Swyftx, it’s easy to sign up, you can use AUD, and they have 70+ coins available for you to purchase (including NEO).
We’ve laid out the steps on how to get started below!
How To Get Started With Swyftx
Setup Your Account
As mentioned above, Swyftx is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is SETUP MFA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you can find this on your Profile page under "Security".
Verify Your Account
Before you do anything on Swyftx you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click in the left navigation bar on "Profile" then the "Verification" tab
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
You'll first need to deposit AUD on the platform so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click the left navigation on Deposit AUD
You can then either choose BPAY or PayID to Deposit AUD on the platform.
Once your account is verified and you've added AUD or BTC you can start buying and selling cryptocurrency.
Go to Trade
This page lists all the coins that Swyftx has available (which is a lot). You can simply click on any of the cryptocurrencies in the left section under "Assets" or search for your desired cryptocurrency.
Once you've decided what you want to buy you can indicate how much AUD you want to buy of each coin.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the Swyftx platform.
Where To Buy NEO
We highly suggest using Swyftx to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and Swyftx clearly deserves the top spot.
Swyftx is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. On top of this they have low fees and are upfront about any transaction fees they do charge whereas some exchanges charge much more in spreads. This is the most trusted exchange in Australia and arguably one of the best exchanges globally.
What is NEO?
NEO is the next big currency according to crypto-specialists. China has officially banned ICOs from occurring in their country. Instead, choosing to create an Ethereum-like platform and call it NEO. Ethereum made DApps and they will be the pioneers forever, but numerous companies are still attempting to take over the smart contract and DApp based crypto-space.
Some of the new companies that seem to have sprung up out of nowhere are Stratis, Waves, and Counterparty. They all offer a unique property not found in other crypto-companies in the space. Which is one more reason for the excitement. However, NEO has recently joined the race. The company was formerly known as Antshares.
NEO is a cryptocurrency that has given strong returns to investors. They’ve seen returns as high as $52 a token. The company is commonly called Ethereum Killer or Chinese Ethereum. But that is just a part of the game – in no way do most consider NEO to be a threat to Ethereum. However, NEO is the first decentralized, cryptocurrency that runs on an open-source, blockchain platform to be released in China.
What Are Their Future Goals?
The NEO platform is looking to be a distributed network for a smarter economy. Their goal is to be the vanguard or leader in building an economy that is intelligent. According to NEO, a smart economy is one that contains digital assets, plus a digital identity and smart contracts. It was only in 2017 that Antshares rebranded itself as NEO. They did so at a conference with two hundred attendees at the Beijing Microsoft HQ. The reason being is that NEO in Greek culture means, “newness, novelty, and youth.”
Who Created NEO?
Antshares is the company that morphed into NEO. NEO also owns GAS which is a token that was formerly known as ANC – Antcoins. NEO is composed of a massive team of some of the best tech specialists in China. The primary community members in NEO are Da Hongfei – the founder of the network. Others include Zhang Zhengwen, co-founder and lead developer, and Tao Rongqi, community developer, operator, and contributor. They’ve also founded another promising blockchain project, OnChain.
The team that is headed by Hongfei is said to be one of the most professional teams in the crypto-space. Not only that, but they also do things a little differently than many other ICOs. Most ICOs focus primarily around the pre-sale hype of their launch, praising the unknown yet potential value of their coins. NEO, on the other hand, does the polar opposite. The team works hard to relentlessly update the public, making themselves available at all times to provide information about the network, technology and it’s real-time applications.
Who Should Trade NEO?
NEO is primarily for the same people Ethereum was designed for, developers and programmers looking to build and share applications. The smart contracts and virtual machines used by NEO are very similar to Ethereum’s. NEO will soon be releasing their smart economy, however – a platform designed to help people create contracts like those on Ethereum. NEO’s will be labeled “Smart Contract 2.0.”
The NEO ecosystem helps programmers solve the same problems that Ethereum does. They have already incorporated sharding and concurrency in their platform model. This is said to address many of the issues with scaling that other networks have seen. Ethereum has yet to make changes like these to either DApp or their Smart Contracts.
Pros and Cons of NEO
One advantage of NEO is they will be working closely with financial institutions to make the tokens as valuable as possible. Their hype has worked, as NEO jumped instantly from $8 to $11 after a tweet by the NEO team announced the partnerships would be taking place.
Ethereum may be the founder of smart contract technologies, but NEO is said to become the Far East powerhouse. They will also have a larger market than Ethereum.
Fiat has been going through struggles on a worldwide basis. NEO is the safest place for many Chinese and other South East Asian residents to store their wealth. One of the downsides to NEO, however, is that it is a primarily Chinese-based platform, making it difficult for English speakers and those who speak other languages to understand the platform fully. The non-English aspects could affect coin market caps and cause serious price implications.
Another con is that there is always a high potential for the Chinese government to regulate NEO. China is much stricter in many regards than any of the other major countries involved in the cryptocurrency world. Any moves they make that could affect the progress of NEO moving forward could have a massive impact on the entire crypto-economy.
As of now, China seems to have no worries about the new network, and as far as we know, is not regulating it in any way.
Buying NEO Using Different Payment Methods
A lot of traders find it easier to purchase NEO via bank transfer. To do that they simply need to register for an account on some crypto exchange, verify their identity, add a bank account to the account, and verify the request with their bank.
In Australia, bank transfers are available on most popular crypto exchanges. Our favorites are Swyftx, Independent Reserve, and CoinSpot because they have decent processing times (around 3-6 business hours on bank transfers) and zero or low deposit fees.
BPAY, Osko, POLi, and PayID
If you don’t want to wait up to 6 hours, Swyftx and CoinSpot also offer the option to make almost instantaneous money transfers with payment services like Osko, BPAY, POLi, and PayID. We say “almost” because there’s always a possibility your bank might inquiry into the nature of your money transfer and slightly delay the process.
Swyftx doesn’t charge a fee on these types of deposits because it profits on the 0.8% spread. On CoinSpot there are zero deposit fees except for BPAY transfers that incur a 0.9% fee per trade.
Credit Card and Debit Card
Unfortunately, Australian trading platforms don’t allow their customers to purchase cryptocurrencies with credit or debit cards. However, as this payment method is becoming more popular, they’ll undoubtedly change their minds.
In the meantime, you can use your card to buy NEO using the popular broker company eToro. This platform makes profits from the spreads between the buy and the sell prices. Currently, the spread for NEO is 1.90%.
Over the Counter or OTC desks are high-liquidity platforms that allow institutional traders to place large orders without disrupting the market. By large orders, we mean orders over $100,000. Australian traders can enjoy the new OTC desk launched by Independent Reserve.
Binance and Bitfinex are two international platforms with their own OTC desks where you can buy/sell NEO for fiat currencies like Euro, USD, GPB, JPY, and CAD.
If you happen to have some balance left on your PayPal account the most practical way to use it on purchasing NEO is to link your account to your bank account and use that balance on your chosen crypto exchange. You can also check out peer to peer platforms to see if you can find PayPal offers.
How to Store Your NEO
If you want to purchase NEO, you need to decide where you’re going to store your coins. The Internet today gives you numerous options.
First, you have cloud-based wallets created by custodial cryptocurrency exchanges or third-party digital wallet providers. Although convenient, using web wallets comes at a high risk of hacking attacks which might cause you to lose your coins.
Next, there are software desktop wallets such as the official NEON wallet designed by the Neo company itself. This is a light wallet, meaning that you don’t have to download the whole NEO blockchain to your computer in order to use the wallet. It’s secure and free, and users haven’t complaint about bugs so far.
Finally, we recommend checking out some of the popular hardware wallets on the market. These USB-like devices operate offline and therefore significantly reduce the chances of cyberattacks.
Frequently Asked Questions
Should You Buy Bitcoin or NEO?
Bitcoin and NEO are two very different cryptocurrencies used for different purposes. Bitcoin functions as a store of value and can be used both to purchase goods and as a longterm investment. Although NEO can be used for the same purposes, it’s more suitable for developers and people interested in their concept of the smart economy, i.e. building a digital identity and digitalizing your business.
Is NEO Better Than Ethereum?
Can You Sell NEO on Binance or Other NEO Exchanges?
Yes! Binance is a well-known altcoin exchange that allows customers to buy and sell a long list of assets including NEO at a very reasonable market price. Most of the other NEO exchanges mentioned in this text support placing a sell order.
What’s the Best NEO Wallet?
If you’re looking for a temporary place to store your NEO coins in, we recommend checking out the cloud-based or web wallet provided by Swyftx, the most popular Australian crypto exchange. Swyftx supports storing any of the digital currencies available on the platforms and this includes NEO too. However, hardware wallets like Ledger Nano are always a much safer option for the management of digital assets.
How Many NEO Tokens/NEO Coins Are There?
In the official whitepaper, the NEO company informed that the total amount of NEO tokens would be 100 million and 100 million GAS tokens correspondingly. NEO holders have many advantages over other users including voting and management rights.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.