Buy NEO UK (NEO Buying Guide)
Alright, so you want to buy some NEO. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies should be bought through trusted crypto 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 GBP) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
Buying NEO in the UK has become pretty easy since CEX.io came onto the crypto scene. Just sign up, verify your account, and buy NEO with GBP.
We’ve laid out the steps on how to get started below!
How To Buy NEO in the UK
- Register for an account with CEX.io.
- Verify your account.
- Deposit GBP into your account
- Click the “Buy/Sell” link
- Select “NEO” and “GBP”.
- Enter the amount of GBP you want to trade for NEO, or how much NEO you want to buy.
- Review the details.
- Click “Buy”
How To Get Started
Setup Your Account
CEX.io is definitely our go-to crypto trading platform in the UK. They offer a great range of cryptocurrencies and they are UK based so it's easy to sign up and use GBP to trade.
The first thing you'll need to do is sign up for an account from their homepage.
Verify Your Account
After you've created your account, to unlock higher limits you'll need to verify your account. You can do this by clicking on your name top right then clicking on "Verification", this will take you to a separate subdomain where you can verify your details. You will have to fill out all of your personal information including any documents required, don't worry about this, every exchange requires it. Cryptocurrency exchanges need to request this information to abide by local laws.
Fund Your Account
You can now deposit money in your account, there are a few different options which you can see below. If you have any issues you can always reach out to their support team.
Once you’ve funded your account with GBP, you’re set to buy some crypto.
CEX.io caters for all users, so they have both simple and advanced ways of buying cryptocurrency. Essentially you can just choose which Cryptocurrency you want to buy and which local currency you want to use, in this case GBP.
Where To Buy NEO
We reviewed all of the exchanges available in the UK and we highly suggest using CEX. It far surpasses the other exchanges as the best option due to it's customized platform and ease of use.
CEX is by far our favourite exchange for people in the UK. Their platform is incredibly easy to use and allows you to buy Cryptocurrencies with GBP. They have their HQ in the UK so it allows from some great benefits like faster payments and localised support.
What Is NEO?
It’s a real wonder that an open-sourced payment system like NEO was launched in China and has remained in the country’s good books ever since. If you’re not familiar with how unfriendly China’s government is towards cryptocurrencies, just think of the fact that in 2017, the country banned all ICOs, be it domestic or foreign.
These ICOs, i.e. Initial Coin Offerings, are very important for crypto startups because this is how developers and companies raise money to continue investing in the development of their project. Besides, crypto trading is heavily regulated there in general.
So, why would China make an exception when it comes to NEO?
The thing is, the government is not hostile towards cryptography and blockchain technology as such, and their potential to revolutionize our modern-day economy hasn’t gone unnoticed to them. Their major problem is with currencies that are completely ungoverned and that, in their view, could lead to more frauds, thefts, and illegal purchases.
The Chinese government approves of NEO because the company’s philosophy is creating this kind of “smart economy” or a digitalized economy based on building a trusted digital presence.
Who Created NEO?
It all began in 2014 when Da Hongfei and Erik Zhang, two Chinese developers and entrepreneurs, together with their stellar team of experts designed AntShares, a decentralized ledger protocol.
During the following year, AntShares was open-sourced on GitHub and launched an ICO in 2016, managing to raise up to 6,119 BTC with which 100 million NEO tokens were created. In 2017, the platform was renamed to NEO, a name taken from the ancient Greek prefix “νεο-”, a “new, modern” system, driven by “progress” and “innovation”.
The supply of the native token NEO was hard-capped at 100 million NEO that were all pre-mined. Half of the tokens were sold in the ICO, the other half belongs to the NEO council and stays locked in a smart contract with only 15 million coins issued each year.
The NEO network uses NEO tokens to operate and create blocks of transactions. However, the platform supports another type of coin called GAS which users get when they purchase NEO and spend them on fees and services like smart contracts. This is similar to how Ether is used on Ethereum.
What Are Their Future Goals?
Let’s talk more about NEO’s vision for a “smart economy”.
The company imagines a digitalized world economy in the near future where companies and individuals will build a digital identity, use digital assets, and sign smart contracts with their business associates.
The platform is built in such a way that it allows for users to digitize physical assets once they’ve registered and provided the required identification documents. Only then will their asset be approved and their digital identity recognized by NEO.
When you digitize your currency it becomes decentralized which in turn means that you will be able to complete your transactions faster, while still spending less money. Moreover, a licensed digital identity helps you build a trustworthy reputation online, which is how other parties will agree to enter into smart contracts with you.
The benefit of such contracts is that instead of involving intermediaries like lawyers and notaries, you could create your own rules and conditions with your partner that the NEO blockchain will record and store for you. Once inserted on the ledger as a computer code, the contract will be irreversible and will self-execute itself only if all conditions have been met by both parties.
Who Is it For?
By the end of 2017, NEO already had 5 billion GBP in market capitalization. At the moment, NEO has more than 413 million GBP in market capitalization, while the coin itself is worth around 5.87 GBP according to CoinMarketCap.
Investing in NEO can turn out profitable for retail traders, especially as the coin becomes more popular, increasing the amount of speculation which would drive its price upwards. However, it’s even more useful for businesses, from startups to large corporations, to transfer all their paperwork and third-party bonds to NEO’s trustless environment online.
We also mentioned the benefits of smart contracts, not only for companies but for developers and software engineers as well. With NEO they can create their own decentralized applications (dApps) with the help of smart contracts.
But smart contracts are not exclusive to NEO. If anything, it was Ethereum that made them popular in the first place. So why choose NEO over Ethereum?
Well, NEO has tried to solve some of Ethereum’s shortcomings and allows users to create these contracts much faster, without adding a learning curve to the process. One way it does this is by working on implementing a type of database partition called “sharding” that helps improve the blockchain scalability.
This is a way of partitioning large chunks of data into smaller bits that get separated from the main server and stored on additional servers so as not to overwhelm the network and make it possible for a larger number of transactions to be processed at one time.
Pros and Cons of NEO
It’s true that NEO took much from Etherem’s blockchain which is why the crypto community frequently calls it “China’s Ethereum”. But for what’s worth, NEO definitely outperforms Ethereum in some aspects.
NEO was also designed to validate transactions with the proof of stake consensus method as an advanced and cost-effective alternative to the proof of work method used by both Ethereum and Bitcoin.
For now, the only challenge the platform could face is to become more centralized under the pressure of China’s regulations. This can also affect its availability in certain areas of the world, the UK included. For now, though, there are no such restrictions.
If by the end of this guide you’ve decided you want to purchase your first NEO tokens, maybe you’ll also be interested in our guide on how to buy NEO in Australia.
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.