Cryptotrader's Guide Cryptocurrency

NEO: The Dark Horse Coin

NEO

Neo is one of the most promising crypto-currencies on the exchange today. Formerly Antshares, NEO has “smart-contracts” and the ability to produce Gas if kept off of an exchange. It’s been called “the Chinese Ethereum,” but my bet is that 2018 will show that NEO will stand on its own.

How to Buy NEO via Coinbase and Binance

The easiest way to buy NEO is via Coinbase and Binance.

Quick Note

  • The NEO network consists of 2 cryptocurrencies—NEO and NEO GAS, each with their own value.
  • Owning NEO entitles you to periodically receive NEO GAS (similar to how owning a stock can entitle you to dividends).
  • It’s important to buy NEO through an exchange that will also give you the NEO GAS you are owed. Most exchanges don’t do this.
  • In July, Binance became the first online exchange[1] to distribute NEO GAS to its NEO owners, making it the best option for buying NEOonline.

Overview

  1. Sign up for Coinbase and buy Bitcoin.
  2. Sign up for Binance.
  3. Send your Bitcoin from Coinbase to Binance.
  4. On Binance, exchange your Bitcoin[2] for NEO.

Step by Step

1. Sign up for Coinbase
  • Go to Coinbase and sign up. You’ll need to verify your email, phone number, and bank account.
  • Then, go to Coinbase.com/buy. After choosing your payment source and how much you want to buy, click Buy Bitcoin.
2. Sign up for Binance
  • Go to Binance and sign up for an account.
  • Verify your email.
3. Send Bitcoin from Coinbase to Binance
  • Log in to your Binance account.
  • On the top of the screen, hover over Funds and click Deposits Withdrawals.
    Binance-Deposit-Withdrawals
  • One the next page, you will see many rows of cryptocurrencies. Find the Bitcoin row and click the corresponding deposit button.
    Binance-BTC-address
  • Now, go to Coinbase.com/accounts and click “Send” under your Bitcoin wallet.
    Coinbase-send
  • Paste your BTC Deposit Address (which you just copied from Binance) in the Enter a BTC Address field.
    Coinbase-send-form
  • Enter your desired send amount, and press Continue to send your Bitcoin to Binance.
  • To see whether this transaction has completed, go to Binance Transaction History. It can take 1–3 minutes for the transaction to appear, and 10–30 minutes for it to be fully confirmed.
4. On Binance, exchange your Bitcoin for NEO
  • Go to Binance’s BTC–NEO exchange: www.binance.com/trade.html?symbol=NEO_BTC (P.S. This page may look complicated. Hang in there!)
  • In the middle of the page you will see a chart. Just below the chart, there is an interface (below). If Limit is selected, then click Market.
    Neo-click-market
  • After the Market tab is selected, click 100% (this means “convert allof the Bitcoin in my Binance account into NEO”).
    Neo-percentages
  • Then click Buy NEO.
  • To view your newly purchased NEO, go back to the Deposits/Withdrawals page on Binance.
    Binance-Deposit-Withdrawals-1

Best of luck in all of your cryptocurrency pursuits!

  1. Read Binance’s open letter to the NEO community here where they announced they would be distributing NEO GAS to NEO owners once per month. ↩︎
  2. If you are familiar with Ethereum, you can adapt this guide to use Ethereum instead of Bitcoin. At the moment, this would save you $5-10 when sending from Coinbase to Binance. I used Bitcoin to make the process as simple as possible for anyone who may not have heard of Ethereum. ↩︎

    “How to” written by: Sam Feldman

    While at University of Maryland, I started a business selling stick-on card holders which I now run full-time (CardBuddy). “You are the average of the 5 people you spend the most time with.”

    Los Angeles, CA