How to Buy NEO

This step-by-step guide will show you how and where to buy NEO in 2024.

Buying crypto in 2024 should be pretty simple, right? Well, it depends on what you are buying and where you are buying it. Due to the current regulatory environment and KYC laws, US based customers have limited options for purchasing NEO.

NEO is a top 100 token by market cap, but unfortunately, the availability of NEO on central exchanges accessible in the United States is limited. As of early 2024, there are 65 active markets globally for NEO and NEO pair trading.

This guide is geared toward readers located in the United States, but the steps for buying NEO will be the same no matter where you are based.

Here’s a quick summary of how to buy NEO:

  • Choose a platform. This will be an easy decision to make because the options are limited for the US market. Hopefully, this will change soon. There are a few centralized exchanges where you can purchase NEO. Most people in the United States turn to Coinbase to purchase crypto. You won’t find NEO on Coinbase . . . yet (wen NEO?). Your options are Crypto.com or Binance. Both of these platforms will require identity verification.

  • Choose how to pay for NEO. Most exchanges will let you link your bank account or debit card to make purchases. Some exchanges, like Crypto.com, will allow you to link a credit card. Most will also allow you to transfer in crypto from another wallet.

  • Choose where to store your NEO. Once you’ve completed your purchase of NEO, you’ll need to keep it somewhere. You have a few choices when making this decision. You can keep your NEO on the exchange where you bought it (but miss out on earning GAS) or keep your NEO in a wallet. A wallet under your control is your safest option. However, your own wallet is not without its own risks.

How To Buy NEO in 4 Steps

So you’ve made this this far. Let’s get into it! For the most part, buying NEO is simple. In this step-by-step guide, we’ll walk through some of the basics of purchasing NEO on crypto.com.

1. Create an Account and Get Verified.

The first step toward buying NEO is creating an account on a centralized exchange and verifying your identity. In this case, we’ll look at Crypto.com.

Create an account

Crypto.com operates via an app. The first step requires you to download the app. You can find a link on the homepage or scan the QR code below (note: Flamingo Joe does not receive any referral or affiliate compensation from Crypto.com)

Once you’ve downloaded the app you will need to enter your email. Once provided, the exchange will email you a confirmation link. You must open this link from the inbox of the email address you provided.

The next step is to confirm your phone number via a verification code. Once completed, you will be asked to complete an identity verification process. This is required in the United States.

Verify your identity

During this process, you will asked to scan your documents and provide biometric data (take a selfie and video yourself turning your head from side to side).

You will be required to provide the app with access to your mobile device’s camera.

Once you have finished this step and provided the required information to verify your identity, the app will let you know the process is finished and they are verifying your information.

This verification processing should not take long. Once completed you are ready for the next step!

2. Choose Your Payment Method.

With the KYC process completed, it is time to decide on a payment method. The Crypto.com app supports fiat currencies, credit and debit cards, Apple Pay, Google Pay, and other cryptocurrencies.

This platform stands out for the number of options provided to purchase crypto. There are certain terms and limits depending on the payment method selected.

Depending on the payment method you choose, there may be fees or different time frames for making the purchase. Below, we’ll discuss each.

3. Buy NEO.

Buying via Bank Transfer

One of the more popular ways to purchase on the Crypto.com App is through fiat currency because it offers users the lowest fees. First, you must initiate a transfer from your bank account, and the fund will be deposited into the Fiat Wallet.

Once the Fiat Wallet is funded, you can proceed to buy NEO by following these steps:

  1. Tap Buy on the Crypto.com App home screen

  2. Select NEO

  3. Under Cash, select the relevant Fiat Wallet and tap Buy again.

  4. Review the transaction details and tap Continue.

  5. Confirm the transaction with a passcode or biometric verification.

Buying With a Card

Buying NEO with a credit card is convenient and fast.

  1. Tap Buy on the Crypto.com App home screen

  2. Select NEO

  3. Under Cash, select Add Payment Method.

  4. Follow the on-screen instructions and add the card information. (A small amount of around US$0.10 will be temporarily held, but not charged, for up to seven days.) Once complete, return to the Buy screen.

  5. Select NEO and the purchase amount.

  6. Under Cash, select the newly added card.

  7. Confirm the transaction with a passcode or biometric verification.

Other Payment Methods

In addition to using a Fiat Wallet or credit/debit card, you can buy NEO with Apple Pay, Google Pay, and other cryptocurrencies in the Crypto.com App.

Adding Apple Pay or Google Pay as a payment method is similar to the abovementioned steps.

  1. Tap Buy on the Crypto.com App home screen

  2. Select NEO

  3. Under Cash, select Apple Pay or Google Play. and tap Buy again.

  4. Review the transaction details and tap Continue.

  5. Confirm the transaction with a passcode or biometric verification.

Another option is to use other cryptocurrencies as a medium of exchange. Crypto.com App users can deposit cryptocurrency from an external wallet and use it to purchase NEO and over 250 other coins.

  1. Tap Buy on the Crypto.com App home screen

  2. Select NEO

  3. Under Cash, select a cryptocurrency to sell and tap Buy again.

  4. Review the transaction details and tap Continue.

  5. Confirm the transaction with a passcode or biometric verification.

4. Transfer your NEO to A Self-Custody Wallet.

Thinking about where you want to store your NEO before purchasing is always a good idea. Many people choose to keep their NEO on the exchange where they bought it; this isn’t the safest choice. Odds are you’ll be okay, but what if the exchange suspends withdrawals, is hacked, or collapses altogether?!

Just a few years ago, there were more than two options for purchasing NEO in the US. One exchange was hacked, two stopped serving the US market, and another collapsed. These issues are less likely as time passes and exchanges strengthen security and liabilities, but history has proven that self-custody is an important safety measure for securing your NEO.

Options for storing NEO

  • Software Wallet: A software wallet is an application or browser extension that allows you to transfer your cryptocurrency from the exchange and utilize it according to your preferences. These wallets generate and store your wallet's private keys on an internet-connected device, often referred to as "hot wallets."

  • Hardware Wallet: A hardware wallet, also known as "cold storage," utilizes an external hardware device to securely store your wallet's private keys. These wallets are readily available for purchase on Amazon. Often, users pair a hot wallet with a cold wallet. This setup provides access to a broader range of applications through the hot wallet while ensuring the security of your cryptocurrency with the cold wallet. This arrangement is advantageous for both security and accessibility.

Not sure what wallet to choose? Check out the wallet page for tips.