Neo has an evergrowing presence in the crypto world and has seen a significant rise in price in recent months with a potential for a whole lot more (check out our Neo Prediction for 2018 for more details). So if you’re looking to add the so-called Ethereum killer your portfolio here’s how to do it.
How to Buy NEO
Before you go ahead and make the purchase I’d recommend going ahead and learning everything about NEO. This will give you a deeper understanding of what NEO is and how it works thus making the buying decision easier.
How to buy Ethereum from Coinbase
Since Neo cannot be exchanged for fiat currency you’ll first need to purchase Ethereum to make the exchange. Purchasing ETH tokens is easy and takes only a few minutes of your time and there are numerous Ethereum exchange websites where you can purchase the ETH tokens for yourself. Select the best exchange website that suits your need and makes the purchase.
You can follow the steps below to buy the desired amount of ETH tokens:
- Select an exchange that you would like to employ for making the purchase. For our guide, we will choose Coinbase.
- Go to an exchange website like Coinbase.com and sign up for a new account.
- Verify your account by updating your number, image, and payment option.
- After the payment details get verified, navigate to Buy/Sell page.
- Select Ethereum and then enter the amount of Ethereum coins that you wish to purchase.
- Confirm your Ethereum purchase.
How to Exchange Ethereum for Neo
You are now the owner of Ethereum coins and can use it to exchange for Neo tokens. To get Neo tokens, you will need to use Binance.com.
1. Navigate to Binance exchange and create a new account for yourself. If you have an existing account, just log in.
2. Confirm your email address if you have created a new account.
3. Log in to your account and set up two-factor authentication for your Binance account.
4. Go to the Funds page and select Deposits Withdrawal option.
5. Find the Ethereum wallet in Binance and click on Deposit to transfer your Ethereum coins.
6. Save the Ethereum wallet address displayed for your deposit selection.
7. Return to Coinbase and find your Ethereum wallet on the Accounts page.
8. Click on the Send button to transfer your Ethereum coins.
9. Enter the Ethereum wallet address that you saved from Binance in the recipient box.
10. Confirm your Ethereum coins transfer via email/phone.
11. Wait for the ETH coins to appear in your Binance wallet.
12. Once you find ETH coins in your Binance wallet, go to the NEO/ETH exchange page2
13. Choose Limit/Market purchase option for exchanging your ETH for NEO coins. The market option is the better option to choose as you get the best rate on NEO coins.
14. Enter the amount of NEO coins that you wish to exchange from your available ETH coins and press the buy button.
15. Once the order is completed, you will see NEO tokens in your Binance’s NEO wallet.
How to Setup the Neon Wallet
Since Neo has its specialized wallets it is better to set up a Neo wallet to store your Neo tokens. There are many Neo wallets available which can be selected from the Neo official page, it includes Neon Wallet, NEO-CLI, Neo App, O3 app, Neo Tracker, Neo Wallet, etc. You can read more in detail about these wallets in our post: Best Neo Wallets for 2018
We will be using the simplest wallet, the Neon wallet, for this guide to help you understand the process of setting up a Neon wallet for yourself.
- You will need to start by downloading the NEO wallet client which can be done by using https://github.com/CityOfZion/neon-wallet/releases.
- Here, you need to download the latest version of Neon wallet for your operating system.
- Install the wallet on your desktop once you have downloaded it.
- Run the Neon wallet application and choose the ‘Create a new wallet’ option.
- You will need to enter a strong paraphrase to generate your wallet key. Click on ‘Generate Keys’.
- Save your key and keep it in a safe location.
- Return back to the home screen and select ‘Login using a saved wallet’ option.
- Select your wallet from the drop-down menu and enter your paraphrase to log in.
You are now all set to use your Neon wallet to store some Neo tokens but before you do that, you will need to get some Neo tokens. You will see a list of your transactions on your Neon wallet on the right-side and your Neo tokens on the left-side.
You can exchange your ETH token for Neo tokens so you need to purchase some ETH tokens first.
How to Transfer NEO to Your Wallet
Once you have your ETH coins exchanged for NEO coins, you have two options for storing the NEO tokens. You can either keep them in your exchange wallet or you can transfer them in your personal wallet.
However, exchanges can get easily hacked so it is better to store them in a personal wallet. You can follow the below steps to transfer it from your Binance exchange to your Neo wallet:
- Go to Withdrawal page on Binance.
- Fill all the information about the wallet name, wallet address and the number of coins to be transferred.
- Confirm the information and then submit it.
- Verify your transaction via 2FA and email.
- Check your Neo wallet for the newly transferred coins.
The whole process will take hardly 5-10 minutes and you will be able to protect your NEO coins from thefts and getting hacked.