Update: As Binance accepts only a limited members per day, you can create an account and purchase NEO from KuCoin.
A while ago, UseTheBitcoin team posted a guide on how to buy NEO from Bittrex. This time, you’ll learn on how to buy NEO on the Binance Exchange.
The NEO as we know is the Chinese equivalent of Ethereum. It’s said to be the next generation of smart economy platform. The name NEO means new and young in Greek.
There are few exchanges where you can exchange your Bitcoin, Ethereum, and others for NEO and we’ll be discussing the fast and easy steps you can follow in acquiring some NEOs by swapping on the Binance Exchange platform.
First Step: Open a Binance Account
To use the Binance Exchange, you need to register an account. You can do that by visiting the Binance Exchange official website.
- To create an account, click the Register link at the top right corner of the page.
- Registration shouldn’t take you two minutes as information required are just a valid email address and a secure password.
- A mail is sent to your email address, click on that and verify your account with Binance. You are now eligible to exchange your cryptos for NEO on the Binance Exchange platform.
Second Step: Send your Ether or Bitcoin to your Binance Account
- When logged in on Binance, click on “Funds” link and then “Deposits” at the top of the page.
- On the Deposits page, click the drop-down arrow that appears beside a long drop-down field. Type in BTC or ETH in the search field that appears, depending on what cryptocurrency you are funding with.
- A wallet address to transfer your coins to the Binance Exchange is generated.
- Copy the address, either BTC or Ether and go to the corresponding wallet to send some coins to your Binance Account.
- Wait some minutes, and your coins should be credited to Binance.
Third Step: Purchase NEO on the Binance Exchange
Now that your Bitcoin or Ethereum has been successfully added, you can click Funds, then Deposits Withdrawals. Right in front of the coin you transferred, the total balance should reflect the value of Bitcoin or Ethereum you transferred.
- Click on Exchange, right beside the Binance Logo, then select the Basic option.
- On the Exchange page, look to the top right corner where you find the market pairs section of Trade History.
- Look for the market pair you want to exchange. In this case, locate the NEO/BTC pair and click (search for NEO/ETH if you funded your account with Ethereum).
- The page loads the NEO/BTC pair, and you are set to exchange your coins for NEO.
- Beneath the chart, locate Buy NEO section.
- The first box shows the value of BTC per NEO to be purchased.
- The second box is for you to enter the amount (number of coins) of NEO you want to exchange for your BTC or Ether you funded.
- Below the Amount box, you have options to use 25%, 50%, 75%, or all of your deposited funds to buy the NEO cryptocurrency.
- The total box shows you how much BTC or Ether you are paying to buy the quantity of NEO you entered.
- Click the Buy NEO button.
Within some few seconds, you should have the NEO you have exchanged credited to your NEO wallet on the Binance platform.
Your NEO cryptocurrency is now available to be sent out to your wallet outside the exchange.
Fourth Step: Earn GAS for Holding NEO
Keeping your NEO cryptos on an exchange like Bittrex or Binance might not be the best idea as having it on your NEON wallet gives you GAS for holding NEO.
To get started, you need to download and setup NEON wallet on your PC.
- Download NEON Wallet for your PC Operating System version here.
- The installation is straightforward and easy. It’s just merely unpacking and clicking on the executable file you see in it. The interface should pop up for you to login or create a new NEO wallet.
- Hit on the New Wallet button, and print the next screen as this displays your public and private key addresses.
Note: You don’t need to have a printer to have it printed. Depending on your operating system, you could have the option of printing to PDF. Your keys then get saved on your PC as a PDF file which you can access at any time.
- Copy the private key displayed by clicking on the small icon in front of it.
- Click on “back to login” button.
- Enter paste the private key you just copied then click the login button.
- Now we’ll need to head over to Bittrex, Binance or wherever you have your NEO cryptocurrency stored.
- Copy your address, your public key address this time and enter on the exchange platform you are transferring from.
- Enter the amount you are sending and click the send button.
- Wait some minutes for your NEO to reflect in your NEON wallet.
It’s that simple. For as long as your NEOs stay in your NEON wallet, you will earn GAS for the value of NEOs you are holding.
Wallets available for NEO
- For Neo Desktop Wallet, use NEO GUI, NEON Wallet, NEO CLI.
- For Web Wallet, use NEOWallet.Net NEOWallet.CN, and the NEO Tracker.
- For Mobile Wallet, use O3 – Neo Wallet
- For Paper Wallet, use the Ansy.
We hope that this tutorial would help you understand how to buy NEO and earn GAS passively.