The rival Chinese NEO, Ethereum, can be bought or exchanged in various ways, and traders can also speculate on price changes through derivative instruments.
One option to gain NEO price fluctuations is to not buy cryptocurrencies at all and instead trade options, forex, CFDs, futures and other derivatives.
CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. Between 53.00% -89.00% of retail investor accounts lose money when trading CFDs, so you should consider whether you understand how CFDs work and whether you can take the high risk of losing your money.
How to buy NEO from the platforms
It's not as simple as buying Bitcoin or Ethereum, and the best way to get NEO is to buy BTC first and then exchange it for NEO.
Here are the popular exchanges and platforms:
1. Buy NEO On Coinbase with Bitcoin
Coinbase is one of the most popular exchanges for buying Bitcoin and one of the oldest and most established exchanges, allowing users to buy Bitcoin, Litecoin and Ethereum using credit / debit cards or bank transfers.
. Buy NEO on LocalBitcoins.com via Bitcoin
You can also buy Bitcoin through a peer-to-peer Bitcoin exchange with a less stringent identification process, and one of the best options is LocalBitcoins which allows users to purchase Bitcoin in almost any currency. Once you have your Bitcoins, you will then be able to trade them for Neo on another platform.
Risks of buying NEO
1. NEO is a competitor to Chinese Ethereum
There is no doubt that the Chinese economy is a dominant and growing market for innovation in the fintech sector. And one of the major barriers in Ethereum penetration into the Chinese market is the language barrier as most of Ethereum's development and market exposure has taken place in the West.
And the Chinese "Ethereum like" platform could gain massive credit inside China. And if NEO develops within the framework of the country's labor, culture, and regulations standards, it will have a better chance of endorsing the regulators.
2. Business-friendly programming language and support
Unlike Ethereum, which has its own programming language and environment, developers can interact with the NEO network in familiar programming languages. This means lower development costs for companies interested in launching services on the NEO network, which reduces entry barriers.
3. Dedicated support from Chinese technology companies
NEO has managed to spark the interests of major tech giants, as Microsoft Azure has partnered with NEO in a competition, also known as Developer Rewards, that is designed to attract developers to the platform.
Any milestones achieved by the NEO network are likely to attract the attention of other tech giants within China who will find it easier to interact with the "local" platform.
Reasons not to trade NEO
1. Delayed development due to Chinese regulation
Since it is linked to the Chinese market, one of the pillars of the global economy usually raises positive correlations for any business or commercial project, but with digital currencies this can be considered a central failure point, especially since digital currencies have already become desired by Chinese regulators who have banned all currency offers. Primary (ICO). In addition to closing unregulated platforms in China, the China-based NEO is vulnerable to potential restrictions.
2. Ethereum as a strong competitor
In terms of platform development, NEO competes with other networks that are vying for the same space, although NEO is taking all the right steps in terms of open source for its platform and offering rewards to developers, it is unclear whether its developers can compete with the Ethereum development community. Mega.
Important: This is not investment advice but rather a number of common arguments for and against investing in NEO.