Are you new to cryptocurrency and heard about the potential of NEO? Often referred to as the Chinese Ethereum, the NEO coin is a popular cryptocurrency that can be purchased using a cryptocurrency exchange in Australia.
Before we get into our step-by-step guide on the fastest and easiest way to buy NEO, you should know that we have conducted extensive research and assessed the important factors when looking for a crypto exchange such as trading fees, deposit limits, payment methods, safety & security and customer support.
How To Buy NEO In Australia: Guide
To buy NEO coins in Australia, you will need to follow these basic steps:
- Register for an account with an Australian cryptocurrency exchange such as Swyftx
- Complete the signup registration process and verify email
- Go to the left menu and Click 'Deposit AUD'
- Select your preferred payment method and confirm
- Go to the “Trade” menu and select NEO
- Enter the amount of NEO to purchase
- Confirm the transaction details and complete the purchase
Where To Buy NEO In Australia
Here is our list of the best places to buy NEO in Australia based on our reviews.
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Ways To Buy NEO In Australia
There are several ways to invest in NEO in Australia which depend on your payment method. If you prefer to use a regulated cryptocurrency exchange (which we recommend), then you should know that each digital currency provider can support different deposit methods such as:
- Bank transfers (EFT)
- Cash deposit
- Debit / credit card
Therefore, it's best that you decide to register with an exchange that supports your preferred payment method to buy NEO. Use our guide below to see which common deposit methods are supported by our top rated Australian crypto exchanges.
Buy NEO Using Bank Transfer In Australia
You can purchase NEO using bank transfer (EFT) using a regulated cryptocurrency exchange in Australia. Bank transfers usually credit within the same business day depending on the bank. Most Australians will be familiar using an EFT transaction using their online bank account.
To complete a bank transfer, you need to obtain the BSB and Account Number of the exchange's bank account. This is not different from making a payment to anybody. You should note that bank transfer can take a bit longer to clear compared to other deposit method and it is easy to make an error.
The following Australian crypto exchanges allow you to buy NEO with a bank transfer:
Buy NEO Using PayID In Australia
Using PayID is an easy method to invest in NEO in Australia. It is a popular payment method that is supported by most of the larger Australian banks. As it is almost instantaneous, investors that wish to make an immediate NEO purchase should consider this deposit method.
AUD deposits will be credited to your account within minutes of being transferred from your bank account. All you need is the cryptocurrency exchange's PayID email address to make a deposit.
The following Australian crypto exchanges allow you to buy NEO with PayID:
Buy NEO Using POLi In Australia
POLi is an instant deposit method that is available on several cryptocurrency exchanges in Australia to purchase NEO. The deposit method allows you to complete the transaction from the exchange through an interface to your supported bank account.
It works in the same way that you would normally visit your online bank website to make a payment. POLi payments are incredibly simple and only takes a few minutes to complete and the funds are transferred direct to the exchange.
The following Australian cryptocurrency support POLi payments to purchase NEO:
Buy NEO Using BPAY In Australia
There are a handful of Australian cryptocurrency exchanges that allow you to invest in NEO using BPAY that include:
While this payment method is commonly used to pay bills in Australia, BPAY payments can take between 1 and 2 business days to clear. So if you want to deposit funds quickly to buy NEO, BPAY may not be the best option and you should consider using PayID or POLi which are near instant.
Buy NEO With Cash Deposit In Australia
You can buy NEO with a cash deposit in Australia using a regulated cryptocurrency exchange. You will still need to provide identification to comply with regulations in Australia even if you pay with cash.
To buy NEO with cash, you will need to complete the transaction at a supported newsagency across the country. This method does incur higher fees between 1.5% and 2.5%.
The following Australian cryptocurrency exchanges allow you to buy NEO with a cash deposit:
Buy NEO With Debit / Credit Card In Australia
Generally, Australian banks do not permit the use of credit card to purchase NEO or other cryptocurrencies. Therefore, most crypto exchanges in Australia will not support credit cards.
Depending on which bank you're with, it can still be possible to buy NEO with a debit card. You should check with your financial institute or card issuer to find out if you can buy crypto with a debit card.
Australians can buy NEO with a debit card using the following global exchanges:
Step-By-Step Guide To Buying NEO
Before you decide to buy NEO, it is recommended that you set up a hardware wallet to safely store your coins. While crypto exchanges have online wallets, it's highly recommended that you store it on a device that you hold in your possession to be safe. Essentially its like having a bank in your back pocket.
Step 1 - Register Account
To create an account with Swyftx, click the "Sign Up" button below. This will take you directly to the Swyftx registration page where you will be required to fill in your email, set a password, enter your name and phone number.
Click "agree" to the terms and conditions and hit "Create My Account".
Step 2 - Verify Account and Activate 2FA
The verification process for Swyftx is incredibly simple and can be completed in 2 minutes.
To start the verification process, navigate to the side bar on the left and click "Profile" then under your name go to "Verification". This will bring up an online form where you will only be required to provide general information.
Once you completed all of the verification steps, you will want to activate the two-factor authentication on your account. This is essentially another security layer to keep your funds safe and secure.
To get started, go to the "About" page and click "Setup MFA". Follow the prompts to install the Google Authenticator App on your smart device and enter the token that appears once you have scanned the QR code.
Step 3 - Deposit AUD
The next step is to click the "Deposit AUD" link on the left side bar. Here you will be able to choose the amount of Australian Dollars that you wish to deposit.
Once you are on the deposit page, you can fund your Swyftx account with Australian Dollars (AUD) using either PayID (instant) or BPAY (within same business day).
Step 4 - Buy NEO
Now that your account is verified and you've deposited AUD (or BTC), you can start buying and selling cryptocurrency. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select any cryptocurrency. Swyftx has over 70+ crypto assets to trade and growing.
Select NEO that you wish to buy, sell or trade and it will display the current price against AUD. Now select how much AUD you want to spend on the coin and click "Instant Buy". The NEO amount will be purchased, show in your trade history and stored in the Swyftx wallet. That's it! You have now purchased NEO using Swyftx.
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Frequently Asked Questions
What Is NEO Coin?
NEO is a digital currency that was founded in 2014 and was formerly known as 'Antshares'. It is an open-source decentralized application platform that resides on the blockchain. NEO has developed its own "smart economy" that utilizes blockchain technology and smart contracts.
Smart contracts built on the NEO platform can be compiled in C# and Java that makes it easy for developers to build applications on the network.
What Does Neo Do?
NEO is a platform that uses smart contracts for developers around the world to create real-world applications and assets through the blockchain. It focuses on establishing trust in applications that are stored on a decentralized blockchain to allow the transfer of non-digital assets. This means that assets transmitted on the platform cannot be altered in a way without either party being involved.
An example of a transaction that could be facilitated using NEO is paying a bill using a smart contract that automatically on a defined time period, as opposed to relying on a bank transfer.
Is NEO A Good Investment?
The Chinese Government have announced their intention to develop a digital national currency. Despite their ban on cryptocurrencies and ICO's in 2018, there have been rumors the Chinese Government may work with blockchain companies such as NEO. This would open the flood gates for investors that hold NEO coins. Of course, this is speculation and you should do your own research and only invest what you can afford to lose.
Buying NEO in Australia does not get any easier or cheaper with Swyftx who are leading the way to bring cryptocurrency closer to everyday Australian's. The platform provides an all-in-one exchange to buy, trade and sell digital assets. If you're looking for a crypto exchange with excellent features, the lowest spreads and trading fees, make sure you check out Swyftx before buying NEO in Australia.