NEO is a popular altcoin that has featured prominently in the top 100 coins by market capitalization. Often dubbed as the 'Chinese Ethereum', NEO offers a platform to build smart contracts on. If you're wondering how to buy NEO in Australia but don't know where to start, we have created this simple guide will show you how easy it is to acquire NEO using an Australian crypto platform.
- Register for an account with an Australian crypto platform such as Swyftx
- Complete the signup registration process and verify your email
- Deposit funds in Australian Dollars into the account
- Select NEO from the asset list and click on 'Buy NEO'
- Enter the amount of NEO to buy using AUD balance
- Review and complete the trade
To help you get started on your journey to buying crypto in Australia, we have conducted extensive research and assessed the important consideration when looking for a crypto exchange. These include trading fees, deposit limits, payment methods, safety & security and customer support.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|280+||0.6%||$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|270||0.5%||$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
|320+||1%||None available at this time||Visit CoinSpot||CoinSpot Review|
The first step to making a NEO purchase is to create an account with a cryptocurrency platform in Australia such as Swyftx. To get started, visit the Swyftx website using our link for $20 BTC and click on the "Sign Up" button. This will re-direct to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
Once an account has been created, the next step is to commence the ID verification process in accordance with Know Your Customer (KYC) and Counter Terrorism Financing (CTF) regulations under Australian law. Before a wallet can be funded with AUD to deposit and withdraw funds, the account must be verified as per with the rules set by AUSTRAC.
Using Swyftx as an example, the verification process is fast and hassle-free which can be completed within 2 minutes of creating a new account. To start verification, login to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number of identity document number will need to be provided.
To protect any funds within a crypto exchange account, it is vital to increase the basic account security level and turn on Two Factor Authentication (2FA). This should be the first step after verifying an account and prior to depositing any funds. 2FA is a specific type of multi-factor authentication that requires two methods to verify the user's account and even withdrawal requests. Popular 2FA apps for multi-factor authentication are Authy and Google Authenticator which can be downloaded for both iOS and Android devices.
Finding an exchange that accepts local deposit methods using Australian Dollars is an important consideration. The majority of cryptocurrency exchanges in Australia have direct AUD payment methods with varying fees. The most common deposit options include bank transfer, POLi and PayID.
POLi connects to Australian Bank accounts and is processed instantly. PayID and bank transfers can take between 1 and 3 business days. Alternative payment methods that are available with certain Australian exchanges include cash deposit at a local newsagency, BPAY and credit cards. Swyftx is the only crypto exchange in Australia that allows using a credit card.
Once an account is verified and funded with AUD, the next step is to buy NEO. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select NEO. Select how much NEO you want to spend and click "Instant Buy". The NEO amount will be purchased, show in your trade history and stored in the Swyftx wallet.
Swyftx is an AUSTRAC registered Australian cryptocurrency trading platform with over 350,000 users that provides a simple and transparent way for individuals to invest in NEO.
Swyftx is fully licenced and registered exchange in Australia that complies with KYC/AML procedures to safeguard the deposited funds and personal information. This does not slow down the registration process which is straight-forward and fast compared to other well-established Australian crypto exchanges. There is no ID documentation upload process or need to take selfies.
The platform offers excellent features that will suit various types of investors such as rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, demo mode and price alerts.
There are over 228 cryptocurrency coins supported on Swyftx that can be purchased using common payment methods in Australia that include bank transfers, POLI, PayID and a credit card. There are no deposit withdrawal fees to a bank account which are processed on the same day.
Digital Surge is a Brisbane based digital currency exchange that provides a fast and easy way to buy and sell digital currency using AUD. The platform has focused on providing a beginner-friendly exchange website for everyday Australians to get started with crypto assets.
The exchange features a portfolio viewer to show the overall investment performance. Customers can monitor their favourite coins within a personal Watchlist to quickly see which coins are performing the best (and worst) with the Top Gainers list. An easy click through on any of them will transfer to a full detail page of each asset. The exchange also allows individuals to pay bills using crypto.
Digital Surge's trading fee is 0.5% which is competitive to to other platforms with spreads as low as 0.4% per transaction. This is comparable to brokers such as Swyftx which uses a similar fee structure. There are no fees to deposit and withdraw Australian Dollars directly with a local bank which are processed near-immediately.
In our opinion, Digital Surge is one of the best options in Australia for beginners to get started with NEO due to its ease of use, rapid AUD deposit and withdrawals, responsive customer support and minimal fees.
CoinSpot was founded in 2013 and has built up a solid reputation as a leading Australian cryptocurrency exchange that is focused on helping newcomers to buy Bitcoin and a wide range of cryptocurrency coins with AUD. The Australian exchange is regarded as one of the most safest platforms with bank-like security measures to protect its customer's information and funds secure.
Coinspot Australia has never been hacked and is the first Australian trading platforms to receive the internationally recognized ISO 27001 certification for information security. Funds stored in a Coinspot wallet are well-secured until transferred to a personnel hardware wallet. The exchange offers two-factor authentication (2FA) on individual accounts which requires a code from a registered mobile device to login into the platform.
Overall, based on our assessment of Coinspot and comparison to other exchanges in the country, we have rated Coinspot as one of the best exchanges to purchase NEO due to its high reputation and trustworthiness in the industry.
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.
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.
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.
Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.