Investment Disclaimer: Before investing in cryptocurrencies, do some basic and technical study to make sure you know what you are getting into.
Are you on your research to know more about NEO trading? You have come to the right place to begin your research journey! This article aims to help you understand how NEO trading is done and know the things that you must consider as you finally choose to decide on trading with NEO.
What is NEO?
NEO is a blockchain system aimed at integrating identities, electronic payments, and assets into a single economy. The network aspires to welcome the next generation of the internet, with an expanding community of developers dedicated to improving the protocol’s infrastructure.
NEO is the NEO blockchain’s native coin. Users can also create decentralised applications, or dApps, which are software programs that operate on multiple computers using the network.
The NEO network is powered by a smart contract ecosystem, sometimes known as a “smart economy.” Two or more parties enter to form a NeoContract – the network’s version of a smart contract – to accomplish a transaction with NEO.
What is NeoContract?
NeoContracts are more straightforward and can be written in programming languages like C#, Java, and Go, whereas smart contracts developed on the Ethereum blockchain presently only support the Solidity programming language.
Also, NeoContracts cannot be interfered with since each action must be approved by a majority of NEO users before being recorded on the network’s blockchain, which is a public database of all transactions.
How to Trade with NEO?
So let us say you are interested and ready to trade with NEO after all the researches you have done, then here are simple steps to follow as you proceed:
- Look for a cryptocurrency trading platform. You must first open an account on a crypto trading platform before you can begin trading NEO. Remember to enlighten yourself with how your chosen platform works and secures your future transactions while you look for what you believe is best for you. You should also check if the platform supports your selected digital asset. At Crypto Engine, you can easily trade with this cryptocurrency!
- Outline your strategy and trading plan. It is critical to develop a trading strategy that will help you focus and direct your time spent on the markets. Your strategy should be customised for you. However, it should include the following elements: your financial goal(s), markets, and potential risks.
If you are new to cryptocurrency, coming up with an effective trading strategy may not be easy. One of ways to build a trading plan is to own an account in reliable trading platforms such as Crypto Engine. The said platform enables you to trade guided by technical analysis tools as well as connect you to the best broker in your area.
- Make a plan for risk management. While you are at it, it would be best to continue taking the vital step to develop a strategy that will help you control your risk and avoid needless losses. Stops and limits should be applied to your positions to assist you to safeguard your transactions.
- Begin to fund your trading account! When you have funds in your trading account, you may choose which NEO pair you want to trade. If you have done your research with pure dedication, you are ready to make your first NEO transaction.
Why choose NEO Trading?
Programming Language and Support That Is Business-Friendly
Developers may connect with the NEO network using programming languages they are already acquainted with, unlike Ethereum, which has its own programming language and environment. This might lower development costs for companies interested in offering services on the NEO network, lowering entry barriers.
Hiding Identities When Processing Transactions
On its platform, NEO has the benefit of hiding digital identities. This feature is supported via security techniques like two-factor authentication, face recognition, fingerprint, voice recognition, or SMS, which may be used to safeguard a company’s or individual’s data on the NEO network. Two-factor authentication, which is currently used by many well-known apps, works by allowing users to confirm their logins on several systems.
Higher Scalability Than Ethereum’s
NEO outperforms Ethereum in terms of scalability and security. When it comes to peer-to-peer lending or crowdfunding, scalability is important. When you use NEO to manage loyalty points or send invoices to tens of thousands of consumers, it counts. Scalability is important when your supply chain contracts involve the tracking of hundreds of products while also recording payments for invoices, whether in a single amount or paid over time, for a thousand distinct suppliers.
What Is the Future Price of NEO?
Aside from trading, if you are interested in investing in NEO, it could be an “awesome investment”, according to WalletInvestor. At the time of writing, NEO is being sold at $45.78. As predicted by the mentioned website, its price can go up to $77.453 in one year. In five years (2026), its future price will be worth $205.178.
NEO, like all cryptocurrencies, will tend to follow the market. If the price of Bitcoin falls, you may anticipate NEO and other altcoins to suffer as traders panic and try to sell their holdings before they lose money. NEO, like most cryptocurrencies, is quite volatile. You may expect some spectacular ups and downs.
In 2021, Neo has a promising future. With the continuous advancements inside the NEO ecosystem as well as the wider crypto market, we may see NEO reach new heights and higher value.
Disclaimer: Before you spend any money in NEO trading, be sure you are aware of the risks. Never take on more risk than you can afford to lose. Keep your emotions out of it when trading currencies. Combine your knowledge of effective trading tactics and risk management to balance your NEO portfolio and profit from the cryptocurrency.
We do not give financial advice concerning the proper usage of cryptocurrency. The purpose of this post is to provide information and assistance to our readers. The market for cryptocurrencies is quite volatile. As a general rule, only deal in digital assets that you understand and are aware of the risks.
Crypto Engine is a terrific place to start if you are searching for a beginner-friendly platform to trade with various currencies, including Neo (NEO), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Tezos (XTZ), and EOS (EOS).