Neo Day Trading 2024 – Guide And Best Brokers

NEO is often thought of as the Chinese response to Ethereum. It aims to create a more intelligent economy by facilitating the public trade of digital assets using a smart contract enabled ledger. This page will break down everything you need to know about NEO, including its history, price predictions and wallets. Finally, useful information on how to start day trading with NEO coins will be outlined.

NEO Trading Brokers

#1 - eToro USA

Why We Chose eToro USA

eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 0.75%
  • Crypto Lending: No
  • Platforms: eToro Trading Platform & CopyTrader
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

About eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

Pros

  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
  • The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC

Cons

  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
  • Average fees may cut into the profit margins of day traders
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools

#2 - Pocket Option

Why We Chose Pocket Option

Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: N/A
  • Crypto Lending: No
  • Platforms: Web, MT4, MT5
  • Crypto Staking: No
  • Minimum Deposit: $50
  • Regulator: MISA

About Pocket Option

Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

Pros

  • The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks

Cons

  • The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
  • Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders

#3 - Uphold

Why We Chose Uphold

You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.

"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."

- DayTrading Review Team
  • Coins: BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Up to 1.5%
  • Crypto Lending: No
  • Platforms: Desktop Platform, Mobile App
  • Crypto Staking: Yes
  • Minimum Deposit: $0

About Uphold

Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.

Pros

  • UK users can get the Uphold card with up to 2% cashback in XRP
  • The proprietary app is extremely easy to use with a slick design and navigation
  • Uphold is 100% reserved which helps to protect client funds

Cons

  • Uphold operates with limited regulatory oversight
  • There is a 2.49% fee if you want to use debit or credit cards
  • Customer service is slow based on tests, with limited contact options

#4 - Sage FX

Why We Chose Sage FX

Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.

"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."

- DayTrading Review Team
  • Coins: BTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: TradeLocker
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: Pending

About Sage FX

SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.

Pros

  • Bonus offers and trading competitions
  • Prop trading accounts with multiple funding tiers
  • Fast withdrawal processing

Cons

  • Relatively narrow range of asset classes
  • Not regulated by any reputable body
  • Lacks educational resources and other extra features

#5 - Pionex

Why We Chose Pionex

Make spot, future and leveraged trades on 120 cryptocurrencies via Pionex's proprietary platform with built-in trading bots and highly customizable automated trading options. On the negative side, the range of tokens is narrower than many alternatives.

"Pionex is an excellent option for crypto traders with an interest in cutting-edge AI like ChatGPT and automated trading."

- DayTrading Review Team
  • Coins: BTC, LTC, ETH, BUSD, EOS, BTT, TRX, NFT, DOGE, XRP, HT, ALICE, FIL, DOT, JST, AXS, UNI, AAVE, WIN, SUN, CAKE, LINK, BAKE, BCH, ETC, SNX, TFUEL, ADA, PUNDIX, ICP, MDX, FLOW, DODO, MFT, BSV, MATIC, CSPR, SHIB, ATOM, SUSHI and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Market
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: FinCEN

About Pionex

Pionex is a crypto trading platform that specializes in trading robots, offering a variety of ready made bots and strategies to traders as well as integrated AI to help customize a strategy or come up with your own. These can be used on spot crypto markets as well as crypto futures.

Pros

  • 40+ cryptocurrency funding coins accepted
  • Supports crypto derivatives via futures trading
  • 12 free integrated trading bots with no coding or programming requirements

Cons

  • Limited contact options
  • Does not accept fiat deposits
  • No demo account

day trading with Neo

What is NEO?

Before getting into future cryptocurrency forecasts, what exactly is it? NEO is a blockchain platform and virtual currency that gives assets a digital identity and automates digital asset management. To do this it uses Ethereum’s smart contracts concept, which could lead to a world of ‘smart economy’.

NEO cryptocurrency tokens are used to stake and produce GAS tokens. These tokens then power the platform which pays for the implementation of smart contracts within the NEO ecosystem.

As discussions on cryptocurrency code forums and blogs have explained, NEO will support virtually all programming languages via a compiler, including:

This accessibility makes it easier for developers writing smart contracts, increasing the overall potential of the cryptocurrency.

For those still confused by the high value and expectations of this cryptocurrency, let’s break down what this digital currency could do. Instead of offering a platform to address current consumer issues, like Ethereum, NEO is looking at the needs of the future. The company sees a future where vehicle ownership, real estate, electronics and even precious stones are digitalised. All of which would make a smart contract based economy extremely powerful.

NEO vs GAS

Head over to the cryptocurrency’s official website and homepage and you will likely come across the term GAS. The straightforward definition is:

Differences

Both help the NEO platform function effectively. It’s also worth noting both coins are capped at 100 million units each. If you have NEO coins you are entitled to vote on key decisions and receive dividends.

GAS coins, however, can be divided into percentages of coins and their purpose is geared more towards allowing users to run and implement smart contracts.

For more technical cryptocurrency descriptions of both, see the white paper.

Key Features

It has been clear since the initial launch date of the cryptocurrency that there are certain functions which have attributed to its value. Included in those key features is:

History

The cryptocurrency’s timeline starts in 2014. It was the brainchild of two Chinese developers, Da Hongfei and Erik Zhang. They aimed to build both a decentralised cryptocurrency and a platform where enterprises could leverage the blockchain for any number of processes.

Originally, these altcoins were to be known as ‘Antshares’. However, those in the cryptocurrency development team soon decided this wasn’t catchy enough. Instead, they went for NEO which means new and young in Greek. In addition, they hoped it would be like the protagonist in the film Matrix, also a ‘NEO’, who was ‘the one’ to change the system.

Since the release date, a total supply of 100 million coins has been issued, via the Genesis block. The distribution process followed the structure laid out in its white paper.

Growth

Cryptocurrency news has been quick to detail information on NEO’s impressive price history. However, most of its growth didn’t follow its start date in 2014. Instead, 2017 was the first big year of growth, consistently creating new all-time highs for the cryptocurrency.

In fact, despite the coin’s starting price at the beginning of the year being a few cents, a sharp rise saw live prices hit $100. The cryptocurrency’s growth featured in news announcements and on numerous crypto-coin websites and exchanges. As a result, 2017 saw Neo become one of the largest digital currencies in the world by market capitalisation.

What cryptocurrency rates and live charts won’t necessarily show you, however, is why the rise. Rumours of a number of potential partners helped the currency to grow so quickly, including those with:

In addition, some of the company’s future price projections can be attributed to details of their association with Onchain. Onchain grew out of the digital currency and works with businesses to help them utilise blockchain technology in daily operations.

After careful analysis, it’s clear that this is one of the clear advantages of the cryptocurrency, as Onchain attracts numerous businesses to the platform.

NEO Live Chart

Benefits

Many cryptocurrency trackers have realised NEO offers an attractive alternative to other digital currencies. This is for the following reasons:

1. Indivisible Units

Many users worry about cryptocurrency shares and prices. However, NEO will always be one share. Unlike Bitcoin, for example, you cannot divide it. Admittedly this may prove a hurdle if value drastically increases.

Exchanges, however, have found a way around this indivisible hurdle. They allow you to trade fractions of NEO as long as you hold them in your exchange wallet. But if you transfer them to your NEO wallet, the fractions will be retained on the exchange and will not be transferred to your private wallet.

So, you cannot technically own 2.26 NEO. Instead, you would have either 2 or 3 NEO. So your exchange would let you hold 2.26 NEO without a problem. Yet if you were to transfer the 2.26 coins you own to your NEO wallet, you would be left with 2 and the remaining 0.26 would stay on the exchange.

2. Creating GAS

The dual-tier system is one of the cryptocurrency’s biggest benefits. While GAS is available on some exchanges, most users will purchase NEO. The advantage arrives when you transfer NEO to your compatible wallet.

When you hold NEO, you naturally start creating GAS as blocks are generated while the Blockchain develops. With each new block, 8 GAS is dispensed for all 100 million NEO.

This is different from the cryptocurrency mining and algorithms you see in other altcoins. There isn’t the same direct link between the value of NEO and GAS. Whereas the value of bitcoin mined is exactly the same as a bitcoin one buys.

3. Smart Contracts

Cryptocurrency founders are increasingly seeing the appeal of smart contracts. In effect, smart contracts are the digital version of holding money in escrow with a third party. After contract execution, the transfer of capital between wallets takes place. Blockchain regulators then automatically witness and verify the transfer.

Note the cryptocurrency’s live price and quotes for deploying a smart contract on the NEO network do change.

4. Intention

Cryptocurrency news today is primarily concerned with ICOs and dividends. However, whether it’s effective marketing or not, the creators of this cryptocurrency seems less concerned with profit calculators and more with building a useful product for its users. This is an opinion widely held in the crypto space, from Singapore and South Africa to the UK and US.

Also, because it is a proof of stake (POS) cryptocurrency, users can effectively make money by just holding coins.

Drawbacks

Before you decide you want to buy into this cryptocurrency investment, you need to consider both the pros and the cons. Unfortunately, there are several drawbacks that need explaining, including:

How to Buy NEO

If you decide you do want to purchase this cryptocurrency, the process is relatively straightforward. All you need to do is buy NEO and hold it in a compatible coin wallet.

Binance and Bittrex offer a cryptocurrency exchange wallet that supports NEO. Wallet apps can then be downloaded to mobile devices so you can access your new coins with ease. Some cryptocurrency exchanges and platforms will allow you to buy it directly with fiat currency, such as USD and GBP. Some of the most popular choices include:

You may now know where to buy NEO, but successful day trading will require careful technical analysis, utilising price graphs and a range of resources.

What’s Next for NEO?

Cryptocurrency reviews are often quick to recognise the potential in NEO. So it looks like the digital currency will continue to draw investment from those looking for a coin with sustainable growth that supports a future smart economy. Not to mention, with an experienced CEO and creator behind it, this cryptocurrency’s future looks increasingly bright.

For further crypto guidance and a summary of other digital coins, see our cryptocurrency page.