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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. Eightcap
  2. eToro
  3. LQDFX
  4. Skilling
  5. BDSwiss

#1 - Eightcap

Why We Chose Eightcap

Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

- DayTrading Review Team
  • Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: $12 (BTC)
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, TradingView
  • Minimum Deposit: $100
  • Regulator: ASIC, FCA, xCySEC, SCB

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
  • Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
Visit Eightcap

#2 - eToro

Why We Chose eToro

eToro leads the way in cryptocurrency trading, offering competitive spreads and a fixed 1% commission, plus their own wallet service. The broker offers a vast list of 95+ tokens which is continually being updated. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, XRP, DASH, LTC, ETC, API3, CRO, SKL, IMX, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ, DOT, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, FIL, ALGO, ATOM, MANA, APE, LRC, ENJ, BICO, BAT, BNT, OGN, MATIC and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 1%
  • Crypto Lending: No
  • Crypto Staking: Yes
  • Platforms: eToro Web, CopyTrader, TradingCentral
  • Minimum Deposit: $50
  • Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA

About eToro

eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.

Pros

  • Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
  • eToro is a world-renowned brand with top-tier global regulation and a 25M+ user community
  • The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade

Cons

  • There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
  • There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
  • Traders will face currency conversion fees for account denominations other than USD
Visit eToro

#3 - LQDFX

Why We Chose LQDFX

You can trade 16 well-known cryptos including Bitcoin, the majority paired with USD or EUR. Spreads are low, starting from 1.02 pips. You can also deposit instantly via crypto with minimum deposits from $20 and no fees.

"LQDFX is best for active day traders looking for ultra-tight spreads, low fees and high leverage up to 1:1000. Forex traders will particularly appreciate the strong range of 70+ currency pairs with minimum deposits starting from $20."

- DayTrading Review Team
  • Coins: BTC, LTC, ETH, DSH, XRP, BCH, NEO, ZEC, XMR, ADA, BNB, SOL, LUNA
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: 1.02 - 28.0 pips
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4
  • Minimum Deposit: $20

About LQDFX

LQDFX is a straight-through processing (STP) broker based in the Marshall Islands. The offshore trading firm offers competitive spreads from 0.0 pips, free deposits, 24/5 support and access to the hugely popular MetaTrader 4 platform. LQDFX also runs a competitive bonus program for short-term traders.

Pros

  • Leverage is available up to 1:1000 for experienced day traders
  • The $20 minimum initial deposit is accessible for beginners, and the Micro account will serve those looking to trade in smaller volumes
  • There are multiple STP account types with fast execution speeds, plus an Islamic swap-free option and PAMM accounts

Cons

  • The lack of regulatory oversight is a concern, although the broker does claim to use segregated accounts and balance protection
  • It's a shame that there's no copy trading platform for beginners or experienced strategy providers
  • There are no additional charting platforms available, such as MT5 or a proprietary solution
Visit LQDFX

#4 - Skilling

Why We Chose Skilling

You can trade 50+ crypto pairs via leveraged CFDs. The list of tokens is longer than many rivals, including Vantage with only 30+, and you can get started easily with just $100.

"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."

- DayTrading Review Team
  • Coins: ACM, APE, AVE, ATM, AVA, AXS, BTC, BAR, BNB, BTC, BSV, XBN, ADA, CHZ, ATOM, CRO, DASH, MANA, DOGE, EOS, ETH, ENJ, XET, ETC, FTM, ONE, HT, IOTA, JUVE, LTC, LNK, XLC, XMR, NEO, OMG, PSG, CAKE, DOT, MATIC, QTUM and many more
  • Crypto Mining: No
  • Auto Market Maker: Yes
  • Crypto Spread: BTC 0.5
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Skilling Trader, MT4, cTrader, TradingView
  • Regulator: CySEC

About Skilling

Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.

Pros

  • The €100 deposit and zero commissions in the Standard account are accessible for beginners
  • Skilling continues to strengthen its investment offering recently introducing weekend forex trading on 7 currency pairs
  • Excellent third-party charting platforms are available for serious day traders, with dozens of technical indicators and advanced order types

Cons

  • Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
  • You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
Visit Skilling

#5 - BDSwiss

Why We Chose BDSwiss

BD Swiss traders can access CFDs on 22 different cryptocurrencies paired with USD, while BTC and ETH can also be traded in pairs with GBP and EUR. The 26.57 BTCUSD spread is higher than the cheapest crypto brokers but there are zero commissions.

"BDSwiss will suit active day traders looking for raw pricing, fast execution and powerful trading software with a range of pre-included analysis tools. That said, the range of 250+ assets is smaller than most top competitors."

- DayTrading Review Team
  • Coins: BTC, ETH, DASH, EOS, BCH, ZCASH, MON, IOTA, XRM, NEO, OMG, ZEC, XMR
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC from 1%
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: BDSwiss Webtrader, MT4, MT5
  • Minimum Deposit: $10
  • Regulator: FSC, FSA

About BDSwiss

BDSwiss is an award-winning forex and CFD broker founded in 2012. The firm offers 250+ instruments to clients in over 180 countries. With spreads from zero pips and three powerful charting platforms, they offer a rounded day trading package for beginners and seasoned investors alike. The broker is regulated by the Mauritius FSC and Seychelles FSA.

Pros

  • The broker continues to offer superb market research with daily expert insights, the Autochartist market scanning tool, and a forex heatmap
  • BDSwiss is a globally recognised brand with a 10+ year history transparent trading conditions
  • The knowledgeable support team is available 24/5 in 20 languages and the live chat service is responsive based on tests

Cons

  • The range of 250+ assets is mediocre compared to most leading brokers which typically offer 1000+
  • The lack of a top-tier regulator like the CySEC or ASIC brings down the trust score a little
  • There's a $30 inactivity fee after 90 days which is higher than several top competitors, including XM which only charges $5
Visit BDSwiss

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

NEOUSD Chart by TradingView

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.