We compiled a report on NEO trading attractiveness in comparison to other cryptocurrencies. To achieve this, we gathered information regarding the coin’s available API’s, platforms, softwares & instruments, as well as regions supported. We finalize the report by providing a brief guide on how to properly short NEO. We have similar articles for Bitcoin trading, Cardano trading and more cryptocurrencies.
Available Trading Tools
NEO is in a similar situation as Cardano and IOTA, whereas support is lacking in terms of available tools. API, bots, and charts are scarce to find, limiting traders in the implementation of their strategies.
Neo Project (GitHub) started out as a support tool for traders engaged in NEO. It is a developer’s open source platform at GitHub, where you can get the code necessary for APIs related to data extraction & analysis, and wallet transfers. As seen in a picture below, there are no APIs available from other contributors. That should not stop you from trying your hand in it.
Haasbot is meant for those traders (mainly starters) that do cannot work their own trading scripts at GitHub. The platform offers different bots for you to sue, with NEO coin supported as well as many other currencies. Currently, there are 14 different bots available, with each being part of the three main plans, Simple, Beginner and Advanced.
CoinMarketCap offers free service in terms of market trends, NEO price, and volume. It is probably the most cited website within the crypto industry due to the amount of information that is available anytime. You have charters as well as historical values of NEO that might come as useful when designing your trading strategy.
Trading View NEO service is available as well, for those that need complex chart analysis. The platform allows users to make their own graphics presentation and follow up on the market. The service does hold a cost though it depends on how customizable you need the chart to be. As for the tools, there are many indicators available, as well as chart types according to your needs.
Currently, NEO coin works with softwares and systems that include a large number of cryptos only. Unlike bitcoin, there are no softwares specifically designed for NEO.
Haasonline is a trading platform that offers services in the domain of APIs and bots. The company constructed a system where bots offer different levels of services which accommodate specific or group of trading needs. NEO traders can use one of the three plans, each having its own specifications.
These functions differ in a number of supported bots, insurances, safeties, indicators, and priority of support. To learn more about the platform, read our extensive review about it through this [link].
Plus500 is software developed by a company of the same name based in London, UK. The platform is free to download on your computer and offers a number of assets, cryptos included. NEO investors can use services if they happen to be part of the supported regions (more than 50 countries).
Apart from the computer, you can also use demo account on your browser as well. Available tools are somewhat of a small in number as you have Close functions and leverage. You can check out the interface and functions in a snapshot below this text.
When it comes to platform support, NEO cannot boast of numbers like bitcoins and Ethereum can. Very few trading websites actually accept the coin, with the most prominent ones being Binance, Bitfinex, and Bittrex.
Binance is a crypto trading platform with its development team based in Tokyo, Japan. Binance offers a variety of cryptocurrencies available for trade., NEO included. Currently, NEO coin has four pairs for you to use, them being NEO/BTC, NEO/BNB, NEO/ETH, and NEO/USDT. The platform does not accept fiat payments nor it works with currencies like USD or EUR. To know more about Binance, visit our Binance review where we investigate the trading platform.
Bitfinex, unlike Binance and Bittrex who offer simple trading form, offers the far more complex marketplace. You have the opportunity to use margin trading, OTC, lending and leveraging markets, with NEO, supported by NEO/EUR, USD, JPY, GBP, ETH and BTC pairs. You can fund your account through either cryptos or fiat currencies using bank transfers. To get the latest information regarding the platform, go to our Bitfinex review.
Bittrex is similar to Binance as it is also solely crypto-to-crypto trading platform. Fiats are not accepted here, thus pairing of NEO is possible only with other coins. These are BTC/NEO, ETH/NEO, and USDT/NEO. You have Limit and Conditional markets to use, with available functions being Good ‘Til Cancelled and Immediate or Cancel.
There are no leverage or other margin trading tools available at Bittrex.
As this point, only swaps are available when it comes to NEO trading. The coin does not hold enough support in the industry since futures contracting is not available for the crypto. Bittrex, Binance, and Bitfinex all provide swap markets as you can trade crypto-to-crypto but futures are not supported.
Other coins either have futures contracts available (bitcoin, Ethereum, and Litecoin) or are in process of getting the support (Ripple).
Regulations & Supported Regions
When considering regulations, licenses and supported regions, NEO falls under the overall category of cryptocurrencies. Thus, no special treatment can be seen for NEO or any other particular coin in this aspect. Read more about crypto trading regulations.
In some countries, you might be eligible to pay out income or capital gains taxes if NEO coin is defined as an online asset. Countries like US, EU, Canada, and Australia support this view. In others, the coin might be seen as a grey area of business, meaning no taxes but also no protection from theft as well. The representative countries are Russia, South Africa, and Brazil.
Short Position Strategies
As for the shorting strategies, swaps and margin trading are available for NEO traders. The main three platforms offer trading view NEO marketplaces, where you can also engage in binary options and prediction markets.
The main issue is that number of platforms is very limited compared to more popular coins. Thus, if one site is down, the entire NEO market would feel its absence.
Overall, in this NEO trading review, results suggest that Neo is one of the lower-end coins in the market in terms of support. There are very few platforms, APIs and softwares and bots available for the traders engaged with a coin.
Compared to other cryptos, with an exception to IOTA and Cardano, NEO still has a long way to go should it wish to reach its potential.