Good news – copy trading platform eToro has added a new cryptocurrency, NEO. This means you can now trade 9 different cryptocurrencies on the platform using fiat currency 🙂 Read on to find out more about making money trading NEO on eToro
What is NEO
NEO is sometimes called the “Chinese Ethereum”. While NEO could be used as a currency, it’s been designed more as a platform to power blockchain applications. While NEO is similar to ethereum one big point of difference is that developers can use a variety of different programming languages to build on the platform. Ethereum uses it’s own language called Solidity. This choice of language could help adoption.
Currently NEO is the 7th most popular Cryptocurrency. It has a market cap of over $8.5 billion.
Trading NEO on eToro
Trading NEO on eToro is as simple as trading stocks or forex. You make a deposit using fiat currency with a credit card, paypal or bank account and then you can buy and sell the crypto currency. eToro supports both long and short positions. When you open a long position, you buy the underlying asset (NEO). When you open a short position you’ll be trading a CFD. This allows you to profit from both the rise and fall in the price of NEO.
The big advantage of eToro is that you can copy the trades of successful crypto traders automatically. eToro is a social trading network, where everyone’s trades are public. With just a click of a button you can copy the trades of any other trader! This is a great way to learn trading and help reduce the risk.
eToro doesn’t charge a fee for opening or closing trades. They have a spread – which is the difference between the buy and sell prices.
The eToro Crypto CopyPortfolio
Last year, eToro launched the Crypto CopyPortfolio. This is an investment fund which is made up entirely of cryptocurrencies. It allows you to invest in the most popular cryptocurrencies, without having to actually worry about buying and holding the individual coins. Over the past 12 months it has seen a ridiculous 300+% return!!
At the moment, NEO hasn’t been added to the CopyPortfolio. This could change in the future if the analysts believe it to be a good investment. I’ll update this post if NEO does get added to the CopyPortfolio.
You can find out more about buying NEO on eToro here