Should Beginners Trade NEO to GAS?
Before you decide whether swapping NEO GAS or keep your NEO coins, you need to understand the difference between the two cryptocurrencies.
NEO coin is aimed at solving the eternal discussion between cryptocurrency and regulators. NEO was founded in 2015 in China. The project runs on its own blockchain which enables the creation of smart contracts and the development of digital assets.
The blockchain enables the digitization of all the assets and thus, the creation of a decentralized, open, fair, trustworthy, and traceable manner to perform transactions without intermediaries.
The blockchain users can digitize absolutely various digital assets. They can create virtual avatars of the value equal to the asset’s value and transfer them within the network. All the operations are automated with smart contracts, so users do not have to worry about possible human errors and distractions.
NEO is aimed at being regulatory compliant. It is achieved by introducing a so-called digital entity to smart contracts. Every business, individual, or entity need to have a digital identity that can be verified if needed. Only after that, they can contribute to the activities in the NEO network. The NEO nodes also need to be verified before they can contribute to the network.
Gas is a coin used in the Ethereum blockchain. It is a token that users pay fees in. It might have some sense in investing into it as long as the token supports one of the major blockchains. While the token price is not high due to its nature, it is a promising investment in the long run.
How to choose the right exchange for your swap
Now, when you have made your decision, it is time to select an exchange where you can swap your tokens effortlessly.
The main thing is to choose between traditional and instant exchanges. While both coins are pretty promising, you will be able to find them listed on many platforms. Therefore, it is important to understand what you get when selecting an instant or a traditional platform.
A traditional platform will offer you a significant liquidity pool that enables almost instant transfers. Transactions there are not sent to the blockchain but are confirmed in the platform’s network. Therefore, you might also pay lower fees (no blockchain fees because transactions are not made in a blockchain).
However, your coins are kept in one custodial wallet of the platform, not yours. You have an account with the platform, and from there, you can access your coins. If due to some reasons, the platform decides to block your assets, there is not much you can do.
An instant exchange doesn’t keep your funds. It serves as a bridge between one wallet and another wallet. You pay a blockchain fee and a liquidity provider’s fee. Usually, an algorithm is applied by an instant platform to search for the best rates in the market and pick the most profitable one for you.
The transfers might take more time than those performed on a traditional platform. However, you do not pass the custody over your funds to anybody. You just sell one coin and buy another coin. You are the only owner of your funds. Usually, instant exchange platforms support a lot of coins, many more than traditional exchanges do. This is one more significant benefit of instant exchange platforms such as LetsExchange.io. There, you can also count on reliable customer support, a simple user interface, and ease of use.
Whatever platform you decide to choose, perform careful research on its reliability, convenience of use, and other factors that might impact your user experience. Once chosen, make a swap of a small sum to check how it all works. And when you make sure all works as expected, you can continue with constant swaps.
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