NEO/USD: Trade NEO to US Dollar
A NEO/USD currency pair shows how much USD is needed to buy/sell 1 NEO. NEO represents a quoted currency, while USD is a base one. Users can monitor NEO/USD price fluctuations on a specified timeframe using the chart at CEX.IO Broker.
How to start trading NEO/USD with margin?
To become a CEX.IO Broker customer and start trading, you need to register on the platform, choose the account currency, and add funds. You also need to select the leverage that fits your needs or suits your strategy. Leverage can always be changed just by opening a new trading account with another leverage.
Before trading on Live-account, CEX.IO Broker users can also take advantage of the demo account. It can be used to get acquainted with the platform, trading instruments, and order types. Demo account can also be useful for experienced users for testing new strategies.
How does trading with margin on NEO/USD works?
Trading with CEX.IO Broker implies using derivatives such as Contracts for Difference (CFDs). CFDs allow trading without owning the asset and give an opportunity to benefit from price changes regardless of direction. If you anticipate that the price should move upward, then you can open a Long position. Conversely, if you expect downward movement, you can get profit from it by opening a Short position.
Leverage plays a major role in margin trading. It allows enlarging the amount of available funds by borrowing funds to amplify potential profit. If the price moves in accordance with your position, the profit is multiplied by the leverage size used in margin trading. But it’s important to understand that in case price movement in the opposite direction, the leverage increases risks. CEX.IO Broker users can choose from 2x to 100x leverage for margin trading.
What order types are available for NEO/USD trading?
To open a position, at first you need to choose an order type. There are four order types available at CEX.IO Broker.
Market order works as a command to buy/sell at the current price presented on the market. This order type is useful if the time matters more than the price because it fills instantly and can’t be canceled.
Limit order is used when you want to specify the price at which the asset should be bought/sold. Limit order works as a delayed order since it is not executed instantly. Traders should wait when the market price reaches the preset level or better.
Stop order works the same as limit order but fills only at the exact price you set.
With OCO or One-cancels-the-other order, you can place two orders — limit and stop — at the same time. However, only one order will be completed. The second order will be canceled right away after the execution of the first one.
What can help make CFD trading on NEO more successful?
With CEX.IO Broker, you can manage up to 10 different subaccounts with different account currency and leverage size. Account base currency means that you can replenish your balance with one of the 3 currencies — BTC, ETH, or USDT. Such flexibility with multiple accounts allows using various trading strategies at the same time. Subaccounts are isolated, so financial results in one account would not affect others.
In order to reduce risks during periods of high volatility, traders can also place protection orders like Stop Loss and Take Profit. Protection orders also help stick to trading strategy and fix trading results automatically when the price reaches a specified level. You can add, modify, and cancel Stop Loss and Take Profit at any time.
Why trade the NEO/USD pair?
NEO is a governance token used to participate in votes concerning improvements to the NEO blockchain. All NEO tokens already exist and no more will be created. It means that NEO price is highly dependent on demand and how it changes. NEO is one of the most popular networks for smart contracts that makes it a prominent competitor to Ethereum.
NEO is a very community-driven project, so NEO/USD traders can benefit from high liquidity, volatility, and popularity among crypto enthusiasts.
CEX.IO Broker: competent support that always nearby
Sometimes trading is a matter of minutes or even seconds, so it’s important to have technical support that can help as fast as possible. At CEX.IO Broker, you can get support even while trading just by clicking on the chat button in the lower right corner of the website.
Need to ask a question or resolve some issue? Get in touch with our Support Team to get the information without interruption of the trading process.