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How to buy Klaytn coin online
Learn everything you need to know about Klaytn in this beginner’s guide. Get a brief history of the platform, insight into its future prospects, and find out the best places to buy the coin.
Compare where to buy Klaytn, and open an account
These are the best brokers to use if you want to get Klaytn straight away. Our experts have reviewed all the leading platforms and ranked the top three in this table. If you aren’t ready to dive in yet, scroll down to learn more about Klaytn.
What is Klaytn?
Klaytn is a software platform aimed at businesses who want to harness blockchain technology. It offers simple app templates that a company can adapt to its industry, so that it can base things like HR or IT systems on the blockchain. The KLAY coin is used to pay fees and interest, and as a means of payment across the Klaytn platform.
Klaytn launched in 2019 but rose to prominence in 2021. It’s a subsidiary of Kakao, a company that dominates instant messaging in Korea, and the platform’s dedication to offering enterprise solutions is made clear by the sheer number of other major institutions involved in the project.
The platform is controlled by a governance council that’s tasked with delivering growth and attracting new business. The council comprises more than thirty companies in total, with familiar names like LG and Binance among them.
How does Klaytn work?
It has its own blockchain that is hosted by a number of users around the world. Every piece of code and every transaction is stored on this blockchain, which is like a public ledger, and can be checked and verified any time. The blockchain essentially replaces the third party that would otherwise be in control.
For the most part, this is just like the Ethereum blockchain. The main differences are the speed, as Klaytn has solved the problem of bottlenecks that restrict the number of transactions that can be processed at once, and the fact that companies can create their own customisable blockchains on top of the Klaytn architecture.
How to buy Klaytn online – a step-by-step guide
Step 1. Find an exchange
To get Klaytn you need to use an exchange. These are platforms where you buy and sell directly from other users, and they tend to offer the widest range of coins as a result. Here are two of the top exchanges:
- Binance: Binance is the world’s most popular cryptocurrency exchange. Along with a lot of coins, it offers plenty of beginner-friendly material to make it easy to get started. Join Binance now >
- Bithumb: Bithumb is another platform that makes it easy for beginners. It offers more than 100 coins, an intuitive interface, and is one of the most widely-used platforms in Asia. Sign up with Bithumb >
Step 2. Sign up and fund your account
The first thing you need to do before you can use an exchange is create an account. This is a short, simple process, but you should be prepared with a form of photo ID and a few contact details. To fund your account, most platforms accept fiat currency (like GBP and USD), and a bank transfer is usually the cheapest way to deposit money.
Step 3. Purchase
Find Klaytn by searching for its ticker symbol (KLAY) on your exchange. Then you’ll be presented with a list of ways to buy it, and you can choose the one that matches what you want to pay with. So to use Bitcoin, select the BTC/KLAY pair, enter the amount you want, and execute the trade.
Step 4. (Optional) Get a suitable wallet
The final step is to decide where to store your new coins. You can leave them in your exchange account, or you can get a wallet to store them more securely. A wallet protects your coins by encrypting them so they can only be accessed with a unique private key. Here are two of the top wallets around:
- Ledger Nano S: The Ledger Nano S is a high-security hardware wallet, essentially a USB stick, that stores your coins completely offline. You access the coins by connecting it to your computer via a USB stick. Get the Ledger Nano S today >
- FreeWallet: FreeWallet is a more flexible option. It’s an online wallet, so you can access your coins through a web browser, or by downloading its mobile app. Sign up with Freewallet >
How to trade Klaytn – a step-by-step guide
Step 1. Find a broker
To trade cryptocurrency you need a broker, and you should look for one that charges low trading fees. Being a successful trader usually means making a lot of moves, and high fees can eat away at your capital very quickly.
At the moment, Klaytn isn’t available with many brokers. The best places to try are eToro and Robinhood, but you might have to wait a little while to get it.
Step 2. Deposit money
You have to fund your account before you can trade. The only way to do this is with fiat currencies, and generally a bank transfer or debit/credit card is the cheapest way to do so. Check to see if your broker charges for deposits and withdrawals before you sign up to anything.
Step 3. Decide how you’d like to trade
The two most popular trading options are CFDs (contracts for difference) and spread betting. In both cases, you trade against the value of a coin rather than owning it for yourself. Our course guides explain each of these strategies in more detail.
Step 4. Start trading
A demo account can be the best way to start if you’re new to cryptocurrency. You can find this feature in your account settings, and it lets you trade with virtual money to get used to the market before you risk any of your own funds.
When it comes to the trading itself, you’re going to speculate on the price of the Klaytn coin. You can choose to go long (buy) or short (sell), and you should stay up to date with all the latest news so that you’re in position to make the best move.
As you get used to crypto, you might want to start trading with leverage. This is a feature where you put down a small deposit to make big trades by borrowing the rest from your broker. Treat this method with caution, though, as it can lead to big losses just as well as big gains.
Still undecided?
If you still aren’t sure what to do, don’t worry. We’ve condensed the most important pros and cons into this table, and you can keep reading below to find out everything you need to know about whether now is the right time to start.
Pros
- The project is backed by established names who are likely to inspire fast growth
- Developers need KLAY to build on the platform, so increased adoption will push up the value
- You can earn extra money from interest by staking your coins
Cons
In addition to these pros and cons, here’s a quick run through of three things to consider when investing in Klaytn
1. Is it a good time to buy Klaytn?
That depends on a number of factors, like how soon you want to see returns from your investment and what sort of trader you are. Generally, if you believe in its long term prospects, then it’s better to get in sooner rather than later.
If you have a more short term view, then you might want to wait until the current price represents an opportunity. You can use technical indicators to help you pick out that opportunity, or alternatively our analysts regularly post their research into a coin and you can find that through the links below.
2. What problem does Klaytn solve, and what are the coin’s investment prospects?
It lowers the barrier to entry for businesses who want to use the blockchain to streamline their operations. With pre-existing dApps that a company can customise, it’s very easy for a business of any size to start using it. It’s also been able to reduce the bottlenecks that have prevented widespread adoption so far.
The fact Klaytn is backed by so many established names bodes well for its long term prospects. With high growth targets and lots of potential adopters on hand, it could gain users very quickly. It isn’t the only blockchain platform that’s trying to bring business owners on board, however: VeChain offers supply-chain management using the same technology.
It’s also not truly decentralised, as the governance council is more like a board of control that holds a lot of power over its future. You can follow its progress by using the news links below.
I’m investing in Algorand and Klaytn on July 30 due to the increased activity of their networks and here is why!
The best places to buy Klaytn crypto: KLAY coin surges in value
Klaytn price analysis: is now a good time to buy KLAY?
3. Do you want to hold Klaytn for the long term?
It depends on how soon you want to see returns. There are times when it’s better to hold for a while, and others when you should get out quickly. Here are a couple of final considerations depending on whether you’re more focused on the long or short term.
Considerations for a long term investment strategy
This approach is best if you expect Klaytn’s value to grow over time. You should pick an exchange to get some coins and then store them in a wallet to keep them secure.
Considerations for a short term trading strategy
A short term strategy means using technical analysis to try to predict price moves. When you see an opportunity, sign up to a broker to get started. And remember to choose one with low trading fees.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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