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How to buy Kyber Network coin online
Learn everything you need to know about the Kyber Network on this page. Find out why it was formed, what problems it hopes to solve, and whether that makes the KNC coin worth owning.
Compare where to buy Kyber Network, and open an account
These are the top broker platforms around, as chosen by our team of crypto experts. If you want to dive straight in, use one of these. If you want to take more time to decide if the Kyber Network is for you, scroll down to keep reading.
What is Kyber Network?
Kyber Network is an exchange where you can buy and sell cryptocurrency. It’s decentralised, which means it doesn’t use a central body like a bank to run the trades. Instead, it combines its own software code with blockchain technology to find the best exchange rates and store transactions on a public ledger.
The KNC coin fuels the exchange, where it acts as an incentive for individuals to help Kyber’s performance. Anyone who holds KNC can vote on governance issues and put up tokens as liquidity, earning the right to a portion of the fee Kyber charges on each transaction as a reward.
Kyber Network was formed in 2017 and went live in 2018. As well as running its own exchange, it integrates with other applications, wallets, and vendors to offer seamless token swaps on other platforms too.
How does Kyber Network work?
Kyber Network works by combining resources to create liquidity, so that anyone can trade on any of its exchanges whenever they want to. This liquidity comes from KNC token holders and other decentralised exchanges and is then stored together in a big liquidity pool. Everyone who contributes this liquidity is paid a reward.
Each trade is carried out instantly thanks to a smart contract that searches for the best exchange rate whenever anyone puts in a trade request. When it’s found the best rate it executes the trade and stores the transaction on the blockchain.
How to buy KNC online – a step-by-step guide
Step 1. Find an exchange
Cryptocurrency exchanges have the widest range of coins available and one of those is the best place to buy Kyber Network coins. For altcoins, it’s generally better to stick to the most popular platforms because they often are the easiest to use and have the most payment options. Here are two of the top ones:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- Bittrex: Bittrex is a beginner friendly platform with an intuitive interface. You can trade hundreds of cryptocurrencies on Bittrex. Sign up for Bittrex now >
Step 2. Sign up and fund your account
To start buying and selling on an exchange, you’ll need to sign up and verify your account. This step varies from platform to platform, but usually you have to provide an email address, phone number, and at least one form of photo ID (like a passport or driver’s licence).
Some exchanges only accept deposits in cryptocurrency, others will let you fund your account with fiat currency but with some restrictions. This just means that you might only be able to deposit via a bank transfer or your debit card.
Step 3. Purchase
Search for the Kyber Network token by putting in its ticker symbol – KNC – when you’re signed into your exchange account. You’ll see a list of different pairs, including things like BTC/KNC or ETH/KNC. These are essentially your payment options, and you might find that there are no fiat currencies (like GBP or USD) there. That just means you need to swap your fiat for a crypto like Bitcoin first, and then swap that for Kyber Network tokens.
Step 4. (Optional) Get a suitable wallet
Now that you have your coins, you need to decide how to store them. While you can leave them in your exchange account if you want, there are other options that offer more security. This is in the form of wallets that store your coins so they can only be accessed with a private key that’s unique to you.
Here are two of the top wallet providers available, that also happen to have links to Kyber Network as well:
- Ledger Nano S: The Ledger Nano S is a hardware wallet that looks like a USB stick. It stores your coins completely offline, protecting them even if you connect to an infected computer. Get the Ledger Nano S today >
- Trezor: Trezor is another hardware wallet that connects to your computer with a USB cable. There are user-friendly versions that come with a colour touchscreen. Get Trezor now >
How to trade Kyber Network – a step-by-step guide
Step 1. Find a broker
To trade KNC you need to find a reliable broker with low trading fees. With a broker you can trade cryptocurrency by opening and closing positions quickly to benefit from market changes.
Step 2. Deposit money
Before you start trading you need to create an account and fund it. Brokers generally only let you deposit fiat currency and then you use that to trade in the crypto markets. Make sure to pick one with low fees, as you don’t want to lose too much money from trading fees alone.
Step 3. Decide how you’d like to trade
You have two options for how to trade cryptocurrency. You can try spread betting or trading contracts for difference (CFDs). While both have their positives and negatives, in each case you’re trading on the value of KNC instead of owning the asset itself.
Step 4. Start trading
Most reputable brokers let you start trading with a demo account so you can learn how the market works without risking your own money. Crypto markets can see big swings so it’s important to know what you’re doing before you start.
When you start trading you’re speculating on KNC’s price by taking either a short (sell) or long (buy) position. If you think it’s going to go up, you should go long, and if you think it’s going to fall you should go short.
A more advanced strategy is to start trading with leverage. Leveraged trading lets you put up a small percentage of a trade’s value as a deposit and borrow the rest from your broker. This is best left to experienced traders because it can lead to big losses just as quickly as big wins and is a much more risky strategy.
Here’s a summary of the best and worst bits of the Kyber Network. After that are three more questions that you can use to decide whether the KNC coin is for you.
- KNC holders can earn extra rewards for helping the platform grow
- With KNC you can vote on Kyber Network’s future, including on proposals like raising fees and rewards
- Kyber Network has practical uses as an alternative to traditional cryptocurrency exchanges
- Other applications already use Kyber’s plugin to run their own exchanges
To go with those pros and cons, below you’ll find three final questions to think about before you decide whether to invest in Kyber Network.
1. Is it a good time to buy Kyber Network?
A lot depends on what your motivations are. If you believe in the future of decentralised exchanges, buying Kyber Network now could be a good way of getting in early. For both long and short term horizons it depends on whether the current KNC price looks appealing and what the competition is doing.
To help you do your research and stay on top of the latest developments in cryptocurrency, here’s our recent KNC analysis:
2. What problem does Kyber Network solve, and what are the coin’s investment prospects?
Kyber Network solves the problem of cryptocurrency swaps being run through a central exchange that can set high spreads and place trading restrictions. Kyber lets people trade any cryptocurrency directly without needing a middleman and generates its own liquidity so it’s not in thrall to any financial institution.
As an investment prospect, KNC has to deal with plenty of competition. There are already exchanges like Uniswap that offer decentralised crypto trading. However, one of Kyber Network’s advantages is that it already has links with some major wallet providers and application developers to offer them an integrated exchange.
More of that kind of development would be great for KNC’s prospects. Remember to research any investment thoroughly, and those deals are things to look out for. To help you track its development, you can find the most recent Kyber Network news below:
Demand for Kyber Network (KNC) rise before 3.0 upgrade
Kyber Network (KNC) to launch a new token as part of a pending upgrade
3. Do you want to hold Kyber Network for the long term?
The answer depends on how you want to trade and the current state of the crypto market. The pros and cons change with the timeframe on your investment goals, so here’s a quick rundown of things to consider when looking long or short term.
Considerations for a long term investment strategy
If you’ve researched Kyber Network and think the outlook is positive, you should find an exchange and buy some KNC coins straight away. If you decide it’s a good way to get a foothold in decentralised exchanges, you might want to hold for the long term. In that case, it’s a good idea to get a wallet to store your coins.
Considerations for a short term trading strategy
If you aren’t sure about KNC in the long term or you’re just more of a short term trader, a better approach might be to find a broker with low fees to trade KNC. You can use technical analysis to help you predict price moves.