How to buy Kyber Network coin online
This introductory guide teaches you what’s important to know about Kyber Network. It introduces you to the KNC coin, what you can use it for, and the best place to buy KNC.
Compare where to buy Kyber Network, and open an account
To buy KNC now, use one of the links below. These are the top broker platforms around, as chosen by our team of crypto experts who have reviewed all the options. Not ready to buy yet? Don’t worry, you can keep reading to learn more about Kyber Network.
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 Kyber Network online – a step-by-step guide
Step 1. Find an exchange to buy Kyber Network
You can buy KNC on a cryptocurrency exchange. There aren’t many that let you buy KNC with fiat currency (such as GBP, USD, or EUR), so you need to buy another cryptocurrency, like Bitcoin, first.
A couple of the top exchanges around are:
- 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. Buy Kyber Network
To buy Kyber Network, you just need to go to your exchange and search for its ticker – KNC. If you’re using Bitcoin to buy it, you need to find the right crypto pair, in this case it’s KNC/BTC. Then you can hit buy to execute the trade.
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.
If you still aren’t sure whether to buy KNC or not, here’s a summary of what to think about in the form of some pros and cons, followed by a few final key questions.
- 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
- There are a lot of other decentralised exchanges out there as competition
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.