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How to buy KyberNetwork

A guide to KyberNetwork, how it works and how to buy, sell and trade KyberNetwork Crystal (KNC).

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KyberNetwork is a trustless, decentralized cryptocurrency exchange. This Ethereum-based protocol is designed to provide the instant exchange of digital assets and cryptocurrencies with high liquidity.

The KyberNetwork Crystal token (KNC) is used to pay fees on the KyberNetwork platform. To find out how these tokens work, what affects their value and how you can buy KNC in Canada, keep reading.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy, sell and trade KNC

KNC is available on a number of popular cryptocurrency exchanges, including the following:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bank transfer (ACH),Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF, AUD

47
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Bitfinex Professional Trading Exchange
Cryptocurrency
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency,Wire transfer
KRW

118
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
Coinbase Pro
Bank transfer (ACH),Bank transfer (SEPA),Wire transfer
USD, EUR, GBP

27
cryptocurrencies

Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.
Gemini Cryptocurrency Exchange
Cryptocurrency,Wire transfer,Bank transfer (USA only)
USD

27
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
Bitit Cryptocurrency Marketplace
Cash,Credit card,Debit card,Neosurf,Bank transfer (SEPA)
EUR, USD, JPY, DKK, GBP, SEK, NOK, TRY & 5+ more

50
cryptocurrencies

Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
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Compare up to 4 providers

How to buy KNC: A step-by-step guide

If you’d like to buy KNC in Canada, you can follow these steps:

Step 1. Register for an account with an exchange that has KNC

Create an account on a cryptocurrency exchange that allows you to buy, sell and trade KNC. Start by entering your email address and creating a password. In order to become a verified member on an exchange, you’ll likely need to provide further details, including your full name and contact information, as well as proof of ID to verify your account.

It’s also recommended that you set up two-factor authentication for increased security.

Step 2. Deposit funds into your account

Click the “Deposit” link and follow the prompts to enter the desired amount you want to transfer.

Many cryptocurrency exchanges don’t allow you to exchange fiat currency for cryptocurrency. If that’s the case with the exchange you choose, you’ll need to own or buy a widely traded crypto first, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for KNC.

Step 3. Buy KNC

The final step is to trade your ETH, BTC or other supported crypto pairing for KNC. Click on the “Buy/Sell” link and search for “KNC”. Click on “Buy KNC” and enter either the amount of KNC you want to buy or the amount of fiat or cryptocurrency you want to spend. After reviewing the details of your transaction, including any fee that applies, click “Confirm Buy” if you’re happy to proceed with the purchase.

How to sell KNC

The process for selling KNC is essentially the same as the process outlined in step 3 above, but in reverse. However, it’s also important to be aware that cryptocurrency exchanges only offer specific currency pairings, so it may not be possible to directly exchange your KNC for your desired currency.

KNC wallets

KNC tokens are ERC20-compliant tokens on the Ethereum network and can be stored in any Ethereum-compliant wallet, such as the following:

How KyberNetwork works

Announced in 2017, KyberNetwork is the brainchild of blockchain technology developers Loi Luu, Yaron Velner and Victor Tran. Vitalik Buterin, the founder and chief scientist of Ethereum, is also listed as an advisor. Its ICO was held in September 2017 and made headlines after raising around US$60 million in a little over a day.

Central exchanges are unable to provide instant transfers as well as being vulnerable to internal fraud and external hacking. To combat this, the developers set out to create a decentralized exchange that allows for the instant exchange and conversion of cryptocurrency coins and tokens.

The aim of KyberNetwork is to allow users to hold coins in their own wallets and to exchange them instantly for other tokens using smart contracts. KyberNetwork claims this will allow it to offer the following:

  • The ability to transfer tokens to anyone
  • The ability to pay someone else in any token, using the tokens you own
  • Instant trades with no waiting around to receive your tokens
  • High liquidity (rather than maintaining a global order book, KyberNetwork maintains a reserve warehouse which holds an appropriate amount of crypto tokens)
  • Trustless trading on a network that is secure against attacks
  • Compatibility with existing smart contracts

What to consider before you buy KNC

Buying cryptocurrency is complicated and speculative, with several risks you need to be aware of before you purchase any cryptos. If you’re thinking of buying KNC, make sure you take the following factors into consideration first:

  • Supply. A total of 226,000,000 KNC were minted during the KyberNetwork ICO, with a little over 61% of that amount distributed to public participants. According to CoinMarketCap, at the time of writing on 23 January 2018, there were 134,132,697 KNC in circulation.
  • Token use. A reserve manager maintains the reserve of tokens, determines exchange rates and feeds the rates to the KyberNetwork. KNC tokens are needed to operate a reserve, with a small KNC fee charged to the reserve each time an exchange takes place. Those fees cover network operational costs and are also used to reward third parties (for example wallets and blockchain explorers) that introduce additional trade volume to the platform.
  • Burning of tokens. Once the KNC tokens generated from fees have been used to cover operational costs and reward third parties, those tokens will be taken out of circulation. This will eventually cause the circulating supply of KNC to decrease.
  • Commercial partnerships. It’s important to stay in the loop when it comes to the commercial partnerships any crypto has with other companies in order to understand their potential for growth and development. For example, KyberNetwork has recently partnered with interconnecting blockchain network ICON and Ethereum payment service Coinduck.
  • Roadmap. If you want to know what future technological developments are scheduled for KyberNetwork, check out the “Roadmap” section on the company’s website. For example, support for cross-chain trading is slated for introduction in early 2019, which means that in the short term, KyberNetwork will only be able to support the trading of ERC20 tokens.
  • Market competition. It’s also important to consider the competition KyberNetwork will face from other companies operating in the same sector. For example, OmiseGO and 0x are two other cryptocurrency exchange projects worth researching.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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