Most crypto projects and DeFi apps aim to solve an existing issue within their ecosystem. Kyber Network, a blockchain-based liquidity protocol, aims to ‘become the liquidity hub for the decentralized economy’, where any user or application can easily access required tokens for liquidity.
Many investors are researching how to buy KNC the network’s native coin, based on the technology behind it. Others see it has been one of the best performing crypto assets of 2022, rising 500% from a yearly low of $1.18 to a high of $5.77, despite BTC and ETH being in a downtrend. In this guide we’ll cover where to buy Kyber Network coin safely on a regulated platform.
How to Buy KNC – Quick Guide
Follow these steps to buy KNC tokens:
- ✅ Step 1: Create an account – First open an account with your chosen broker by entering your details on the homepage. Verify your account by uploading a copy of your ID.
- Step 2: Deposit– Use a bank card, bank wire, Paypal, Skrill, Neteller or other methods to top up your account.
- Step 3: Search for KNC – On your dashboard after you log in search for ‘Kyber Network’ or the ticker symbol ‘KNC’ and click on ‘Trade’.
- Step 4: Buy KNC – Decide the amount you want to invest in KNC. Click ‘Open Trade’ to confirm your buy orders.
Where to Buy Kyber Network – Best Platforms
Kyber Network is a popular altcoin listed on most of the major crypto exchanges and platforms around the world. Here’s a list of some of the crypto exchange platforms we recommend that you should look into, in order to buy, sell and trade KNC:
1. Crypto.com: Margin Trade KNC
Crypto.com listed Kyber Network on 21st July 2020, and has both spot trading and margin trading with leverage.
Since its launch in 2016 Crypto.com has become a well-known exchange and app, even being promoted by Matt Damon in commercials. The main attraction though is its Crypto Earn program where users can earn interest on crypto, even Bitcoin, and spend Bitcoin with Crypto.com’s metal VISA card.
With over 10 million+ users and 250+ cryptocurrencies listed on the exchange platform, Crypto.com is our second best platform to buy Kyber Network coin.
If you’re an experienced trader you can short KNC on Crypto.com at times you think the price will correct, and long KNC on leverage when it’s in a bullish uptrend as it has been since the start of 2022. Use the KNCUSD-PERP trading pair to do that.
Beginners can spot trade KNC/USDT, or KNC/BTC, i.e. buy and sell Kyber Network against the stablecoin Tether or Bitcoin.
While the platform does charge a 2.99% commission on transactions made through debit cards, this fee is waived for new users joining Crypto.com for the first 30 days.
You can earn up to 14.5% per annum interest on cryptos (for example the highest yield currently is on Polkadot) or up to 14% on stablecoins.
Cryptoassets are a highly volatile unregulated investment product.
2. Binance: 0.1% Trading Fee to Buy KNC
On September 25, 2017, Binance tweeted about the listing of KNC on the platform. Since then, the platform has become the most traded on platform in the crypto space, with over 100 million users on the platform and over 600 cryptocurrencies listed.
If you’re looking to buy KNC in 2022, Binance is a contender amongst all the popular crypto exchanges and platforms.
Some consider the platform quite advanced for beginners although there is a classic mode you can switch to with less of the complicating trading tools.
While the initial fees to buy crypto with a debit card on Binance can be high, once you have crypto you can then buy Kyber Network with low fees as the maker / taker fee is only 0.1%.
Join Binance via a Binance referral link for a further discount on the trading fees.
3. Coinbase: Beginner Friendly Platform
KNC was listed on Coinbase exchange on 27th Feb 2020, the largest crypto platform in the United States.
Below is how to buy Kyber Network token in the USA using the Coinbase app.
- Download the Coinbase app and sign up. After filling in the details, keep an ID and an address proof handy to complete the KYC process.
- Tap on the ‘payment method’ button and select a method, including debit, credit card, bank account or wire transfer.
- Press the trade icon and click on the ‘Buy’ option.
- From the list of assets and cryptocurrencies that appear on your screen, choose KNC or Kyber Network.
- Choose the amount you want to invest in Kyber Network in your preferred currency, and the app will convert that into KNC tokens.
- Tap on the ‘Preview buy’ button once you’ve completed all the steps above, then confirm your order.
Cryptoassets are a highly volatile unregulated investment product.
What is Kyber Network?
Kyber Network was founded with a vision to solve a problem that existed with centralized and decentralized exchanges.
It is a decentralized exchange and a proxy payment service that has a myriad of features such as being open source, trustworthy, instant, secure, compatible, and most importantly, highly liquid. It can be termed as a liquidity protocol as well, which eliminates the need for a middleman in any crypto transaction.
The Kyber project aims at providing users with more cost-effective and robust solutions to conduct their crypto transactions with ease.
Kyber Network is supported by the Ethereum blockchain and it also connects smoothly without any hassle with other networks too. Since it’s supported by the Ethereum blockchain, it allows for instant trading of ETH and ERC-20 tokens without registering as well.
Kyber Network’s History and Background
The Kyber Network team was created in Singapore by Loi Luu, Yaron Velner, and Victor Tran. Out of the three, Luu had a stint as a co-founder of SmartPool, which is a decentralized mining pool initiative, and the author of Oyente, which is the first open-source Ethereum contract security analyzer.
The company has also brought in the founder of Ethereum Vitalik Buterin as one of its advisers.
Victor Tran currently serves as the CTO of Kyber Networks. The position was earlier held by Yaron Velner. He has previously worked on a number of multi-platform apps.
Victor Tran, a lead engineer of the SmartPool project, has been working on blockchain and cryptocurrency development since early 2016.
The Liquidity Pools in Kyber Network
Kyber provides liquidity pools, that include a variety of cryptocurrencies that users can choose from.
This reserve can be used by the users of the network to conduct a cryptocurrency exchange through any project. In other words, any project or crypto exchange platform which has interacted with KNC can allow its users to transfer any cryptocurrency while receiving the crypto they want.
Instead of linking traders to an order book, Kyber Network, being a decentralised exchange, links them to the reserve liquidity pools.
Smart contracts provide liquidity and enable transactions to be completed without the use of a third party. This makes vendors, crypto wallets, and decentralised apps the major users of Kyber Network.
Kyber Network Price History
At the time of writing, the KNC price is correcting from its 500% bull run this year, now trading between $3.2 – $3.8. The KNC market cap is just over $600 million and all KNC tokens are in circulation. The circulating supply is 177,809,350 KNC coins representing 100% of the total supply.
KNC went under a token migration in 2021, which the Kyber Network announced the same on Twitter. The migration meant that while it did the same thing, it was a different token. The full name of KNC is Kyber Network Crystal v2, i.e. version two.
After the migration, and with the onset of the new KNC, the coin lost a third of its value in the May 2021 crash of the crypto market. On that day, the crypto opened at $2.75 and closed at $1.86. After this incident, the price of the KNC hovered somewhere around the $2 mark all around the summer, experiencing a closing low of $1.20 on June 25.
The price of KNC went on to breach the $2 mark in August 2021, before retracing about 50%.
KNC price history on CoinMarketCap
Depsite that correction back to almost $1, 2022 was then the beginning of an explosive KNC bull run, with a 60% gain over the month of January, followed by closing green monthly candles all the way to over $5.7.
That is very bullish considering the rest of the crypto market – with some NFT related exceptions like ApeCoin and Green Metaverse token – was in a sideways trading range, that some investors even considered a bear market.
KNC Price Prediction for 2024
All of the total supply being unlocked is bullish for the KNC price. By the laws of supply and demand, token unlocks tend to deflate price, whereas scarcity leads to an increase in price.
The strength it has shown despite the difficult macroeconomic conditions could signal that it will continue to set new all time highs.
KNC is still a low cap altcoin with a market cap under $1 billion, while projects like MATIC still have an $8 billion market capitalization after recently crashing to just over $1 from over $1.7 six weeks ago.
It would not be unrealistic to predict KNC hitting a several billion dollar marketcap and breaking into the top 50 cryptos (currently ranked #102 on Coinmarketcap) in the next six months. That would put the KNC price in the double digits above $10.
However before that it may put in a standard 50% retrace from its current top, to around $2.8, before continuing to the upside.
The Utility of Kyber Network
In order to expedite the operations within the Kyber Network, it employs its own cryptocurrency called the KNC. The KNC token is based on the ERC20 platform and is not a security token in any manner.
The KNC token is used to pay the partners that including wallets, and blockchain experts who bring users to the Kyber Network. Before operating, reserves need to be purchased KNC beforehand, which are used in every trade at a predetermined rate which is set as a fee to the Kyber Network.
These collected fees are then burned permanently by the Kyber Network, after taking care of the cost of the operation.
How to Sell Kyber Network
When you want to take profit, the process is also simple. For example if KNC moves up 100% in a short space of time to set a new all time high over $6 – you might want to de-risk and diversify your portfolio into some of the major DeFi coins. To sell KNC:
- Log in to your account.
- On the left side menu, click on Portfolio.
- From the list of positions in your portfolio, select the cryptocurrency you want to sell.
- Now at the right side of the screen, you will see a red cross icon. Click on it to close the trade.
Conclusion
Kyber Network’s mission statement is to become the liquidity hub for the decentralized economy. Since the launch of Kyber Network in 2017 it has established its utility and use case, rising in valuation as as result. It may be a more stable long-term investment based on its tech than most other altcoins, especially meme coins.
You may want to dollar cost average into a KNC position if you’re currently researching how to buy Kyber Network Crystal for the first time – as it’s up a lot so far in 2022 and may retrace before resuming its bull cycle.