How to Buy Kyber Network (KNC)

If so, you may want to consider KNC, the asset powering Kyber Network, a protocol that allows users to convert crypto assets without access to an order book managed by any one company.

Because Kyber Network runs on top of Ethereum, the conversion rate is built directly into the network itself, meaning users only pay fees in ether (ETH) for executing their trades.

Not sure yet why you’d want to buy KNC? Feel free to read our ‘What is Kyber Network?’ guide. It offers a more extensive breakdown of its technology and vision. 

The KNC cryptocurrency plays a key role in maintaining the Kyber Network, and is used by its owners to manage the protocol’s rules and operations.

By owning and staking KNC, you gain the ability to vote on network upgrades and policies (fee models and rates, as an example), with each vote being proportional to the amount of KNC cryptocurrency you stake. 

Of note, users who stake KNC will receive rewards in the form of ETH for their contributions.
 

There are a number of ways to buy KNC. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken that offers easy fiat on-ramps. 

Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your KNC, it can be challenging if not impossible to recover your funds. 

This differs substantially from decentralized exchanges like KyberSwap, where users typically can’t trade popular currencies like U.S. dollars or euros and traditional support services aren’t the norm for high-tech users. 

At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.

Follow the steps below to start buying KNC on Kraken: 

1. Sign up for a Kraken account.
   First, enter a valid email address, create a new username and set a strong password to protect your account.

2. Verify your account. 
   After providing your name, date of birth, country of residence and phone number, you can buy KNC with cryptocurrencies like ETH and DASH. In order to use fiat currency (i.e. USD, CAD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.

3. Deposit fiat currency.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase KNC!
   Once your account is funded with fiat, you’re ready to purchase KNC. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading, features that help make the Kraken experience beloved by millions of global traders.

Once you buy KNC, you’ll need somewhere to safely store your cryptocurrency. 

Kraken is secure, but it’s always safest to keep your KNC in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.

Kyber Network is a platform built on top of Ethereum, meaning KNC can be stored in an Ethereum wallet, of which there are many. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage. 

When choosing a crypto wallet for your KNC, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.

Ready to take the next step toward investing in decentralized exchanges and other DeFi coins? Click the button below to buy KNC on Kraken today!