Kyber Network, a Singapore based blockchain company has just made an announcement that the platform token, Kyber Network Crystal (KNC) is finally trade-able on a few exchanges. For those who missed the ICO, you can still buy KNC for long-term profits. Here is the step-by-step guide to how you can own KNC.
KNC is only available on Liqui, EtherDelta, and Binance. If you are new and would like to know how to purchase some KNC coin, it is not that straightforward to just deposit your fiat currencies and buy them on these platforms.
However, you can send bitcoin to Liqui, EtherDelta and Binance accounts and buy KNC with BTC.
If you are totally new in this, please refer to the following steps to get your first KNC.
Step 1: Create a Coinbase Account to Get bitcoin
There are many ways to buy bitcoin. Perhaps the easiest way is through Coinbase. Go to the Coinbase Signup Page and fill in your first name, last name, email and choose a password.
The registration is quite straightforward. Once, you hit “Create Account”, then you just need to verify your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some bitcoin.
Many people have the wrong impression that they must buy one full (unit) of BTC. In fact, you can buy even a small fraction of BTC (e.g. 0.05).
The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.
If you are buying bitcoin via credit card, Coinbase will post two small charges on your credit cards. All you need to do is to verify these charges through your credit card’s recent transaction history and confirm them on Coinbase dashboard.
Of course, you can choose other platforms to get your bitcoin. Those in Europe will use a euro exchange like Kraken, while those in Japan will use a yen exchange like Coincheck, etc.
Step 2: Create a Liqui Account
Remember I mentioned Binance, Liqui, and EtherDelta? From these three exchanges, I recommend Liqui as I have some bad experiences with EtherDelta and Binance (which I am not going to comment much here).
Hence, let’s just assume we are going to get KNC from Liqui platform.
Create an account with Liqui by going to their registration page.
Step 3: Transfer BTC to Liqui
Go to Liqui “Balances” on the top right menu.
Here, you’ll see a list of currencies and you need to look for “Bitcoin.” When you find Bitcoin, click the “+ Deposit” icon to open a lightbox in which you will generate a deposit address. Once you’ve done this, copy that long string of letters & number.
Alternatively, just hit the link “Copy to clipboard”.
Now, go back to Coinbase. Here, you’ll navigate to the “Send/Request tab”. Now paste the Bitcoin deposit address you got from Liqui into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your BTC or some fractions.
Just one click and your funds should be on their way to Liqui. It will take a bit of time, perhaps 15 minutes or more, for your BTC transfer to complete.
Step 4: Bid On KNC
To trade your BTC for KNC:
- Check the price of KNC in real time, and when you are happy with the price, say 0.00061648 (BTC/KNC) as shown in the below figure.
- Go to the “Price” type “0.00061648”. This means you are buying KNC at the latest price.
- Next, go to “Amount” and key in the number of KNC you want to purchase. As you type 1,000 in the column, you will see the 0.61648 appear on “Total” column. The math simply is done by multiplying 0.00061648 with 1,000 unit of KNC. That gives 0.61648 BTC
- Hit “Buy”.
You then can check your wallet again and see the amount of KNC you have just purchased.