Looking to buy Kyber Network (KNC) in the UK?
In this quick guide, I’m going to run through some of the best places where you can buy KNC in the UK.
Intro: Best Ways to Buy Kyber Network in the UK
Here’s a quick overview of where you can buy Kyber Network (KNC) in the UK.
|Kraken||UK Bank Transfer||Up to 0.26%|
|Coinbase Pro||UK Bank Transfer||Up to 0.50%|
|CoinJar||UK Bank Transfer||1%|
|Crypto.com App||UK Bank Transfer||Variable|
How to Buy Kyber Network UK
1. Coinbase Pro
Coinbase Pro is one of the cheapest places where you can buy Kyber Network (KNC) in the UK.
However, you can’t currently buy Kyber Network (KNC) directly with GBP on Coinbase Pro. The only supported trading pair accessible to UK residents is the KNC/BTC trading pair.
This means that you’ll have to first buy Bitcoin (BTC) using GBP, and then exchange it for Kyber Network (KNC).
Coinbase Pro currently has 2 Kyber Network (KNC) trading pairs:
However, the KNC/USD trading pair is NOT available to UK residents.
On Coinbase Pro, you’ll be able to buy Kyber Network (KNC) at the real exchange rate (i.e., not padded with a markup) and maximum fees of 0.5% (if you’re a high volume trader, then you’ll pay less than this).
But keep in mind: you’ll need to pay this trading fee TWICE, which means that you’re effectively paying about 1% in fees.
In 2022, Coinbase Pro remains a popular and low-cost way of getting your hands on Bitcoin (BTC) and dozens of cryptocurrencies like Kyber Network (KNC).
However, it might be a little overwhelming if you’ve never used something like this before.
CoinJar makes it simple, quick, and easy to buy Kyber Network (KNC) and a growing number of other cryptocurrencies.
You can deposit GBP into CoinJar using a UK bank transfer (via Faster Payments). But it doesn’t take long. After my initial deposit, GBP I’ve sent over to CoinJar has been credited within minutes.
CoinJar charges a fixed fee of 1% when you buy Kyber Network (KNC) or any other supported cryptocurrency. The prices you’re quoted are quite close to the real exchange rate too (around 0.5% higher).
Apart from its competitive fees, the one thing that stands out about CoinJar is how intuitive and beginner-friendly their mobile app and web interface is.
Crypto.com provides a mobile app where you can buy, sell, store, and transfer more than 100 cryptocurrencies – including Kyber Network (KNC). Months after announcing they had 5 million users, they reported they had more than 10 million users.
You can deposit GBP into the Crypto.com app using a UK bank transfer or credit/debit card. If you prefer, you could also transfer EUR using a SEPA bank transfer.
It costs nothing to deposit GBP with a UK bank transfer into your GBP wallet inside the Crypto.com app. You’ll also be charged no explicit fee when buying Kyber Network (KNC) or any other cryptocurrency with your GBP wallet balance.
However, I have found the prices you’re quoted inside the Crypto.com app are consistently more than 1% above the real exchange rate.
The Crypto.com app is more than just a place to buy, sell, and store your cryptocurrencies though. Check out my review to learn more about them.
What is Kyber Network (KNC)?
Kyber Network (KNC) is the governance, utility, and rewards token for KyberDAO, the decentralised autonomous organisation that runs the Kyber Network. The token is officially known as Kyber Network Crystal (KNC).
Kyber Network is designed to be entirely decentralised. It is managed by KyberDAO, which is governed by KNC token holders.
Holders of KNC can cast votes to decide the future of the Kyber ecosystem. KNC holders can also stake their tokens to receive rewards in the form of Ethereum (ETH), which are paid from trading fees generated by the Kyber Network protocol.
Here’s a video from Kyber Network that explains how KNC tokens work in the wider Kyber ecosystem:
Founded in 2017, Kyber Network is an Ethereum-based protocol that hopes to “become the liquidity hub for the decentralised economy”. It was created by a Singapore-based team of blockchain developers that included Loi Luu, Yaron Velner, and Victor Tran, but the network is now governed by the KyberDAO.
At its core, Kyber is a decentralised liquidity protocol that enables token exchange without the need for an intermediary. There are many potential use cases for the Kyber Network. The most common application of Kyber is to facilitate cross-chain token swaps on decentralised apps (DApps).
What makes Kyber so powerful is that its liquidity protocol exists wholly on the blockchain. This makes it easier for DApps to communicate and facilitate token swaps without the need for a centralised authority. It also makes transactions more cost efficient because the Kyber Network can pull tokens from more than 40 different liquidity reserves when needed.
There are two main benefits to holding KNC tokens: governance votes and staking rewards.
Holders of KNC can stake their tokens on the KyberDAO governance platform. Once you stake your KNC, you can vote on proposed changes to the Kyber ecosystem or you can delegate your votes to other token holders.
Voting for proposed changes lets you exercise control over the future of the Kyber Network. It also earns you financial rewards for participating in the Kyber community.
When you stake KNC, you also get regular rewards from the Kyber Network. The network pays out rewards in Ethereum (ETH) to KNC token holders. These rewards are collected from network trading fees and they’re distributed equitably to holders of KNC.
There are other use cases for KNC outside of the Kyber Network ecosystem. For example, you can use KNC as collateral for loans or to earn interest on platforms like Aave.
Best Kyber Network (KNC) Wallets
Since Kyber Network Crystal (KNC) is an ERC-20 token, you can store the private keys to your KNC on most ERC-20-compatible wallets.
But if you want to claim rewards and cast votes on the KyberDAO DApp, you’ll have to use a wallet that’s compatible with the platform.
The KyberDAO DApp uses WalletConnect, a third-party wallet integration service, to connect to all user wallets. There isn’t currently an option to directly connect a software or hardware wallet to the KyberDAO platform other than through WalletConnect.
WalletConnect currently supports dozens of software and hardware wallets. Popular KNC-compatible software wallets that you can use with the service include:
- MetaMask: A solid choice for anyone looking to use a wide range of DApps, MetaMask is a user-friendly ERC-20-compatible wallet. It’s available as a mobile app and a browser extension for convenient token management.
- Trust Wallet: Developed by Binance, Trust Wallet is a non-custodial software wallet that supports all ERC-20 tokens, including KNC, plus coins and tokens on dozens of other networks. It’s only available as a mobile app, but Trust Wallet has a number of cool features, including an in-wallet DEX, support for NFTs, and a built-in DApp browser.
- Atomic Wallet: One of my favourite software wallets, Atomic Wallet is a straightforward way to manage the private keys to your ERC-20 tokens and hundreds of other top coins. Atomic Wallet is available as both a mobile and desktop app.
Rather use a hardware wallet?
WalletConenct supports the following popular hardware wallets:
Both Trezor Suite and Ledger Live (the wallet interfaces for Trezor and Ledger wallets) support KNC, so you can manage your tokens right from your wallet interface.
Thanks for checking out this guide about how to buy Kyber Network (KNC) in the UK!
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