Last year, messaging app Kik, owned by Canadian-based company Kik Interactive, launched their own cryptocurrency, called KIN. At the time of its ICO, KIN raised over $50 million dollars (over 160,000 ETH)—likely spurred by investors excited by Kik’s userbase of millions.
With the token, the Kik and KIN team created a new ecosystem of digital services; this digital asset is used to reward developers for services and, to some extent, users for their use of these services (like gamers).
This year, the cryptocurrency has gained traction following its launch of its first mobile app, and crypto wallet. This coin, which at the time of press is around $0.0000830 with a market cap of $62,094,564, is a “must have” in some investors plans due to its ability to penetrate a mobile user base quickly.
But how do you go about buying KIN?
1. Get A KIN Wallet
On July 17, 2018, Kin Foundation, the firm behind KIN announced the launch of the KIN wallet, Kinit Beta, which is now available on the Google Play Store. However, Kinit is not ready to be a fully-fledge KIN wallet as it cannot accept the ERC-20 tokens purchased on exchanges.
So, since KIN is built on the Ethereum blockchain, you can use the MyEtherWallet which supports any coin built on the Ethereum blockchain. Having a KIN wallet will allow you to store KIN tokens, it will also provide you with an address (commonly labeled, Your/My Address) this address will allow you to receive tokens.
You can read our full guide on MyEtherWallet (“MEW) here. Please be sure to keep up with all current security measures suggested by the site.
2. Buy Ethereum
Currently, you can only buy KIN with a few currencies; none of whch are USD or EUR. To get KIN, you’ll have to buy ETH, BTC, or XLM (Stellar) and trade for it. With the highest accessible trading volume, we recommend buying Ethereum which you’ll use to trade KIN.
ETH is listed for fiat buying on many known exchanges; the easiest to navigate being Coinbase, Gemini, or Kraken. You won’t need an ETH wallet since you’ll transfer your ETH to a new exchange to trade for KIN immediately.
3. Sign Up For IDEX
KIN is available for trading on several exchanges, which you can see here (listed by volume). These are not major exchanges (one criticism of KIN, but also an area in which it may grow).
We would recommend (as of September 2018) to use IDEX or HitBTC for your trading. In this article, we’ll focus on IDEX.
So, your next step is going to the IDEX official website, where you can sign up by creating a new wallet. Again, read and understand the terms and ensure that your data is safe and secure. You will be required to download a Keystore file and once you have downloaded the Keystore file and you receive a private key to your wallet, go back to your wallet and unlock your wallet using that Keystore file you downloaded.
You can now go to your profile, click ‘Wallet’ and find Ethereum so you can copy the address to your clipboard. This will be the address you’ll send your Ethereum (ETH) to. When you send your Ethereum from your personal wallet or from the exchange you bought it to the copied address, it should appear on the ‘My IDEX Balance’ site.
4. Exchange ETH for KIN
Next, on the main page, you can search for KIN in the list where IDEX has put all of its tradeable coins. Click the KIN option and it will bring a new page where you can now trade KIN with the Ethereum you received. To do this, you can buy at the current price that is listed on the SELL chart (i.e. someone has offered to sell KIn at a price) or you can enter your own price and establish a ‘BUY’ plan for your ETH. For beginners, we recommend using the price the exchange gives, which should be the lowest price someone has put a SELL order up for.
To do this, simply click ‘Market’ in the dropdown on IDEX. And then enter how much KIN you’d like to buy. It will tell you if you’ve tried to buy more than your ETH will allow you to trade. And above the trading box, the exchange will show your remaining ETH balance.
You can check your Wallet (top right button) to make sure your KIN has gone through.
5. Send KIN To Your Wallet
It is important to note that some exchanges will not hold KIN for you. For instance, if you send your coins to exchanges like Coinbase, they will be lost. When you have followed the given steps to buying KIN coins successfully, they will show on the ‘My IDEX balance.’ If you wish to move these coins to your personal wallet, press ‘Withdraw’ and follow the steps to move your KIN coins from IDEX to your wallet, the one you made in Step One.
At this point, you should have KIN tokens you can now send to your wallet on MyEtherWallet. Please do not send to your Kinit App (as ofnow), but you can use the Kinit app to earn more KIN (just not Ethereum-based KIN)
Image courtesy of SNB