Kine Protocol
Kine Protocol is a decentralized exchange (DEX.) It aims to establish general-purpose liquidity pools that are backed by a portfolio of virtual assets that can be customized. These liquidity pools enable traders to close and open derivatives positions in accordance with reliable price feeds while removing the need for counterparties.
Moreover, Kine aims to lift any restrictions pertaining to current peer-to-contract, otherwise known as peer-to-pool, trading protocols. It does this through the expansion of collateral space to assets based on the Ethereum blockchain and enabling third-party liquidation.
While cryptocurrency trading can seem a bit intimidating to newcomers, experiencing it firsthand for long enough often does the trick. This article, however, will delve more into the onboarding process than anything else, as that is important to get the hang of as well.
How to Use Kine Protocol
Step 1. Register
Trading on any exchange begins with the registration process.
- To sign up for Kine Protocol, just head over to its official website by clicking the Register button above.
- You will then be directed to the sign-up page, and there you will find two registration options, which include email and phone number.
- Adding either your email address or your phone number will require you to verify them through a verification code.
- Also, you will have to set up a password. So, set that up and add the verification code that will be sent via email or SMS to complete the registration process.
Step 2. Complete KYC
- While looking up KYC with regards to the Kine Protocol will not yield much in the way of results, if any for that matter, a quick look through its Terms of Service will show that yes, it does have a KYC process, though it is unclear whether or not it is a requirement.
- This information collected through the KYC process, Kine states, will be utilized in the verification of its users’ identities so that any traces of terrorist financing, fraud, money laundering, and other financial crimes can be immediately discerned before causing too much damage.
- Consequently, you may have to provide a government-issued ID or other information to verify your identity on the Kine Protocol.
Step 3. Add fund
To begin trading on the Kine Protocol, you will have to fund your account first, i.e., make a deposit. And doing that is fairly straightforward.
- So, just log in to your account and head over to Balance, then Wallet, and look for USDT.
- Select Deposit and then copy that USDT deposit address.
- Before this, however, if you haven’t connected your wallet already, do so and then paste that deposit address in it to initiate the USDT transfer from your wallet.
- Other than your wallet, you can also initiate the transfer from another exchange. And like always, make sure you choose the correct deposit network and token on both Kine and the wallet or exchange where you are initiating the transfer; otherwise, your funds will be lost.
- Also, you can initiate a quick transfer between kUSD and USDT or USDC.
- kUSD serves as the main stablecoin of the Kine Protocol. It is also one of the margin assets on its exchange and can be used in trading with numerous other assets with up to 200x leverage and zero slippage.
- To initiate a quick exchange or transfer, select the Exchange option, which you will find in the kUSD field, and then choose kUSD as the exchange cryptocurrency.
- On a side note, users can also enjoy up to $1000 worth of free quota for every exchange pair.
- Following that, simply add the amount of USDT you wish to trade with, and the system will show you exactly how much kUSD you can get, with the price being valid for approximately 10 seconds.
- Just click OK to get done with the exchange process, with your kUSD and USDT balances being changed accordingly.
All that is left to do now is transfer that kUSD to your trading account to begin trading.
Step 4. Buy crypto
Now that you have funded your account, you can easily buy cryptocurrencies on the Kine Protocol.
- Firstly, click the Trade option, which you will find in the upper left corner of its homepage.
- On the trading page, select an asset, check the movements of its price, and check its funding rates in the top-left section.
- Following that, you can open a position once you have selected Isolated or Cross Margin.
- Click Sell to open short positions and Buy to open long positions.
- You can then choose to place either market or condition orders and add the position size that you wish to place, and the leverage amount will be adjusted accordingly.
- You can also adjust the leverage, and the size of your position will then be updated automatically.
- The details of your order can then be viewed by clicking either Check Positions, Order History, or Open Orders, and if you want, you can close your positions as well.
Once your order has been accepted, you will instantly receive the cryptocurrency you were looking to buy.
How to buy crypto on Kine Protocol
Via fiat currency
The Kine Protocol does offer fiat currency options on its platform, and numerous options at that. Just head over to its official website, connect your wallet if you haven’t already, log in to your account, and click the Buy Crypto option at the top. Here, you can choose your preferred fiat currency, with USDT being the only cryptocurrency option.
Via debit/credit card
While we couldn’t find any resources outside its website, or even in its website for that matter, that indicates it offers debit or credit cards as options for buying cryptocurrencies, the fact that it supports fiat currencies implies that it is highly likely that credit or debit cards are offered as methods of buying cryptocurrencies. (Learn how to buy crypto with a credit card)
Via P2P
Again, there aren’t any resources we could find that definitively indicate whether or not it supports P2P trading like other cryptocurrency exchanges. The overall lack of information regarding the Kine Protocol is probably one of its most substantial drawbacks, which definitely needs addressing, as traders want to know all sorts of information prior to making investments. Still, there is a chance that it might offer one due to its fiat currency support. (Learn about P2P crypto exchanges)
Step 5. Start trading
- The Kine Protocol functions primarily as a derivatives trading platform, and as of this moment, it has yet to offer spot trading. However, its roadmap does indicate that it will integrate spot trading at some point this year.
- Nonetheless, now that you have some cryptocurrency with you, you can easily begin trading on the Kine Protocol by simply clicking on the Trade option, which you will find at the top of its homepage, which will then lead you to its trading page.
Wish to get step-by-step YouTube video instruction? Click here.
Also, learn about the top 5 DEXs to look into.
FAQs
How to sign up for Kine Protocol
Signing up for the Kine Protocol is pretty straightforward. Just click the Register button at the top of this article, and you will find yourself on its registration page. Follow the steps required of you here to complete the registration process. (Our special referral code is applied automatically with the button. You’re welcome.)
What are the Kine Protocol fees?
Like other exchanges, the Kine Protocol has its own trading fee structure. Each order that is executed at the Kine Protocol’s exchange will have a fixed trading fee charged, which is 0.050% for every token. Moreover, it also provides private fee rates to its institutional or professional traders. However, from what we have gathered, it hasn’t posted these rates publicly, and you have to contact its team if you want to know more.
How to deposit in Kine Protocol
Like your standard cryptocurrency exchange, making deposits on the Kine Protocol can be fairly simple. Just head over to the Portfolio section and find USDT or USDC. Select the deposit option for the cryptocurrency you want to deposit, and follow the steps asked of you there to fund your trading account.
