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How to Buy Komodo (KMD) Cryptocurrency | Complete Guide

How to Buy Komodo KMD

As the cryptocurrency space becomes more crowded with new projects and tokens, multipurpose cryptocurrencies quickly become more valuable. The Komodo (KMD) security platform began as a privacy-based cryptocurrency in the same vein as Zcash, Monero, and Dash. However, what has set Komodo apart and earned the attention of investors is the evolution of Komodo (KMD) into a secure, completely decentralized blockchain platform that promises “freedom” to both developers and users.

The KMD token can be used as a privacy coin for trading or as a utility token on the Komodo platform. The creators of Komodo have recently started a publicity tour through the valuable Asian markets to spread awareness of the platform’s many uses. Even though the KMD token has been available for public trade since February of 2017, its price did not experience a major run-up until December of 2017. KMD is commonly traded on several major exchanges, including Binance and Bittrex.

If you are new to cryptocurrency, the prospect of trading on exchanges like Binance and Bittrex can be daunting. Follow the steps outlined in this guide and your acquisition of Komodo (KMD) tokens will be straightforward.

The Exchanges We’ll Be Using

Exchange Trading Fees Withdrawal Limits Review Visit

Binance

0.1% 2 BTC equivalent / 24 hours w/ no verification

100 BTC equivalent / 24 hours w/ "Level 2" Verifcation

Binance Review

Visit Binance

bittrex altcoin exchange logo SMALL

Bittrex

0.25% .04 BTC equivalent / 24 hours w/ "Basic" verification

100 BTC equivalent / 24 hours w/ "Enhanced" Verification

Bittrex Review

Visit Bittrex

How to Buy Komodo (KMD) on Binance

Binance is one of the most recognizable and user-friendly crypto exchanges, and it’s a great choice for acquiring Komodo (KMD). Binance holds a significant percentage of the total daily trading volume of KMD tokens, both for Bitcoin (BTC) and Ethereum (ETH) trading pairs.

Here are the steps to create and set up your new Binance account, deposit Bitcoin or Ethereum, and purchase your Komodo (KMD) tokens.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made.??Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

4) Buy Komodo (KMD) with Bitcoin or Ethereum on Binance

Now that you have your Bitcoin or Ethereum deposited into the Binance exchange wallet, you are ready to trade for Komodo (KMD) tokens. Look for the ‘Exchange’ button at the top of the page. Position your mouse cursor overtop the button, and two exchange options will appear. For this guide we will be using the ‘Basic’ option, so select that one.

On the far-right of the screen you will see the Binance exchange’s four available trading pairs: BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and USDT (U.S. Dollar Tether). Komodo (KMD) is offered on this exchange against Bitcoin and Ethereum, so select whichever cryptocurrency you previously deposited.

Underneath the trading pair you just selected is a search bar. Input ‘KMD’ into the search bar, then choose the pair that appears: either KMD/BTC or KMD/ETH.

Binance Buy Komodo KMD

Now you will see the correct trading screen with a great deal of information presented to you. Under the market chart are a pair of order forms titled ‘Buy KMD’ and ‘Sell KMD’. The ‘Buy KMD’ form contains tabs for both ‘Market’ and ‘Limit’ orders. Let’s begin with a ‘Market’ order.

Newer traders with less experience predicting price action will find market orders more convenient to use (shown in the example above). All you need to do is fill in the number of KMD tokens you wish to purchase on the ‘Amount’ line and press the ‘Buy KMD’ button. Binance will then automatically enter the price based on the current valuation of Komodo (KMD) and your trade will be instantaneously filled.

With limit orders you must not only enter the quantity of KMD tokens you wish to purchase in the ‘Amount’ line, but you must also enter the ‘Price’ at which you want to purchase said tokens. To assist you in making this determination, view the ‘Trade History’ on the right side of the page, or look at the moving indicator on the far right of the market chart. Once you complete the form, select ‘Buy KMD’, and your order will be filled as the exchange finds KMD tokens being offered at your specified price.

Binance also offers a quick 25%, 50%, 75%, or 100% calculator on the ‘Market’ and ‘Limit’ order forms. This automatically allows you to spend those percentages of your available Bitcoin or Ethereum on Komodo tokens.

As soon as your order is filled, or even partially filled in the case of limit orders, your Komodo (KMD) tokens can be found in the ‘Funds’ and ‘Balances’ section of the Binance exchange platform.

Binance Komodo KMD Balance

Buy Komodo Binance

How to Buy Komodo (KMD) on Bittrex

Komodo (KMD) can also be traded for on the popular Bittrex exchange. Bittrex accounts for a higher daily volume of KMD token trading than Binance, but only offers a Komodo (KMD) to Bitcoin (BTC) trading pair. Bittrex also charges higher fees (0.25%) and requires users to follow basic verification steps before allowing fund withdrawal; this is an extra step that gives many investors enhanced peace-of-mind.

What follows is a step-by-step guide showing you how to trade your Bitcoin (BTC) for Komodo (KMD) tokens on the Bittrex exchange.

1) Sign Up to Bittrex

To begin creating your Bittrex account, you???ll need to enter your email and choose a password.

Bittrex Sign Up

2) Verify and Secure Your Bittrex Account

Since Bittrex requires you to verify your account to make withdrawals, we recommend starting this process immediately. To do this, locate the verification tabs under your account's settings.

"Basic Verification" requires your name, date of birth, and address. The information you submit will be automatically checked against public records. Once "Basic Verification" is completed, you'll be able to withdraw up to the equivalent of 0.4 BTC per day.

Bittrex Basic Verification

If Bittrex is unable to verify your "Basic Verification" information or you need greater withdrawal limits, you can go through their "Enhanced Verification" process. This will require a photo or scan of a government issued ID, as well as a "selfie" of you. Once "Enhanced Verification" is complete, you'll be able to withdrawal up to the equivalent of 100 BTC per day.

Bittrex Enhanced Verification

In addition to verifying your account, you should also take time to enable 2-Factor Authentication (2FA). Bittrex encourages all users to do this and we second this recommendation.??

Bittrex offers 2FA via Google Authenticator.

Bittrex 2FA

3) Deposit Bitcoin or Ethereum to Bittrex

To make a deposit onto Bittrex, locate the "Wallets" page in the menu of your account. You can use the search bar to find the cryptocurrency you want to deposit.

Once you???ve found the cryptocurrency you want to deposit, click the ???+??? symbol next to it. After clicking ???+??? a deposit address will be shown where you can send your crypto.

Bittrex Deposit

Once you've sent funds to your bittrex account, you can view them under your pending deposits. Each cryptocurrency requires a specific number of block confirmations before being credited to your account. Due to its faster block times, Ethereum allows for far quicker deposits than Bitcoin.

4) Buy Komodo (KMD) with Bitcoin (BTC)

Look for the Bittrex logo on the top-left of the screen. Left-click on the logo to reveal the exchange list screen, with Bitcoin, Ethereum, and U.S.D. Tether exchanges visible in the middle of this new page.

Komodo (KMD) tokens can only be traded on Bittrex for Bitcoin (BTC), so you need only focus on the first exchange listed. Type ‘KMD’ into the search bar to the right of ‘BITCOIN MARKETS’. Select BTC-KMD as it appears below.

Bittrex Find Komodo KMD Trading Pair

The BTC-KMD trading screen has four immediately useful objects: a market chart front and center, pricing information to its right, and two order forms below the market chart. The order form to the left is titled ‘BUY KOMODO’ and the one to the right is ‘SELL KOMODO’.

Close to the top of the ‘BUY KOMODO’ order form are a ‘Units’ line and a ‘Bid’ line. On the ‘Units’ line, type the quantity of KMD tokens you want to trade for. On the ‘Bid’ line is a drop-down ‘Price’ menu with three options: Last (the most recent sale price), Bid (the current price being offered by buyers), and Ask (the current price being requested by sellers). You can either input your own price or choose one of those three provided options.

Bittrex Buy Komodo KMD

All you must do at this point is press the blue ‘+ Buy KMD’ button at the bottom of the ‘BUY KOMODO’ order form. Another convenient feature offered by the Bittrex exchange is the ease of canceling your order. If your KMD order is taking too long to fill and you wish to input a higher price, look for the ‘OPEN ORDERS’ section below the order form to cancel your order.

Once your order is filled, you will be able to view your Komodo (KMD) tokens in the Bittrex exchange wallet.

Bittrex Komodo Balance

From the exchange wallet you can withdraw these KMD tokens into a secure wallet of your choosing by pressing the ‘-’ button.

Buy Komodo on Bittrex

Summary

The Komodo (KMD) token is utilized in a unique hybridization of privacy cryptocurrency and decentralized developer platform. The valuation of the token increased toward the end of 2017 as more investors caught wind of the many potential applications of this project. Traders can easily acquire Komodo (KMD) for Bitcoin (BTC) or Ethereum (ETH) on the Binance exchange, or for Bitcoin (BTC) on the Bittrex exchange. These exchanges are simple and safe to use, and are currently frequented by hundreds of millions of cryptocurrency investors across the globe.

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