The ultimate beginner's guide to trading Komodo
What is the Komodo?
Komodo KMD is the native token on the Komodo platform. There’s a lot to say about the Komodo platform, and we have a full Komodo guide if you’re interested. Basically, Komodo is creating ways for cryptocurrency users to use crypto privately or transparently (users’ choice), easily store and transfer a variety of digital assets, and eliminate the need for large centralized cryptocurrency exchanges. Komodo is a fork of ZCash, arguably the world’s best privacy coin and the innovation site of zkSnarks, a growing standard for crypto anonymity. Komodo KMD ICOed in 2016 and remains a popular and growing currency/community to this day. Komodo KMD is a favorite of crypto enthusiasts.
How to Buy Komodo Coin KMD:
KMD is one of the top 50 cryptocurrencies in the entire market (out of more than 1500!). As such, you can buy Komodo coins from a dizzying array of sources. We understand that having too many choices is confusing to new Komodo enthusiasts, so we’ve chosen the two easiest ways to buy Komodo KMD, both of which will work for different investors and different purposes.
But first, we’ve got to download the Komodo wallet so that you’ll have a place to store your Komodo KMD once you’ve made your purchase. Start by going to Komodoplatform.com
and clicking the white “KMD Wallets” button. On the next page, choose the wallet built for your operating system. Install the file and open the platform, choosing Komodo KMD as for the coin option.
The inside of the Komodo wallet will look like this. When you click “Receive”, your “Receiving Address” will appear on the bottom of the wallet. The Komodo wallet starts you out with one wallet, but you can have as many as you want. You’ll need this address for both of the buy Komodo options to come, so take note of it. A simple copy/paste will work in both cases (though always double check what you’ve pasted, just to be sure).
You can also choose to buy your Komodo coin all by yourself. This will save you a little bit of money on fees, but it’s a little harder to do for beginners. Still, if you want to be serious about this whole crypto thing, you definitely need to know how to buy a coin from an exchange. For this guide, we’re going to use Binance, which grew from humble beginnings to become the most popular cryptocurrency exchange.
But first, you’ll need to buy some Bitcoin. Binance doesn’t accept fiat currencies like US Dollars (though the company has recently moved to Malta and has announced a forthcoming fiat currency exchange!), so almost all of the currencies on their site are traded with Bitcoin (and sometimes Ethereum, Binance Coin, and Tether).
We recommend buying your Bitcoin at Coinbase
. Even in a growing field of competitors, Coinbase is undeniably the most user-friendly Bitcoin-buying source for beginners. It’ll take a few days for your Bitcoin to arrive in your Coinbase account. In the meantime, create a Binance account at Binance.com
When your Bitcoin arrives in your Coinbase Bitcoin wallet, click “Send”. Coinbase will ask for an address to which to send your Bitcoin. You can get this on Binance under “Funds” > “Balances”, then searching for the Komodo wallet by typing “KMD” into the search bar. The page you’ll see will look like this:
Click “Deposit”, which you see to the right of the KMD wallet address line. The following screen will appear.
Right in the middle, you can see your KMD Deposit Address. Copy this address and go back to your Coinbase Bitcoin Wallet. “Send” your Bitcoin to this address. It will arrive in about half an hour and you can immediately buy Komodo KMD. Do this by clicking “Exchanges” > “Basic” found at the top left of the Binance homepage.
There’s a lot of information on this page, but it’s not yet ready to sell you Komodo coin. Notice at the top right of the white portion of the screen, there are four little boxes labeled “BTC”, “ETH”, “BNB” and “USDT”. Make sure that “BTC” is selected, because this will show you all of the coins tradable against Bitcoin, the currency you just transferred to the site. Now type “KMD” into the little search bar right beneath the “BTC” box. This will bring up the Bitcoin/Komodo trading pair. It will look like what you see below. Click it.
Once clicked, this link will change the larger changing screen in important ways. You can see right at the top left that it’s not a Stellar Lumens page anymore, but one devoted to Komodo KMD. There’s a lot to take in on this page, but it’s actually pretty simple. The bar graph shows how the Komodo coin price has changed over time. You can see the candles to represent different time values, like minutes, hours, days, or weeks. With this information, you can get an idea about the value of the present Komodo coin price.
On the right side of the screen, you see a list of all the most recent Komodo coin trades. Reds are sell orders. Greens are buy orders. As you can see from the image, more people bought KMD than sold it, at least at the time of this photo. On the left side of the screen, you see all the open Buy orders in green (the topmost is the highest price someone is offering in exchange for KMD) and the Sell orders are in red (the lowest price at which someone has offered to sell KMD is at the bottom of the stack).
At the bottom of this trading screen are two smaller interfaces, one for selling KMD and the other for buying. The “Buy KMD” version with the green button is the one we want to focus on. Here’s a closer look:
There’s a fair amount of things to say about this little interface, but we won’t overcomplicate things. The “Price” line is already filled in. This price represents the current market value of a single Komodo coin (at least on Binance, that is). You can accept this price, in which case your order will likely be filled in seconds. You can also choose to lower the price. This means you’ll have to wait for the price of Komodo coin to fall, and there’s the outside chance that it never will
, in which case your order would never be filled.
It’s up to you. Once you settle on a price, choose how much KMD you want. If you just want to spend “100%” of your Bitcoin (which is what we’d recommend), then just tap that “100%” box, observe the total at the bottom, and click the big green “Buy KMD”. Your order will be quickly filled in most cases, and your KMD will appear in your Binance KMD wallet, found by going back through “Funds” > “Balances”. Let’s go there now.
Click “Withdraw”. We’re going to send your Komodo KMD to your personal Komodo wallet we made in the previous section. They’ll be much safer there than they would be on an exchange like Binance, which always has hackers trying to break into it. You’ll see this next screen.
All you have to do here is input your Komodo wallet “Receiving Address” (also discussed in the previous section. Choose to send all of your Komodo KMD. When you’ve double checked your Receiving Address, click the yellow “Submit” button and in a few minutes, your new coins will have arrived in your Komodo wallet where you can use them for whatever you want. Well done!
Final Thoughts on Komodo Coin
By now you should know how to buy Komodo coin and how to store it safely in your own personal Komodo coin wallet. Now that you own Komodo coin, you’ll be part of the exciting developments going on in the Komodo platform and development community. No one knows how the Komodo coin price is going to change in the future. But as an investor, your job is to choose great projects with which to invest your money.
With Komodo coin, we think you’ve made an excellent choice. Komodo coin was hit even harder than the rest of the coins in the recent and ongoing cryptocurrency crash. When the recovery comes, as most think it will, Komodo coin is likely to be spread to new heights, making users and investors everywhere very happy.