Kyber Network Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Kyber Network consists of four parts: general information, fees, deposit methods and security.
Kyber Network is a new form of cryptocurrency exchange. They describe themselves as follows:
“Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application.”
They further claim that the above enables value exchange to be performed seamlessly between all parties in the ecosystem. This picture illustrates it further:
The Kyber Network platform launched in February 2018 and is thus quite new. It competes on its home-turf Singapore with each of the following exchanges (although they have a different offering): Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Bytex and Liquid.
To our knowledge, US-investors can trade here. We have at least not found any prohibition in their terms and conditions.
There is also clear information on the people in the team behind Kyber Network on the exchange’s website. The six main figures running the project are the following:
Kyber Network Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. At this exchange, there is only a swap box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the swap interface at Kyber Network:
Kyber Network Fees
Kyber Network Trading fees
A big advantage with this trading platform is that it does not charge any trading fees. You can use the trading platform entirely for free. There’s only one fee involved with trading here and it is the gas fee necessary to pay for transactions on the Ethereum network (i.e., the network fee).
The above means that your wallet address must contain a certain amount of Ethereum, in order for you to pay the gas fees/network fees.
Kyber Network Withdrawal fees
Following the above rationale, Kyber Network does not charge any withdrawal fees either other than the mandatory network fees. This is of course a very competitive offering with this trading platform. It should be noted here though that there are also exchanges that pay the network fees themselves for the benefit of the traders. This means that the withdrawal fees are truly 0 at those exchanges. The network fees are however quite insubstantial and only charging the network fees is also a trader friendly fee arrangement.
Kyber Network does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
Kyber Network Security
This trading platform has an extremely good security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and a lot of the exchanges receive F as scores. Kyber Network, however, received a score of B-, which is very impressive.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):