Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy NKN. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent amount of reliable and regulated crypto trading platforms, so it’s quite easy finding an exchange that has NKN. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy NKN in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has NKN in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying NKN, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer NKN.
Alternatively, if you want to learn more about the exchanges we prefer, read our list of the best places to buy crypto.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy NKN, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy NKN
The final step is to go to their asset list, find NKN, navigate to the buy section, and then trade your AUD for some NKN. Once you’ve bought NKN, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy NKN (NKN)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell NKN
If you’re thinking about selling NKN, just follow the steps below.
- Sign in to the crypto trading platform (like Swyftx).
- Click on NKN in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell NKN for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying NKN in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy NKN with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find NKN. Have a look on their site first, you might be lucky.
How to buy NKN with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy NKN with your credit/debit card.
NKN (or New Kind of Network,) is an open-source protocol that allows peer to peer networks to share bandwidth. Alpha and Whitfield Diffie (inventor of public-key cryptography), are advisors. NKN Mainnet was launched July 2019 and has now more than 25,000 consensus nodes (more than Bitcoin or Ethereum).
There are several uses for NKN that are notable:
- Content Delivery System (contract to Chinese video giant iQIYI).
- China Mobile - Edge computing
- D-chat (secure messaging app)
- nShell (secure remote acces to terminals)
Cellular Automata, A New Kind Of Science and Ising Model is the basis of NKN's consensus algorithm. This model relies on a simple local majority rule that allows for system-level convergence in very few iterations. The design aims to scale to arbitrarily large numbers of equal consensus nodes.
NKN uses a global addressing scheme based on public keys to permit peer-to-peer communication. The routing of packets is done using Chord Distributed Hash Tables, (DHT), which maps each NKN address to a random position on a Chord DHT ring.