Enough theory! Let us now dive into more practical things and learn how to buy your first KGO token.
Buying KGO: The Basics
The first thing to know about buying KGO is that you will need two things:
The process of buying KGO is like how you would convert your US dollars to Euros. To do that, you take your cash to a foreign exchange counter (the exchange), you give them your USD, they take a cut, and they give you back Euros. You then safely store your Euros in your wallet (the wallet). Buying KGO is similar to that process, only the transaction is digital.
What Am I Actually Buying?
KGO is a digital currency, thus you are not buying a physical coin. In that sense, you are literally just buying a number.
Do I Have to Buy a Whole KGO Token?
No! Depending on how much you want to spend, you can buy one KGO, 10 KGO or a fraction of a KGO.
Just like fiat currencies can be divided into cents, KGO has 5 decimal places and can therefore be bought in small amounts. One KGO can be divided into units as small as 0,00001 KGO.
How Do I Buy KGO?
When it comes to buying your first KGO, cryptocurrency exchanges are the place to go to, as they allow you to buy, sell and trade your KGO in a convenient way.
As it is not yet possible to buy KGO directly with your traditional fiat currency, via bank transfer or credit card for example, you will have to do it in two steps:
First, you will need to exchange your fiat for an intermediate crypto such as BNB or a stablecoin such as BUSD or USDT. The choice of that crypto depends on where you plan to buy KGO.
Visit CoinMarketCap to see the list of exchanges that support KGO tokens and which coin pairs they use. For example, on Pancakeswap you can use both BNB or BUSD to buy KGO, while on Hotbit you can only use USDT.
On centralized exchanges such as Hotbit, you will first need to create an account and enter a payment method, and you may be asked for information such as your bank account details or a debit or credit card. You may then need to prove your identity with an ID or passport before you start buying your intermediate cryptocurrency with your chosen payment method.
(Buying KGO on decentralized exchanges is a bit different. To learn step-by-step how to buy KGO tokens on the Pancakeswap DEX, see this tutorial.)
Once you have successfully bought your intermediate crypto with fiat, you will have to go to a KGO-to-crypto exchange, for example the KGO and USDT pair (KGO/USDT) on Hotbit, to interact with this pair and convert USDT into KGO (or sell KGO for USDT).
The KGO you have just bought are automatically sent to a wallet address that the exchange has provided for you, on that platform. To withdraw your tokens and transfer them to a personal wallet, you may then need to have your identity verified with an ID or Passport if you did not have to do so earlier.
Do I Need a Wallet to Store My KGO Tokens?
Apart from buying, selling, and trading KGO, centralized exchanges can be used as a place to store your newly purchased KGO tokens. However, storing crypto on these exchanges is not very secure and limit your freedom (see our dedicated article).
Some great wallets you may want to consider include:
Can I Buy Stuff with My KGO?
For the time being, you can only trade your KGO for other crypto, but KGO will soon be usable for purchasing a large diversity of goods and services! Stay tuned!