KNC/USD: Trade KNC to US Dollar
KNC/USD is a currency pair where KNC cryptocurrency is quoted against US Dollar fiat currency, meaning it shows the price of 1 KNC in USD. You can monitor KNC price history and performance over time by using the KNC/USD chart on CEX.IO Broker.
What is KNC cryptocurrency?
Kyber Network is a decentralized protocol that aggregates liquidity and enables tokens’ swap without an intermediary. Kyber Network gives access to liquidity pools for dApps, decentralized exchanges (DEXs), and other DeFi platforms. KNC is a utility token that is used for paying fees and governing the Kyber Network. The reward for Kyber Network liquidity providers is paid in KNC as well.
The KNC/USD currency pair has faced a significant increase in popularity due to constant protocol updates that aimed at improving the network. The KNC price is quite volatile, meaning it can suit many types of traders.
Why trade KNC/USD on CEX.IO Broker?
CEX.IO Broker is a margin trading platform that allows you to trade KNC/USD using leverage. On CEX.IO Broker, margin trading is available with derivatives called Contacts for Difference (CFDs). With CFDs, you don’t need to own the underlying asset as in spot trading. Instead, you can benefit from price change regardless of its direction, meaning you can benefit even when the price is going down.
Unlike many other margin trading platforms, CEX.IO Broker gives you an opportunity to benefit from both cross and isolated margins. You can create up to 10 trading accounts on CEX.IO Broker and each account is independent in terms of margin and financial result. It implies the isolated margin feature.
With cross margin, you can use the excess margin of one position to satisfy the margin requirements of another position. Cross margin works only within one trading account. A combination of isolated and cross margin allows you to experiment with different trading strategies and control risks.
Besides, CEX.IO Broker uses aggregated liquidity from the largest crypto exchanges for the KNC/USD pair. It means that CEX.IO Broker executes users’ positions by routing orders to the biggest cryptocurrency exchanges via a liquidity provider.
How to trade CFDs on KNC?
CFD trading implies opening Long and Short positions. With a Long position, you can benefit from price movement upward, while a Short position allows you to profit from downward movement. Here is an example.
Let’s say you anticipate that the KNC price should go up soon. In this case, you can open a Long position. If your analysis was successful and the price moved upward as expected, then you can close the position and fix your financial result. The profit will be the difference between opened and closed prices.
Trading CFDs with CEX.IO Broker takes into account the leverage you set up when creating a trading account. With leverage, you can multiply the amount of available funds for trading by borrowing from CEX.IO Broker. Leverage allows you to increase potential profit when the price moves in the right direction to open position. In case of unfavorable price movement for an open position, leverage increases potential risks.
For KNC/USD trading on CEX.IO Broker, you can use a broad range of leverage — 2x-100x.
What do I need to do to start trading KNC/USD on CEX.IO Broker?
It takes just a few steps to begin with CEX.IO Broker:
- 1. Register on CEX.IO Broker or use your CEX.IO account to login
- 2. Select your account currency (BTC, ETH, USDT) and set the leverage for trading account
- 3. Fund your account with selected account currency and choose KNC/USD market for trading
Before starting trading on the Live account, you can practice on the Demo account. It should help you test some strategies and get acquitted with trading terminal capabilities.
What order types can be used for KNC/USD trading?
CEX.IO Broker offers four order types that are suitable for different market situations and can implement a trading strategy of any complexity.
- Market order is used for buying and selling an asset at the current market price. It has instant execution, so can’t be canceled.
- Limit order gives an opportunity to set the price you want to buy or sell with. It can be canceled before the price reaches the specified level or better.
- Stop order is similar to limit order but executes only at the exact price you specified.
- One-cancels-the-other (OCO) order is a combination of two orders — limit and stop. They open at the same time but the only one will be filled. When one of the orders is executed, the second one cancels automatically.
What trading tools can help benefit from KNC/USD trading?
CEX.IO Broker terminal features a built-in interface for technical analysis, allowing traders to analyze always-changing market conditions without leaving the platform. Analyzing the market situation may help traders make well-informed decisions, evaluate price movement potential, and find promising entry and exit points.
Another option that can make trading more efficient and less time-consuming is protection orders such as Stop Loss and Take Profit. With these orders, you can close the position automatically when the price reaches the predetermined level. It helps traders minimize potential risks from unexpected price movements in periods of high volatility, automate the trading process without the need for constant price monitoring, and strictly follow the selected strategy. Stop Loss and Take Profit can be placed, modified, and discarded whenever you want until the position is closed.
CEX.IO Broker: technical support that is always ready to help
Regardless of trading experience, every trader may face a situation when they don’t know or can’t find the answer to a particular question while using the platform. For this and many other reasons, you can contact our CEX.IO Broker Support Team just by clicking on the chat button in the lower right corner of the website. The chat is available even when you are trading, meaning you can get relevant information without interruption of the trading process.