de | cn | ru

Kyber Network Review - is it scam or safe?

Kyber Network Review - is kyber.network scam or good cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz Kyber Network

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Leverage Trading Fee Transaction Fee
Standard 1:1 Unclear Uses external wallets

 

The Kyber Network is a new ambitious project which facilitates the quick and easy conversion of different ERC-20 tokens. In addition to being a decentralized exchange running on the Ethereum network, the Kyber Network is also intended as a transfer mechanism for cryptocurrencies. The open-source technology on which Kyber is built can be easily integrated to facilitate cross-platform trading and payment.

 


Kyber Network Advantages


Decentralized

Unlike centralized exchanges, Kyber Network does not hold consumer funds in escrow nor keep a global order-book. This means low counterparty risk and less of a centralized target for attackers. Users simply access the platform with their own wallets, make a transaction and leave.

 

An interesting model

One of the most interesting things about Kyber is the way trading is done. There is no order-book but exchange rates from multiple market APIs. Users initiate trade requests (either a market order or specifying a minimum conversion rate). Then, Kyber Network fetches the best conversion rate offered by its externally-managed reserves and a smart contract executes an atomic transaction. Eventually, the user receives the requested tokens directly to his or her wallet.


Many altcoins listed

By the time of writing this review, over twenty different ERC 20 tokens are listed at Kyber, with new ones being constantly added. These include EOS, OmiseGo, SALT, BAT, Status, Dai and many others. The end-goal is to be able to exchange all tokens instantly.

 

Possibly low-cost

All fees at Kyber are included in the exchange price users pay, the only additional fee is the gas fee for using the Ethereum network. In the Whitepaper of Kyber there is an example fee of 5% of 0.01%, so it would be 0.0005%. This sound really low cost given the fact that most exchanges charge something in the range of 0.15% - 0.25% per trade.


No registration required

Kyber works with popular “Wallet Enabled Browsers” such as MetaMask and MyEtherWallet. No additional registration is required - you can start trading right away, without providing any personal data. This means easy access for users who already have some ERC-20 tokens.

 

Some corporate background

This may seem strange to some of you, however not all similar venues provide information on the company that operates them and the team behind it. The website of Kyber, however, provides a Whitepaper, as well as some details on the people who work on the project.

 

The “exchange” launched after a successful ICO in September, 2017 by Loi Luu and Yaron Velner. The Ethereum creator Vitalik Buterin is listed as an Adviser.



Kyber Network Disadvantages


Fiat currencies not accepted

This should be obvious by now – this service is only suitable for those who have ETH or any of the supported tokens. Fiat currencies like US dollars, Euro or Chinese Yuan are not accepted at Kyber. This means that you have to exchange your traditional money for some of the coins supported on this exchange, before you start using it. Check the list below to see places where you can buy cryptocurrencies with a credit card.

 


>>Exchanges accepting credit cards<<

 

 

Only ERC-20 tokens against ETH

Like many other decentralized exchanges running on the Ethereum protocol, Kyber does not offer trading in non-Ethereum-based tokens. While there are a wide range of ERC-20 tokens which are being traded against Ethereum, Bitcoin, Ripple, Litecoin, and many others, are not listed. This might dissapoint many crypto investors, however the initial plan of this exchange is to bring Bitcoin and other currencies to the Ethereum blockchain.

 

Not beginner friendly

Considering the two previous points, Kyber is definitely not for those who are unfamiliar with the Ethereum ecosystem. On the other hand, if you already have some Ether in, say, a MetaMask wallet, this service is as simple as it gets.

 


Minimalist user experience

Kyber offers minimalist user experienc. It does not does provide a real trading platform, as there is no order-book, but instead exchange rates derived from multiple market APIs which shows the best rate among all the reserve managers. There are only some line charts showing trading volume and the amount of KNC fees on a monthly basis.

Leverage not available

This is not a major flow, nor comes as a surprise to anyone acquainted with decentralized exchanges. Yet, we must mention that Kyber does not offer trading in cryptocurrencies on margin. In case you need some leverage, some major centralized exchanges offer such, as well as almost all forex brokers that offer trading in Bitcoin CFDs.

 


>> Trade Ethereum on margin with fx brokers <<

 

 

Dependent on the Ethereum network

The fact that Kyber is built on Ethereum protocol means that if there is a backlog on the network, the activities on the platform will also become slow.



Conclusion


Kyber Network currently functions as a decentralized Ethereum-based exchange platform, but the ambitions of its developers go far beyond that. While the project sounds quite unique, it is certainly not for everybody, and especially not for newbies.


Unlike some of the shadier crypto-exchanges, Kyber provides detailed information on the team behind it, yet the company is not regulated. Although this is the situation with most crypto exchanges worldwide, it still involves certain risks. That being said, here is a list of some well regulated companies that also offer trading in cryptocurrencies.

 


>>Regulated Bitcoin forex brokers <<



To summarize our review of Kyber:

 

Pros

Cons

Decentralized

Fiat currencies not accepted

An interesting model

Only ERC-20 tokens against ETH

Many altcoins listed

Not beginner friendly

Possibly low-cost

Minimalist user experience

Some corporate background

Leverage not available

No registration required

Dependent on the Ethereum network


Latest news about Kyber Network
No news about Kyber Network. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for Kyber Network

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru