Kusama (KSM) is the 236th largest cryptocurrency by market cap, valued at US$265,426,320.
Kusama is a highly volatile asset capable of major price swings in a single day. Today KSM is trading for $29.63 USD, which is lower than yesterday's trading price of $31.04 USD. Over the past year, Kusama's price has seen an increase of 3%.
So before you buy Kusama, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Kusama.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Kusama in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Kusama is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Kusama
You can now exchange your funds for Kusama. On beginner-friendly exchanges, this is as simple as entering the AUD or KSM amount you want to purchase and clicking "buy".
Secure your Kusama
Consider transferring your KSM to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Kusama in
Australia
Find an exchange to buy, sell and trade KSM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Kusama guide up-to-date
KSM price data is regularly updated through data feeds so you always have the latest information.
What is Kusama?
In the words of the development team, "Kusama is an early, unaudited and unrefined release of Polkadot." It's basically a live version of a test network for Polkadot, where parachains, dapps and staking can be done for a fraction of what it would cost to do on Polkadot. Features intended for Polkadot are first rolled out on Kusama, which has made it appealing to some as an experimental economy that may continue to hold value over time. The KSM token is used for staking on the network, which allows stakers to launch Validator or Nominator nodes – these are used to secure the parachains and the Kusama relay chain respectively. In return for staking, users are rewarded with additional KSM tokens. Tokens may also be used for governance and voting on upgrades to the protocol.
How do I find the best places to buy Kusama?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Kusama?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Kusama.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing KSM with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Kusama?
Once you've created an account, you will need to deposit funds to buy KSM with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy KSM:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase KSM by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for KSM on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Kusama?
The easiest way to buy KSM is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying KSM, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Kusama has been performing recently.
Best Kusama wallets to store your KSM
You can keep your KSM on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your KSM below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Kusama a good investment?
Kusama is an experimental test ground for features intended for the Polkadot blockchain network. Make sure you fully understand the risks before using Kusama or buying the token:
Experimental: Kusama the 'Canary' network for Polkadot, meaning it is used to test features and discover vulnerabilities in code changes, dapps and economics before they are migrated to Polkadot. As such, any dapps or DeFi services on Kusama are likely to carry a lot more risk than those on Polkadot or any other base-layer network.
Tokenomics: The token is used for network payments, setting up new parachains and is staked to validate the network. The total supply of tokens is 10 million. New tokens are awarded for validating the network.
Competitors: Kusama is the test network for Polkadot, which makes the two complementary but also competitors. One of the advantages the test network has over Polkadot is that it is cheaper to deploy dapps and set up new parachains. Polkadot on the other hand is a lot more secure and expensive due to its strict requirements for protocol upgrades and staking requirements.
Today's Kusama price versus ATH
Compare today's price of Kusama ($29.63 USD) against its all-time-high price of $621.71 USD on 18 May 2021. The closer the bar is to 100%, the closer KSM is to reaching its ATH again.
Kusama's price: $29.63 USD ATH date: May 18, 2021
4.77%
Kusama ATH: $621.71 USD
How to trade, convert or sell Kusama
You can convert or sell your KSM with the same exchange you bought it through:
Sign in to the exchange you have KSM on.
If you store your Kusama in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of KSM you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Kusama.
Complete your transaction and move your KSM to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Kusama, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of KSM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Kusama or any other cryptocurrency discussed.
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