How to buy Kusama (KSM) in Australia
Learn how to buy Kusama (KSM) on 19+ crypto exchanges in our step-by-step guide.
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You can buy Kusama (KSM) on a cryptocurrency exchange like Digital Surge. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. 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. Here's how to buy Kusama.
How to buy Kusama in 4 easy 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 exchangesThe 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 depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, POLi and Osko payments are widely accepted.
- Buy Kusama You can now exchange your funds for Kusama. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Kusama to your personal wallet.
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 provider.
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.
Where can I buy Kusama with a credit or debit card?
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 popular deposit methods to buy KSM on the following exchanges:
- 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 Analysis tools 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 learn more about wallets and compare them with our comprehensive guide.
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.
Additional information about Kusama can be found using our KSM analysis tools.
Today's Kusama price versus ATH
Compare today's price of Kusama ($48.62 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.
ATH date: May 18, 2021
Kusama ATH: $621.71 USD
How to trade, convert or sell KusamaYou 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 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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