How to Buy yuan | KuCoin (2024)

Centralized Exchanges (CEXs)

Buying YUAN (YUAN) through an exchange or a broker is fast and easy for beginners. When choosing a centralized exchange, make sure that it supports YUAN (YUAN). Confirm that your selected exchange has solid security, liquidity, and a competitive fee structure.

Crypto Wallets

If security and complete control over your crypto assets are your top priorities, you may wish to buy and store YUAN (YUAN) using a non-custodial wallet, such as KuCoin Wallet or MetaMask. The leading Web3 crypto wallets allow you to buy or swap thousands of cryptocurrencies easily. Find a reputable crypto wallet browser extension or download the wallet on your smartphone. Create or import an existing crypto wallet address to store, send, and receive crypto and NFTs.

Decentralized Exchanges (DEXs)

In contrast to centralized exchanges like KuCoin, decentralized exchanges provide trustless crypto swapping based on self-executing smart contracts. Decentralized exchanges like Uniswap support buying and trading of thousands of crypto trading pairs. Most tokens are on EVM-compatible blockchains such as Ethereum and Polygon. To interact with a DEX, you will need to connect to the DEX using a compatible wallet such as MetaMask.

A centralized exchange is the simplest and most common way to buy, hold, and trade crypto. Here's how you can buy YUAN (YUAN) via a centralized exchange:

You may buy certain cryptocurrencies directly via a crypto wallet. If supported by your wallet, you can buy YUAN (YUAN) through the following steps:

Most crypto wallets that support fiat-to-crypto purchases don't directly handle payments but instead use third-party payment processors. Check and make sure you are okay with their fees before making purchases.

When buying YUAN (YUAN) from a decentralized exchange, you are connected with sellers directly, without any intermediaries. DEXs are a good alternative for users who want more privacy as there are no sign-up or identity verification requirements. You will maintain full custody of your crypto assets via self-custodial wallets. Follow the step-by-step guide to learn how to buy YUAN on a DEX.

Make sure you have enough blockchain native tokens, such as ETH on the Ethereum blockchain, to pay for transaction fees. Also, pay attention to slippage and adjust slippage tolerance according to your preferences.

Store Your YUAN (YUAN) on an Exchange

Holding your funds on an exchange provides the most convenient access to investment products and features, such as spot and futures trading, staking, lending, and much more. The exchange will securely hold your funds, so you don't have to go through the hassle of managing and securing your private keys. However, be sure to select an exchange that implements strict security measures so you can rest assured that your crypto assets are safe and in good hands.

HODL Your YUAN (YUAN) in Non-Custodial Wallets

"Not your keys, not your coins" is a widely recognized rule in the crypto community. If security is your top concern, you can withdraw your YUAN (YUAN) to a non-custodial wallet. Storing YUAN (YUAN) in a non-custodial or self-custodial wallet grants you complete control over your private keys. You can use any type of wallet, including hardware wallets, Web3 wallets, or paper wallets. Note that this option may be less convenient if you wish to trade your YUAN (YUAN) frequently or put your assets to work. Be sure to store your private keys in a secure location as losing them may result in the permanent loss of your YUAN (YUAN).

Store your YUAN (YUAN) assets on a CEX or in a self-custodial wallet.

Trade YUAN (YUAN) on supported platforms.

Use your YUAN (YUAN) to engage in staking, lending, or yield farming to earn passive income.

Peer-to-Peer (P2P) Crypto Exchanges

Peer-to-peer (P2P) exchanges connect buyers and sellers directly, allowing you to buy or sell crypto using various payment methods. With P2P trading, you have more freedom to select your preferred offers and trade directly with counterparties. But keep a watch out for potentially unfavorable rates and scammers.

Crypto ATMs

With crypto gaining mainstream adoption, more and more crypto ATMs are being installed worldwide. You can buy YUAN (YUAN) using a crypto ATM near you if it is supported.

Crypto Gift Cards

Buying crypto with gift cards is still a relatively underused method, but a good one. You can easily create an account via a gift card and exchange for YUAN (YUAN) when supported.