How to mint? | Kinesis

Over the course of this post, we will take you through the minting process.

If you’re interested in a quick run-through of all the steps of the minting with Kinesis, you’re in the right place.

If you are in need of a more detailed tutorial, we would advise you have a watch of our ‘How to mint’ video, which provides a full instructional walk-through of each stage of the minting process.

Before we begin

First things first, before you start minting make sure you’ve taken care of everything on our ‘Getting Started Checklist’.

The ‘Getting Started Checklist’ lets you tick off everything you will need in order to start minting.

Let’s begin

Now that you’re all set up, let’s begin the minting process.

Minting is made up of 5 simple steps:

1. Fund your Mint account

The first step of minting is to fund your Kinesis Mint account.

It’s very easy – sign in to your Mint account, click the ‘add funds’ button in the top right section of the screen, and follow the steps to deposit funds.

Providing you have linked your Kinesis Mint account to your Kinesis money account, our new autominting feature allows you to deposits funds from your Kinesis money account to the Mint in under a minute.

Otherwise, funds can be deposited from your Kinesis money account in 24 hours, or from an external bank account in 3-5 working days.

2. Mint gold or silver

Once your funds have been deposited into your Mint account, we are ready to mint.

Minting takes place on the trade screen within the Kinesis Mint.

Here we can choose between minting:

100 KAU – 100g of securely vaulted allocated physical gold bullion

or:

200 KAG – 200oz of securely vaulted allocated physical silver bullion

For this example, we’re going to mint 100 KAU.

Here you have 2 options, you can choose between a ‘market order’ and a ‘limit order’.

A market order means purchasing gold bullion at the current market price.

A buy limit order lets you purchase the gold bullion at or below a specified price. The order will be executed automatically, should the price of gold drop to the selected price.

Choose your preferred option, and if you’re happy with the order – confirm.

3. Wallet verification

At this stage, we go through a quick verification process.

Kinesis needs to make sure that the minted KAU will be sent to the Wallet attached to the correct Kinesis Money account.

Follow the on-screen instructions, and head over to your Wallet in your Kinesis Money account.

In this case, you would open up your KAU wallet, as that’s where we will transfer your minted digital physical gold.

In your KAU wallet, you will generate and retrieve a ‘verification signature’, which we will need to enter in the Kinesis Mint to complete verification.

Once you verify, the order has been placed. Congratulations, you have now minted – 100 KAU.

4. Transfer from Wallet to Kinesis Exchange address

The 100 KAU of minted currency now sits in your Wallet, on the Kinesis money platform.

Now, we need to bring the minted 100 KAU across to our Kinesis Exchange address, so we can trade that digital physical gold on the Kinesis Exchange.

To do this, open up the accounts tab in your Kinesis Money account.

Next open up your KAU balance within your accounts tab, and retrieve your Kinesis Exchange address.

Now, head back over to your Wallet, open up KAU and select the option to send.

Enter your Kinesis Exchange address, along with all the other details of your transaction, including the ‘max’ amount of KAU.

Click send – and, if you’re happy, confirm.

5. Trade on the Kinesis Exchange

Let’s recap.

So far, we have created 100 KAU, which has been emitted into our Wallet. We then transferred the minted currency into our Kinesis Exchange address – ready for trading.

You will now be able to see 99 KAU displayed in your account balance, on the accounts tab in your Kinesis money account. The remaining KAU stays in the wallet, and can be picked up next time.

Now, you are ready to trade that KAU on the Kinesis Exchange for US dollars, or whatever currency you prefer.

First, open up the Kinesis Exchange in your Kinesis Money account.

Review the ask depth, and choose the highest available price to sell your KAU.

Just like in the Kinesis Mint, we have the option of a market order or a limit order.

A minter aims to mint KAU at the lowest price they can, and sell KAU at the highest price they can.

In this way, minters are able to bide their time and wait for the positive price movement of gold. With the right strategy, a minter can access the lucrative benefits of minting, while offsetting fees with the price movement in the market.

Click sell ‘100%’ of KAU at the selected price, then place order.

Order confirmed.

Remember, the moment you trade your KAU on the Kinesis Exchange, it activates all of the profitable benefits of Minting.

Find out all the reasons why you should mint?