How to Buy Polkadot Crypto

23 Jan 2024 by Akanimo Francis 7 min read

Investing in Polkadot ($DOT) requires certain knowledge of the decentralised finance (DeFi) space, with this article illustrating how to buy Polkadot crypto in ways that’ll seamlessly enhance your investing experience.

TABLE OF CONTENTS

How to Buy Polkadot Crypto as a Beginner

How to Buy Polkadot Crypto on Binance

How to Buy Polkadot Crypto on Kraken

What Can You Get With Polkadot?

How to Buy Polkadot Crypto - FAQ

How to Buy Polkadot Crypto as a Beginner

If you're ready to purchase Polkadot, the first step is identifying a cryptocurrency exchange that supports trading for the asset. During the exchange registration process, be prepared to provide essential documents, the most crucial being your passport, driver's licence, or national ID card, depending on your country of residence.

While cryptocurrency trading is often associated with anonymity, buying Polkadot with fiat currency like dollars or pounds requires ID verification and the relinquishment of anonymity. However, this step is essential for compliance.

To commence trading Polkadot, choosing the right cryptocurrency exchange is crucial. Two popular options are Binance and Kraken, offering user-friendly interfaces and feature-rich smartphone applications for convenient Polkadot purchases.

Advanced features are available on every cryptocurrency exchange, allowing users to control various aspects of their trades, set limit prices, and access advanced charting and pricing information. While these features may require a learning curve, many resources, including tutorial videos, are available for those eager to master them.

Regarding how to buy Polkadot crypto, there are two main methods: credit card and bank transfer. Using a credit card provides a quick and straightforward way to acquire Polkadot, but it comes at a higher cost, with transaction fees ranging from one and a half to over three and a half per cent. On the other hand, a bank transfer is usually free, allowing you to transfer funds into your account, wait for confirmation, and then proceed with your trades. The trading fees associated with bank transfers are generally lower, potentially saving you significantly compared to credit card transactions.

How to Buy Polkadot Crypto on Binance

To get started with Binance and explore cryptocurrency options like Polkadot, first, set up a complimentary account on the Binance website or mobile app. Binance is a central marketplace where you can buy different cryptocurrencies, Polkadot included. To begin interacting with Binance, take the following actions: Register with your email address and mobile number on the Binance website or app.

Source: https://invezz.com/

Choose your preferred method of obtaining Polkadot after creating your account. Go to the Binance website's "Buy Crypto" section at the top to see your possibilities for acquiring Polkadot in your nation. To improve compatibility, consider acquiring a stablecoin, such as USDT, and then using it to purchase Polkadot.

There are several methods for purchasing Polkadot:

Credit Card and Debit Card: Ideal for new users, Binance accepts both Visa and MasterCard for a straightforward Polkadot purchase.
Bank Deposit: Transfer fiat currency from your bank account to Binance and utilise the amount to acquire Polkadot.
Third-Party Payment: Explore various third-party payment channels by referring to the Binance FAQ to identify options available in your region.

Once a payment option has been selected, check the payment information and related costs immediately. You can finalise your order at the current price within a minute. After this time, you can refresh and see the revised order amount, and your order will be recalculated using the current market price.

After Polkadot has been successfully purchased, you have three options: keep it in your Binance account, store it in your cryptocurrency wallet, or look into other options. With Binance, you can exchange cryptocurrencies for one another or stake your assets to earn passive income through Binance Earn. Trust Wallet is a highly-rated decentralised exchange that supports many assets and blockchains.

How to Buy Polkadot Crypto on Kraken

How to buy Polkadot crypto on Kraken is just as easy as it is on Binance. Follow these steps to navigate the process successfully.

Source: https://twitter.com/krakenfx/status/

Step 1: Create a Kraken Account

You must create an account to begin your Polkadot investment journey on Kraken. Visit the Kraken website and click on the "Sign Up" button. Provide the required information, including your email address and a strong password, and agree to the terms and conditions.

Step 2: Verify Your Account

Complete the account verification process on Kraken by submitting the necessary identification documents. This typically involves providing a valid ID card, such as a passport or driver's licence, to comply with regulatory requirements.

Step 3: Deposit Funds into Your Kraken Account

After your account is verified, deposit funds into your Kraken account. Kraken supports various funding options, including bank transfers and cryptocurrency deposits. Choose the method that suits you best and follow the instructions provided on the platform.

Step 4: Navigate to the Trading Section

Once your account is funded, navigate to the trading section on Kraken. Locate the trading pair for Polkadot (DOT) against your preferred currency, such as USD or EUR.

Step 5: Place a Buy Order

Now that you've selected the Polkadot trading pair, it's time to place a buy order. Specify the amount of Polkadot you wish to purchase and choose the type (market or limit order). A market order executes immediately at the current market price, while a limit order allows you to set a specific price at which you want to buy Polkadot.

Step 6: Review and Confirm

Before finalising your purchase, carefully review the details of your order, including the amount of Polkadot you're buying and the total cost. Confirm the order, and your Polkadot will be credited to your Kraken account once the transaction is complete.

Step 7: Securely Store Your Polkadot

After purchasing Polkadot on Kraken, consider transferring your assets to a secure cryptocurrency wallet for added protection. Hardware wallets or reputable software wallets are popular choices for storing Polkadot securely.

What Can You Get With Polkadot?

The Polkadot token can be used as a governance token, and token holders can influence the direction the Polkadot protocol will take. Polkadot verifies transactions and issues new DOT tokens through the ability for both validators and nominators to stake the platform.

Polkadot's price is subject to fluctuations, just like any cryptocurrency. Be careful to understand the dangers involved and only invest money you can afford to lose.

Investigate Polkadot, a next-generation blockchain with a remarkable growth trajectory, according to cryptocurrency experts. Experts also suggest learning more about the project before investing in any newly emerging cryptocurrency, like Polkadot.

According to CoinMarketCap, Polkadot is currently ranked #12, and at the time of writing, it is up by almost 2.07% and trading around the range of $7.33.

Source: CoinMarketCap

By following this comprehensive guide on buying Polkadot crypto, you're now equipped to confidently navigate the world of cryptocurrency investments. Recall to keep yourself updated on market developments and relish the thrilling adventure into the decentralised and networked world of Polkadot. If you want to learn about other cryptocurrencies, we have loads for you here.

How to Buy Polkadot Crypto - FAQ

Can I buy Polkadot with Binance?

Binance provides various ways to purchase cryptocurrencies, including Polkadot, with the lowest costs and the best security. Open a free account via the Binance app or website. A controlled exchange called Binance is where you may purchase Polkadot, among other cryptocurrencies.

What is the value of one Polkadot?

Polkadot's current live price is $7.53, and its 24-hour trading volume is $180,155,694. Our DOT to USD pricing is updated instantly. The last day saw a 0.74% decrease in Polkadot. With a live market capitalization of $9,892,873,496, the current CoinMarketCap ranking is number 11.

Which exchange supports Polkadot?

Polkadot is available on cryptocurrency exchanges such as AscendEX, ABCC, BIB, Bibox, and Bilaxy. Traded on 89 markets is Polkadot. At the moment, ABCC is the most widely used exchange for DOT.

Is purchasing Polkadot safe?

The state of the market can have a significant impact on Polkadot prices. Polkadot is one of the most well-liked cryptocurrencies available, but before you acquire it, you should educate yourself about the cryptocurrency.

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