Where can I buy Polkadot Coin? All that you need to know
There are so many cryptocurrencies making news in the market, but only a few coins manage to be successful. Those who come up with enhanced features and offer stellar performance and advantages over the others remain successful.
Among these successful names is PolkaDot. Apart from the cute name, there is much-hidden potential in Polkadot. How can you purchase and invest in it? Where can I buy Polkadot Coin? This article will cover everything you should know before buying the Polkadot coin.
What is PolkaDot?
PolkaDot is one of the earliest cryptocurrencies in the market. It was launched in 2016 and has been popular since its inception.
It is essential to understand that all previous cryptocurrencies were designed to support a single blockchain. However, Polkadot changed the game. It aims to solve the lackings of Bitcoin and Ethereum.
PolkaDot is a crypto protocol that allows communication and data transfer on various blockchains instead of a single one. For instance, this platform will enable developers to build applications using Ethereum and the Bitcoin blockchain. In addition, it offers a tidier process and a more secure environment. In short, it works as a protocol for protocol and blockchain for blockchain.
If we talk about scalability, Polkadot wins over its predecessor, Bitcoin. It can perform 1000 transactions per second, scalable to 1,000,000 transactions per second. On the other hand, Bitcoin only performs 4.6 transactions per second.
The improvements over traditional blockchains have given the nickname Ethereum Killer.
What is DOT?
DOT is the ticker name for Polkadot. It distinguishes the token from the Polkadot network. You can Purchase DOT from various places where cryptocurrencies are traded and sold.
Why Should You Buy a Polkadot (DOT)?
PolkaDot is volatile like all other cryptocurrencies, but there are clear reasons why you should invest in it.
It has growth potential. It has shown impressive performance in 2021. BTC registered profits of nearly 25%, and DOT was able to make gains of over 160%. The project expansion has outclassed Solana and Terra. The growth rate has been much faster than Ethereum than similar points on the growth chart.
Seeing the trend in the last year, PolkaDot has maintained an uptrend. PolkaDot uses the Proof of Stake (PoS) mechanism. So, you can buy and stake these coins and increase your income as you earn interest.
Important factors before buying PolkaDot
If you are interested in buying PolkaDot or any other coin, there are many exchanges where you can buy it. However, you must consider the following factors before finalizing the deal.
1. Mobile app features
Crypto exchanges that have a mobile app suit many people. A mobile app saves the day if you are mainly on the go and can't access larger screens frequently. For example, Binance offers a mobile app that has a user-friendly interface.
2. Fees on crypto exchanges
Exchanges enjoy the trade fees, while it is difficult for a thin margin trader. Exchanges put fees on all financial activities like depositing, selling, buying, wallet transfers, etc. But the rates vary for different subjects and are changing with time. However, some exchanges don’t charge a fee for buying or selling PolkaDot. So, you need to consider this factor.
Is it a safe platform? What about the credibility of the exchange? In recent days, many cryptocurrency exchanges have been hacked. So, you should select an exchange where your money will be safe.
Moving on, let’s get to the central part. The following section discusses the five most reliable crypto trading platforms to purchase DOT coins.
Where can I buy Polkadot Coin?
If you want to buy the Polkadot Coin, here is the suggestion list of a few best crypto exchanges. You can select the one which suits your requirements.
Binance is one of the top cryptocurrency exchanges. It came up in 2017 but currently has a trading volume of $114 billion. You can stake almost 50 different coins there, including DOT.
The first advantage is that Binance is financially accessible for all; there is no minimum staking value. So you can start from as low as $10.
This crypto exchange offers a $30 million Warm-Up bonus for those who stake their Polkadot in one click. In addition, you can earn tokens from the projects that win in the auction. But remember, it’s a gamble, so better be careful.
It is available for clients in Australia, Canada, Singapore & international users. Unfortunately, they don’t allow US Residents to use the services.
Binance offers both a mobile app and a desktop version so that you can enjoy trading from anywhere, anytime.
|Largest cryptocurrency exchange||Not suitable for beginners|
|Trading commission of just 0.1%||Charges 2% on debit/credit card deposits|
|Supports hundreds of cryptocurrency pairs|
Another excellent platform to trade DOT is Kraken. It is the safest and most reliable exchange in the market.
Kraken is a US-based platform that was founded in 2011. It has gained a recognizable spot in the crypto market from a subtle start. It offers an extensive list of coins, including DOT.
Kraken offers competitive trading costs. In addition, you can get fantastic rewards for staking PolkaDot. Currently, they are offering a 12% annual reward on your staked PolkDot. The minimum staking is 0.2 DOT, so it’s great if you don’t have a lot of money. For US residents, Kraken is the best platform to stake DOT.
However, Kraken charges 15% of your annual earnings. Some other exchanges don’t charge fees for staking, so you can drop it out if you want the entire sum of your rewards. We leave the choice to you.
You can check our article and see which exchange is more appealing for you: kraken vs binance
|Amazing trading features which attract advanced users.||Not suitable for newbies|
|Positive cybersecurity ratings|
Uphold is the best choice for crypto enthusiasts for a safe and hassle-free process. This exchange started operating in 2014 and has a reputable position for handling more than 1.5 million users.
This commission-free trading platform allows Polkadot and other cryptocurrencies to trade. With no conversion fees, Uphold has become the favorite spot for everyone.
You can also trade directly across class assets. According to the value of assets, the service charges on DOT and other cryptocurrencies are 0.8% to 1.2%. Other than this, there are no fees on this transparent and commission-free exchange.
|Offers metals, equities, and cryptocurrency trading||Less organized educational section compared to its competitors|
|Offers Beginner-friendly desktop and mobile apps|
|No minimum investment amounts|
Kucoin is a modern crypto exchange platform than those discussed above. KuCoin was founded in HongKong in 2017. This platform currently has a trading value of $6.5 million.
It is popular for offering a diverse range of crypto pairs. It gives you that chance to enjoy withdrawals at zero fees and has an impressive selection of 300 crypto tokens, as well as PolkaDot. The daily rewards range from 5% to 14% of your staked amount.
KuCoin is only offering services to US residents.
|Offers a variety of crypto coins||Trading relies on U.S. dollar stablecoins, not fiat currency|
|Offers automated and margin-based trading opportunities.|
|Low trading costs|
Coinbase is the largest cryptocurrency exchange and a reliable platform to buy DOT tokens. It was launched in June 2012, making it one of today’s longest-running exchanges.
This platform is known for providing a long list of services. Among all, their brokerage service is their strongest game. They deal with different altcoins so that you can stake any of them.
Coinbase has an easy-to-use interface for beginners, offering complete and flawless services. Customers can buy DOT through bank transfers or debit/credit cards. It makes buying and selling as easy as ordering a burger.
|Extensive variety of altcoin choices||The user does not control wallet keys|
|Very high liquidity||Charges high fees for the convenience|
|Offers easy to use interface|
With every passing year, more and more platforms are coming up with PolkaDot staking offers. So you have a lot of exchanges to choose from. We suggest you consider the ones mentioned above for staking DOT. These reliable platforms offer excellent rewards in return for staking your funds.
Track Your Dot Coins
You cannot only buy DOT tokens and relax. You need to track its progress using a reliable platform. These apps give insights into the ups and downs of the crypto market. You also get insights about when you should buy or sell your coins.
CoinGecko Is the world’s largest crypto data site. CoinGecko holds data for over 6,000 different crypto coins. The best part is that you get live information because there are more than 400 exchanges globally throughout the day.
It was launched in 2014 and offered help to newbies and expert crypto buyers. They have mobile and a web page to keep you updated with the latest news.
Launched in 2013, CoinMarketCap allows you to keep track of your crypto assets every time. It provides you with a detailed record of different cryptocurrencies and helps you make better investment goals.
Crypto trading is always risky. So, you must play smart. These apps help you stay ahead of the game. So, don’t forget to make use of, when you buy PolkaDot.
How to Buy Dotcoin with Credit Card or Debit Card?
The easiest method to purchase Dotcoin is using a credit card.
First, you have to buy Bitcoin or Ethereum, and then you can convert to PolkaDot.
These are the steps you need to follow:
- First, Buy Bitcoin or Ethereum from your preferred exchange.
- Then transfer Bitcoin or Ethereum to an exchange that supports DOT currency.
- Lastly, exchange Bitcoin or Ethereum with Dotcoin.
We have compiled a step by step guide for your convenience.
1. Create an Account
Firstly create an account on Coinbase if you have to buy Ethereum from this platform- you can exchange for Dotcoin (DOT) later.
Click the sign-up button and fill out the details. It includes information like your name, email, password, and location.
2. Verify The Account
Coinbase requires your phone number, an image of your photo ID, and confirm your bank account. Only after verification can you proceed with the buying process.
Using a card on Coinbase requires higher fees but offers instant purchases. On the other hand, bank transfers are a cheaper alternative, but it is a slower process as it can take up to a week to get your coins.
When the details are verified, click the ‘buy’ button on the top menu.
Select ‘Ethereum’, and enter how many coins you want to buy
Once final, click the ‘Buy‘ button.
Then, confirm the purchase by clicking the 'Confirm Buy‘ button.
Bingo! You have successfully bought some Ethereum. However, don’t close Coinbase yet – you have to use it later.
3. Open An Account In An Exchange That Accepts Dotcoin (DOT)
Now, find a platform to exchange Ethereum for DOT. Open an account following the procedure on the website.
4. Transfer Ethereum To Your New Wallet
Then go to Coinbase account or any other account that you have used. Transfer the ETH to the deposit address
5. Exchange Ethereum for DOT
When Ethereum comes into the new exchange, you can trade it for DOT.
The process is fairly simple and usually similar across all crypto exchanges.
Find the DOT/ETH trading pair and ‘place an order” to buy DOT in exchange for ETH.
That's all! Now you are an owner of DOT coins.
Where to store DOT?
Cryptocurrency Exchanges are always at risk of being hacked, so it’s advised to keep your crypto in a secure wallet.
Hardware wallets are physical devices that store cryptocurrency offline.
Ledger hardware wallets
These are the safest option, and they support different cryptocurrencies, including DOT. There are two options in this category.
- Nano X, the newer version
- Nano S-the older version
The main difference between these two models is that Nano X allows mobile and desktop versions.
Polkadot Software Wallets
There are some reliable ones in this category
- Exodus – supports more than 100 cryptocurrencies, allows exchange between crypto-assets.
- Atomic Wallet – allows buying crypto, stake assets, and much more. It supports over 500 cryptocurrencies, including DOT.
- Polkadot-JS – This is the official Polkadot web wallet. You can easily buy, send, receive or store DOT using this wallet. Moreover, it supports connection to your Ledger hardware wallet if you have the Polkadot Ledger app.
How do I sell DOT?
It is essential to keep track of changes in the cryptocurrency market. This analysis will help you to decide whether it is the right time to sell Dot holdings or not.
You can not sell DOT tokens in exchange for cash as the buying process. First, you have to convert into ETH or BTC, so first convert it into digital currency and then transfer it to an exchange that covers ETH or BTC into real money.
If any exchange platform offers a direct conversion to dollars or pounds, it is a simple process. First, exchange your DOT coins with your preferred currency and transfer them to your credit card or bank account.
Although Polkadot is a new project, there are some excellent reasons why you should buy PolkaDot coins. PolkaDot is undoubtedly one of the most innovative players in the crypto market. It has kept itself updated in this competitive industry and has attracted more clients.
If we look ahead, the price of this promising currency is expected to continue increasing. We hope this blog shares enough information to help you decide which platform you will consider purchasing DOT coins.
How can I buy Polkadot?
You can buy PolkaDot on the crypto mentioned above exchanges. However, they accept different payment methods. For example, some deal with US dollars, while others accept different currencies.
Also, some accept credit card facilities, bank transfers, or PayPal. So, you need to consider your choice based on which payment suits you better.
How does selecting coins or cryptocurrencies matter when choosing a crypto exchange?
Choose an exchange providing an extensive selection of coins and currency pain increases the chance of profit. Coinbase supports hundreds of coins and currency pairs like Ethereum-Bitcoin, and Solana-Bitcoin. This allows you to trade between each other, rather than to invest in two different transactions.
How much money do I need to buy Polkadot(DOT)?
Every crypto exchange has different requirements. It mainly depends on the type of cryptocurrency you are interested in buying. You can even buy shares of PolkaDot for a few dollars, as we shared about some exchanges in our review.
So, you should always check the exchange requirement for the coin you plan to buy.
Which is the best payment method to use?
The cheapest method is to buy DOT coins with a bank account or buy BTC with a bank account and exchange the BTC for Dotcoin.
However, the fastest method is to use a credit card. But in this case, you’ll be charged higher fees.
How Can I Protect DOT Once I Purchase It?
It is essential to store your DOT coin in a secure wallet. Leaving it on an exchange puts you are at risk of losing money if the exchange is hacked.