Polkadot (DOT) coin is a scalable network protocol. Allowing blockchains to better communicate with each other in a secure manner.
In this guide on trading Polkadot, we’ll unpack how you can buy this altcoin. Listing top cryptocurrency exchanges around the world that allows its customers to buy Polkadot.
Digging deeper into its use cases and see why traders are looking at this coin as long-term Hodl or short sell.
What Is Polkadot (DOT)
Table of Contents
- What Is Polkadot (DOT)
- Why Buy Polkadot?
- How Can I Trade Polkadot?
- How To buy Polkadot (DOT)
- Choose An Exchange
- 1. Sign Up For An Exchange
- 2. Verify your account
- 3. Deposit fiat currency.
- Purchase Polkadot! (DOT)
- Storing Your Polkadot
- Ledger Nano
- Trezor Wallet
- Other Ways To Exchange Polkadot?
- Peer-To-Peer Crypto Trading?
- Frequently Asked Question
- Can I Buy Polkadot On Coinbase?
- Can I Buy Polkadot On Binance?
A coin created by Dr. Gavin Wood, Polkadot (DOT) was invented with fundamental components found in today’s blockchain.
Enabling specialized blockchains to communicate no matter the network or technology.
The end goal is to foster an internet-like atmosphere where independent blockchains can exchange information under common security parameters.
Polkadot’s network protocol can serve as a foundational part of a decentralized web.
Here users can better control their data and be part of a web that is free from centralized entities.
In this form of the internet, no one actor can own it, control it, or switch it off for everyone.
Why Buy Polkadot?
If you haven’t been paying attention to the crypto market you might’ve missed the rise of Polkadot. Many investors have been looking at Polkadot (DOT) as the “Ethereum Killer”.
Polkadot seems to have all the right moves to become a top altcoin in the crypto space.
Some may see less adoption with Etherum, as development within Ethereum blockchain has slowed down a bit.
The problem with Ethereum may lie with its high GAS prices. Etherum runs on GAS, which gets used when a more complex computational task is performed. In layman’s terms, Ethereum can get expensive for developers.
This isn’t the case for Polkadot’s protocol as it communicates with other blockchains in a cost-effective manner.
Serving almost like a blockchain for blockchains, linking existing chains to Polkadot’s ecosystem.
Developers don’t have to build everything from the ground up and decentralized applications can be built up quickly.
The appeal of Polkadot increases more adoption by developers, and investors will follow.
It’s too early to say that there’ll ever be a massive movement from ETH to Polkadot, but Polkadot is a promising coin.
How Can I Trade Polkadot?
The cryptocurrency market is new to most and new traders know nothing about it. What makes it harder is the number of altcoins available.
With so many altcoins to choose from it can be hard to find the best place to buy Polkadot (DOT).
Another concern when trading and purchasing Cryptocurrencies like Bitcoin is trying to find a secure way of doing so.
If you intend on buying Polkadot (DOT), want to trade often, and are interested in exchange with simple ease of use.
Then our walkthrough and the following exchanges listed below will help you out.
How To buy Polkadot (DOT)
Choose An Exchange
If you reached this part of the article you’re probably clamoring to get ahold of some Polkadot (DOT).
One first decision needed to be made is which exchange should you send your fiat currencies (Dollars) to?
Further below we devised a list of the best exchanges to buy Polkadot (DOT). Once you’ve chosen one of the exchanges below it’s time to sign up for an Exchange.
Kraken is a cryptocurrency exchange. It’s one of the best places to buy, sell, trade crypto. The exchange currently supports over 50 coins and is seen by many as a secure platform to make trades. Fees as low as 0% keep it competitive among other platforms.
- Affordable pricing – Kraken has a low fee structure, making it investor-friendly for users with all backgrounds.
- Security – Kraken has set forth safeguards ensuring users’ assets are protected. 95% of all deposits are kept offline and are distributed to cold storage. The team constantly undergoes penetration testing on their own systems. Supporting 2FA, SMS account recovery, Email confirmations for withdrawals, etc.
⭐️ ⭐️ ⭐️ ⭐️ ⭐️
– Join Kraken & start trading with fees as low as 0%
– Wide range of fiat currencies accepted
Depends on asset
1. Sign Up For An Exchange
The best way to sign up for an exchange or crypto broker is to visit their website.
Click the Sign-Up button which is typically on the upper right-hand corner.
Follow the on-screen instructions and provide necessary information like your email address, username, phone number, and password.
If offered it’s always a great idea to take part in an exchanges two-factor authentication (2FA). It Helps secure your account from hackers or bad actors.
2. Verify your account
Once the sign-up has been completed, an email verification will be sent to your registered email.
Check your inbox to confirm your registration. In some cases, an exchange will also prompt you to verify your phone number.
In this case, input your phone number, and you’ll be sent an SMS verification code to enter further verification.
3. Deposit fiat currency.
Before you can buy Polkadot (DOT) on an exchange, you’ll need to deposit funds into your account.
Every exchange can vary as far as deposit options, minimums, and processing times. Once fiat arrives in your account you’re ready to trade.
Purchase Polkadot! (DOT)
When everything is all said and done. You’ll notice certain buy and sell buttons.
Click the buy button, fill out the buy field and select the asset (DOT) you’d like to purchase.
Preview your buy, confirm your purchase, and you’ve officially purchased Polkadot.
If you plan on holding your DOT long-term, then you can transfer your DOT to a wallet. Be sure to have the correct wallet address when transferring.
The best way to do that is to send a small amount before transferring 100% of your DOT.
Storing Your Polkadot
As we mentioned earlier, long-term investors in Polkadot should store it in a hardware wallet.
A hardware wallet is a special type of crypto wallet which stores the user’s private keys.
The private key is required to prove the ownership of your crypto. A great cold wallet should be based on factors such as security.
So choosing a wallet, as safe storage is key. Below we listed the best wallets to store Polkadot.
- Ledger Nano comes in either Ledger Nano S or Ledger Nano X.
- Supports over 1,500 cryptocurrencies and a wide range of ERC20 tokens
- Lightweight and Portable
- Access to Ledger Live
- Open-source software
- Ledger wallets are sturdy and secure
Ledger Nano X resembles a USB drive. As it can connect your computer via USB or Bluetooth.
It’s a great hardware wallet that is built for holding and managing cryptocurrency.
You’ll enjoy Ledger Live, its software that provides a user interface to see all your coins.
You can also add new wallets for different crypto. Ledger Live is available for both desktop and mobile apps.
Another perk of the Ledger Nano X is its bigger screen, improving the hardware wallets’ usability.
Bluetooth compatibility makes managing your funds much easier. Ledger Nano X is one of the more reliable hardware wallets for storing crypto.
- Top-of-the-line security with open-source software.
- Supports over 1300 cryptocurrency coins
- The web-based user interface has an exchanges built-in
- Ease of use buttons for Trezor one and a touch screen for Trezor Model T
- Lightweight and Portable
- Trezor One is budget-friendly
Trezor wallet is a small key-shaped hardware wallet. It allows crypto holders to store their cryptocurrency in a secure manner.
Currently, there are two different products offered. The original Trezor One and Trezor Model T, a second-generation Hardware wallet.
Trezor Model T features a bigger screen with touchscreen capabilities.
The screen allows for confidential data, including PIN and recovery seed. Combined this with a modern look and intuitive interface.
Trezor T upgrades in most areas the original one lacks. Overall this hard wallet is perfect for advance and beginners alike.
Other Ways To Exchange Polkadot?
There are a few popular crypto exchanges where Polkadot is available. Most have high trade volumes and provide a great user experience.
Obviously, an exchange isn’t the only way users can buy DOT.
If you’re looking for other ways to trade Polkadot Peer to peer trading could be a good option.
Peer-To-Peer Crypto Trading?
There two different types of places you can trade for digital assets via regular crypto exchange or Peer-To-Peer.
In a peer-to-peer exchange are distributed in a network. Here buyers and sellers execute trades without the need for intermediaries.
Typically the buyer nor the seller has no idea who the other is, so you can maintain some anonymity and privacy.
Polkadot isn’t readily available on most peer-to-peer exchanges like Paxful or Localbitcoins.
Although it is found on Localcoinswap, users can buy BTC, ETH, DOT, USDT, and more cryptos on this P2P exchange.
P2P exchange prices are usually higher for buying crypto so remember to scope the market for the best deal.
Frequently Asked Question
Can I Buy Polkadot On Coinbase?
Polkadot is not supported by Coinbase. At the moment users can find Polkadot on Coinbase to speculate on its price.
Perhaps this won’t be the case in the future but for now, exchanges like Kraken and Binance are your best places to buy Polkadot.
Can I Buy Polkadot On Binance?
One of the crypto exchanges that sell Polkadot is Binance, Binance is an exchange that provides a platform for trading various cryptocurrencies.
The biggest caveat with this exchange is the lack of coverage for the US. Binance is currently available in 41 US states through its US domain Binance.US.
Buying Polkadot isn’t difficult but understanding the process can be.
We hope our walkthrough helps you buy DOT and also showcases why investors might be looking at this coin. In the crypto space, many see Polkadot as the “Ethereum killer”.
Polkadot’s network protocol, enticing trading price, and increased usage among developers give off an enormous potential for growth.
If you’re trying to diversify outside of Bitcoin and Ethereum then this might be a good option. Head over to Kraken if Polkadot seems right for trading goals.