How To Buy Polkadot Coin? Read A Step-By-Step Guide!

Cryptocurrency is on the boom. Therefore, many people are investing their luck into it. However, Bitcoin is always the top choice for everyone. But investing in new cryptocurrency is also a better chance to earn profits. 

So, are you interested in investing in other high-ranking cryptocurrencies like PolkaDOT? 

Polkadot is a new cryptocurrency gaining popularity since it offers high scalability and interoperability in the blockchain system. Moreover, it has become a threat to other cryptocurrencies like Etherium. Thus, investing in POLKADOT can help you earn passive income. 

Read on this post and know whether this is a good investment opportunity for investors.  

What is Polkadot?

Polkadot (DOT) is a network protocol that allows the tokens to be transferred through blockchain. It is a multi-chain application platform that effortlessly allows cross-chain registries and cross-chain computation.

Furthermore, Polkadot transfers data across the public, permissionless blockchain, permissioned blockchain, and open. In a nutshell, Polkadot makes it possible to build an application that gets data from a permissioned private network and uses that in the public blockchain. 

For instance, there is a private school, and they permission to send their student’s records proof to the degree-verification smart contract on the public chain. 

Why to buy Polkadot Coin?

How to buy Polkadot coin
DOT Coin

Polkadot is a unique and new blockchain that will benefit you in several ways. Here, you can find some reasons to buy Polkadot

  • Polkadot can solve the interoperability problem.
  • It can handle massive transactions via the process of Sharding.
  • Polkadot has a valued partnership with Chainlink and Ankr.

Where to buy Polkadot Coin?

The Polkadot is readily available to buy on several crypto exchanges such as Kraken, Bitfinex, Huobi, and FTX. 

From these exchanges, you can buy DOT with ease. However, you will need to open an account and verify your identity since they will ask you about your name, address, email address, utility bills, and more. 

Once you have successfully submitted your documents, it will take 24-72 hours to perform the 2-step verification process. This process gives free access to your account, and you can use it hassle-free. 

A step-by-step guide to Buy Polkadot Coin

Step 1- Create your online account

The first step is to create an online account on a trusted platform such as Binance US or Coinbase. If you have not created your account yet, then go on these exchanges and create your account. 

However, the account creation is very simple on both exchanges. All you need to do is- tap on create my account/register button and follow up on all the on-screen details. Also, don’t forget to check the KYC process and documents you need to prove your identity. Make sure you have authenticated your identity. Otherwise, you would not be able to create your account. 

The whole process takes minutes to get approval, so be sure to keep all documents in hand to complete the process.

Step 2- Buy Online Crypto Wallet

A cryptocurrency wallet is a mobile or online app that allows you to store your cryptocurrency under a private set of keys. This also provides a high-security level. Therefore, we recommend you choose a cold wallet, as these devices help you shop from the sites like Amazon. You can find the best crypto wallets for cryptocurrency here

Step 3- Deposit your money

Once your crypto wallet is created, your next step is to fund your account to buy DOT. You can fund your account in many ways depending on your location and choices. Make sure to fund your account with a minimum balance so you can buy DOT at a limited.

Step 4- Buy Polkadot Coin (DOT)

When your account is connected with your wallet and filled with money, then you are ready to buy DOT. You can place your order through an online brokers trading platform. In the process, you will find many types of buy orders that give your broker specific instructions on when and how you want to trade. Below are the following types of buy orders.

  1. Market order: It will execute quickly, so it would be best to force buy. 
  2. Limit order: It will execute fast on the limited or low price. 
  3. Recurring order: It will execute on a scheduled basis, like monthly or weekly. 
  4. Stop limit order: It will execute under the specific price option. 

Being purchasers, you will need to place your order to buy DOT. Thus, your broker works accordingly. 

The Best Crypto Exchange For PolkaDot

If you want to join the best crypto exchange, we suggest Coinbase, as it is the best way to invest in DOT nowadays. Also, creating an account on coinbase is easy and doesn’t need to undergo a harsh approval process. If you have all legal identity documents, the verification takes 2 minutes only. To make it faster, keep your docs such as license number, security number, utility proof, and home address. 

The Best Crypto Wallet For PolkaDot

If you are a newbie and have small tokens to store, then start with KeepKey. However, for the easy setup of cryptocurrency wallets, try Trezor Model T. It is one of the best and most trusted crypto wallets that provide line-of security. If you want to get started, you need to connect your computer or smartphone via the Trezor app. 

To go through the registration process and understand how to use it, check its official website, i.e., trezor.io/ 

How to trade DOT Token?

With the help of a broker, you can trade in DOT. When you invest in Polkadot, you will be able to trade DOT in both ways; either you can hold it for a long time or trade after a week/days in a short time. 

The rule is basic; if you think DOT price will rise in the future, you can hold it; otherwise, trade it. You just need to read market fluctuations before investing and trading in Polkadot. 

The current Statistics of Polkadot

  • Price- $25.74
  • Token name- DOT
  • Market capital- $25,417,466,988.08
  • Market Dominance- 1.26%
  • Diluted Validation- $28,395,875,791.42
  • 24 hours trading volume- $2,181,758,449
  • 24H low- $24.46
  • 24H high- $27.32
  • Circulating supply- 987,579,315 DOT
  • Total supply- 1,103,303,471 DOT

It is a live Polkadot price today with 24 hours trading volume of $2,181,758,449. You can check its current price on Coinmarketcap before making your investment. 

The Bottom Line

Polkadot is a most beneficial crypto token to invest in that is expected to increase by upcoming years. Thus, it sounds safe investment option. However, we suggest you choose the right platform to trade and exchange DOT along with reading market fluctuations. 

Still, if you have any questions about the $DOT token, feel free to ask us. 

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