Polkadot (DOT) is an open-source sharding multi-chain network that operates on the Ethereum network. It utilizes oracle technology for connecting blockchains together. It helps in information sharing among multiple networks and projects. By allowing blockchains to communicate with each other, the Polkadot network wants to create a truly decentralized web.
Currently (as of April 29, 2021), Polkadot is the 8th largest cryptocurrency in terms of market capitalization. It is trading at US$33.79 with a market cap of US$31,624,960,058. DOT price has increased by 307% YTD (year-to-date) in 2021. If you are interested in buying this cryptocurrency, you can trade it in different plateforms. how to do that ? Let’s explore.
If you want to buy and sell Polkadot, the best way in which you can do this is through a cryptocurrency broker. It is the broker who will allow you to convert your fiat currency or any other digital currency into Polkadot online with just a few clicks.
You have to select a broker that will allow you to buy or sell DOT easily and that’s too in a secure way.
Almost all the crypto brokers offer DOT for purchase. To choose any one of them, you have to look for certain characteristic features such as:
If you are not sure which exchange to choose, here are two of the best cryptocurrency brokers/exchanges from where you can buy or sell DOT easily and securely:
It is one of the most popular digital currency exchanges. Kraken offers you access to both major projects as well as small and new offerings.
The majority of the digital coins are held by this exchange in offline cold storage. The servers of Kraken remain under constant, military-grade surveillance. Any possibility of hacking or malware attack gets reduced significantly with this commitment to safety.
This cryptocurrency exchange has a maker-taker fee schedule, which is based on the level of activity of the user. The fees are lowest for the traders and investors who are most active. If you are an investor or trader who invests/trades frequently, Kraken is definitely one of the best choices.
The minimum order size of DOT in Kraken is 1 DOT. This means that you can start investing in Polkadot at just US$34 (the current price as of April 29, 2021).
In addition to these, the other benefits include the availability of a complete suite of tokens as well as round-the-clock customer service.
iTrustCapital is a self-directed IRA provider, which enables you to invest in a wide range of assets (including cryptos, gold, and solver) through your retirement account.
iTrustCapital provides traders and investors with a platform that is easy to understand and also straightforward. If you are a beginner in trading major assets, this platform enables you to trade easily.
Once you reach retirement age, this platform enables you to select what you want to do with your retirement fund. You can either invest the fund in assets (such as DOT, BTC, gold, silver, etc.) or disburse the retirement fund in cash.
When compared with the behemoth Coinbase, the crypto offering is limited with iTrustCapital. However, in terms of structure and unique IRA offerings, this digital coin broker is a great place to trade and invest.
Once a brokerage/exchange is selected, open an account. It would ask for certain personal information while opening an account. Most exchanges ask for the following information about you to verify your identity:
It takes just a few minutes to open an account. However, verification of the user identity may take a longer time in some cases. Once an account is verified, you can buy sell and trade cryptocurrencies and stablecoins (such as Tether, USD Coins, etc.). Start buying crypto assets from reliable crypto exchanges such as Coinbase, Kraken, Coinmama, Binance, and others for legit transactions and safety of coins.
Once you have opened a brokerage account with a cryptocurrency exchange, it is now time to make arrangements for securely storing the DOT coins you have purchased. If you are holding Polkadot for a longer period of time then hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
You can either go for a cold wallet (including hardware wallet) or a hot wallet (including mobile wallet or desktop wallet). It is not recommended to keep DOT on your exchange because you may lose all your funds in case of a hack.
Digital wallets safely store your coins with a private set of keys. Cold wallets, especially the hardware ones, are the best because they provide you the highest possible level of security. You can purchase hard wallets from anywhere, even from sites such as Amazon. These wallets work like a flash drive that allows you to connect to a computer or laptop for transferring coins into a securer wallet. The best part is that you can store coins offline, ensuring you’ve access to the coins all the time.
This is the most affordable cold wallet available. It costs less than US$30 and also offers high security. You can store all the ERC-20 tokens (including Polkadot) and other major cryptos such as BTC, ETH, LTC, and others. It is simple and straightforward to use. You simply need to connect it to your computer by using a USB.
It is the most popular cold storage option available. It provides you with top-of-the-line security as well as an easy setup process. Even a beginner can use it easily. You simply need to connect Trezor T to your mobile device or computer either with the help of USB or Bluetooth. The device gets ready for use in just a few minutes so that you can transfer investments to your wallet quickly.
This Model T of Trezor comes with a full-color LCD touchscreen that helps in managing cryptos more effectively. It is a great choice as it provides the highest degree of security coupled with a wide range of compatible digital coins and tokens, availability of large storage size, and simple process of setup. No matter whether you are a seasoned professional or a newbie, everyone can use Trezor T with ease.
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account.
Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to a few days for linking the payment source with the account.
You can place orders for buying Polkadot (DOT) through your account with the exchange. You can place an order of 1 DOT coin. Check the current price and place an order. To purchase Polkadot, you can place a wide array of orders such as Market Orders, Limit orders, Recurring orders, Stop-limit orders, and others.
Once an order is fulfilled, the Polkadot is transferred to your account. If you want to hold it, you can secure the coins in a wallet by using your private keys. For long-term holding, storing DOT on a hardware wallet is recommended.
If you are ready to invest in Polkadot DOT or buy Bitcoin through online brokerage accounts, you can do so in a legit way by investing through cryptocurrency apps. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your cryptocurrency trading account.
You can fund your crypto exchange account to buy cryptocurrencies by connecting your bank account (savings accounts or checking accounts), transferring fiat currency money online through bank transfer, credit cards, debit cards, and other payment options. If you need further assistance, you may consider taking help from the vibrant and helpful Ethereum community. You can trade BNB with credit cards, debit cards, or other payment options through reliable crypto trading platforms.
In case you are bullish on the future prospects of Bitcoin BTC, Ethereum ETH, and other altcoins, you can buy Polkadot, Monero XMR, Cardano ADA, and other digital currency, Ripple XRP, Binance Coin BNB, Basic Attention Token BAT, Bitcoin Cash BCH, Stellar Lumens XLM, Bitcoin BTC, Tron TRX, Tezor XTZ, Cosmos ATOM, DASH DASH, and Ethereum with USD and transfer them to hot wallets (including mobile app wallets and software wallets) or cold wallets (including most secure hardware wallets) and hold them for a longer time period for a significant price appreciation. Keep your XRP safe with Ledger Nano S, Trezor One, other Ledger and Trezor models, or other popular ones.
This will help you get a higher return in the long run, much more than investing in stocks, mutual funds, index funds, real estates, yield savings accounts, real estate investment trusts, fiat currency trading (forex trading), and others. In fact, many retirement funds or IRA accounts such as Roth IRA are allowing investors of purchasing XRP, Bitcoin, and other digital assets of investment in the portfolio so that the prospects of these funds increase due to the higher returns of XRP cryptocurrency, BTC, ETH, Ethereum Classic ETC, and other cryptos.
Therefore, it can be concluded that holding Bitcoin and other cryptos can help you to build real wealth and multiply your net worth. You can learn investing basics to buy crypto currency and other digital assets to make more gains. You can start going through Wall Street Journal and other investing magazines on cryptos to learn more about investing in cryptocurrencies and make better financial decisions. You can learn about valuation calculation to true bitcoin value and assess the overpriced or underpriced situations instantly.
As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and others to buy Ripple with Polygon MATIC, and other cryptocurrencies. Defi tokens and NFTs (Non Fungible Tokens) are the next generation of crypto coins. These decentralized coins have started to become very popular. You can buy and sell them through cryptocurrency trading platforms too. Whether you buy Ethereum ETH or buy Dogecoin, you should also buy Binance Coin, buy Cardano ADA, buy Polkadot DOT, buy Chainlink (LINK), and buy Litecoin LTC for better diversification of coins. To diversify your portfolio, you may also buy stocks through stock brokers.
Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors and wealth managers, especially the ones who are not averse to Bitcoin and other cryptocurrencies.
While day trading, you should always try to invest only that much which you can afford to lose money. When you do margin trading, be very careful. Financial protection must be there in your mind always while you make cryptocurrency trades. While investing in cryptos, try to buy BNB through centralized or decentralized exchanges and reliable online brokers.
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: