Last update: Jun 6, 2022

How to Buy Polkadot (DOT)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Polkadot. Depending on where you’re based, you’ll have different crypto trading platforms to choose from.

In this guide, we not only cover the top 3 global cryptocurrency trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Polkadot

How to Buy Polkadot – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a crypto trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Polkadot of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency exchanges.

4. Buy Polkadot

Now that you have what you need to buy Polkadot, head over to the market or buy section of the crypto exchange and buy some DOT.

If the crypto exchange doesn’t have any Polkadot on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Polkadot first), and trade your Ethereum for Polkadot.

Where to Buy Polkadot (DOT)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Polkadot

  1. Sign into the crypto trading platform where you bought Polkadot.
  2. Move your Polkadot to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Polkadot.

 

Crypto trading

How to Buy Polkadot (DOT) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Polkadot in Australia, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Polkadot if it’s available. If the exchange doesn’t have Polkadot. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Polkadot), and trade your ETH for Polkadot.

If you’d like to know more about which exchanges we like, check our comparison of the best cryptocurrency trading platforms in Australia.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Polkadot (DOT) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Polkadot in Canada, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Polkadot if it’s available. If the exchange doesn’t have Polkadot. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Polkadot), and trade your ETH for Polkadot.

It’s also possible to take a look at our analysis of the sites for bitcoin trading in Canada if you’re curious to know more about which exchanges we like.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Polkadot (DOT) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Polkadot in the UK, the process remains the same:

  1. Find a crypto exchange below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Polkadot if it’s available. If the exchange doesn’t have Polkadot. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Polkadot), and trade your ETH for Polkadot.

Or, if you’d like to know more about which exchanges we prefer, read our comparison of the trusted crypto exchanges in the UK.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Polkadot? DOT Rundown

Polkadot, an open-source, sharded multichain protocol, connects and secures a network specialized blockchains. This facilitates cross-chain transfer any type of data or assets, not just tokens. It also allows blockchains to interoperate with each other. Polkadot, also known by Web3, was created to create a foundation for a decentralized Internet of blockchains.

Polkadot has been called a layer-0 protocol because it describes and underlies a format for layer 1 blockchains, known as parachains (parallel chain). Polkadot, as a metaprotocol is capable of independently and forklessly updating its codebase through on-chain governance according the will of its token holders.

Polkadot is a foundation that supports a decentralized internet, controlled by its users. It also simplifies the creation of new services, institutions, and applications.

The Polkadot protocol allows for the connection of public and private networks, permissionless networks oracles, and future technologies. This allows these independent blockchains trustlessly to share information and transactions via the Polkadot Relay Chain (explained below).

The native DOT token of Polkadot serves three purposes: Staking for operations and security; Facilitating network governance; and Bonding tokens to connect parachains

Polkadot is made up of four core components:

  • Relay Chain: Polkadot’s "heart", helping to create consensus and interoperability across the network of various chains.
  • Parachains are independent chains that can use their tokens and can be optimized for particular uses.
  • Parathreads are similar to parachains, but have flexible connectivity that is based on a pay-as you-go model.
  • Bridges: Allow parachains and parathreads connect to external blockchains such as Ethereum.

Polkadot, a multichain sharded network, can process transactions on multiple chains simultaneously ("parachains") This parallel processing power increases scalability.

Substrate is a framework that allows you to quickly create custom blockchains. Substrate Blockchains can also be connected to Polkadot's network. It is highly adaptable and flexible, allowing for the sharing of functionality and information between participants. You can upgrade Polkadot automatically without having to use a fork. This allows you to add new features and fix bugs.

The network uses a sophisticated, user-driven governance system that allows token holders to vote on how the network is run. Polkadot allows teams to customize the governance of their blockchain based on changing conditions and their needs. To help protect and maintain the network, validators and collators each have different duties.

The first Parachain auctions were concluded by Polkadot at the end of 2021. Parachain auctions were conducted using an un-permitted candle auction system. The highest bid at the auction's end is the winning bid.

The following auction winners were awarded the first five slots by Polkadot: Acala (Moonbeam), Astar, Parallel, Clover, and Astar. These projects will be guaranteed their parachain slots for 96 weeks by the DOT bidders as collateral. All projects were battle-tested previously on Polkadot's de-facto testnet Kusama.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.