A few decades back, very few of us would have known about digital currency. But now, it has become the most discussed worldwide. It lets you buy goods, services or you can trade them for profit. One of them is the Polkadot coin. In this blog, you will learn everything about Polkadot including how to buy Polkadot coin. Polkadot coin is a multi-level sharded heterogeneous chain structure that enables customized layers and external networks to communicate. It is a native token of the Polkadot network that is a blockchain network. Also, it is highly customizable and scalable. It can be on the top of all the blockchains by supporting interoperability between different blockchains
What is Polkadot Currency?
In order to know what exactly Polkadot is and how to buy Polkadot currency, you need to study its features. It has so many features which makes it one of a kind. Polkadot is an open-source shared multichain network. It uses Oracle technology and it is based on the Ethereum network connecting blockchains together and allowing the information to be shared through networks. Its goal is to create a truly decentralized web by allowing blockchains to communicate. By measuring through market capitalization, Polkadot is the 9th largest cryptocurrency in the world.
How to buy Polkadot coin in just three easy steps?
Sign up for an exchange account
Coinbase and binance.us are the most preferred platforms to buy and sell Polkadot these days. If you don’t have an account with any of these you need to create one to start trading Polkadot.
Creating an account on the crypto exchange platform is quite simple. All you need to do is comply with the known customer guidelines. You need to verify your identity for tax purposes through SSN, driving license, address proof, and a photograph of yourself. This would take only e 5 minutes, and you can connect your bank account to start trading after approval.
Get A Crypto wallet
It is a desktop or mobile app that allows you to keep your digital assets with a private key. In order to get the highest level of security, you are supposed to invest in a hardware wallet. These are devices which you can buy from online shopping platforms like Amazon. Most cold wallets allow you to connect your computer and mobile via Bluetooth and transfer your Polkadot coins into a more secure wallet. These devices store your coins offline to ensure that only you can access your coins.
Make your purchase
The process of “how to buy dot” can’t be complete without finalizing the number of coins you want to buy and execute the purchase. The last but not the least step to buying cryptocurrency is placing an order and settling your purchase. There are different types of orders, through each of them you provide a set of instructions to your broker and they need to follow that when they carry out your trade. Two of the most common types of buy orders are described below;
Market orders are known to be very fast because these are executed as soon as possible. You get less control over the price paid for each coin but you can be beneficial for those who look for a quick sale.
Limit orders are also executed as soon as possible but they execute at a specific price. Here you can set a price limit per coin. For example, if you set a price limit of $10 per token, your broker only processes your order if the price is $10 or less.
Some brokers allow you to invest at a set schedule. For example, you can purchase Polkadot coins for $200 worth for the first day of every month. Depending upon the broker, you can set recurring orders on an annual, monthly, weekly, and daily basis.
Stop limit order
It is a conditional order that is only executed under your specific price. For example, you can set a limit order with a top price of $8 and a limit price of $10. In this situation, your broker would begin filling your order as the price of Polkadot touches $8 and fill the orders till the price stays below $10 per token. When the price rises above $10 your broker will stop executing the order.
After your purchase has been executed you can easily transfer your coins to your wallet. You may need to consider investing a small amount of money before you are 100% sure about the trading process.
Best Crypto Exchange Platform to Buy Polkadot
Coinbase is the best platform to start investing in Polkadot coins. It provides easy access to the account and gets started with the crypto trade. You need to approve your identity by providing ID proof, social security number, and home address.
Best Cryptocurrency Wallet for Polkadot coin
If you are looking for a secure and affordable wallet to keep your coins, KeepKey can be one of the best choices. It is a simple cryptocurrency wallet that connects to your computer. It supports ERC-20 tokens like Polkadot, bitcoin, Ethereum, and much more.
Trezor Model T
It is a cold storage wallet that combines top-of-the-line security and an easy setup process designed for beginners. To get started you just need to connect to your computer or mobile through USB or Bluetooth. Your device will be set up and running in no time and allow you to quickly transfer your investment into the wallet.
To Sum up
Hope you’d find this blog to be helpful for you to know how to buy Polkadot cryptocurrency in the simplest way. You don’t need to delay any further if you have made up your mind to start trading. It has gathered so much attention by giving tough competition to the Ethereum network’s high traffic and transaction fees. If you are facing any issues during the trading process, feel free to get in touch with the best blockchain support team and remove every hurdle from your trading path.