Good day and welcome to Bullliscoming, I will be showing you step by step guide on how to buy Polkadot crypto which is known as DOT and I will also be giving you brief insight into the crypto information.
I will be emphasizing how to buy polkadot crypto on Binance and coinbase, so without much ado, I will concisely give you a brief info about the polkadot crypto then how to buy Polkadot crypto.
What Is Polkadot
The first thing you would/should want to know is what the Polkadot project is about in the crypto space in a simple manner, Polkadot is scalable heterogeneous, multi-chain technology, that connects several chains in a single network, allowing transactions in parallel and data exchange between chains with a security guarantee.
Polkadot may be evaluated equivalent to a set of independent chains (e.g. a set comprising of Ethereum, Namecoin, and Bitcoin). But, the Polkadot network is much more than just a single cryptocurrency, it provides some important features which is:
- Pooled security and
- Trust-free interchain transaction ability.
Polkadot Crypto
Polkadot crypto is short-formed and called DOT, DOT is the utility token of the Polkadot network which serves three distinct purposes in the platform with which they are:
governing the network,
operating the network, and
creating parachains by bonding DOT.
Polkadot crypto (DOT), has a total supply of 1.1 Billion and a circulating supply of 988 Million DOT. The current DOT price as of the time of writing is $34.90 with a 24-hour trading volume of $1.6 Billion and is currently ranked 8th according to Coinmarketcap with a $34.5 Billion market capitalization.
️How To Buy Polkadot On Coinbase
The question that may have been hovering ion your mind is if truly you could be able to buy Polkadot crypto on Coinbase, you will get to know now
- REGISTER ON COINBASE
The first step will be to register for an account at Coinbase. The process can usually be executed very quickly. You can register via Coinbase official website or Coinbase Android and iOS applications.
- MAKE YOUR FIRST PURCHASE OF BITCOIN (BTC) AT COINBASE
To buy a Polkadot coin (DOT), you will have to first buy one of the major cryptocurrencies, for instance, Bitcoin (BTC).
Once you are finished with the registration process. You will be asked to select a payment method to fund your account, with which you can either choose to pay with a credit/debit card or use a bank transfer.
When you buy using a Credit Card, you will be able to purchase instantly and have access to trade your coins right away. The only downside is that you will be charged a higher transaction fee compared to when transacting with your bank account.
If you want to fund your account using your Bank Account, your purchased cryptocurrency may not be available for trading for about 3 to 5 business days, depending on the country of your residence, some countries could offer instant bank transfers with low fees.
Now you are all set, click the ‘Trade’ button at the top left, select Bitcoin, and confirm your transaction…and congrats! You’ve just acquired your first crypto asset
To buy DOT on Coinbase , you need to trade your BTC for DOT on coinbase instantly
Click on the search bar and type in “DOT”, you should see DOT/BTC, choose that pair and you should see a price chart of DOT/BTC in the middle of the page.
Below, there is a box with a green button that indicates “Buy DOT”, inside of the box, select the “Market” tab as that is the most straightforward category of purchasing orders. You can either type in the quantity or choose what portion of your deposit you would like to spend on purchasing, by clicking on the percentage buttons. When you have verified the whole setup, click “Buy DOT” and you have eventually bought DOT!
How To Buy Polkadot On Binance
To buy DOT on Binance exchange, the first thing to do is to register for an account, the process can be usually finalized very quickly.
It just takes a few straightforward steps for users to be able to start trading digital currencies on the platform.
Once you are done with the registration, you are a little bit closer to achieving your goal of purchasing Polkadot crypto (DOT). At this point you have three basic alternatives, to purchase Polkadot(DOT) with which they are:
- deposit fiat,
- deposit crypto,
- buy crypto with a credit card.
Also, make sure you have set the 2FA authorization to enhance your security at Binance.
Now let’s elaborate on the three basic alternatives to purchasing DOT
- Buy Crypto With A Credit Card
To do this, tap the navigation bar and select ‘Buy Crypto’ and then ‘Credit/Debit card’. A new page appears that allows you to choose the fiat currency and what coin to buy.
- Deposit Fiat On Binance
You can decide to fund your Binance wallet by depositing cash(fiat money) through a bank transfer and it’s possible to do this with EUR, USD, or GBP.
- Deposit Crypto
Another option that solves the question of ‘how to buy Polkadot on Binance’ is by just depositing crypto(BTC, ETH, or any other major cryptocurrencies).
Besides, this is the fastest and cheapest way to purchase DOT in just minutes.
In other words, if you already have some crypto in a local wallet or at another exchange, just send it over to Binance and you can exchange it for any altcoin right away!
You would then only have to wait for your deposits to arrive when you choose to deposit crypto to Binance.
Furthermore, deposits and withdrawals are cleared quite promptly, but depending on the network load it can take a little while. Wait for Binance to confirm that your deposit has been successful.
You next step now is to trade crypto for DOT and you have three basic options in doing this which are:
- Convert
- Classic
- Advanced
Besides, all these three options are accessible under the menu item ‘Trade’.
- When making use of “convert” option, you just have to swap your USD, crypto, or stablecoin(USDT, BUSD) for DOT instantly, without the need to load the Binance trading engine interface. It’s the easiest way to buy DOT on Binance.
When making use of Classic option, click on “Trade” and then select “Basic”, Now go to the box on the right side of the page. Choose the coin you want to trade with (BTC, ETH, BNB, or USDT) and search for DOT. Select the pair that emerges (e.g. DOT/BTC).
Binance has some rich options for traders to buy or sell Polkadot in several trading pairs and they are:
- DOT/BTC
- DOT/BNB
- DOT/USDT
- DOT/EUR
- DOT/GBP
- DOT/TRY
- DOT/BUSD
Trading DOT/BTC pair on Binance advanced trading, Binance gives a lot of data, such as price and order history, to assist you in making trades at the right time. They also offer you the ability to set limit orders. This implies you set the price you prefer to buy (or sell) DOT for, and once it hits that price, the exchange will automatically make your trade.
These advanced trading options have been formulated for those users with more understanding of markets and how virtual currencies and exchanges function.
Although it seems complex, it is very easy to use for those users with some familiarity with the cryptocurrency market.
Click on the navigation bar at the top of the screen, hover “Trade” and click “Advanced” and then choose the amount to buy
Finally, the basic and advanced trading screens give you the ability to input the amount of DOT you wish to purchase at a given price in the order book.
Just click the green “Buy DOT” button to complete your trade. Once Binance confirms your transaction, you’re done!
Final Verdict
This article was written for informational purposes only and should not in any way be regarded as investment advice, investing in cryptocurrency is subjected to high risk.
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