How to Buy Polkadot token in 2020

How to buy Polkadot token
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In this article, you will be able to find out how to buy Polkadot token in 2020 right way. Currently, DOT token is traded in many popular exchanges such as Cex.io, Binance, Kraken, OKEx, and Huobi Global, etc. Here explains Polkadot token buying guides on Cex.io, Binance cryptocurrency exchanges via step by step.

Polkadot is one of the most hype blockchain project out there because it brings many solutions to the existing blockchains issues are facing such as scalability issues, interoperability issues, protocol governance, and many issues. Also, Polkadot already solves the issues Ethereum blockchain is facing and real-world adoption is yet to come. In case, it is one of the best opportunities to buy Polkadot tokens early.

Also, at the end of the article, you will know a basic introduction to the Polkadot ecosystem and its core technology concepts.

Let’s find out, how to buy Polkadot token on Cex.io,

How to buy Polkadot token with credit card on Cex.io?

Cex.io is a popular cryptocurrency exchange that is suitable for who is looking to buy Cryptos with fiat currencies such as USD, EUR, GBP, RUB, etc. It supports major fiat payment methods such as credit or debit cards, Bank transfers(SWIFT, SEPA, Faster Payments, ACH), and Skrill.

Cex.io supplies quite a good fiat liquidy for Polkadot token therefore, Cex.io is one of the best options to buy Polkadot (DOT) token with a credit or debit card.

So, lets go through step by step in order to buy DOT token on Cex.io.

Step 1: Create a new Cex.io account

First, go to the Cex.io exchange and click on the “Create Account” button on the top right side of the main navigation bar. Then, fill the “Create your account” form. Then, click on the “Create account” button. In the next few steps, you have to verify your email, phone number, and identity, etc.

How to create new account on Cex.io

Note that you have to verify the identity if you wish to buy more than 100$ worth of Cryptos in the lifetime of the account.

Step 2: Add payment card

First, log in to the newly created Cex.io. Then, navigate to the “Card” menu item located in the main menu bar. Next screen, add the card number and expiry date. Then, click on the “Proceed” button.

Add card on Cex.io

After that, automatically Cex.io will verify card otherwise, Cex.io will ask additional information to verify the card via email.

Step 3: Deposit USD using Credit or debit card or Bank transfer

First, go to the “Finance” tab of the main menu. Then, you will see Fiat Balances and Crypto Balances section. Under the Fiat Balances, select the currency that suited to your local, and click on the “Deposit” button next to the selected currency.

Deposit USD on Cex.io account

Then, Cex.io will ask you to choose a payment method, amount. Then, you have to complete the deposit. After the deposit is completed, the relevant fiat currency balance will display in the Finance section.

Step 4: Navigate DOT/USD market & buy Polkadot (DOT) using limit order or market order

After depositing fiat currency, you will be able to buy Polkadot token instantly. For buying Polkadot (DOT) token, go to the “Trade” section.

Then, navigate the DOT/USD market pair left side of that page. Then, head over to the buy section and select the “Market” tab from the three tabs available. Also, you can buy DOT from the “Limit” order method.

Next, enter the amount you are going to buy and click on the “Buy now” button.

How to buy Polkadot token on Cex.io

If you are selecting a Market order, the order will execute immediately otherwise you are selecting Limit order, the order will execute when the selected DOT exchange rate reached the DOT/USD actual market rate.

Step 5: Withdraw Polkadot (DOT) into your own wallet

After buying the Polkadot token, you have to withdraw the DOT token into your own wallet. If you hold a large amount of DOT token, you have to buy a DOT token supported hardware wallet such as Ledger Nano X or Cobo vault device in order to secure your DOT tokens offline. Also, you can use one of the free wallets listed below under the “Best Polkadot token wallet” in the article.

For withdrawing the DOT token, go to the “Finance” section where the DOT token balance will display under the Crypto Balances. After locating the DOT token, click on the withdraw button next to the token. Next screen, enter your personal DOT token wallet address and go through the withdrawal process.

Next, lets learn how to buy Polkadot token on Binance exchange.

How to buy Polkadot token with Bitcoin on Binance?

If you want to buy Polkadot (DOT) token with Bitcoin, you have to watch the top exchanges like Binance and Kraken. So, In this guide explains, buying Polkadot(DOT) token on the Binance exchange.

If you already own the Bitcoin, you can follow the rest of the article. Otherwise, you have to buy Bitcoin. Here is the list of exchanges that support buy Bitcoin with a credit card, PayPal, Bank account, etc.

  1. Coinbase
  2. Cex.io
  3. LocalBitcoins

After purchasing Bitcoin, you have to send that Bitcoin into the Binance Bitcoin deposit address. Then, you can start buying Polkadot (DOT) token with Bitcoin on the Binance exchange.

Step1: Create a new account on Binance

First, go to the Binance exchange. If you already created the Binance account, you can follow step 3 otherwise, you have to create a new Binance account. So, head over to the main menu then, click on the “Register” button located in the top right corner. In case, you can create a new account using “Email” or “Mobile”. Fill the registration form and go through the registration process.

How to create new Binance account

Also, you have to enable the 2FA authentication before depositing any cryptocurrency.

If you want to buy Bitcoin, and other supported crypto via credit card or bank transfer on Binance exchange, you have to verify the identity.

Step2: Deposit Bitcoin on Binance exchange

When you log in to the Binance account, you will see a welcome screen that includes the “Deposit” button or you can find the “Deposit” button next to Balance Details.

Deposit Bitcoin on Binance account

 Now, click on the “Deposit” button. Then, the “Deposit Funds” pop up screen will display where you can choose “Deposit Cash” or “Deposit Crypto”.

Deposit on Binance

In the case here, you have to select the “Deposit Crypto” button then, you will direct to the “Deposit” page. As you can see the default Bitcoin is selected where the Bitcoin deposit address can be founded on the right side of the page.

Generating bitcoin deposit address at Binance

So, copy that Bitcoin deposit address or scan the QR code to deposit Bitcoins into your Binance exchange account.

Step3: Navigate DOT/BTC market & Start buying DOT token

Navigates to the “Market” link of the main menu. Then, type “DOT” on the main search field located on the right side of the page. Then, Binance will display a bunch of available market pairs. In case, click on the “Trade” button related to the DOT/BTC market pair.

Navigate DOT/BTC market on Binance

Next, it will show two options of trading that are “Classic” and “Pro” and Select “Pro”.

Next, you will direct the new tab in the browser. Then, locates to the “Buy DOT” section next to the main chart. As you can see, there are two tabs available namely Spot, Isolated 5X. So, you have to select the “Spot” tab. Then, select the “Buy” tab.

Next, you have to select the order type from the available three options. In case, select the Limit order type. Then, type expected DOT coin price, amount where the amount can be adjusted by the slider provided.

How to buy Polkadot on Binance

Next, click on the “Buy DOT” button. When the selected price reached the DOT token actual market price, your order will be executed and the DOT token balance will display under the “Wallet -> Spot”.

Step4: Withdraw your DOT tokens into the personal wallet

After purchasing the DOT coin, you have to withdraw your DOT tokens into your wallet that supported the DOT tokens.

To withdraw your DOT tokens, go to the “Wallet -> Spot”. There you will see the tokens balances and withdraw link next to the Coin ticker.

So, click on the “Widtraw” button. Then, you will direct the Withdraw screen. First, copy the DOT token address from your Polkadot wallet and paste it in the “Recipients DOT address” field. Then, type the amount to withdraw and click on the “Submit” button.

Withdraw DOT tokens from Binance

After that, Binance will send code to your Phone number and verify it. Then, allow a few minutes to receive DOT tokens into your Polkadot wallet.

Top Things You Should Know about Polkadot Network?

Here, you will be able to find out basic explanations of the Polkadot network and its core features. Let’s find out,

1. What is Polkadot?

Polkadot is an evolutionary blockchain that unites a network of purpose-built blockchains, allowing them to operate seamlessly together at a scale. So, the Polkadot network enables any type of blockchain data to send each other without any hassle therefore it consists of many real-world use cases.

The Polkadot network consists of necessary features that should be coming with any blockchain for real-world adoption such as scalability, upgradeability, transparent governance, and cross-chain composability, etc.

Lets watch the video that explains about Polkadot network by Dr. Gavin Wood

2. Who & When created Polkadot?

Polkadot is one of the important flagship projects by the Web3 Foundation. The Polkadot protocol is founded by the Ethereum Co-founder Dr. Gavin Wood. The Web3 has commissioned Parity Technologies to build the Polkadot network.

The Parity Technologies team consists of a top global team of distributed systems engineers, solution architectures, and researches.

3. What are the Use cases of DOT token?

DOT token rules out three distinct purposes that are Polkadot protocol governance, staking, and bonding. Let’s discuss each of these briefly,

1. Polkadot Protocol governance

DOT token holders have complete control over the Polkadot network. So, Token holders can be voted to particular proposals of future protocol upgrades and fixes.

2. DOT Staking

Staking incentivizes the DOT token holders for acting honest way in the protocol. Good actors will receive the reward while bad actors will lose their staking. In case, it is ensuring the protocol security.

3. Bonding

In the protocol, new Para-chains are added by bonding tokens.

5. What are the top Polkadot partners & friends

There are many partnerships related to the Polkadot network. Here is the list of top partnerships with the Polkadot network.

  • Centrifuge
  • Plasm Network
  • Edgeware
  • Acala Network
  • Laminar
  • Zerochain
  • Nodle
  • KILT Protocol
  • Polymath
  • Celer
  • ChainX
  • Radicle
  • Chainlink
  • Ocean Protocol
  • Energy Web Foundation
  • iExec
  • Akropolis
  • Asure Network
  • Blockchain.com

6. What are Best Polkadot (DOT) token wallets?

Currently, few cryptocurrency wallets support the store of DOT token. So, here includes the best list of wallets that can be used to store the Polkadot (DOT) token.

DOT token does not support many hardware wallets but Luckily it supports Ledger Devices and Cobo Vault. You can use either Ledger Nano X or Ledger Nano S to store your DOT tokens securely.

  • Ledger Nano X – Hardware Wallet to store DOT token
  • Parity Signer – DOT token Mobile wallet for both iOS and Android
  • Polkawallet – DOT token Mobile wallet for both iOS and Android
  • Mathwallet – DOT token wallet for mobile, and browser extension
  • Atomic wallet – DOT token multi-platform wallet
  • Trust wallet – DOT token Mobile wallet for both iOS and Android

Conclusion – How to buy Polkadot token?

In this article, you will learn, how to buy Polkadot token in two deferent exchanges. Here Through this step by step guide explain, how to buy Polkadot token with credit or debit card ON Cex.io and How to buy Polkadot (DOT) token with Bitcoin on Binance.

Also, there is an introductory guide to the basics of the Polkadot network, the team behind the Polkadot network protocol, DOT token use cases, Best DOT token wallets, etc.

Other helpful readings,

How to buy RSR token
How to buy Chainlink token in 2020
Best Bitcoin Books to Read in 2020

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