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How To Buy Polkadot (DOT): A Beginner’s Guide

You can buy Polkadot (DOT) quickly and easily on the Binance exchange. Before buying Polkadot, verify your Binance account and make a fiat deposit. Polkadot is one of the largest Layer 0 platforms on the market. Ledger Nano X is Polkadot’s most secure storage method.

How to buy Polkadot (DOT): A quick guide

You can buy Polkadot (DOT) quickly and easily on the Binance exchange. Binance is the largest crypto exchange, serving over 175 million users globally. You can deposit fiat (EUR, USD, GBP, etc.) effortlessly using various methods to purchase Polkadot.

Buy Polkadot on Binance as follows:

  1. Click here to register a new account on Binance 
  2. Download the Binance Mobile App (iOS or Android)
  3. Complete the identity verification process (KYC)
  4. Deposit fiat (EUR, USD, GBP, etc.) to your Binance account
  5. Buy Polkadot (DOT)
  6. Transfer DOT tokens to your wallet or store them on Binance

Identity verification is completed using the mobile app’s camera. That’s why it’s good to download it immediately after registration. After that, you can also use Binance on your computer’s web browser.

Below is an image from the Binance home page.

binance

Polkadot is one of the most popular cryptocurrencies on the market. In recent years, it has received broad support in cryptocurrency exchanges. You can also buy Polkadot through Kraken and ByBit, as an example. Plenty of free wallet options are also available for safely storing DOT tokens.

To compare different exchanges, click Reviews from the main menu. There, you can find user guides for all the most popular exchanges.

How to buy Polkadot (DOT): A detailed guide

Before buying Polkadot, verify your Binance account and make a fiat deposit. Account verification must be performed at all crypto exchanges. Depositing fait into your Binance account is quick and easy.

If you need help using Binance and want to learn more about its features, check out this article: Binance review.

Next, you’ll find a detailed guide on how to buy Polkadot using the Binance mobile app. Download the Binance app from the Google or Apple app store. After that, log in to the mobile app, and the purchase process can begin.

Open the trading menu

Start by clicking the yellow trading icon in the mobile app’s main menu. In the image below, it is marked with a red arrow.

binance mobile menu

Next, a menu on your screen contains the options to Buy, Sell, Convert, and Deposit. Click Buy, which is the first option.

Select Polkadot

You will now see a list of all cryptos offered by Binance. Scroll down the list and find Polkadot. Alternatively, you can write DOT in the search field.

choose polkadot

Click the Polkadot (DOT) line to proceed to the the purchase form.

Buy Polkadot (DOT)

The next step is to buy Polkadot. You are now at the crypto purchase form, which you can see in the picture below. To make the purchase, enter the desired amount in fiat into the grey box.

Alternatively, click the “by quantity” link, and the units will change to EUR -> DOT. After this, you can buy the exact number of DOT tokens, for example, 5.

polkadot purchase

Finally, click the Buy button at the bottom of the screen to confirm the purchase.

Choose the payment method

All that’s left is to choose the payment method. If you have already made a fiat deposit to your account according to our instructions, select Wallet (EUR) as the payment method.

You can also use other payment methods, such as a credit card. However, using the fiat balance is the easiest and cheapest, so we recommend it.

polkadot payment method

Finally, click the Confirm button, and your Polkadot purchase will be completed. The DOT tokens will appear in your account balance immediately.

More experienced users can also purchase Polkadot from the exchange. The exchange view allows you to use limit price orders and leverage. Since this is a beginner’s guide, we won’t cover this option in this article.

What is Polkadot?

Polkadot is one of the largest Layer 0 platforms on the market. Layer 0 refers to a system that provides an ecosystem for interconnected Layer 1 blockchain. In English, the term interoperability, which refers to the compatibility of blockchains, is often used.

Polkadot is, therefore, not a direct competitor to Ethereum or Solana. Instead, it offers an environment where blockchains similar to Ethereum or Solana can be built. Polkadot’s main competitor is Cosmos, which is building a somewhat similar ecosystem of blockchains.

This distinction is essential because Polkadot’s price has slightly different drivers. While traditional smart contract platforms grow from using the platform and individual apps, Polkadot is strengthened through its expanding ecosystem through parachains.

Below is a picture from the official Polkadot website.

polkadot

Polkadot’s native token is DOT. If you buy Polkadot, you are buying DOT tokens. It is primarily used for staking and governance. Polkadot’s system’s heart is the so-called Relay Chain with validators. These validators stake DOT tokens and ensure the security of the entire Polkadot ecosystem.

Polkadot has gained great fame through its founder, Gavin Wood. Gavin Wood was one of the founding members of Ethereum and developed the Solidity programming language used by Ethereum’s smart contracts.

Read more about the project from our Beginner’s Guide to Polkadot.

How to store Polkadot safely

Ledger Nano X is Polkadot’s most secure storage method. It is a cold wallet (hardware wallet) that has sold millions of copies globally. It offers the best security for crypto investors and costs only 150 euros.

Small investors should not pay for a cryptocurrency wallet, so a free mobile wallet is a viable solution. The popular crypto wallets Exodus and Trust Wallet support Polkadot’s DOT token.

You can find wallets made for the Polkadot ecosystem at polkadot.network/ecosystem/wallets/. You need such a wallet to participate in polls, stake DOT tokens, or fund parachains.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.